Joel Mokyr, Philippe Aghion and Peter Howitt have been awarded the 2025 Nobel Prize in Economics for their pioneering research on innovation, technological change and long-term economic growth.
The 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for their influential work linking innovation to sustained economic development, the Royal Swedish Academy of Sciences announced on Monday.
The trio were recognised for “deepening our understanding of how technological progress drives productivity, shapes markets, and transforms societies over time,” the Academy said in a statement.
Mokyr, a professor at Northwestern University, is widely regarded for his historical analysis of the Industrial Revolution and how ideas and institutions influenced the trajectory of economic progress.
His work has shed light on the interplay between culture, science, and innovation in shaping modern economies.
Aghion, currently at the Collège de France and the London School of Economics, and Howitt, an emeritus professor at Brown University, are best known for developing the theory of “creative destruction” in their work on endogenous growth.
Their joint research has helped explain how firms’ incentives to innovate affect competition, policy, and inequality.
The Academy said their findings have had “profound influence” on modern economic policy, from education and R&D investment to antitrust regulation and climate innovation strategies.
Aghion and Howitt’s seminal model, introduced in the early 1990s, built on the Schumpeterian tradition by formalising the dynamic relationship between innovation, firm entry and exit, and macroeconomic performance.
This year’s award highlights the importance of long-run thinking in policymaking, particularly as economies face challenges such as slowing productivity, demographic shifts, and the green transition.
The Economics prize is the last of the six Nobel Prizes to be awarded this year.
The U.S.-Iran crisis has entered its third day, with further strikes reported across the Middle East and the death toll rising. Oil prices have sur...
The Middle East crisis intensifies after the deadly attack on Iran's Supreme Leader Ali Khamenei's compound on Saturday that killed him, ot...
Israel carried out heavy airstrikes on the Hezbollah-controlled southern suburbs of Beirut on Monday (2 March), af...
Türkiye and Iran have suspended day-trip passenger crossings at their shared border, Türkiye's trade minister said Monday, as a ...
China’s Foreign Minister Wang Yi has held talks with his Russian counterpart Sergei Lavrov following recent mil...
The U.S.-Iran crisis has entered its third day, with further strikes reported across the Middle East and the death toll rising. Oil prices have surged to levels last seen during the Covid-19 pandemic, raising fears of economic disruption and higher prices worldwide.
The Middle East crisis intensifies after the deadly attack on Iran's Supreme Leader Ali Khamenei's compound on Saturday that killed him, other family members and senior figures. Iran has launched retaliatory strikes on U.S. targets in the region.
Türkiye and Iran have suspended day-trip passenger crossings at their shared border, Türkiye's trade minister said Monday, as a U.S.-Israeli military campaign against Iran entered its third day.
China’s Foreign Minister Wang Yi has held talks with his Russian counterpart Sergei Lavrov following recent military strikes carried out by the United States and Israel on targets in Iran, as tensions in the Middle East continue to rise.
Follow the latest developments and global reaction after the U.S. and Israel launched “major combat operations” in Iran, prompting retaliation from Tehran.
Saudi Arabia’s state oil giant Saudi Aramco closed its Ras Tanura refinery on Monday following an Iranian drone strike, an industry source told Reuters as Tehran retaliated across the Gulf after a U.S.-Israeli attack on Iranian targets over the weekend.
The Kremlin is utilising the recent United States and Israeli military strikes on Iran to validate its ongoing war in Ukraine. Russian officials are pointing to the escalation in the Middle East as evidence that Western nations do not adhere to international rules.
The Middle East crisis intensifies after the deadly attack on Iran's Supreme Leader Ali Khamenei's compound on Saturday that killed him, other family members and senior figures. Iran has launched retaliatory strikes on U.S. targets in the region.
Ayatollah Alireza Arafi has moved into a pivotal constitutional role following the death of Supreme Leader Ayatollah Ali Khamenei, becoming the clerical member of Iran’s temporary leadership council under Article 111 of the Constitution of the Islamic Republic of Iran.
The U.S.-Iran crisis has entered its third day, with further strikes reported across the Middle East and the death toll rising. Oil prices have surged to levels last seen during the Covid-19 pandemic, raising fears of economic disruption and higher prices worldwide.
The UK said it's allowing the U.S. to use its bases for defensive strikes against Iran amid escalating missile attacks, after a suspected drone strike hit a British airbase in southern Cyprus, causing limited damage.
The Kremlin is utilising the recent United States and Israeli military strikes on Iran to validate its ongoing war in Ukraine. Russian officials are pointing to the escalation in the Middle East as evidence that Western nations do not adhere to international rules.
European Union stands with its member states in the face of any threat, EU Commission President Ursula von der Leyen said in response to the drone strike that hit Britain's Royal Air Force base of Akrotiri in southern Cyprus overnight.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 27th of February, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment