The Minister of Industry and Tourism of the Spanish government, Jordi Hereu, boasted about the capacity of Spanish industry. In his speech at the 41st Meeting of the Cercle d'Economia, Hereu celebrated that the state's productive sector "holds its ground", and survives the multiple geopolitical threats that surround it.

This year's Nobel Prize in Economics celebrates two contributions that underlie contemporary understanding of the economics of innovation, and consequently, of economic growth. One, by Joel Mokyr, has already been featured in an article in the ARA (by Albert Carreras, October 13). I will dedicate this one to the work of Philippe Aghion and Peter Howitt, who jointly formulated a theory of innovation based on Joseph Schumpeter's concept of "creative destruction." It is rigorous, empirically testable, and useful for public policy.