Philippe Aghion — one of three Nobel laureates in economics announced Monday — is a theorist of innovation. Specifically, his work concerns “creative destruction,” the process by which technological innovation spreads throughout the economy as new businesses replace old ones, sparking economic growth. If that reminds you of the energy transition, i.e. the process by which cleaner fuels and new, more efficient ways of generating energy replace fossil fuel combustion, well, you’re not...
