Peter Howitt Wins The Nobel Prize
Peter Howitt was at his home in North Carolina when he received the news on October 13, 2025 that he was one of three recipients of the 2025 Nobel Memorial Prize in Economic Sciences. A Professor Emeritus of Economics at Brown University, Prof. Howitt's academic journey began at McGill University in Canada before passing through Evanston on its way to Prof. Howitt's eventual Nobel Prize.
Graduating with his Ph.D. in Economics from Northwestern University in 1973, Prof. Howitt went on to teach at The University of Western Ontario and The Ohio State University before arriving at Brown University in 2000 where he remained until his retirement.
On October 13, 2025 Howitt was awarded one half of the Nobel Prize in Economics jointly with Philippe Aghion "for the theory of sustained growth through creative destruction." In 1992, Howitt and Aghion presented a mathematical model for what is called creative destruction: when a new and better product enters the market, the companies selling the older products lose out. Creative destruction creates conflicts that must be managed in a constructive manner so that innovation will not be blocked. Thirty-three years later, Howitt and Aghion were honored with the Nobel Prize for their revolutionary model.
The Department of Economics extends our warmest congratulations to Prof. Howitt on this momentous and well-earned achievement. On March 9, 2026, we will be hosting a lecture and reception in honor of Peter Howitt in Evanston. We hope you can join us to celebrate.
Select Media from Peter Howitt's nobel prize
2025 Nobel Prize Award Ceremony - December 10, 2025
"It is as much because of my wife Pat that I continued to do what is the best work of my life." - December 9, 2025
2025 prize lectures in economic sciences - December 8, 2025
Nobel Portrait (Swedish Public Television) - December 8, 2025
Nobel Prize First Reactions with Peter Howitt - October 13, 2025
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