STOCKHOLM: The 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been announced, recognizing three researchers for their pioneering work in explaining innovative economic growth. The award is jointly shared by Canadian economist Peter Howitt, Joel Mokyr, and Philippe Aghion.
The researchers were honored for detailing how new ideas and technologies fuel long-term growth in economies and identifying the necessary conditions for this growth to be sustained. Their study established fundamental principles governing how innovation acts as the engine of economic prosperity.
Specifically, Joel Mokyr of Northwestern University in Illinois, US, was recognized for his work on innovation-based economic growth, particularly his approach of tracing historical sources to understand why sustained growth has become commonplace.
The other two laureates, Philippe Aghion and Peter Howitt, share the award for identifying the prerequisites for sustainable growth driven by technological advancement and for studying the mechanisms underlying this long-term expansion.
Philippe Aghion holds positions at the Collège de France and INSEAD in Paris, France, as well as the London School of Economics and Political Science in the UK. Peter Howitt teaches at Brown University in Providence, Rhode Island, US.
