Nobel Week in Stockholm marked a defining chapter for Philippe Aghion, the Kurt Björklund Chaired Professor in Innovation and Growth at INSEAD, and for his long-time collaborator Professor Peter Howitt at Brown University, with whom he shares this year’s Nobel Prize in Economics, together with Joel Mokyr. Together, the two economists were recognised for their pioneering work on the Theory of Creative Destruction - a concept that reshaped how we understand innovation and growth.
Ahead of the award ceremony, Professor Aghion, who is also professor at Collège de France and visiting professor at the London School of Economics, visited the Nobel Museum, where laureates are invited to contribute an artefact that holds personal meaning. He donated the poster of an exhibition held at the art gallery his father owned in Saint-Germain-des-Prés, a hand-painted artwork that carries a strong connection to his personal journey.
Also, as part of the Nobel Museum’s continued tradition, he signed the iconic chair at Bistro Nobel, alongside Professor Peter Howitt, adding their names to a collection that captures the human stories behind major breakthroughs.
After the museum visit, Professor Aghion delivered his Nobel Prize lecture on “The Economics of Creative Destruction”, tracing the origins of the research that shaped his and Howitt’s joint contribution.
He spoke about the chance encounter that began their collaboration, the process of developing the model together and the students and colleagues who helped propel the ideas forward. Throughout the lecture, he emphasised that innovation is rarely a solitary pursuit and highlighted the partnerships, debates and shared curiosity that have guided the work across decades.
Reflecting on the twists in his own path, he reminded the audience that setbacks can be turning points:
" “Failure, or what you think is a failure in your life, can prove to be your revival."
The week culminated in the Nobel Prize Award Ceremony, where Professor Aghion received the Nobel Prize in Economics from His Majesty King Carl XVI Gustaf of Sweden. It was a moment that brought together a lifetime of scholarship, collaboration and impact, closing a remarkable sequence of events that will stand as a milestone in his academic journey.
For INSEAD, this historic moment underscores the enduring value of rigorous research and its power to shape how leaders and societies understand growth, disruption and sustainable progress.
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Photos: © Nobel Prize Outreach. Nanaka Adachi, Clément Morin
