Philippe Aghion, Peter Howitt, and Joel Mokyr Awarded 2025 Nobel Prize
Philippe Aghion, Peter Howitt, and Joel Mokyr have been awarded the 2025 Nobel Memorial Prize in Economic Sciences.
The Royal Swedish Academy of Sciences announced the prize
“for having explained innovation-driven economic growth.”
Their studies have illuminated the process by which
“new products and production methods [replace] old ones in a never-ending cycle. This is the basis for sustained economic growth, which results in a better standard of living…”
The prize-winning research emphasized the critical role of economic institutions in determining the impact of new innovations and provided insights on the dynamics of creative destruction.
Aghion is a professor at the College de France and INSEAD, and was an NBER research associate for over a decade.
Author's summary: Economists awarded Nobel Prize for innovation-driven growth research.
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