Dhaka, Oct. 25 -- This year's Nobel Prize in Economics awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt signifies recognition of substantial advancements in the field of innovation-driven economic growth. Their research is anchored in the concept of creative destruction, a theoretical framework first articulated by Joseph Schumpeter, a Harvard professor whose influence persists across generations of economists and scholars.

Schumpeter's theory of creative destruction says that economic development, capitalist evolution, and technological progress materialise through a perpetual cycle of replacement, whereby emergent technologies, products, institutions, and business models supersede those that are obsolete. Central to this theore...