The Department of Economics, Jagannath Barooah University, organised a Special Talk on “Technology, Creative Destruction and Economic Development: Understanding the Nobel Prize in Economic Sciences, 2025” on 6th December 2025 at the New Conference Hall in hybrid mode. The programme attracted around 120 students, research scholars, and faculty members.

The event began with a Welcome Address by Dr. Ashrafuzzaman Chowdhury, Head of the Department of Economics. He highlighted the importance of understanding innovation and technological change in the context of modern economic development.

This was followed by the Introduction of the Resource Person by Dr. Ranjit Khanikor, who outlined the academic contributions of the speaker and the relevance of the day’s theme.

The Hon’ble Vice Chancellor, Prof. Jyoti Prasad Saikia, inaugurated the session and offered insightful remarks on Joseph Schumpeter’s idea of creative destruction. He reflected on how technological advancements—historically and in today’s age of Artificial Intelligence—create cycles of disruption and renewal that shape economic growth.

The keynote lecture was delivered by Prof. Hiranya K. Nath, Professor of Economics at Sam Houston State University, USA, who joined virtually. Drawing on the works of Joel Mokyr, Prof. Nath explained the role of useful knowledge in driving sustained economic progress and discussed the contribution of Nobel Laureates Philippe Aghion and Peter Howitt, whose endogenous growth model places innovation and creative destruction at the centre of long-run growth. He also highlighted the general equilibrium structure of their framework and its insights into the dynamics of innovation, savings, and development.

The programme was graced by Dr. Minakshi Phukan Hazarika, Dean, Faculty of Social Sciences and Humanities, and Dr. Mrinath Nath, Head of the Department of Geography.

The event concluded with a Vote of Thanks delivered by Mr. Probenson Terang, who expressed gratitude to the speaker, dignitaries, faculty members, students, and the organising team for their support and participation.

The Special Talk was well-received and provided valuable academic perspectives on innovation-driven economic development and the evolving landscape of technological change.