The Nobel Prize in Economics for 2025 has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt. The award recognises their contribution in explaining long-run sustained economic growth through the self-generating process of innovations, as also the institutional mechanisms supporting innovations and creative destruction. Vital insights drawn from their work can help the world avert economic stagnation as witnessed prior to the Industrial Revolution in Britain.

Leading OECD members such as the US, the UK and Germany have been successful in sustaining economic growth for almost the last two centuries. The standard of living of their citizens has improved remarkably. Maintaining per capita income growth of 3 per cent can help citizens of a country to double their standard of living e

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