Fulbright Alumnus Dr. Milton Friedman: A Nobel Laureate

Nobel laureate and Fulbright alumnus Dr. Milton Friedman was one of the most influential American economists of the twentieth century, known for his promotion of free markets and his contributions to the fields of consumption analysis, monetarism, and stabilization policy. 📚 A 1953 #Fulbright U.S. Scholar to the UK, Dr. Friedman spent a year at Gonville & Caius College, University of Cambridge, where he said he was “able greatly to profit from” bringing his theories into a new department and debating with colleagues on the theories of British economist John Maynard Keynes, founder of the Keynesian school of economics and a scholar of modern macroeconomic theory. After his Fulbright, Dr. Friedman authored several influential works that helped reshape economic thought, including Capitalism and Freedom (1962), and A Monetary History of the United States (1963, with economist Anna Schwartz), which analyzed the monetary causes of the Great Depression. One of his most popular works, A Theory of the Consumption Function, transformed economists’ understanding of the consumption function and influenced studies on consumer behavior. Dr. Friedman went on to be a professor of economics at the The University of Chicago, leading what would become known as the “Chicago School” of economics. Shortly before he retired, Dr. Friedman was awarded the 1976 Nobel Memorial Prize in Economic Sciences. ➡️ Read more: https://bit.ly/3K0f8Nz US-UK Fulbright Commission

Nobel laureate and Fulbright alumnus Dr. Milton Friedman was one of the most influential American economists of the twentieth century, known for his promotion of free markets and his contributions to the fields of consumption analysis, monetarism, and stabilization policy. 📚 A 1953 #Fulbright U.S. Scholar to the UK, Dr. Friedman spent a year at Gonville & Caius College, University of Cambridge, where he said he was “able greatly to profit from” bringing his theories into a new department and debating with colleagues on the theories of British economist John Maynard Keynes, founder of the Keynesian school of economics and a scholar of modern macroeconomic theory. After his Fulbright, Dr. Friedman authored several influential works that helped reshape economic thought, including Capitalism and Freedom (1962), and A Monetary History of the United States (1963, with economist Anna Schwartz), which analyzed the monetary causes of the Great Depression. One of his most popular works, A Theory of the Consumption Function, transformed economists’ understanding of the consumption function and influenced studies on consumer behavior. Dr. Friedman went on to be a professor of economics at the The University of Chicago, leading what would become known as the “Chicago School” of economics. Shortly before he retired, Dr. Friedman was awarded the 1976 Nobel Memorial Prize in Economic Sciences.

Big news for the Northwestern University community and the world of economics! Northwestern University’s own Joel Mokyr, the Robert H. Strotz Professor of Arts and Sciences and Professor of Economics and History at Weinberg College, has been awarded the 2025 The Nobel Prize Prize in Economic Sciences The Royal Swedish Academy of Sciences recognized Professor Mokyr “for showing how technological progress has led to sustained economic growth.” His groundbreaking theory explains why innovation doesn’t stop — highlighting that lasting economic growth depends on three key pillars: 1- Useful knowledge – understanding both why and how things work 2- Mechanical competence – the skill to turn ideas into working tools, machines, and processes 3- Institutions that encourage progress – cultures and systems that reward curiosity, protect inquiry, and support innovation Through his decades of research, Mokyr has shown that prosperity isn’t just built on capital or labor — it’s built on knowledge, culture, and the institutions that allow ideas to flourish. As a member of the Northwestern University community, this recognition is a proud moment — and a powerful reminder that progress starts with curiosity and the freedom to explore it. 💡 #NobelPrize #Northwestern #Economics #Innovation #Growth #KnowledgeEconomy #JoelMokyr #AcademicExcellence

Philippe Aghion winning the 2025 Nobel Prize in Economic Sciences is a proud moment for the INSEAD community(!) and a powerful reminder that innovation isn’t a trend but rather the engine of progress. Philippe Aghion and Peter Howitt's research shows that long-term growth happens when new ideas and technologies continuously replace the old (a process known as creative destruction) : Each wave of innovation boosts productivity, makes older ones obsolete, and thrives only when supported by competition, education, and investment in research. To me, this insight feels more relevant than ever in the age of AI : As much as we fear disruption, it’s inevitable and our challenge is to ensure that education and regulation evolve fast enough to keep the cycle inclusive and sustainable. #insead #nobelPrize #innovation #AI

As the engine of prosperity, creative destruction can generate growth that is sustained, inclusive and green, according to INSEAD Professor Phlippe Aghion, who has been awarded the 2025 Nobel Memorial Prize in Economic Sciences for his work on innovation-driven economic growth. While #innovation represents something new and creative, it can be destructive as companies whose technology becomes passé are outcompeted. Through his work, Aghion shows how creative destruction creates conflicts that must be managed in a constructive manner, so that innovation can lift society as a whole. Philippe Aghion, who is Professor of #Economics and the Kurt Björklund Chaired Professor of Innovation and Growth at INSEAD, shares the 2025 award with Joel Mokyr from Northwestern University and Peter Howitt from Brown University. Congratulations to all award winners!   Read his article on INSEAD Knowledge here: https://lnkd.in/gqNM22u7 Watch his webinar on France’s AI ambitions here: https://lnkd.in/gCVPVBqY The Nobel Prize #CreativeDestruction #Economics

Thrilled to celebrate my colleague Philippe Aghion's Nobel Prize in Economics, alongside Joel Mokyr and Peter Howitt, for work on creative destruction. A first for INSEAD! The Royal Swedish Academy recognized their groundbreaking work explaining innovation-driven economic growth. What is creative destruction? In their landmark 1992 model, Aghion and Howitt showed how progress works: when superior innovations enter the market, they inevitably displace older technologies and the companies behind them. The innovation is "creative" because it represents something new and better. It's "destructive" because established players are outcompeted. This cycle of renewal drives sustained economic growth. 🎋 Why this matters for AI today: We're witnessing creative destruction at unprecedented speed. AI is simultaneously creating enormous value while disrupting traditional business models, jobs, and entire industries. Aghion's work reminds us that this disruption isn't a bug. It's a feature of progress. 🏗️ Crucially, his research also shows we must manage the transitions carefully to prevent established interests from blocking innovation and ensure the benefits are broadly shared! 🙅♂️ Notably, Philippe also recently co-chaired France's Artificial Intelligence Commission, submitting 25 recommendations to position France as an AI leader. https://lnkd.in/gWdkTQP5

Innovation drives growth. Did anyone doubt it? My everyday job is promoting innovation through Sibanye-Stillwater’s Keliber lithium project and GalliCam project, both of which aim to secure critical raw materials for Europe’s EV industry and have been labeled “Critical Project” status under the EU CRMA. We now need a strong European policy to support strategic innovation to build a domestic resilient and competitive EV supply chain. #INSEAD #CRMA #CriticalRawMaterialsAct #EV #lithiumionbatteries

Creative Destruction 💥 This year’s Nobel Prize in Economics is doubly exciting to me. Firstly it dives into a topic near and dear to my heart - Technology and Innovation, and secondly it recognizes Philippe Aghion of my Alma mater INSEAD. For a quick read into what “Creative Destruction” is about, I recommend this article https://lnkd.in/daATsTQY

The Nobel Prize in Economics continues to evolve — and so does our understanding of growth. It’s good to see the 2025 Nobel Prize awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their influential work on innovation-driven economic growth. Their research has reshaped how we think about the role of creativity, knowledge, and technological progress in long-term development. It’s encouraging to see the Nobel Committee has increasingly recognized economists who connect theory with the real world-addressing issues such as labor dynamics, globalization, gender equity, and financial stability. This shift reflects a broader transformation in the discipline: economics is becoming more empirical, more inclusive, and more relevant to the challenges of our time. This year’s award is a reminder that innovation is not only an engine of growth, but also a reflection of human curiosity and the pursuit of progress. #NobelPrize #Economics #Innovation #EconomicGrowth #Sustainability

Creative Destruction: when new technology is developed and used by companies & gain traction in the market (create), companies that rely on the older ones are outcompeted (destruct)