Trio Awarded Nobel in Economics for Work on Innovation-Driven Growth

Economists Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Memorial Prize in Economic Sciences for their research explaining how innovation and technological progress drive long-term economic growth. The Royal Swedish Academy of Sciences highlighted Mokyr's work on the historical prerequisites for technological progress and jointly awarded Aghion and Howitt for developing the theory of "creative destruction," where new innovations replace older technologies, thereby boosting prosperity and living standards.