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The 2025 Nobel Prize in Economics: A “Creative Betrayal” of Schumpeter’s Vision
mises.org/mises-wire/2025-nobel-prize-economics-creative-betrayal-schumpeters-visionIn their 1990 paper, “A Model of Growth Through Creative Destruction,” 2025 Nobel winners Philippe Aghion and Peter Howitt attempt to formalize Joseph Schumpeter's theory of “Creative Destruction.” Their mathematical model is not creative, but it is destructive of the theory itself.
This story appeared on mises.org, 2025-10-28 14:02:18.