Innovation-Driven Economists Win 2025 Nobel Prize
Joel Mokyr, Philippe Aghion, and Peter Howitt won the 2025 Nobel economics prize for elucidating innovation-driven growth. Their research underscores that sustainable growth is not guaranteed and highlights the need to counter threats to growth. Mokyr received half of the prize, with Aghion and Howitt sharing the other half.
Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel economics prize, recognized for their work in explaining innovation-driven economic growth. The Royal Swedish Academy of Sciences announced the trio as laureates, noting their significant contribution to understanding sustained economic progress.
Mokyr, from Northwestern University, and his fellow laureates Aghion, affiliated with the College de France and the LSE, and Howitt from Brown University, provide a comprehensive model of 'creative destruction.' The research emphasizes that economic stagnation has historically been more common than persistent growth, sparking discussions on maintaining growth in the modern world.
The prize, worth 11 million Swedish crowns, adds these economists to a distinguished list of past winners, including Ben Bernanke and Paul Krugman. This year's recognition highlights the vital link between innovation, economic growth, and policy interventions necessary to sustain it.
(With inputs from agencies.)
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