This year’s Nobel Memorial Prize in Economic Sciences has been awarded to three researchers whose work has fundamentally advanced our understanding of how science and technology drive long-term economic growth. Joel Mokyr of Northwestern University received half of the prize for identifying the essential conditions that enable sustained growth through technological progress. The other half was shared by Philippe Aghion of Collège de France and the London School of Economics, and Peter Howitt of Brown University, recognized for developing the theory of sustained growth through creative destruction. For much of human history, economies remained largely stagnant, with little improvement in living standards over generations. However, over the past two centuries, a dramatic shift occurred, fueled by scientific breakthroughs and technological innovation. Mokyr’s research highlighted that technological advances alone are not enough to spark lasting growth. He emphasized that societies must possess the intellectual and cultural openness to understand, adopt, and build upon new discoveries. This willingness to embrace change allows new technologies to displace outdated ones, creating a continuous cycle of innovation and progress. Aghion and Howitt built on this idea by creating a formal mathematical model of “creative destruction”—a process where new technologies render older ones obsolete, even as they drive overall economic expansion. Their model explains how, while the economy grows as a whole, individual firms and industries can suffer significant disruption or even collapse when faced with disruptive innovations. This dynamic underscores the tension between innovation and stability in modern economies. Speaking at a press conference, Aghion stressed the critical role of openness in fostering innovation and growth. He expressed concern about rising protectionist trends, particularly in the United States, warning that barriers to trade and knowledge exchange pose serious threats to progress. “Anything that gets in the way of openness is an obstacle to growth,” he said, noting that current political and economic trends are creating “dark clouds” that could hinder innovation. Aghion also turned his attention to the future of artificial intelligence, calling for thoughtful policy to ensure that the rise of powerful AI firms does not stifle competition and future innovation. He raised concerns that a few dominant “superstar” companies could come to control the AI landscape, making it harder for new entrants to challenge them. “How can we make sure that today’s innovators do not end up stifling future innovation?” he asked. “These are very exciting questions that keep us busy.”