Nobel Prize in Economics goes to trio for explaining innovation-driven eco growth

Three economists — Joel Mokyr, Philippe Aghion and Peter Howitt — have been awarded the 2025 Nobel Memorial Prize in Economic Sciences for their pioneering research on how innovation fuels economic growth and how new technologies replace older ones, a dynamic process known as “creative destruction”.

- MPOST BUREAU

The Royal Swedish Academy of Sciences said the trio’s work has “transformed our understanding of the forces driving long-term growth,” offering both historical and mathematical insight into the mechanisms that sustain innovation and productivity.

Mokyr, 79, a Dutch-born economic historian at Northwestern University, was recognized for tracing the roots of technological progress through centuries of historical evidence. Aghion, 69, of the Collége de France and the London School of Economics, and Howitt, 79, of Brown University, were cited for developing mathematical models that capture how innovation leads to cycles of renewal and obsolescence in the economy.