INSEAD-the ‘Business School for the World’-is proud to announce that its Kurt Björklund Chaired Professor in Innovation and Growth Philippe Aghion has been awarded the Sveriges Riksbank Prize in Economic Sciences, or the Nobel Prize in Economics, with Professor Peter Howitt of Brown University and Professor Joel Mokyr of Northwestern University.
The Royal Swedish Academy of Sciences recognized the trio’s groundbreaking research explaining innovation-driven economic growth. Professor Aghion who also serves as Professor at Collège de France and visiting professor at the London School of Economics, together with Professor Howitt, were jointly distinguished for their influential theory of sustainable growth through creative destruction, which demonstrates how new technologies continually replace old ones, driving long-term prosperity.
‘This recognition of Professor Aghion’s pioneering contributions to the theory of economic growth is a moment of great pride for INSEAD,’ said the school’s dean Francisco Veloso. ‘His research has profoundly shaped our understanding of innovation and productivity, offering insights that are more relevant than ever in today’s rapidly changing global economy. ‘
‘Professor Aghion’s achievement reflects the academic excellence of INSEAD faculty,’ added the school’s Deputy Dean and Dean of Faculty Peter Joos. ‘Philippe’s research not only shapes economic theory, but also inspires our academic community to pursue ideas that create meaningful impact in business and society.’
According to INSEAD, the Nobel distinction is a tremendous honor for Professor Aghion and a testament to the depth and global impact of the learning institution’s research. It reinforces the school’s mission to develop leaders and ideas that transform business and society, continuing to position it at the forefront of global thought leadership.