Nobel Prize in Economics goes to Joel Mokyr, Philippe Aghion and Peter Howitt

The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction.”

“The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history. Their work shows that we must be aware of, and counteract, threats to continued growth,” the prize-awarding body said in a statement.

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Last year’s prize was awarded to economists Daron Acemoglu, Simon Johnson, and James A. Robinson for their research explaining why some countries are wealthy while others remain poor.

For the second year in a row, the Nobel Prize winner’s announcement and award ceremony was conducted online with the awardees being felicitated in their own home countries.