Economists Joel Mokyr, Philippe Aghion and Peter Howitt were awarded the 2025 Nobel Prize in Economics on Monday “for having explained innovation-driven economic growth”.

One half of the prize was awarded to Mokyr “for having identified the prerequisites for sustained growth through technological progress”, the Royal Swedish Academy of Sciences said.

The other half was awarded jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction”, it added.

Over the last two centuries, the world has seen sustained economic growth for the first time in history, the academy said in a press release . This has lifted vast numbers out of poverty and laid the foundation of prosperity, it added.

The three laureates explained how innovation facilitates progress, the

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