2025 Economic Sciences Prize Announced in Latest Press Release
The Royal Swedish Academy of Sciences has announced the recipients of the 2025 Economic Sciences Prize. Joel Mokyr, Philippe Aghion, and Peter Howitt are honored for their contributions to understanding innovation-driven economic growth.
Prize Announcement Details
The prestigious award, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, will be shared among the three laureates. Joel Mokyr, a professor at Northwestern University, will receive one-half of the prize. The remaining half is to be shared between Philippe Aghion of Collège de France, INSEAD, and the London School of Economics, along with Peter Howitt from Brown University.
Focus on Innovation and Growth
This year’s laureates have significantly advanced knowledge in how economic growth is propelled by innovation. Their work outlines how new technologies and advancements set the stage for sustained economic progress, improving living standards globally. Historically, stagnation was frequent, but Mokyr’s research highlights the critical role of technological progress in sustained growth.
Creative Destruction as a Growth Mechanism
Philippe Aghion and Peter Howitt contributed by constructing the theory of creative destruction. Their model explains how innovative products replace outdated ones, fostering growth. However, this cycle can create conflicts that must be managed constructively to prevent innovation from being stifled by established interests.
About the Laureates
- Joel Mokyr: Born in 1946 in Leiden, Netherlands, with a PhD from Yale University, he serves as a professor at Northwestern University.
- Philippe Aghion: Born in 1956 in Paris, France, holding a PhD from Harvard University, he is affiliated with Collège de France, INSEAD, and the LSE.
- Peter Howitt: Born in 1946 in Canada, he earned his PhD from Northwestern University and currently teaches at Brown University.
Monetary Prize
| Recipient | Prize Amount |
|---|---|
| Joel Mokyr | 5.5 million SEK |
| Philippe Aghion & Peter Howitt | 5.5 million SEK jointly |
The total prize amounting to 11 million SEK underscores the importance of their contributions. John Hassler, Chair of the Prize Committee, emphasized the need to preserve these mechanisms to avoid a return to economic stagnation.
For further details, visit the Royal Swedish Academy of Sciences’ official website and Emegypt for ongoing updates.
