The Nobel Committee on Monday awarded the 2025 Nobel Prize in Economics to Joel Mokyr of Northwestern University, Philippe Aghion of the London School of Economics, and Peter Howitt of Brown University for their pioneering work on the foundations of sustainable economic growth.

The announcement, made at a ceremony in Stockholm, drew widespread attention across the global academic community. Mokyr was recognised for his research on the conditions that foster long-term economic development through technological innovation and productivity improvement.

Aghion and Howitt were honoured for their joint studies on“creative destruction,” a concept that explains how economies evolve by replacing outdated technologies and systems with newer, more efficient innovations. Their work has become central to modern growth theory.

The Nobel Committee said the economists' research has advanced understanding of how innovation drives productivity and long-term prosperity while offering insights into policy frameworks that encourage technological progress and inclusive growth.

Their recognition underscores the critical role of innovation, science, and education in shaping global economic strategies at a time when nations face challenges from climate change to automation and inequality.

The award not only celebrates the individual achievements of Mokyr, Aghion, and Howitt but also reaffirms the importance of economic research in guiding sustainable development and public policy.

Established in 1969, the Nobel Prize in Economics is awarded annually to scholars whose contributions have significantly deepened understanding of how economies function and evolve.

This year's prize highlights the growing importance of integrating technology, innovation, and evidence-based analysis into economic policymaking to ensure a more resilient and equitable global economy.

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