Peter Diamond
Canadian economist, Nobel laureate, and co-developer of the Aghion–Howitt model of endogenous growth.
Peter Wilkinson Howitt (born May 31, 1946) is a Canadian economist and the Lyn Crost Professor of Social Sciences Emeritus at Brown University. He is best known for his collaborative work with Philippe Aghion on endogenous growth theory, the concept of creative destruction in modern macroeconomics and the Aghion–Howitt model. In 2025, Howitt and Aghion were jointly awarded the Nobel Memorial Prize in Economic Sciences "for the theory of sustained growth through creative destruction."
- born
- May 31, 1946
- field
- Economics
- nationality
- Canadian
- known_for
- Endogenous growth theory, creative destruction, Aghion–Howitt model, Nobel Memor
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Lore & Background
Howitt was born in Guelph, Ontario, in 1946. He earned his BA in economics from McGill University in 1968, his MA from the University of Western Ontario in 1969, and his PhD from Northwestern University in 1973 under Robert W. Clower. He returned to Canada after receiving his PhD and taught at the University of Western Ontario from 1972 to 1996. He became a faculty member at the Ohio State University in 1996 and joined Brown University in 2000, where he has remained since. Since 2013, Howitt is Professor Emeritus at Brown University. Besides his university affiliations, he also has long-time connections with the C. D. Howe Institute, a nonpartisan think tank based in Toronto, Canada. Howitt started publishing reports of economic policy through the institute since 1986 and was a fellow-in-residence from 2011 to 2015. He served as president of the Canadian Economics Association in 1993–1994 and was the editor of the Journal of Money, Credit, and Banking in the period 1997–2000.
Reader's Guide
Howitt's significance stems from his work with Philippe Aghion on endogenous growth theory and the Aghion–Howitt model, which formalized the concept of creative destruction in modern macroeconomics. This work earned them the 2025 Nobel Memorial Prize in Economic Sciences, shared with Joel Mokyr. Howitt was elected a Fellow of the Royal Society of Canada in 1992 and of the Econometric Society in 1994. In 2019, he and Aghion received the BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management. His selected works include 'The Keynesian Recovery and Other Essays' (1990), 'Endogenous Growth Theory' (1998, with Aghion), and 'The Economics of Growth' (2008, with Aghion). He also edited 'The Implications of Knowledge-Based Growth for Micro-Economic Policies' (1996) and co-edited 'Money, Markets and Method: Essays in Honour of Robert W. Clower' (1999).
Did You Know?
- Howitt earned his PhD from Northwestern University in 1973 under Robert W. Clower.
- He served as president of the Canadian Economics Association in 1993–1994.
- He was editor of the Journal of Money, Credit, and Banking from 1997 to 2000.
- Howitt started publishing economic policy reports through the C. D. Howe Institute in 1986.
- He and Philippe Aghion were awarded the BBVA Foundation Frontiers of Knowledge Award in 2019.
Frequently Asked Questions
Who is Peter Diamond?
Peter Arthur Diamond is an American economist born on April 29, 1940, who currently holds the title of Institute Professor at MIT. He is best recognized for his research on how job seekers and employers match in imperfect markets and for his advisory role on U.S. Social Security reform.
What did Peter Diamond win the Nobel Prize for?
In 2010, Diamond was awarded the Nobel Memorial Prize in Economic Sciences for his work on search frictions in markets, a framework that explains why finding a job or a buyer takes time and effort rather than happening instantly. He shared the honor with Dale T. Mortensen and Christopher A. Pissarides.
What is Peter Diamond's connection to Social Security policy?
During the late 1980s and 1990s, he served as an advisor to the Advisory Council on Social Security, lending his analytical expertise to ongoing debates about how the U.S. retirement insurance system should be restructured for long-term sustainability.
What is Peter Diamond's position at MIT?
He holds the rank of Institute Professor at the Massachusetts Institute of Technology, a senior appointment that signals his standing among the institution's most distinguished and long-serving faculty members.
Who were Peter Diamond's co-laureates in 2010?
He shared the Nobel Memorial Prize with Dale T. Mortensen and Christopher A. Pissarides, all three being credited for building the theoretical tools that describe how search and matching frictions shape outcomes in labor and other markets.
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