New Delhi: The 2025 Nobel Memorial Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their pioneering contributions to understanding how innovation drives long-term economic growth. The Royal Swedish Academy of Sciences announced the award on Monday.
According to the Nobel committee, the trio was recognised “for having explained innovation-driven economic growth.” One half of the prize goes to Joel Mokyr “for having identified the prerequisites for sustained growth through technological progress,” while the other half is shared by Phillipe Aghion and Peter Howitt “for the theory of sustained growth through creative destruction.”
The Nobel committee also noted that their research has influenced modern economic policy and offered valuable insights into how innovation, competition and technological disruption fuel sustainable growth. The idea of creative destruction has now underpinned of how industries evolve in the age of artificial intelligence, renewable energy and biotechnology.