Overview
- The 2025 Economics Nobel went to Joel Mokyr (half) and to Philippe Aghion with Peter Howitt (half) for explaining how technological progress and creative destruction drive sustained growth.
- Aghion–Howitt’s model stresses a balance where innovators gain a temporary window of market power yet face rivalry, a trade‑off commentators say policy must protect to sustain investment.
- Canadian commentary warns new Competition Act changes—such as a structural presumption against mergers and the repeal of the efficiencies defence—could chill innovation by undermining expected returns from scale and technology combinations.
- Writers cast today’s AI surge as a rapid wave of creative destruction that heightens the need for calibrated IP rules, competition enforcement, and continuous education and reskilling to translate disruption into productivity gains.
- Mokyr’s historical preconditions—usable knowledge, mechanical competence, and institutional openness—are invoked to guide university reform and policy design, while analyses of India caution that without deliberate labour absorption and protections, innovation can entrench informality despite programmes like Digital India and Skill India.