Marketplace Morning Report Nobel economics prize winners focus on tech, innovation
Oct 13, 2025
The recent Nobel Prize winners in economics delve into the dynamics of technological innovation and its impact on economic growth. The discussion highlights how these scholars examine the historical shifts that shaped economies, like those during the Industrial Revolution. It also touches on the importance of policy in fostering innovation amid AI disruptions. Meanwhile, changes to SNAP eligibility spark concerns about tight deadlines for states, raising questions about support for families and local economies.
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Ideas And Institutions Drive Growth
- Joel Mokyr emphasizes that curiosity, experimentation, and institutions that celebrate inventors drove the Industrial Revolution.
- He argues ideas and networks of people exchanging experiments matter more than raw resources or capital.
Growth Is Uneven And Shaped By Innovation
- The three laureates study what makes economies grow, focusing on technological change and innovation.
- Their work shows growth is uneven, shaped by entrepreneurs, policy, and institutional responses to shocks.
Policy Determines Innovation's Outcomes
- Philippe Aghion studies how education, competition, and finance affect whether innovation benefits society or causes harm.
- Policy choices influence whether technological change yields productive growth or destructive disruption.
