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2025 Nobel Prize in Economics awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt

13 October 2025 14:22 (UTC +04:00)

Three economists have won the 2025 Nobel Prize in Economics, for “having explained innovation-driven economic growth”, according to the Riksbank committee, APA reports.

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 to Joel Mokyr, Philippe Aghion and Peter Howitt.

One half of the prize goes to Joel Mokyr, Northwestern University, Evanston, USA, “for having identified the prerequisites for sustained growth through technological progress,” according to the committee.

The other half jointly goes to Philippe Aghion, Collège de France and INSEAD, Paris, France, The London School of Economics and Political Science, UK and Peter Howitt, Brown University, Providence, USA, “for the theory of sustained growth through creative destruction."

The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

In 1968, Sveriges Riksbank (Sweden’s central bank) established the Sveriges Riksbank Prize in Economic Sciences in memory of the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.

The prize amount is the same as for the Nobel Prizes and is paid by the Riksbank. The first prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.

Since then, it has been awarded 56 times to a total of 96 laureates.

Only three of the winners before Monday’s announcement were women.

Nobel purists stress that the economics prize is technically not a Nobel Prize, but it is always presented together with the others at the Nobel Prize Award Ceremonies on 10 December, the anniversary of Nobel’s death in 1896.

Nobel honours were announced last week in medicine, physics, chemistry, literature and peace.