2025 Nobel Prize in Economics Awarded to Three Economists for Innovation-Driven Growth Theory

Three economists have been awarded the 2025 Nobel Prize in Economics by the Royal Swedish Academy of Sciences for their contributions to the theory of innovation-driven economic growth. Joel Mokyr of Northwestern University, USA, and Philippe Aghion of the College de France, INSEAD, and The London School of Economics and Political Science, UK, along with Peter Howitt of Brown University, USA, have been recognized for their work on sustaining economic growth through technological progress and creative destruction.

Key Takeaways:

• The 2025 Nobel Prize in Economics has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
• The prize is divided into two halves, with one half going to Joel Mokyr for identifying prerequisites for sustained growth through technological progress.
• The other half of the prize goes jointly to Philippe Aghion and Peter Howitt for their theory of sustained growth through creative destruction.
• The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is formally known as the economics prize and is not officially considered a Nobel Prize, despite being presented alongside the others.
• Five women have been awarded the economics prize in the past, and a total of 96 laureates have received the prize since its inception in 1969.
• The prize amount is the same as for the official Nobel Prizes and is paid by the Riksbank.

Statistics:

• 56 times the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded.
• 96 laureates have received the prize since its inception in 1969.
• Only three of the winners before Monday's announcement were women.
• The prize amount is the same as for the official Nobel Prizes.
• The physiology prize was not mentioned among the honors announced last week.

Sources:

• Azeri-Press news agency
• Riksbank committee
• APA (Azeri-Press news agency)