2025 Prize in Economic Sciences: laureates and innovation-driven growth
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updated 9/10/2026
The 2025 Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for explaining how innovation drives sustained economic growth. One half went to Mokyr for identifying the prerequisites for sustained growth through technological progress; the other half was shared by Aghion and Howitt for their theory of growth through creative destruction.
Their work reveals both sides of progress: new knowledge and technologies can create long-term prosperity, while new products also displace older firms and methods. Growth therefore cannot be taken for granted—it depends on conditions that enable ideas to circulate, innovations to develop and the resulting change to be managed constructively.
