Nobel Prize in Economic Sciences Awarded to Brown Professor Emeritus Peter Howitt

Brown Professor Emeritus of Economics Peter Howitt was awarded the Nobel Memorial Prize in Economic Sciences, along with co-laureates Philippe Aghion and Joel Mokyr, for their groundbreaking work on the theory of sustained growth through creative destruction. This concept, which describes how new technologies replace old ones, has been a crucial aspect of understanding innovation-driven economic growth. Howitt's contributions to the "Schumpeterian" approach to economic growth have earned him recognition as one of the leading experts in this field.

Key Takeaways:

• Peter Howitt was awarded the Nobel Memorial Prize in Economic Sciences for his theory of sustained growth through creative destruction.
• Howitt, along with co-laureates Philippe Aghion and Joel Mokyr, was recognized for explaining innovation-driven economic growth through the introduction of new technologies.
• The "Schumpeterian" approach to economic growth, which Howitt is a key contributor to, describes how new technologies replace old ones, leading to sustained economic growth.
• Philippe Aghion, a professor of economics at the College de France, INSEAD, and the London School of Economics, shares one half of the prize with Howitt.
• The Royal Swedish Academy of Sciences awarded the other half of the prize to Joel Mokyr, a professor of economics at Northwestern University and Tel Aviv University, for explaining the requirements for sustained economic growth over the last two centuries.
• President Christina Paxson praised Howitt's work, stating that it will be of great interest to people around the world, given the prominent role of research in sparking innovation in new technologies.
• The last time a Brown faculty member won a Nobel Prize was in 2016, when J. Michael Kosterlitz was awarded the prize in physics.

Statistics:

• 1992: The year Howitt published his paper related to "creative destruction".
• 2016: The last time a Brown faculty member won a Nobel Prize, with J. Michael Kosterlitz being awarded the prize in physics.
• 2 centuries: The time period over which Joel Mokyr's research explains the requirements for sustained economic growth.
• 13 October 2025: The date on which Peter Howitt was awarded the Nobel Memorial Prize in Economic Sciences.

Sources:

• "Nobel Prize in Economic Sciences Awarded to Brown Professor Emeritus Peter Howitt." The Brown Daily Herald, 13 October 2025.