Innovators of Growth: Nobel Prize Honors Economic Pioneers

Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Prize in economics for groundbreaking work on innovation's role in driving economic growth and improving living standards globally. Their research highlights how technology can lead to the replacement of outdated systems, fostering enhanced quality of life.

The Royal Swedish Academy of Sciences praised the laureates for demonstrating that economic growth should not be taken for granted, warning that complacency could lead to stagnation. The winners have also voiced concerns over the threats to growth, including U.S. President Donald Trump's trade policies and educational reforms.

Addressing wider debates on economic growth, Mokyr pointed out the risk of the U.S. losing its scientific leadership due to current policies. Aghion criticized tariffs as barriers to growth, advocating for open markets and learning from the U.S. and China to balance industrial and competition policies, while Howitt opposed bringing manufacturing jobs back as flawed economic policy.