Nobel Prize in Economics Awarded to a Trio of Experts
The Nobel Prize in Economics has been awarded to a distinguished group of experts for their vital contributions to understanding economic growth. The laureates are Joel Mokyr, Philippe Aghion, and Peter Howitt, who examined the impact of new technologies on economic growth.
Recognition for Groundbreaking Research
The prestigious award, announced on October 13, 2025, acknowledges their groundbreaking work. Joel Mokyr, an Americano-Israeli scholar, receives half of the Nobel Prize for his research on the prerequisites for sustainable economic growth, driven by technological advancements. The other half is shared between French economist Philippe Aghion and Canadian economist Peter Howitt. Their joint work explores the concept of “creative destruction,” a critical driver of lasting economic growth.
Contributions to Economic Thought
- Joel Mokyr: Professor at Northwestern University, USA. His studies use historical sources to reveal causes of sustained growth, which has become the norm.
- Philippe Aghion and Peter Howitt: Their research emphasizes how new, superior products render older ones obsolete, affecting existing businesses. This phenomenon, termed “creative destruction,” plays a pivotal role in their theory.
Insights from the Nobel Committee
The Nobel Committee highlights that these contributions underscore the importance of technological innovation and societal openness to change for economic progress. Kerstin Enflo, an economic history professor and committee member, emphasized that progress should not be assumed. Continuous attention to factors like scientific innovation and creative destruction is essential for sustaining economic growth.
Prize Details
In recognition of their contributions, the laureates will share a prize of 11 million Swedish kronor, equivalent to approximately 929,200 francs. These economists have provided significant insights that will guide future understanding and development in the field of economics.
