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.
518 Articles
518 Articles
The 2025 Nobel Prize In Economics: A “Creative Betrayal” Of Schumpeter’s Vision
By Zhang Shizhi via Mises Wire | October 28, 2025 The 2025 Nobel Prize in Economics has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their “contributions to understanding innovation-driven economic growth.” Among them, Aghion and Howitt were honored for their work on how sustained growth can arise through “creative destruction.” However, if Joseph Schumpeter could see how his concept of creative destruction has been repackag…
The 2025 Nobel Prize in Economics: A “Creative Betrayal” of Schumpeter’s Vision
In their 1990 paper, “A Model of Growth Through Creative Destruction,” 2025 Nobel winners Philippe Aghion and Peter Howitt attempt to formalize Joseph Schumpeter's theory of “Creative Destruction.” Their mathematical model is not creative, but it is destructive of the theory itself.
Philippe Aghion was at home when, around 10:30 a.m. on Monday, he received a call that left him speechless: he had won the Nobel Prize in Economics 2025. “I really didn’t expect it,” the 69-year-old French economist told BBC Mundo.Aghion is a French economist researcher at the Collège de France, the INSEAD business school and the London School of Economics. He received the award together with Peter Howitt and Joel Mokyr. According to the Royal S…
Nobel Winner Joel Mokyr Showed Apprenticeships Power Prosperity
Joel Mokyr won the 2025 Nobel Prize in Economic Sciences for decades of work on the causes of the Industrial Revolution and the drivers of growth-inducing technological development. Mokyr’s work is far too wide-ranging to summarize in this post, but a key theme is the importance of societal institutions that bolster growth. One of these was the system of apprenticeships in England before and during the Industrial Revolution, which helped transla…
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