Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The laureates' work shows that
we must be aware of, and counteract, threats to continued growth, says the Nobel committee.
- Joel Mokyr, a professor at Northwestern University in the US, received half of the prize.
- Philippe Aghion and Peter Howitt shared the other half, with Aghion teaching in Paris and Howitt being a professor at Brown University in the US.
The Nobel committee praised the laureates' work, highlighting that long-term economic growth relies on ongoing innovation and effective policy, noting that
sustained growth cannot be taken for grantedand
economic stagnation, not growth, has been the norm for most of human history.
Author's summary: Nobel Prize winners recognized for innovation-driven economic growth research.