Mokyr, Aghion and Howitt win Nobel Prize in Economics

Joel Mokyr, Philippe Aghion, and Peter Howitt have jointly won the 2025 Nobel Prize in Economic Sciences for their groundbreaking research on how innovation and the forces of “creative destruction” drive long-term economic growth, the Royal Swedish Academy of Sciences announced on Monday.Their work explains how new technologies and production methods continuously replace outdated ones—transforming industries, boosting productivity, and improving living standards around the world.The prize, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, carries a cash award of 11 million Swedish crowns (around USD 1.2 million).Mokyr, a professor at Northwestern University in the United States, was awarded half the prize, while Aghion, of Collège de France, INSEAD, and the London School of Economics, and Howitt, of Brown University, shared the other half.Joel Mokyr used historical evidence to identify the factors necessary for sustained growth based on technological innovation,” said Nobel Committee member ...

• 13 Oct 2025