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Joel Mokyr is from Northwestern University in the United States. Philippe Aghion is from the Collège de France and INSEAD in France, and The London School of Economics and Political Science in the United Kingdom.
Three are awarded Nobel Prize in Economics
New Delhi: The Royal Swedish Academy of Sciences has announced the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, or the Nobel Prize in Economics.
This year, the prize has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt "for their explanation of innovation-driven economic growth." Half of the prize will be awarded to Mokyr "for identifying the necessary conditions for sustainable development through technological progress," and the remaining half will be awarded jointly to Aghion and Howitt "for their theory of sustainable development through creative destruction."
Where are the Nobel Laureates in Economics affiliated?
Joel Mokyr is from Northwestern University in the United States. Philippe Aghion is from the Collège de France and INSEAD in France, and The London School of Economics and Political Science in the United Kingdom. Peter Howitt is from Brown University in the United States. They have been awarded the Nobel Prize in Economics for the year 2025 for identifying the conditions for sustainable development.
What did the Nobel Committee say about the winners?
The Nobel Committee stated that Mokyr "demonstrated that if innovations are to succeed each other in a self-generating process, we need to know not only how something works, but also why it happens."
Aghion and Howitt also studied the mechanisms behind sustainable development. This included a 1992 article in which they constructed a mathematical model called creative destruction. It demonstrated that when a new and improved product enters the market, companies selling older products suffer losses.
Hasler, chairman of the Economic Sciences Prize Committee, said, "The laureates' work demonstrates that economic development cannot be taken for granted. We must maintain the fundamental mechanism of creative destruction so that we do not fall back into stagnation."
Learn about the Nobel Prize in Economics
The Nobel Prize in Economics has been awarded to 99 individuals so far.
The Nobel Prize in Economics was established in 1968.
This prize in economic sciences has been awarded 56 times since 1969.
The youngest person to receive the Prize in Economic Sciences was Esther Duflo, at the age of 46.
The oldest person to receive the Prize in Economic Sciences was Leonid Hurwicz, at the age of 90.
The winner(s) were announced by the Royal Swedish Society, organizers of the Nobel Memorial Prize in Economics. Last year's prize was awarded to three economists—Daron Acemoglu, Simon Johnson, and James A. Robinson—for their study of why some countries are rich and others are poor. Their research demonstrated that more free and open societies are more likely to prosper.
The Nobel Prizes in Economics were established in 1968.
The Nobel Prize in Economics is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 in memory of the 19th-century Swedish businessman and chemist.
Nobel invented dynamite and established five Nobel Prizes. Since then, the award has been presented 56 times to a total of 96 laureates. Only three women have been among the Nobel Prize winners in Economics. Some experts argue that the Nobel Prize in Economics is not technically a Nobel Prize, but it is always awarded along with the other awards on December 10th, the anniversary of Nobel's death in 1896. Earlier last week, Nobel awards were announced in the fields of medicine, physics, chemistry, literature, and peace.
