The world waited with bated breath as the recipients of the Nobel Prize in Economic Sciences for the year 2025 were announced by The Royal Swedish Academy of Sciences in the early afternoon of October 13. Half of the prize was awarded to Joel Mokyr, an economic historian, for demonstrating that long-term economic growth is reliant on a critical factor beyond invention: the scientific explanations underlying innovation. The other half of the prize went jointly to Philippe Aghion and Peter Howitt for their foundational mathematical model of creative destruction, showing how new technologies displace older ones, driving competition and long-term growth.

The Alchemy of Progress

Consider the partnership between Matthew Boulton and James Watt during the Industrial Enlightenment in late 18th-ce

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