Economics Nobel 2025 awarded to three economic historians for research on Innovation-Led Growth

The 2025 Nobel Prize in Economic Sciences has been awarded to Israeli-American Joel Mokyr of Northwestern University, Philippe Aghion of Collège de France and the London School of Economics, and Peter Howitt of Brown University for their pioneering research “for having explained innovation-driven economic growth.”

- Kishore Kumar Biswas

In its press release on October 13, the Royal Swedish Academy of Sciences stated —

“The three economists show how technology can drive sustained growth. Over the last two centuries, for the first time in history, the world has experienced continuous economic expansion. This has lifted vast numbers of people out of poverty and laid the foundations of modern prosperity. This year's laureates Joel Mokyr, Philippe Aghion, and Peter Howitt explain how innovation provides the impetus for further progress.”

The 2025 Nobel Prize in Economics carries a total reward of 11 million Swedish kronor, which will be shared among the three winners. One half will go to Joel Mokyr, while the remaining half will be equally divided between Aghion and Howitt.

Contributions of the Three Laureates

The Academy's statement summarized the individual contributions of the laureates: