Nobel Prize in Economic Sciences awarded to Philippe Aghion, Peter Howitt, and Joel Mokyr

• The Nobel Prize in Economic Sciences was awarded to these three researchers for their work on explaining humanity’s unprecedented progress over the past two centuries.

• The “creative destruction” model, originating from economist Joseph Schumpeter, describes capitalism as an evolutionary system where innovation continuously displaces old technologies, firms, and industries.

• The model assumes free markets, open competition, and the state as an enabler of private enterprise, not a driver of innovation.

• The model was refined by Aghion and Howitt in the early 1990s, reinterpreting Schumpeter’s idea through the endogenous growth theory.

• The model assumes that competition and private incentives are the engines of technological progress.

• The Nobel recognition comes at a time when the conditions for this model to succeed have been upended by U.S. President Donald Trump’s administration.

• The models fail to explain the exponential technological advances of state-led economies like China and overlook how geopolitics, institutional fragility, and widening inequalities can reshape the structure of innovation.

Nobel Economic Sciences is important topic for Civil service exam (WBCS).

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