Philippe Aghion, Peter Howitt, and Joel Mokyr Awarded 2025 Nobel Prize
Philippe Aghion, Peter Howitt, and Joel Mokyr have been awarded the 2025 Nobel Memorial Prize in Economic Sciences.
The Royal Swedish Academy of Sciences announced the prize, stating their studies have illuminated the process by which new products and production methods replace old ones.
“for having explained innovation-driven economic growth”
Their research emphasized the role of economic institutions in determining the impact of new innovations and provided insights on creative destruction.
- Philippe Aghion: professor at College de France and INSEAD, former NBER research associate.
- Peter Howitt: research associate.
- Joel Mokyr: NBER board member.
Author's summary: Nobel Prize awarded for innovation-driven economic growth research.