Econ Nobel rewards work linking past, present links between innovation, growth and society

The Royal Swedish Academy of Sciences has conferred the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — commonly referred to as the Nobel Prize in Economics — upon Joel Mokyr, Philippe Aghion, and Peter Howitt.

- Avinash Tripathi

This prestigious accolade has been awarded in recognition of their analysis of the determinants and correlates of long-term economic growth.

Although their scholarly contributions explore interconnected themes, the uniqueness of this year's award lies in its acknowledgment of diverse methodological approaches.

Joel Mokyr, an esteemed economic historian, examines numerous intricacies and transformations of economic history, while Philippe Aghion and Peter Howitt adopt a more quantitative perspective to understand the process.

The core inquiry driving Joel Mokyr's research has been the historical patterns of innovation. Mokyr observes that innovation in human history, even prior to the onset of the Industrial Revolution, occurred sporadically, in isolated instances. Various historical eras were characterized by advancements in tools, techniques, and knowledge. However, these brief spurts of innovation tended to diminish over time. With the advent of the Industrial Revolution, the pace of innovation became more sustained and even accelerated.