Philippe Aghion, Peter Howitt, and Joel Mokyr Awarded 2025 Nobel Prize
Philippe Aghion, Peter Howitt, and Joel Mokyr have been awarded the 2025 Nobel Memorial Prize in Economic Sciences.
The Royal Swedish Academy of Sciences announced the prize
“for having explained innovation-driven economic growth”, stating their studies illuminated the process by which new products and methods replace old ones.
- Their research emphasized the role of economic institutions in determining the impact of new innovations.
- Provided insights on the dynamics of creative destruction, basis for sustained economic growth and better standard of living.
Aghion is a professor at the College de France and INSEAD, and former NBER research associate.
Author summary: Nobel Prize awarded for innovation-driven growth research.