ژورنال سایت خبری سیاسی ژورنال
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PDF-English Journal-31 October 2025-No36
This year’s Nobel Prize in Economics has gone to three economists: Philippe Aghion, Peter Howitt, and Joel Mokyr. The prize was awarded for the theory of “sustained growth through creative destruction.” Members of the Nobel Academy explain the theory as follows: “Economic growth arises out of creative destruction. This process is creative because it is built on innovation, but at the same time it is destructive because it renders old products obsolete and wipes out their commercial value.”
The Academy says the foundation of this unprecedented economic growth has been “the continuous stream of technological innovations.” In other words, this creative destruction is essentially the product of the industrial revolutions and the unprecedented economic growth of the past 200 years. A trend that, especially after the information revolution and the advent of the social media over the last three decades, has multiplied and accelerated this destruction far beyond the previous century.
But destruction is not limited to making old products and their value obsolete. The fourth industrial revolution—above all artificial intelligence, its latest achievement—has placed the threat of unemployment and job insecurity over the heads of millions of workers across many sectors. On the other hand, advances in production technology have led to ever more wealth being concentrated in ever fewer hands. Today, three people in America own more wealth than 50 percent of that country’s population. Globally, less than one percent of the world’s billionaires possess as much wealth as 95 percent of the world’s people. This yawning chasm between poverty and wealth is another sign of creative destruction. Technology grows, and the lives of the 99 percent are increasingly destroyed day by day.
These social and human consequences of technological growth are, of course, not the domain of economists. They do not address the crucial question of why astronomical growth in technology and the easier, faster production of goods should result in an astronomical increase in the gap between the wealth of the one percent and the ninety-nine percent. The Nobel laureates do not take up this issue, but from the vantage point of the social life of humanity, the theory of creative destruction must be extended in this way: Equal access for all inhabitants of the planet to the blessings and fruits of the astronomical growth in human productive power depends on overturning existing relations of production. The final phase of “creative destruction” must be the destruction of capitalist relations of production.
Editor: Patty Debonitas
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