Trio Wins 2025 Nobel in Economics for Innovation-Driven Growth

Joel Mokyr, Philippe Aghion, and Peter Howitt win the 2025 Nobel Prize in Economics for their research on innovation-driven economic growth.

on Oct 14, 2025

Trio Wins 2025 Nobel in Economics for Innovation-Driven Growth

Joel Mokyr, Philippe Aghion and Peter Howitt received the 2025 Nobel economics prize for "having explained innovation-driven economic growth," the Royal Swedish Academy of Sciences announced on Monday.

The high-profile award, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last award to be awarded this year and carries a prize amount of 11 million Swedish crowns ($1.2 million).

"The laureates have reminded us that long-term growth cannot be assumed. Economic stagnation, rather than growth, has been the general rule in most of human history. Their achievements demonstrate that we should be vigilant for, and counter, dangers to ongoing growth," the award-granting body explained in a statement.

The peace, medicine, physics, chemistry and literature prizes were announced last week.

Those awards were founded in the will of Swedish dynamite inventor and entrepreneur Alfred Nobel and have been awarded since 1901, with some exceptions mainly caused by the world wars.

The economics prize was created much later, first being awarded in 1969 to Norway's Ragnar Frisch and Dutchman Jan Tinbergen for dynamic economic modelling. Nikolaas, Tinbergen's brother, also received a prize, claiming Medicine in 1973.

Few economists are name-brand famous, but fairly recognisable winners include former head of the US Federal Reserve Ben Bernanke, Paul Krugman and Milton Friedman.

The award for economics last year was received by US-based scholars Simon Johnson, James Robinson and Daron Acemoglu for work that investigated how colonisation has been linked to the creation of public institutions in an attempt to understand why a number of countries have been trapped in poverty for decades.