Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The Royal Swedish Academy of Sciences announced that Mokyr, a professor at Northwestern University, received half of the prize, while Aghion and Howitt shared the other half.
The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history.
The Nobel committee praised the laureates' work, emphasizing that long-term economic growth relies on ongoing innovation and effective policy, and that we must be aware of, and counteract, threats to continued growth.
- Joel Mokyr: professor at Northwestern University, received half of the prize
- Philippe Aghion: teaches in Paris, shared half of the prize with Peter Howitt
- Peter Howitt: professor at Brown University, shared half of the prize with Philippe Aghion
Author's summary: Nobel Prize awarded for work on innovation-driven economic growth.
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