Nobel Prize in Economics, 2025

• Joel Mokyr, Philip Aghion, and Peter Howitt have received the 2025 Nobel Prize in Economics.

• They were honored for their groundbreaking work on how innovation drives economic growth.
• The Nobel Committee recognized their efforts in explaining innovation-driven economic growth.
• Joel Mokyr studied historical patterns to understand how societies progressed from stagnation to sustained growth.
• He is a Dutch-Israeli-American economic historian working at Northwestern University.

• Mokyr's work demonstrated how historical conditions enabled technological progress to reshape economies.
• Philip Aghion and Peter Howitt developed the theory of creative destruction.
• They presented this theory in a seminal paper published in 1992.