Nobel Prize in Economic Sciences 2025

• Winners: Joel Mokyr (USA), Philippe Aghion (France), Peter Howitt (Canada)
• Rationale: Studies on innovative based economic development and creative destruction.

Key Contributions:

• Joel Mokyr: Research on how the self-sustaining innovation came after the Industrial Revolution; focused on scientific knowledge, cultural-openness, and social-acceptance of change.
• Philippe Aghion and Peter Howitt: The creative destruction theory; it is, in fact, old technologies being replaced by new technologies that enhance productivity but cause economic problems.
• Value Of Prize: 11 million SEK; one half to Mokyr, the other half divided between Aghion and Howitt.
• Significance: Drives the point of the necessity of policies of innovation, education and institutional support to sustain economic growth in the long term.
• Lesson learned: Economic growth needs to be actively endorsed to enable constant innovation.

Nobel Prize in Economic Sciences 2025 – Laureates Quick Facts

• Joel Mokyr: Born 1946, Netherlands; Ph.D. Yale University (1974); Northwestern University, USA.

• Philippe Aghion: Born 1956, France; Ph.D. Harvard University (1987); Collège de France, INSEAD, LSE.

• Peter Howitt: Born 1946, Canada; Ph.D. Northwestern University (1973); Brown University, USA.