Shivanand Pandit

On October 13, 2025, the Royal Swedish Academy of Sciences announced the recipients of the 2025 Nobel Prize in Economics. Joel Mokyr, Philippe Aghion, and Peter Howitt jointly received the prize for their cutting-edge research on innovation-driven economic growth. The Academy stated that their work shows sustained economic growth should not be taken for granted. Throughout most of human history, economic stagnation has dominated rather than growth. The laureates’ research highlights the importance of recognizing and addressing factors that threaten continued growth. Their contributions provide key insights into one of economics’ most fundamental questions: why modern economies thrive while many historical economies remain stagnant.

Unlike the Nobel Peace Prize, the Sveri

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