“Acceptance Speech” Frontiers of Knowledge Award 2019 in Economics, Finance and Management

Acceptance speech by Peter Howitt, winner of the 2019 Frontiers of Knowledge Award in Economics, Finance and Management, who was honored alongside Philippe Aghion for their fundamental contributions to the study of innovation, technological change and competition policy. Their research developed Schumpeterian growth theory, which explains how innovation drives economic progress through a process of creative destruction, whereby new technologies replace older ones and transform markets.

Howitt recalls the beginning of his collaboration with Philippe Aghion and reflects on the economic and social consequences of creative destruction, which creates opportunities but also harms those whose livelihoods depend on technologies that become obsolete. He highlights the importance of education policies, social protection and competition in supporting a fair transition and preventing established

Acceptance speech by Peter Howitt, winner of the 2019 Frontiers of Knowledge Award in Economics, Finance and Management, who was honored alongside Philippe Aghion for their fundamental contributions to the study of innovation, technological change and competition policy. Their research developed Schumpeterian growth theory, which explains how innovation drives economic progress through a process of creative destruction, whereby new technologies replace older ones and transform markets.

Howitt recalls the beginning of his collaboration with Philippe Aghion and reflects on the economic and social consequences of creative destruction, which creates opportunities but also harms those whose livelihoods depend on technologies that become obsolete. He highlights the importance of education policies, social protection and competition in supporting a fair transition and preventing established companies from obstructing innovation. He also advocates the development of clean technologies as a way to tackle climate change and move towards sustainable economic growth.