Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The Royal Swedish Academy of Sciences recognized the laureates' contributions, with Mokyr receiving half of the prize and Aghion and Howitt sharing the other half.
The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history.
- Joel Mokyr: professor at Northwestern University in the US, received half of the prize.
- Philippe Aghion: teaches in Paris, shared the other half of the prize with Peter Howitt.
- Peter Howitt: professor at US-based Brown University, shared the prize with Aghion.
The Nobel committee emphasized that long-term economic growth relies on ongoing innovation and effective policy, stating that "we must be aware of, and counteract, threats to continued growth".
Author's summary: Nobel Prize in Economics awarded for innovation-driven growth research.
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