Nobel in Economics: Innovation-Driven Growth Takes Center Stage

Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel economics prize for their groundbreaking contributions to understanding innovation-driven economic growth. The Royal Swedish Academy of Sciences made the announcement on Monday.

The prestigious Nobel award, officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is valued at 11 million Swedish crowns, approximately $1.2 million. According to the Academy, the laureates' work underscores that sustained economic growth is not inevitable, with periods of stagnation being more common throughout history. The researchers emphasize the need to recognize and mitigate threats to continued growth.

Historically, the economics prize was introduced much later than the original Nobel categories, first awarded in 1969. Prominent past recipients include Ben Bernanke, Paul Krugman, and Milton Friedman. Last year, the award honored U.S.-based academics for examining the impact of colonization on economic prosperity.