Joel Mokyr and Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Memorial Prize in Economic Sciences by the Swedish Academy, announced on Monday, October 13.
Mats Malm, the Permanent Secretary at the Swedish Academy, said that the Nobel Memorial Prize in Economic Sciences for 2025 is awarded to them for "having explained innovation-driven economic growth". Joel Mokyr is awarded for "having identified the prerequisites for sustained growth through technological progress.” The other half of the prize is jointly awarded to Philippe Aghion and Peter Howitt for "the theory of sustained growth through creative destruction."
Who is Joel Mokyr?
Joel Mokyr is the Robert H. Strotz Professor of Arts and Sciences at Northwestern University. Born on 26 July 1946 in Leiden, Netherlands, he is an expert in the economic history of Europe, mainly between 1750 and 1914, and examines the origins of technological advances and the increase in useful knowledge in society. Mokyr has written more than 100 books and articles, including A Culture of Growth (2016), and has earned top honors such as the Heineken Prize and the Balzan Prize for Economic History. His work identifies the conditions for long-term economic progress through technological development, for which he was awarded half of the 2025 Nobel Prize.
Who is Philippe Aghion?
Philippe Aghion, born on 17 August 1956, Paris, France, is a Professor at INSEAD and the Collège de France, as well as a visiting professor at the London School of Economics. He is credited with the creation of the Schumpeterian Growth Theory, which focuses on long-run economic growth through creative destruction-how innovation supplants older technology. He has had an impact on the design of growth policy and the state's role in promoting innovation. Aghion has written books like Endogenous Growth Theory and The Power of Creative Destruction.
Who is Peter Howitt?
Peter Howitt was born on 31 May 1946 in Canada. He is Professor of Economics and Lyn Crost Professor of Social Sciences at Brown University. Together with Aghion, he developed the Schumpeterian theory of economic growth, emphasizing the macroeconomic and monetary underpinnings of innovation-led growth. Howitt has further made significant contributions to Canadian monetary policy and macroeconomics studies.
