Three Win Nobel Prize in Economics This Year
This year, three individuals have been awarded the Nobel Prize in Economics. They are — Joel Mokyr, Philippe Aghion, and Peter Howitt. The Royal Swedish Academy of Sciences announced their names today, Monday, at around 3:45 PM.
According to the Academy’s statement, the 2025 Nobel Prize has been awarded to them for explaining innovation-based economic growth. They have been recognized for identifying the prerequisites of sustainable growth through technological advancement.
Half of the prize has been awarded to Joel Mokyr. The remaining half has been jointly awarded to Philippe Aghion and Peter Howitt for developing the theory of sustainable growth through "creative destruction."
Mokyr was born in 1946 in the Netherlands. He obtained his Ph.D. from Yale University in the United States in 1974. He is a professor at Northwestern University in the United States.
Aghion was born in 1956 in Paris, France. He received his Ph.D. from Harvard University in 1987. He is a professor at the London School of Economics in the United Kingdom.
Howitt was born in 1946 in Canada. He obtained his Ph.D. from Northwestern University in the United States in 1973. He is a professor at Brown University in the United States.
Joel Mokyr will receive half of the 11 million kronor prize money. The remaining half will be shared between Aghion and Howitt.
