Brown University economist Peter Howitt accepted the 2025 Nobel Prize in Economic Sciences on Wednesday, December 10, at the Stockholm Concert Hall in Sweden. Howitt, a professor emeritus of economics, received a medal and a diploma from King Carl XVI Gustaf of Sweden during the ceremony, which also awarded the 2025 Nobel Prizes in physics, chemistry, physiology or medicine, and literature. He shares half of the economics prize with his longtime research partner Philippe Aghion, and the other half was awarded to economic historian Joel Mokyr. The prize recognizes their groundbreaking work on the theory of sustained growth through creative destruction. John Hassler, chair of the Committee for the Prize in Economic Sciences and a member of the Royal Swedish Academy of Sciences, praised their contributions to society's understanding of innovation-driven economic growth. Howitt and Aghion's mathematical model of 'creative destruction,' introduced in 1992, has had profound implications for society. The prize, announced in October, includes a cash award, which will be divided among the three recipients. As part of Nobel Week 2025, Howitt delivered a prize lecture titled 'Creative Destruction and Economic Growth' at Stockholm University on Monday, December 8. Howitt, who was born in Ontario, Canada, and now lives in North Carolina, expressed his gratitude for the opportunity to receive the Nobel Prize, stating, 'It is, of course, the dream of a lifetime to be standing here.' He discussed the implications of his research, including its relevance to international trade and generative AI, and shared his concerns about the potential displacement of jobs by AI. Howitt joined the Brown faculty in 2000 and retired in 2013. His work continues to inspire and educate students at Brown University, and his legacy will be celebrated at the Midyear Completion Celebration on December 6, 2025, where '5ers' will be honored for their achievements.
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