Marketplace All-in-One Nobel economics prize winners focus on tech, innovation
Oct 13, 2025
Three professors win the Nobel Prize for their groundbreaking work on technological innovation and economic growth. They explore how ideas and institutions drive long-term progress, drawing insights from history, including the Industrial Revolution. Discussions highlight the impact of entrepreneurship and creative destruction on industries. There's a critical look at how recent changes in SNAP eligibility could affect families and local economies, amid concerns over tight deadlines for implementation.
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Ideas Drive Growth
- The Nobel winners study how innovation and ideas, not just capital or resources, drive long-term growth.
- Their work highlights institutions and social norms that reward curiosity and idea exchange as central to progress.
Growth Is Disruptive, Not Smooth
- Innovation reshapes industries through a process where new firms rise and old ones fall rather than steady, smooth growth.
- Growth appears smooth in long charts but closer historical study shows disruptive churn and sectoral transformation.
Policy Shapes Which Innovations Help
- Policy choices around education, competition and finance shape whether innovation benefits society or harms it.
- The Nobel committee highlighted these topics now because AI's rise makes them especially relevant today.
