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Nobel Laureates Mokyr, Aghion, And Howitt: Redefining Innovation’s Impact On Global Economic Growth

by THEFUTURE.TEAM

Innovation As The Engine Of Progress

The 2025 Nobel Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt, whose groundbreaking research on innovation and creative destruction has provided valuable insights into the engines of economic growth. Their work elucidates how technological advancements can replace outdated processes in favor of methods that promote enhanced living standards, health, and overall quality of life.

Creative Destruction And Sustained Growth

The Royal Swedish Academy of Sciences underlined that the sustained economic growth witnessed over the past two centuries has not only driven prosperity but also lifted millions out of poverty. Yet, the academy cautions that such progress is neither automatic nor guaranteed. The winners’ studies highlight that the dynamic forces of innovation must be continuously nurtured to counteract potential setbacks and stagnation.

Trade Policies And The Global Economic Landscape

Both Aghion and Howitt have voiced concerns regarding restrictive trade policies and de-globalization. Aghion criticized tariff barriers as obstacles that diminish market size, impede the exchange of ideas, and stifle technological progress. Similarly, Howitt warned that inward economic policies aimed solely at reshoring manufacturing might hinder the benefits derived from scale and global competition. Their observations serve as a stark reminder that policy decisions in an interconnected world carry substantial implications for economic dynamism.

Policy Implications And Future Challenges

The laureates’ contributions come at a pivotal time, as many analysts forecast that emerging technologies like artificial intelligence may usher in a new era of growth. However, this optimism is tempered by widespread concerns over environmental sustainability and the equitable distribution of innovation’s benefits. While economic growth is traditionally linked with prosperity, debates continue about its potential drawbacks, including inequality and ecological impact.

Looking Ahead

As the global community grapples with the complexities of sustainability, competitive industrial policy, and the balance between openness and protectionism, the work of Mokyr, Aghion, and Howitt offers critical guidance. Their research not only affirms the transformative power of innovation but also underscores the need for strategic policy formulations that support ongoing economic progress amidst evolving global challenges.

Cyprus Expected Working Life Reaches 39.5 Years, Above EU Average

by THEFUTURE.TEAM

People in Cyprus are expected to spend 39.5 years in the workforce, around two years longer than the European Union average of 37.5 years, according to the latest Eurostat data for 2025.

The figure places Cyprus among the EU countries with the longest expected working lives.

Cyprus Ranks Above EU Average

Only a handful of member states recorded higher figures than Cyprus. The Netherlands topped the ranking at 44 years, followed by Sweden at 43.4 years, Denmark at 42.6 years, and Estonia at 41.5 years.

At the other end of the ranking were Romania with 32.7 years, Italy with 33.0 years, Bulgaria with 34.6 years and Greece with 35.3 years.

Gender Gap Remains Wider Than EU Average

Men in Cyprus are expected to remain in work for 42.1 years, compared with 36.7 years for women. The gap of 5.4 years exceeds the EU average gender gap of 4.1 years.

Across the bloc, Lithuania, Latvia and Estonia were the only countries where women were expected to spend longer in employment than men. Finland recorded the smallest positive gender gap at 0.7 years.

Italy posted the widest gap at 8.9 years, followed by Romania at 6.9 years, Greece at 6.7 years and Malta at 6.3 years.

Working Lives Continue To Lengthen

Between 2016 and 2025, expected working life in Cyprus increased by 3.5 years, placing the country among the strongest performers in the EU over the period. Men’s expected working life rose by 3.3 years, while women’s increased by 3.6 years.

Across the EU, every member state recorded an increase. Malta posted the largest gain at 4.9 years, followed by Hungary and Ireland at 4.2 years each, and the Netherlands at 4.1 years.

Malta’s increase was driven largely by women, whose expected working life rose by 7.8 years, the biggest increase recorded across the bloc.

By comparison, Romania, Spain, Italy, Germany and Austria recorded gains of two years or less over the same period.

Women’s Working Lives Increase Faster Across Europe

Women’s expected working life increased faster than men’s in most EU countries. Denmark, Romania, Sweden and Greece were the main exceptions.

In Cyprus, gains for men and women were broadly similar, alongside Bulgaria, Belgium and Slovenia.

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