Overview
- The Royal Swedish Academy of Sciences awarded the prize for work showing how continuous technological innovation drives long‑term growth through creative destruction.
- Joel Mokyr receives half the 11 million SEK award for identifying historical and cultural conditions that enable sustained technological progress.
- Philippe Aghion and Peter Howitt share the other half for a 1992 model formalizing how new products displace old ones, creating growth and distributional conflicts.
- Committee chair John Hassler said growth cannot be taken for granted and stressed preserving openness and competition to prevent a return to stagnation.
- Aghion urged Europe to reconcile competition policy with targeted industrial policy, cautioned against protectionism, and called for strong antitrust in fast‑growing tech sectors.