Nobel Economics Prize Goes to 3 Scholars Studying Innovation, Stagnation

by Palash Ghosh, Pensions & Investments, October 13, 2025: Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the Nobel Prize in Economic Sciences for their work explaining the process of innovation-driven economic growth. Mokyr was cited for showing “how innovators at the dawn of the Industrial Revolution... learned how to build upon previous discoveries to create a process of sustained growth,” Bruce Jacobs said. Aghion and Howitt were recognized for “constructing a theoretical framework of creative destruction; a process where new and better products overcome opposition from established companies and interest groups to replace older, obsolete technologies,” Jacobs noted. The new laureates’ findings highlight that “sustained economic growth is, historically, the exception rather than the rule, and cannot be taken for granted,” Jacobs added. “It must continually respond to threats, such as firms that become too dominant in their markets, restrictions on academic freedom, and deglobalization.”

Wharton School Launching Quantitative Finance Master’s Degree with Gift from Alum

by Rob Kozlowski, Pensions & Investments, September 15, 2025: Bruce Jacobs’s gift to the Wharton School to establish the Dr. Bruce I. Jacobs Master of Science in Quantitative Finance program created Wharton’s first new degree program in more than 50 years. It follows his 2020 gift to the school to establish a quantitative finance major in the MBA program... “At the university, you could study for a Ph.D. in finance, which would introduce you to the quantitative tools needed, or you would do an MBA, and with the major in quantitative finance in the MBA program, you could get some introduction to quantitative finance as well as a broader skill set in the areas of management and leadership,” Jacobs said. “I’m delighted that Wharton has moved in this direction, because this is the field that I have a passion for, both in contributing as a practitioner and contributing to research in the field, and I’m delighted to be able to help foster this master’s program.”

A Transformational Gift for Quantitative Finance at Wharton

Knowledge at Wharton, September 15, 2025: Bruce Jacobs’s gift to the Wharton School to establish the Dr. Bruce I. Jacobs Master of Science in Quantitative Finance program creates a new pathway for students to develop critical skills and explore career opportunities in the rapidly growing quantitative asset management industry...

"Dr. Jacobs has long been a champion for Wharton’s preeminence in this essential area, and we are deeply grateful for his historic gift,” said University of Pennsylvania President J. Larry Jameson. “This new, innovative, hands-on program will…prepare our quantitative finance students to lead in a rapidly changing world.”   

The one-year program will allow students to build expertise in quantitative methods, machine learning, artificial intelligence, and financial markets. The rigorous, data-intensive curriculum will be complemented by the experience students will receive from an internship and applied-research project, a dedicated advisory board of industry leaders, and Wharton’s extensive global alumni network.

“We are immensely grateful for his recent gift, which will arm the next generation of finance professionals with the specialized skills needed to meet the demands of a tremendously complex and increasingly data-driven industry,” said Wharton School Dean Erika James.

“When I was at the Wharton School, quantitative finance was in its infancy. Now, it is an essential discipline in this data-driven world,” said Jacobs. “By bridging theory and practice, the MSQF program will have a lasting impact on the industry and many future generations of students, as well as ensure the Wharton School will be at the forefront of this dynamic field.”