Economies don’t grow by chance, they evolve.
This year’s Nobel Prize in Economics recognised that truth.
🏅 𝐽𝑜𝑒𝑙 𝑀𝑜𝑘𝑦𝑟, 𝑃ℎ𝑖𝑙𝑖𝑝𝑝𝑒 𝐴𝑔ℎ𝑖𝑜𝑛, and 𝑃𝑒𝑡𝑒𝑟 𝐻𝑜𝑤𝑖𝑡𝑡 were awarded for explaining how 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐜𝐫𝐞𝐚𝐭𝐢𝐯𝐞 𝐝𝐞𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐝𝐫𝐢𝐯𝐞 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐠𝐫𝐨𝐰𝐭𝐡 = a cornerstone of what’s known as 𝕖𝕧𝕠𝕝𝕦𝕥𝕚𝕠𝕟𝕒𝕣𝕪 𝕖𝕔𝕠𝕟𝕠𝕞𝕚𝕔𝕤.
Their work bridges two worlds.
💡From 𝘚𝑐𝘩𝑢𝘮𝑝𝘦𝑡𝘦𝑟’s vision of 𝗰𝗿𝗲𝗮𝘁𝗶𝘃𝗲 𝗱𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻, the idea that progress means constant renewal, where new ideas replace old ones.
💡From 𝐞𝐧𝐝𝐨𝐠𝐞𝐧𝐨𝐮𝐬 𝐠𝐫𝐨𝐰𝐭𝐡 𝐭𝐡𝐞𝐨𝐫𝐲, the proof that innovation, competition, and adaptation are the true engines of productivity.
💡Aghion & Howitt describe how new technologies emerge through 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧, rewarding innovators while older methods fade away.
💡Joel Mokyr adds what numbers alone can’t explain: the 𝐜𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐚𝐧𝐝 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐨𝐧𝐭𝐞𝐱𝐭 that allows societies to value knowledge, tolerate failure, and turn invention into prosperity.
In short: they’ve expressed ➡️ evolutionary logic in mathematical form ⬅️ showing that growth isn’t stability, but continuous transformation.
This perspective changes everything.
If the 𝐞𝐜𝐨𝐧𝐨𝐦𝐲 𝐢𝐭𝐬𝐞𝐥𝐟 𝐢𝐬 𝐚 𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐚𝐝𝐚𝐩𝐭𝐢𝐯𝐞 𝐬𝐲𝐬𝐭𝐞𝐦, then innovation policy, corporate R&D, and regional development must follow the same logic = experiment, adapt, evolve.
That’s what evolutionary economics teaches us: resilience comes not from control, but from learning and renewal.
🌍 At BRAIN CONNECT Prague, we see innovation exactly this way. As an evolutionary process that thrives in open ecosystems.
We’re building a business-driven, technology-neutral platform where companies, startups, and institutions can co-create, test, and learn together.
𝐁𝐞𝐜𝐚𝐮𝐬𝐞 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐠𝐫𝐨𝐰𝐭𝐡 𝐝𝐨𝐞𝐬𝐧’𝐭 𝐜𝐨𝐦𝐞 𝐟𝐫𝐨𝐦 𝐛𝐚𝐥𝐚𝐧𝐜𝐞.
𝐈𝐭 𝐜𝐨𝐦𝐞𝐬 𝐟𝐫𝐨𝐦 𝐦𝐨𝐯𝐞𝐦𝐞𝐧𝐭.
___________________________________
📢 Follow BRAIN CONNECT Prague for more insights on innovation.
🚀 Join the open-ended game!
Let’s shape the future. 𝐓𝐨𝐠𝐞𝐭𝐡𝐞𝐫. 🔵 🟦 🔷