“Your work provides society with a better chance to make sure that economic growth can continue and be directed to deliver new and better to humankind,” Hassler said. “Their work… shows that since new ideas build upon old ones, the direction of innovation is often persistent… The models show how society then can steer innovations in a sustainable direction.”

The mathematical model of “creative destruction” that Howitt and Aghion described in an academic journal in 1992, and the developments resulting from it, have produced many important lessons for society, Hassler said.

The prize, which was announced in October, also 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, Dec. 8.

“It is, of course, the dream of a lifetime to be standing here,” said Howitt, who was born in Ontario, Canada, and now lives in North Carolina.

In his talk, Howitt shared how he and Aghion developed the model and his thoughts on its implications today, including on international trade and generative AI.

“I do worry a little bit about AI,” he said. “Generative AI has the potential to displace a significant number of jobs because it automates not only the routine, repetitive tasks, but also complex cognitive work.”

Howitt joined the Brown faculty in 2000 and retired in 2013.