Three Awarded 2025 Nobel Prize for Economics

13 HOURS AGO·UPDATED 12 HOURS AGO

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Above: Joel Mokyr, Philippe Aghion and Peter Howitt were announced as the 2025 Nobel Prize in Economics at the Royal Swedish Academy of Sciences in Stockholm, Sweden, on Oct. 13, 2025. Image copyright: Jonathan Nackstrand/Contributor/AFP/Getty Images

The Spin

Narrative A

Technological innovation through creative destruction powers sustained economic growth, transforming societies by replacing outdated methods with superior ones and boosting living standards everywhere. Societies thrive when open to change, linking scientific knowledge with practical applications to fuel endless progress. Embracing this process ensures prosperity lifts billions out of poverty without fail.

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Narrative B

Protectionist policies, such as those in the U.S., hinder global innovation and economic growth by restricting competition essential for transformative change. Embracing free trade is vital for fostering innovation and preventing economic stagnation.

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Narrative C

Protectionist policy intends to set taxes on imports and subsidize goods that the market doesn't produce naturally. It's a realistic and geopolitically sound approach to economics, espoused by leaders including Abraham Lincoln. The true nuances and benefits of protectionism are frequently misunderstood.

National Review