Economists Joel Mokyr, Philippe Aghion, and Peter Howitt have won the 2025 Nobel Prize in Economic Sciences for their pioneering work explaining how innovation and technological progress drive long-term economic growth through the process of creative destruction, the Royal Swedish Academy of Sciences said on Monday.

The trio were recognised for developing theories that link historical shifts in technology, institutions, and knowledge to modern patterns of productivity and prosperity.

Their research has reshaped how economists understand the mechanics of growth - from the Industrial Revolution’s leap in living standards to the digital and AI-driven economies of today.

Aghion and Howitt’s seminal 1992 paper on “creative destruction” built on Joseph Schumpeter’s ideas, formalising how new

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