The Nobel in Economic Sciences reflects prevailing economic trends. Recent awards focus on innovation, institutions, and the culture of growth
Joel Mokyr, Philippe Aghion, and Peter Howitt study how societies adopt innovation and why creative cultures emerge and thrive
Aghion and Howitt formalised Schumpeter’s theory: growth comes from new technologies replacing old ones, driven by entrepreneurial innovation
Mokyr shows that society’s attitude toward innovation determines whether new ideas succeed, influencing which economies prosper over time
Last year’s award highlighted institutions. This year shows that innovation and a pro-change culture are crucial for sustained economic growth
For India to prosper, investment in research must rise, reforms must be bolder, and society must embrace risk and challenge vested interests