LSE Professor Philippe Aghion has been awarded the Nobel Prize in Economic Sciences.
Awarded jointly to Philippe, Peter Howitt of Brown University, and Joel Mokyr of Northwestern University, the prize celebrates their study of the mechanisms behind sustained growth. Philippe joins 20 LSE alumni or staff members who have received the award since 1925.
This is not the first instance Philippe and Peter have been celebrated for their study of the topic. In March 2020, the pair shared the BBVA Frontier of Knowledge Award for their development of a mathematical modelling explaining how “creative destruction” underpins growth.
“Creative destruction” describes a process in which new innovations replace and make obsolete older innovations, put into formal mathematical terms by the pair in 1992.
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Congratulations have since poured in from across the LSE community.
Professor Larry Kramer, President and Vice Chancellor of LSE, said he was “absolutely thrilled” to congratulate Philippe, calling the achievement a “much deserved recognition of his brilliant scholarship and the lasting impact [of] his ideas”.
Similar statements from Professor Ronny Razin, Head of the Department of Economics, and Professor Stephen Machin, Director of LSE’s Centre for Economic Performance, emphasise the profound and transformative impact of Philippe’s work on economics.
Under LSE’s announcement of the news on LinkedIn, prior students likewise expressed their admiration for Professor Aghion. Some expressed their honour and pride at having been taught by such a “renowned” academic.
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Former colleagues at Nuffield College, University of Oxford have also commended Philippe’s work. Professorial Fellow Paul Klemperer described him as a “fountain of ideas”, adding that “he could easily have been awarded the prize many years ago. We are delighted he has won it now.”
Warden Julia Black, also of Nuffield College, expressed her congratulations: “Along with the whole Nuffield community, I am thrilled that Philippe Aghion’s pioneering work on creative destruction has been recognised by the award of the Nobel Prize.
“His work demonstrates how innovations propel economic growth, but also notes that the process is both creative and destructive, creating conflicts which need to be carefully managed if growth is to be sustained and its benefits widely shared. His work has had a profound impact on economic thought and public policy, and we send our warmest congratulations on this well-deserved award.”
Philippe’s native France has also recognised his contributions. In 2012, he was appointed as a Knight of the Legion of Honour – the highest and most prestigious national order of merit.
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