- The 2025 Nobel Prize in Economics was awarded to Joel Mokyr (United States, born in the Netherlands), Philippe Aghion (France), and Peter Howitt (Canada) for their research on innovation-driven economic growth.
- Their work explains how technological progress, through “creative destruction,” where new innovations replace outdated technologies, drives long-term economic growth and prosperity.
- Mokyr studied long-term historical trends, while Aghion and Howitt developed mathematical models to explain mechanisms of innovation-driven growth. Their work highlights that sustained economic growth cannot be taken for granted, and societies must actively foster innovation to avoid stagnation.
- The laureates will share the prize of 11 million Swedish kronor ($1.2 million), with Mokyr receiving half, while Aghion and Howitt share the other half.
Nobel Prize in Economics Awarded to Three Researchers for Innovation-Growth Theory
