The Royal Swedish Academy of Sciences has announced that the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be shared by three distinguished economists: Joel Mokyr, Philippe Aghion, and Peter Howitt. They are being recognized for their profound contributions to understanding innovation-driven economic growth.
Joel Mokyr will receive one half of the prize for his research on the essential conditions that enable sustained growth through technological progress. The other half will be jointly awarded to Philippe Aghion and Peter Howitt for their groundbreaking theory of sustained growth, which introduces the powerful concept of ‘creative destruction’.
This year’s recognition follows the 2024 award, which honored Daron Acemoglu, Simon Johnson, and James A. Robinson for their insightful studies on the disparities between rich and poor nations.
Officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, this prestigious accolade was established in 1968 by Sweden’s central bank. While not one of Alfred Nobel’s original prizes, it is presented alongside the other Nobel Prizes on December 10th, commemorating Nobel’s death anniversary. Winners receive a diploma, a gold medal, and a monetary award of $1.2 million.
The Nobel season commenced last week, with announcements for medicine or physiology on October 6th, followed by physics, chemistry, literature, and peace prizes throughout the week.