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The 2025 Nobel Prize for Economics has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for their work explaining how innovation can drive sustained economic growth.
Mokyr, a professor at Northwestern University in the US, was recognised for his work identifying the pre-requisites for sustained economic growth: scientific knowledge of why things work, and society being open to change.
Aghion, professor at the College de France and the London School of Economics, and Peter Howitt at Brown university in the US, were joint winners for developing their theory of “sustained growth through creative destruction”, the Nobel committee said.
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