Peter Howitt woke up in Rhode Island to a phone call that would turn his routine upside down—he had just joined the ranks of Nobel laureates in economics, an honour that left him fielding congratulations before the official notice even arrived.
The Royal Swedish Academy of Sciences announced Monday that Howitt, a Canadian economist and professor at Brown University, shares the Nobel Memorial Prize in Economic Sciences with Joel Mokyr and Philippe Aghion for groundbreaking work on innovation-driven growth. Their research explained how economies expand when new ideas and technologies supplant the old—a dynamic known as creative destruction.
For Howitt, originally from Montreal and educated at McGill University and Western University in London, this recognition is the culmination of decades of scholarship. He and Aghion spent thirty years collaborating to mathematically model the process where innovation drives progress by replacing outdated systems, a concept rooted in the work of Joseph Schumpeter.
The timing is notable. As global trade tensions and protectionist policies cast a shadow over economic growth, the laureates’ findings carry renewed urgency. The Nobel committee’s chair, John Hassler, remarked that growth is never automatic—societies must support the mechanisms that keep creative destruction alive to avoid stagnation.
While Howitt’s win is a personal achievement—he admitted there was no champagne chilled in anticipation—it also highlights Canada’s place in shaping global economic thought. The Nobel award, split among the three recipients, comes with nearly $1.2 million CAD, a gold medal, and a diploma. For co-winner Aghion, the recognition funds further research; Howitt, meanwhile, looks forward to celebrating with family on both sides of the border and a trip to Sweden for the ceremony.
This Nobel nod is more than a personal dream realized—it is a signal that fresh ideas remain the engine of growth in a world still navigating economic uncertainty.
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“Dream of a lifetime”: Canadian economist Howitt among Nobel winners in economics
