Three renowned economists, Joel Mokyr, Philippe Aghion and Peter Howitt, have been named the 2025 recipients of the Nobel Memorial Prize in Economic Sciences for their pioneering research linking technological innovation to sustained economic growth.
The Royal Swedish Academy of Sciences announced the award on Monday, recognising the scholars for advancing understanding of how progress in science and technology shapes living standards and long-term prosperity.
Joel Mokyr, a professor at Northwestern University, received half of the prize for identifying the key conditions that make continuous technological progress possible.
Philippe Aghion of INSEAD and the London School of Economics shared the remaining half with Peter Howitt of Brown University for developing what the committee described as “the theory of sustained growth through creative destruction”.
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According to the Nobel committee, their combined work underscores that “we should not take progress for granted”, as societies must nurture the forces that sustain innovation and openness.
Kerstin Enflo, a member of the Nobel committee, said during the announcement that growth depends on “science-based innovation, creative destruction and a society open for change.”
Mr Aghion said the award came as “a huge surprise.”
“I can’t find the words to express what I feel,” he said by telephone during the press conference, while also warning that forces such as deglobalisation and trade barriers could threaten economic progress.
“Openness is a driver of growth,” Mr Aghion said.
He added that he sees “dark clouds” forming in regions that adopt protectionist policies, remarking, “I’m not welcoming the protectionist wave in the U.S.”
Mr Aghion urged European nations to invest more boldly in high-tech research and not allow the United States and China to dominate as the world’s technological leaders.
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Last year’s prize was awarded to Daron Acemoglu, Simon Johnson and James Robinson for their influential studies on how political and economic institutions shape national prosperity.
This year’s other Nobel laureates include Mary E. Brunkow, Fred Ramsdell and Shimon Sakaguchi in medicine for their discoveries about immune regulation.
In physics, John Clarke, Michel Devoret and John Martinis were honoured for breakthroughs in quantum mechanics and electric circuits.
The chemistry prize went to Susumu Kitagawa, Richard Robson and Omar M. Yaghi for creating metal-organic frameworks that can trap gases such as carbon dioxide.
Hungarian author László Krasznahorkai received the literature award for what the Nobel committee called his “compelling and visionary oeuvre that, in the midst of apocalyptic terror, reaffirms the power of art.”
The Nobel Peace Prize was presented to Venezuelan opposition figure María Corina Machado for “her tireless work promoting democratic rights.”
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