The 2025 Nobel Prize in Economics awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt

The Swedish Academy announced the laureates of the 2025 Nobel Prize in Economics: half of the prize was awarded to 79-year-old Joel Mokyr, while the other half was shared between 69-year-old Philippe Aghion and 79-year-old Peter Howitt. The award recognizes their research on the impact of new technologies on economic growth.

The Academy’s communiqué states that Mokyr was honored “for identifying the conditions for sustainable growth through technological progress.” Aghion and Howitt were recognized “for their theory of sustainable growth through creative destruction.”

The prize includes a monetary reward of 11 million Swedish kronor, which is approximately 1.2 million US dollars, according to the announcement.

The Academy emphasized that the laureates’ work demonstrates that sustainable development should not be taken for granted, and that economic stagnation was a common phenomenon throughout history; it is essential to understand the threats to continued progress and respond to them.