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.
Germany’s military planners warn that cyberattacks, sabotage, and disinformation could signal the start of a new war, according to a confidential go...
Protests in Iran over soaring prices and a plunging rial have spread to universities in Tehran, as students join shopkeepers and bazaar merchants in d...
Organisers in New York have successfully completed a test run of the Times Square New Year’s Eve crystal ball, less than 48 hours before the annual ...
Bulgaria is preparing to replace its national currency, the lev, with the euro on 1 January, a long-awaited move welcomed by businesses but viewed wit...
Iran has declared the Royal Canadian Navy a terrorist organisation in response to Canada’s decision to blacklist the Islamic Revolutionary Guard Cor...
Germany’s military planners warn that cyberattacks, sabotage, and disinformation could signal the start of a new war, according to a confidential government document seen by Politico. The plan outlines how Germany would defend itself in a major NATO conflict.
Organisers in New York have successfully completed a test run of the Times Square New Year’s Eve crystal ball, less than 48 hours before the annual countdown celebration.
Bulgaria is preparing to replace its national currency, the lev, with the euro on 1 January, a long-awaited move welcomed by businesses but viewed with scepticism and anger by some citizens.
Poland has asked the European Commission to investigate TikTok after artificial intelligence-generated content calling for the country to leave the European Union appeared on the platform, which Warsaw says was likely Russian disinformation.
Roman Abramovich, the Russian billionaire and former Chelsea Football Club owner, has assembled a “top tier” legal team, including a former White House advisor, as he prepares for a legal battle in Jersey.
Protests in Iran over soaring prices and a plunging rial have spread to universities in Tehran, as students join shopkeepers and bazaar merchants in demanding government action. With inflation above 42% and the rial at record lows, unrest continues to grow across the country.
Venezuelan President Nicolás Maduro on Sunday praised the country’s armed forces as “invincible warriors” during a year-end ceremony honouring the Bolivarian National Armed Forces, held in the coastal city of La Guaira.
Moldova has officially notified Russia that the Russian Cultural Centre in Chișinău will be closed, with the institution expected to cease operations within six months, Moldovan authorities said.
The head of Yemen’s Presidential Council, Rashad al-Alimi, has ordered all forces linked to the United Arab Emirates to leave Yemen within 24 hours.
Germany’s military planners warn that cyberattacks, sabotage, and disinformation could signal the start of a new war, according to a confidential government document seen by Politico. The plan outlines how Germany would defend itself in a major NATO conflict.
Organisers in New York have successfully completed a test run of the Times Square New Year’s Eve crystal ball, less than 48 hours before the annual countdown celebration.
Bulgaria is preparing to replace its national currency, the lev, with the euro on 1 January, a long-awaited move welcomed by businesses but viewed with scepticism and anger by some citizens.
European leaders held talks on Ukraine after Russia said it would revise its negotiating position, citing an alleged Ukrainian drone attack that Kyiv has firmly denied.
Thieves exploited the Christmas holiday closure to drill into a German bank vault, stealing at least €10 million in cash and valuables from customers’ deposit boxes, police said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment