Schumpeter argued capitalism is never stationary and ever-evolving. ‘This process of Creative Destruction is the essential fact about capitalism.’ From the dominance of wagon carriages in the late ...

Those shaping America’s coal policy can learn something important about creative destruction, the process by which new technologies replace older ones through innovation, from the 2025 Nobel Prize ...

What is the defining characteristic of capitalism? Some say profit. Others, private ownership. Still others, rapacity. Considering that capitalism may have begun as early as the 16 th century, in ...

THIS year’s Nobel Prize in Economics was awarded to Philippe Aghion, Peter Howitt, and Joel Mokyr for reshaping how we understand economic growth in the long run. Their core idea is simple but ...

For four decades, these economists have chronicled the machinery of modern progress. Mokyr, the historian, traced how Europe’s “industrial enlightenment” transformed curiosity into capital. Aghion and ...

The 2025 Nobel Prize in Economics feels less like an intellectual honour and more like the next chapter in a continuing conversation about how economies grow. The combined message of Joel Mokyr ...

Forbes contributors publish independent expert analyses and insights. I apply economic insights to improve regulations and their effects. Joseph Schumpeter is having a heyday. In 1942, he coined the ...