Nobel Prize for Economics 2025
Three academics, Joel Mokyr, Philippe Aghion, and Peter Howitt, share the 2025 Nobel Prize in Economics for their research on innovation's role in economic growth.
Key Contributions
- Joel Mokyr: Recognized for his study on the impact of the industrial revolution and the sustained economic growth driven by innovation.
- Philippe Aghion and Peter Howitt: Developed a model in 1992 demonstrating the concept of creative destruction, which explains how innovation drives economic growth.
Prize Details
- Total prize money: 11 million-krona ($1.2 million).
- Distribution: Mokyr receives half, Aghion and Howitt share the remainder.
Global Economic Insights
- Aghion's Views: Criticized US protectionist tariffs, emphasized Europe's need for high-tech innovation, and cautiously optimistic about AI's growth potential.
- Mokyr's Perspective: Highlighted climate and demographic change challenges, urging innovation as a solution.
Background and Impact
- The Nobel Prize in Economics, established by the Swedish central bank in 1968, complements awards in physics, chemistry, medicine, literature, and peace.
- Past notable laureates include Ben Bernanke and Claudia Goldin, with discussions on gender disparity in awards.
