{"id":181848,"date":"2025-10-14T14:42:03","date_gmt":"2025-10-14T09:12:03","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=181848"},"modified":"2025-10-14T14:42:04","modified_gmt":"2025-10-14T09:12:04","slug":"vishleshan-for-regulatory-exams-14th-october-2025","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/vishleshan-for-regulatory-exams-14th-october-2025\/","title":{"rendered":"Vishleshan for Regulatory Exams 14th October 2025: Why &#8216;Creative Destruction&#8217; Won the 2025 Economics Nobel"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.practicemock.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.practicemock.com\/blog\/category\/vishleshan\/\">Vishleshan<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Vishleshan for Regulatory Exams 14th October 2025<\/span><\/span><\/div>\n\n\n<p><\/p>\n\n\n\n<p>Staying updated on economic and regulatory issues is non-negotiable for exams like\u00a0<strong>RBI, SEBI, or NABARD<\/strong>. Every topic matters. Every update can turn into a question. In today\u2019s Vishleshan, we focus on\u00a0<strong>\u201d<span style=\"text-decoration: underline;\">Why &#8216;Creative Destruction&#8217; Won the 2025 Economics Nobel<\/span>\u201d<\/strong>\u00a0This issue is timely. Its relevance is growing. And its impact is deeply linked with policy and regulation. Understanding it now will not just help in exams but also sharpen your perspective.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.practicemock.com\/rbi-grade-b-test-series\/?ref=14480\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Take a Free RBI Grade B Mock Test &amp; Know How to Boost Your Prep like a Topper!<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Why &#8216;Creative Destruction&#8217; Won the 2025 Economics Nobel<\/strong><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Context<\/strong>: The 2025 Nobel Prize in Economics was awarded for explaining the powerful engine of &#8216;creative destruction&#8217;. This summary explores how new technologies disrupt old markets to create new ones, and why the laureates&#8217; work is a crucial reminder that progress is not guaranteed.<\/p>\n\n\n\n<p><strong>Link to the Article<\/strong>: <a href=\"https:\/\/www.business-standard.com\/economy\/news\/nobel-economics-2025-mokyr-aghion-howitt-innovation-driven-growth-125101301215_1.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong><u><strong>Business Standard<\/strong><\/u><\/strong><\/a><\/p>\n<\/blockquote>\n\n\n\n<p>The article discusses the <strong>2025 Nobel Prize in Economic Sciences<\/strong>, awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven growth and &#8220;creative destruction.&#8221; It argues that the award reflects a global anxiety, particularly in the West, about the sources of future economic growth in the face of competition from China. The author posits that the key lesson for Indian policymakers is that long-term prosperity comes only from <strong>innovation<\/strong>, which requires a culture that embraces risk and is willing to upend the status quo. The piece concludes that India&#8217;s current low spending on research and its gradualist reform process, which often protects vested interests, are significant barriers to fostering such an innovative culture.<\/p>\n\n\n\n<p><strong><u><strong>The Nobel Prize in Economic Sciences:<\/strong><\/u><\/strong><strong><u><strong><\/strong><\/u><\/strong><\/p>\n\n\n\n<p><strong>History of the Award:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>Contrary to popular belief, the economics prize was not one of the original Nobel Prizes established by Alfred Nobel&#8217;s will in 1895.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Institutionalisation<\/strong><strong>:<\/strong>\u00a0It was established in <strong>1968<\/strong>\u00a0by <strong>Sveriges Riksbank<\/strong>\u00a0(Sweden&#8217;s central bank) to commemorate the bank&#8217;s 300<sup>th<\/sup>\u00a0anniversary. Its official name is the <strong>&#8220;Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.&#8221;<\/strong><\/li>\n\n\n\n<li><strong>First Award<\/strong><strong>:<\/strong>\u00a0The first prize was awarded in <strong>1969<\/strong>.<\/li>\n\n\n\n<li><strong>Selection<\/strong><strong>:<\/strong>\u00a0The winners are selected by the <strong>Royal Swedish Academy of Sciences<\/strong>, the same institution that selects the laureates for physics and chemistry.<\/li>\n<\/ul>\n\n\n\n<p><strong>Winners of 2025:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The 2025 prize was awarded to three economists for their groundbreaking work on how innovation drives long-term economic growth.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Winners<\/strong><strong>:<\/strong><ul><li><strong>Joel Mokyr<\/strong>\u00a0(Economic Historian)<\/li><\/ul><ul><li><strong>Philippe Aghion<\/strong>\u00a0(Economist)<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Peter Howitt<\/strong>\u00a0(Economist)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Their Core Contribution<\/strong><strong>:<\/strong>\u00a0They provided a deep understanding of the forces behind technological progress and its impact on economies.<ul><li><strong>Aghion and Howitt<\/strong>\u00a0formalised Joseph Schumpeter&#8217;s theory of <strong>&#8220;creative destruction&#8221;<\/strong>\u00a0into a mathematical model, demonstrating that long-term growth is a result of new technologies displacing old ones, driven by entrepreneurs seeking profits.<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Mokyr<\/strong>, through historical analysis, added a crucial layer, arguing that it is a society&#8217;s <strong>culture<\/strong>\u2014its openness to new ideas, its institutions, and its political will for change\u2014that ultimately determines whether innovators can triumph over those who benefit from the status quo.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>Trends in Nobel-Winning Themes<\/strong><strong>:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The prize often reflects the prevailing economic concerns of the era.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Early Years<\/strong><strong>\u00a0(1970s):<\/strong>\u00a0Focused on development and welfare economics.<\/li>\n\n\n\n<li><strong>Washington Consensus Era<\/strong><strong>\u00a0(1980s-90s):<\/strong>\u00a0Honoured proponents of the neoclassical, free-market model, often from the &#8220;Chicago School.&#8221;<\/li>\n\n\n\n<li><strong>Post-Financial Crisis<\/strong><strong>\u00a0(2010s):<\/strong>\u00a0Shifted towards scepticism of perfect markets, behavioural economics, and labour market issues.<\/li>\n\n\n\n<li><strong>Recent Years<\/strong><strong>\u00a0(2020s):<\/strong>\u00a0A clear focus on the role of <strong>institutions, innovation, and culture<\/strong>\u00a0in driving long-term prosperity, reflecting global anxieties about slowing growth and technological competition.<\/li>\n<\/ul>\n\n\n\n<p><strong><u><strong>Creative Destruction: The Engine of Growth<\/strong><\/u><\/strong><strong><u><strong><\/strong><\/u><\/strong><\/p>\n\n\n\n<p><strong>Meaning and History<\/strong><strong><\/strong><\/p>\n\n\n\n<p><strong>Creative Destruction<\/strong>&nbsp;(a term popularised by Austrian economist <strong>Joseph Schumpeter<\/strong>&nbsp;in his 1942 book <em>Capitalism, Socialism and Democracy<\/em>) is the process of industrial mutation that incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating a new one. In simple terms, it&#8217;s the idea that for an economy to grow and advance, old, inefficient industries, technologies, and ways of doing things must be replaced by new, innovative ones.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Example:<\/em>\u00a0The rise of smartphones (the &#8220;creation&#8221;) led to the decline of traditional camera companies, landline phones, and GPS device manufacturers (the &#8220;destruction&#8221;).<\/li>\n<\/ul>\n\n\n\n<p><strong>The Core Hypothesis<\/strong><strong>:<\/strong>&nbsp;The theory posits that this constant churn is not a bug but the very <strong>engine of capitalism<\/strong>. Entrepreneurs are motivated by the prospect of earning <strong>&#8220;monopoly profits&#8221;<\/strong>&nbsp;from a new invention. This innovation disrupts the market, displaces existing firms (the &#8220;incumbents&#8221;), and leads to a more productive and advanced economy.<\/p>\n\n\n\n<p><strong>R&amp;D Expenditure and GDP:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The theory of creative destruction implies a strong link between investment in research and development (R&amp;D) and economic growth. Countries that spend more on R&amp;D tend to be more innovative and have higher GDP per capita.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Country\/Region<\/td><td>R&amp;D Expenditure (% of GDP)<\/td><\/tr><tr><td>Israel<\/td><td>~5.6%<\/td><\/tr><tr><td>South Korea<\/td><td>~4.9%<\/td><\/tr><tr><td>United States<\/td><td>~3.5%<\/td><\/tr><tr><td>Japan<\/td><td>~3.3%<\/td><\/tr><tr><td>Germany<\/td><td>~3.1%<\/td><\/tr><tr><td>China<\/td><td>~2.4%<\/td><\/tr><tr><td><strong>India<\/strong><\/td><td><strong>~0.64%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>This data starkly illustrates the article&#8217;s point that India spends too little on research.<\/p>\n\n\n\n<p><strong><u><strong>Innovation in India: A Snapshot<\/strong><\/u><\/strong><strong><u><strong><\/strong><\/u><\/strong><\/p>\n\n\n\n<p><strong>Capital Expenditure (CapEx) Trends:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The government has been trying to foster innovation through increased capital expenditure.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Budgetary Push<\/strong><strong>:<\/strong>\u00a0The Union Budget has seen a significant increase in the allocation for capital expenditure in recent years, rising from around <strong>\u20b94.39 lakh crore in 2020-21<\/strong>\u00a0to a budgeted <strong>\u20b911.11 lakh crore for 2024-25<\/strong>. This investment in infrastructure is aimed at creating a better environment for private innovation.<\/li>\n<\/ul>\n\n\n\n<p><strong>Start-up Ecosystem:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>India has emerged as a major global hub for start-ups.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Growth<\/strong><strong>:<\/strong>\u00a0India is the <strong>third-largest start-up ecosystem<\/strong>\u00a0in the world, with over <strong>100 unicorns<\/strong>\u00a0(start-ups valued at over $1 billion).<\/li>\n\n\n\n<li><strong>Focus<\/strong><strong>:<\/strong>\u00a0These start-ups are at the forefront of innovation in sectors like fintech, e-commerce, healthtech, and software-as-a-service (SaaS).<\/li>\n<\/ul>\n\n\n\n<p><strong>Patent Registration Trends:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>A key indicator of innovation is the number of patents filed.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Significant Growth<\/strong><strong>:<\/strong>\u00a0India has seen a dramatic increase in patent filings. In <strong>2023-24<\/strong>, a record <strong>90,300 patents<\/strong>\u00a0were granted, a sharp rise from just <strong>24,871<\/strong>\u00a0five years prior in 2018-19. This shows a growing culture of intellectual property creation.<\/li>\n<\/ul>\n\n\n\n<p><strong>WIPO Global Innovation Index (GII):<\/strong><strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>India&#8217;s Performance<\/strong><strong>:<\/strong>\u00a0India&#8217;s rank in the GII has improved significantly, rising from <strong>81<\/strong><strong><sup><strong><sup>st<\/sup><\/strong><\/sup><\/strong><strong>\u00a0in 2015 to 38<\/strong><strong><sup><strong><sup>th<\/sup><\/strong><\/sup><\/strong><strong>\u00a0in 2025<\/strong>\u00a0among 132 economies. This reflects improvements in its innovation ecosystem, including its knowledge and technology outputs and the sophistication of its market.<\/li>\n<\/ul>\n\n\n\n<p><strong><u><strong>Decoding the Article: An Analysis<\/strong><\/u><\/strong><strong><u><strong><\/strong><\/u><\/strong><\/p>\n\n\n\n<p><strong>The Nobel&#8217;s Reflection on Global Malaise:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The article argues that this year&#8217;s Nobel Prize is not just an academic honour but a reflection of a deep-seated <strong>&#8220;malaise in the policymaking system.&#8221;<\/strong>&nbsp;Western nations are worried about losing the technological race to China and are grappling with how to reignite growth. The prize&#8217;s focus on innovation underscores that this is now the central economic question of our time.<\/p>\n\n\n\n<p><strong>The Fundamental Conflict of Growth:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The article masterfully explains the core lesson from the laureates&#8217; work: there is a <strong>&#8220;fundamental conflict between those who are rich today&#8230; and the putative entrepreneurs who seek to replace them.&#8221;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This is the essence of creative destruction. For new, innovative companies to rise, old, established ones must be allowed to fail. Growth requires disruption of the status quo.<\/li>\n<\/ul>\n\n\n\n<p><strong>The Lesson for India: A Need for Disruption<\/strong><strong><\/strong><\/p>\n\n\n\n<p>The author directly applies this lesson to India. If innovation is the only path to prosperity, then India&#8217;s current approach is flawed.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Low R&amp;D Spending<\/strong><strong>:<\/strong>\u00a0As the data shows, India&#8217;s spending on R&amp;D at <strong>0.64% of GDP<\/strong>\u00a0is a fraction of what innovative nations spend. This signifies a lack of deep investment in creating new knowledge.<\/li>\n\n\n\n<li><strong>Gradualist and Solicitous Reforms<\/strong><strong>:<\/strong>\u00a0The author criticizes India&#8217;s reform process as being <strong>&#8220;too gradual and solicitous of those with a vested interest in the status quo.&#8221;<\/strong>\u00a0This means that policies often protect incumbent, powerful businesses rather than creating a level playing field for new, disruptive innovators to challenge them.<\/li>\n<\/ul>\n\n\n\n<p>In conclusion, the article uses the occasion of the Nobel Prize to deliver a powerful critique of India&#8217;s economic policy orientation. While celebrating the growth of start-ups and patents is important, the core message is that without a fundamental cultural and political shift towards embracing risk, competition, and the &#8220;destruction&#8221; part of creative destruction, India&#8217;s long-term growth potential will remain constrained.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This summary explores how new technologies disrupt old markets to create new ones, and why the laureates&#8217; work is a crucial reminder that progress is not guaranteed.<\/p>\n","protected":false},"author":29,"featured_media":181850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[4022],"tags":[],"class_list":["post-181848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vishleshan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vishleshan for Regulatory Exams 14th October 2025: Why &#039;Creative Destruction&#039; Won the 2025 Economics Nobel<\/title>\n<meta name=\"description\" content=\"This summary explores how new technologies disrupt old markets to create new ones, and why the 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Over the years, I've been a dedicated government job aspirant, having attempted various competitive exams conducted by the Government of India, including SSC JE, RRB JE, Banking &amp; Insurance exams, UPSC CDS, UPSC CSE and GPSC. This journey has provided me with deep insights into the examination patterns and preparation strategies. 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