Source: Cobden Centre
by Dr. Frank Shostak
“This year the Nobel Prize in economics was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for having explained how innovation drives economic growth. According to the Laureates, in particular Mokyr, the period of Enlightenment set the foundation for the Industrial Revolution and sustained economic growth. Note that the period of Enlightenment gave birth to Capitalism, a social system based on the recognition of individual rights, including property rights, in which all property is privately owned. It is capitalism through the free-market environment that made it possible for strong and sustained economic growth.” (10/21/25)
https://www.cobdencentre.org/2025/10/innovation-is-not-the-key-driver-of-economic-growth/