Stockholm, 13 October (H.S.): The Royal Swedish Academy of Sciences announced on Monday that the 2025 Nobel Memorial Prize in Economic Sciences has been awarded to economists Joel Mokyr, Philippe Aghion, and Peter Howitt for their pioneering research explaining innovation-driven economic development. The trio will share the prize of 11 million Swedish kronor (approximately $1.2 million).In its announcement, the Nobel committee stated that the prize honors their work on understanding long-term prosperity.

Half of the award was granted to Joel Mokyr for identifying the necessary conditions for sustainable development through technological progress. The remaining half was jointly awarded to Philippe Aghion and Peter Howitt for the theory of sustainable development through creative destruction.

The laureates will receive their awards, including a diploma and a medal, at a formal ceremony in Stockholm on December 10.

About the Laureates

Joel Mokyr, born in 1946 in Leiden, Netherlands, earned his Ph.D. from Yale University in 1974. He is currently a professor at Northwestern University in the United States.

Philippe Aghion, born in 1956 in Paris, France, received his Ph.D. from Harvard University in 1987. He is a professor at the London School of Economics and Political Science in the UK.

Peter Howitt, born in Canada in 1946, obtained his Ph.D. from Northwestern University in 1973. He is currently a professor at Brown University in the US.Prize

Background

The economics prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by Sweden’s central bank. Since its inception, the award has been presented 56 times to 96 individuals, with only three women among the laureates.

The 2024 prize was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their studies on how nations prosper.

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Hindusthan Samachar / Jun Sarkar