US EditionNobel Prize in economics awarded to Mokyr, Aghion and Howitt for explaining ‘innovation-driven’ growth
- On Monday, the Royal Swedish Academy of Sciences awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Stockholm, Sweden to Joel Mokyr, Philippe Aghion and Peter Howitt for explaining innovation-driven economic growth.
- Their work links innovation to sustained growth by showing how innovation and technological progress drive economic growth and improve living standards, while managing conflicts between established firms and new entrants.
- Mokyr drew on historical analysis of the Industrial Revolution and used historical sources to identify prerequisites for sustained growth, receiving one half of the prize; Aghion and Howitt formalised the early-1990s creative destruction model and jointly received the other half.
- The Academy said the laureates' work has had `profound influence` on policy, and John Hassler warned `We must uphold the mechanisms that underly creative destruction` to prevent stagnation.
- Since its establishment by the central bank in 1968, the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 56 times to 96 laureates, always on December 10.
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“Dream of a lifetime”: Canadian economist Howitt among Nobel winners in economics (Canada)
Canadian economist Peter Howitt is among the group of three researchers who won this year's Nobel Memorial Prize in economics. The Royal Swedish Academy of Sciences announced Monday that Howitt, along with Dutch-born Joel Mokyr and French Philippe Aghion, received the prize for 'having explained inn...
French economist shares Nobel for 'creative destruction' theory of innovation
French economist Philippe Aghion has won the 2025 Nobel Prize in Economics along with Joel Mokyr and Peter Howitt for their research on how innovation fuels long-term growth through “creative destruction” – when new technologies replace outdated ones.
Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel Prize in Economics on Monday for "explaining economic growth driven by innovation", which includes the key principle of creative destruction. Winners represent different but complementary approaches to the economy. Mokyr is an economic historian who went into long-term trends using historical sources, while Howitt and Aghion relied on mathematics to explain how creative destruction works.
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