(MENAFN) The 2025 Nobel Prize in economics has been bestowed upon Joel Mokyr, Philippe Aghion, and Peter Howitt, announced by the Royal Swedish Academy of Sciences on Monday.

This prestigious accolade recognizes their significant contributions to understanding the mechanisms behind economic expansion fueled by innovation.

The academy explained that the prize was granted “for having explained innovation-driven economic growth.”

Half of the award went to Mokyr “for having identified the prerequisites for sustained growth through technological progress,” while the remaining half was shared between Aghion and Howitt “for the theory of sustained growth through creative destruction.”

Joel Mokyr, who holds a professorship in economics and history at Northwestern University, specializes in the economic history of Europe, particularly focusing on the era between 1750 and 1914.

His work sheds light on the foundational elements necessary for ongoing economic development driven by technology.

Philippe Aghion, a professor affiliated with the College de France and the London School of Economics, concentrates his research on growth economics, exploring the dynamics that underlie expanding economies.

Meanwhile, Peter Howitt, a professor at Brown University, primarily studies macroeconomics and monetary economics, contributing extensively to the theoretical frameworks that explain economic fluctuations and growth.

Together, their research has provided groundbreaking insights into how innovation propels long-term economic progress, reshaping our understanding of growth dynamics.

MENAFN13102025000045017167ID1110188441