Europe Cannot Legislate Technological Supremacy

Earlier this month, the Nobel Memorial Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for “having explained innovation-driven economic growth.” Their work emphasizes that growth thrives in environments that reward risk, allow failure, and encourages invention. The seminal paper from Aghion and Howitt argues that economic progress is driven by creative destruction. This continuous process of innovation and displacement creates competitive markets. Policymakers who fear industrial disruption, they warn, are likely to suppress the very mechanisms that generate prosperity.