The Royal Swedish Academy of Sciences announced on Monday that American economist Joel Mokyr, French economist Philippe Aghion, and Canadian economist Peter Howitt have won the 2025 Nobel Prize in Economics for their pioneering research on innovation-driven economic growth.
The prize was split with Joel Mokyr receiving half for his work in identifying the prerequisites for sustainable growth through technological progress, while Philippe Aghion and Peter Howitt shared the other half for developing a theory of sustainable growth based on creative destruction.
The Academy highlighted that the trio’s research demonstrates how new technology can drive long-term economic growth by analyzing the interplay between innovation, scientific progress, and market dynamics.
Their work deepens understanding of economic growth mechanisms across history, linking innovation to industrial and scientific development and emphasizing the role of institutional and educational frameworks in fostering creativity and progress.
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