THE JHARKHAND STORY DESK
New Delhi, Oct 13: Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Prize in Economic Sciences for their groundbreaking work linking technological innovation to long-term economic growth.
The Royal Swedish Academy of Sciences made the announcement on Monday, emphasizing how their research offers a powerful explanation for how economies can sustain prosperity over time.
“This year’s laureates in economic sciences — Joel Mokyr, Philippe Aghion and Peter Howitt — explain how innovation provides the impetus for further progress,” the Academy stated, noting that technological advancement has been a key driver of global economic transformation over the past two centuries.
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The prize is divided into two parts: Mokyr receives half “for having identified the prerequisites for sustained growth through technological progress,” while Aghion and Howitt share the other half “for the theory of sustained growth through creative destruction.” The total prize money is 11 million Swedish kronor.
Mokyr, born in Leiden, Netherlands, in 1946, completed his PhD at Yale University in 1974 and is currently a professor at Northwestern University in Illinois.
Aghion, a Paris-born economist, earned his doctorate from Harvard University in 1987 and teaches at Collège de France, INSEAD Paris, and the London School of Economics.
Howitt, born in Canada in 1946, received his PhD from Northwestern University and currently serves as a professor at Brown University.
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Highlighting the historical impact of their work, the Academy noted, “Over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity.”
