Professor Lijian SUN, Director of the Financial Research Center at the Fudan Development Institute, provided an in-depth interpretation of issues related to the 2025 Nobel Prize in Economic Sciences. According to Professor Sun, this year’s award to Joel Mokyr, Philippe Aghion, and Peter Howitt reflects the Nobel Committee’s recognition of the profound practical relevance of their research contributions. Mokyr, from the perspective of economic history, emphasized the role of knowledge in explaining the Industrial Revolution; Aghion constructed a Schumpeterian model of endogenous growth; and Howitt incorporated financial frictions and related factors into this theoretical framework.

Their works are mutually complementary—Mokyr provides the “historical roots,” while Aghion and Howitt contribute the “mechanisms.” The policy implications of their research lie in designing institutional frameworks that foster innovation, strengthening the knowledge ecosystem, and enhancing human capital development. All three scholars have maintained close academic engagement with China, offering valuable insights for its economic development—particularly regarding enhancing competition and innovation incentives, balancing frontier and catch-up growth strategies, and promoting green and high-quality development.

Translated by Yijiao SHI

Full text in Chinese available at:

https://fddi.fudan.edu.cn/75/58/c18965a750936/page.htm