The Nobel-winning work of Mokyr, Aghion and Howitt carries a warning for India — unchecked monopoly power, restricted inquiry, or rising inequality could bring back stagnation

By Dr Sushanta Kumar Mahapatra, Dr Madan Meher

The 2025 SverigesRiksbank Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt “for having explained innovation-driven economic growth.” Mokyr is recognised “for identifying the prerequisites for sustained growth through technological progress,” while Aghion and Howitt share the other half “for the theory of sustained growth through creative destruction.”

Their work shows how innovation, supported by institutions, transforms stagnation into self-perpetuating growth. But progress is neither automatic nor costless: it requires kno

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