The Royal Swedish Academy of Sciences on Monday awarded the 2025 Nobel Memorial Prize in Economic Sciences to Joel Mokyr, Philippe Aghion, and Peter Howitt “for having explained innovation-driven economic growth.” According to the Academy, one half of the prize goes to Joel Mokyr “for having identified the prerequisites for sustained growth through technological progress,” while the other half is shared by Philippe Aghion and Peter Howitt “for the theory of sustained growth through creative destruction.” Mokyr is from Northwestern University, Aghion from the College de France and the London School of Economics, and Howitt from Brown University. Over the last two centuries, for the first time in history, the world has seen sustained economic growth, lifting vast numbers of peo

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