2025
Peter Howitt
Honorary Western professor, alum Peter Howitt, MA‘69, wins Nobel Prize in Economics
2025
Honorary Western professor, alum Peter Howitt, MA‘69, wins Nobel Prize in Economics
Economic growth does not happen by accident. According to Dr. Peter Howitt, it unfolds in waves, driven by new technologies that transform how we live and work. He spent his career studying those forces — and the tensions they create.
His research focuses on “creative destruction,” the idea that long-term growth emerges through waves of innovation that bring “new products, new ideas” while rendering older technologies obsolete. These shifts raise living standards, but they also create disruptions for people and industries tied to the past. By developing a formal economic model of this process with longtime collaborator Philippe Aghion, Howitt helped move a powerful but abstract idea into the core of modern economic theory.
Now a Professor Emeritus in the Department of Economics at Brown University, Howitt’s academic roots are distinctly Canadian. A graduate of McGill University and Western University, he later taught at Western for two decades. He credits these experiences with providing “the best environment you can imagine” to grow as a researcher. The work he began in Canada laid the foundation for his lasting contributions to economic growth theory.
Howitt’s theory extends well beyond academic debate and national borders. Economies must continuously generate new ideas to keep improving living standards, yet that process is never frictionless. In a world shaped by climate change, artificial intelligence and rapid technological disruption, understanding how innovation spreads — and how societies manage its costs — is critical.
Dr. Peter Howitt’s career demonstrates how ideas stand the test of time. His work continues to shape how societies understand their own progress and the responsibilities that come with it.
Recognized with the Nobel Prize in Economic Sciences, the highest honour in his field, Dr. Howitt is redefining how the world thinks about growth, productivity and prosperity.
