Nobel economics prize 2025: What's the big idea?

In this episode of the "More or Less" podcast, host Lizzy McNeill interviews economist Tim Harford about the 2025 Sveriges Riksbank Prize in Economic Sciences, also known as the Nobel Memorial Prize in Economics. The prize was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth. Harford explains the concept of economic growth, the historical context, and the contributions of the three laureates, including Mokyr's work on prescriptive and propositional knowledge and Aghion and Howitt's model of creative destruction. He also discusses the influence and relevance of their models in the field of economics.