The Royal Swedish Academy of Sciences on Monday awarded the Nobel Prize in Economic Sciences to Joel Mokyr, Philippe Aghion and Peter Howitt for their pioneering research explaining how innovation fuels long-term economic growth.
The Academy said one half of the prize goes to economic historian Joel Mokyr “for having identified the prerequisites for sustained growth through technological progress,” while the other half is shared between Philippe Aghion and Peter Howitt “for the theory of sustained growth through creative destruction.”
Their work, the Academy noted, has deepened understanding of how technological change, knowledge creation, and the constant cycle of innovation and obsolescence drive prosperity. Together, Mokyr, Aghion, and Howitt have provided a framework that links economic history with modern growth theory explaining not just why economies grow, but how they sustain that growth over centuries.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr… pic.twitter.com/ZRKq0Nz4g7— The Nobel Prize (@NobelPrize) October 13, 2025
The Economic Sciences Prize, established in 1968 by Sweden’s central bank, is the last of the Nobel awards to be announced each year.
