Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The Royal Swedish Academy of Sciences recognized the laureates' contributions, stating that
we must be aware of, and counteract, threats to continued growth.
Mokyr, a professor at Northwestern University, received half of the prize, while Aghion and Howitt shared the other half. The Nobel committee emphasized that long-term economic growth relies on ongoing innovation and effective policy.
The laureates' work highlights that
sustained growth cannot be taken for granted, as economic stagnation has been the norm for most of human history.
- Joel Mokyr: professor at Northwestern University, received half of the prize
- Philippe Aghion: teaches in Paris, shared the other half of the prize
- Peter Howitt: professor at Brown University, shared the other half of the prize
Author's summary: The 2025 Nobel Prize in Economics honors innovation-driven economic growth research.