Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the 2025 Nobel Prize in Economics on Monday for their groundbreaking work on how innovation and the concept of “creative destruction” fuel economic growth and improve global living standards.

Their research explains how technology gives rise to new products and production methods which replace old ones, resulting in a better standard of living, health and quality of life.

The Royal Swedish Academy of Sciences, which awards the prize, said the laureates had also shown that such progress cannot be taken for granted.

“Economic stagnation, not growth, has been the norm for most of human history. Their work shows that we must be aware of, and counteract, threats to continued growth,” the Academy said.

The prize winners themselves

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