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 for their work explaining innovation-driven economic growth.
Their studies illuminated the process by which new products and production methods replace old ones in a never-ending cycle, resulting in a better standard of living.
The prize-winning research emphasized the role of economic institutions in determining the impact of new innovations, providing insights on creative destruction.
Aghion is a professor at the College de France and INSEAD, and was an NBER research associate for over a decade.
Author summary: Economists awarded Nobel Prize for explaining innovation-driven growth.