The Royal Swedish Academy of Sciences announced on Monday that the 2025 Nobel Prize in Economic Sciences will be awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their groundbreaking contributions in explaining innovation-driven economic growth. The 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel goes to the trio, with one half awarded to Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction.”

Awarded for innovation-driven economic growth research

The Prize committee said that over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has li

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