The Nobel Prize 2025 in Economics was awarded to three winners: Joel Mokyr, Philippe Aghion, and Peter Howitt, “for having explained innovation-driven economic growth”.
Three winners awarded the Nobel Prize 2025 in Economics
- On 13th September 2025, the Royal Swedish Academy awarded three winners, Joel Mokyr, Philippe Aghion, and Peter Howitt, “for having explained innovation-driven economic growth”.This award follows the Nobel Peace Prize, which was awarded to María Corina Machado for promoting democratic rights.
- The three winners were awarded for research on innovation-driven economic growth; half of the prize will be awarded to Joel Mokyr, “for having identified the prerequisites for sustained growth through technological progress,” and “for the theory of sustained growth through creative destruction,” to Philippe Aghion and Peter Howitt. Joel Mokyr comes from the US with Israeli ancestry, Philippe Aghion from France, and Peter Howitt from Canada.
- Joel Mokyr used historical references to delve into the reasons for sustained growth, rising to become a new trend, while Philippe Aghion and Peter Howitt researched the same topic. Aghion and Howitt created a mathematical model for creative destruction, referring to the process “when a new and better product enters the market, the companies selling the older products lose out”. They also analyzed the effects of US President Donald Trump’s tariffs.
- The award was known as the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel; it was founded in 1968 by Sweden’s Central Bank. It was not a part of Alfred Nobel's original desire to present an award in the field of economics. In 2024, Daron Acemoglu, Simon Johnson, and James A Robinson were awarded for explaining the economic disparity, how some nations are rich while others are poor.
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