The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for their contribution to understanding “innovation-driven economic growth.” Specifically, the Royal Swedish Academy of Sciences announced on Monday in Stockholm that the researchers’ work was instrumental in understanding how technological developments and new ideas shape and transform economies.
Mokyr will receive half of the monetary prize, worth 11 million crowns (approximately $1.2 million) “for identifying the conditions for sustainable development through technological progress,” while Aghion and Howitt will share the remaining amount “for the theory of sustainable development through creative destruction.” The prize, officially known as the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,” was established in 1968 by Sweden’s central bank (Sveriges Riksbank).
It should be noted that this award is the last of this year’s Nobel prizes and comes with a monetary prize of 11 million Swedish crowns ($1.2 million).
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr… pic.twitter.com/ZRKq0Nz4g7— The Nobel Prize (@NobelPrize) October 13, 2025
A look back at the Nobel Prize institution
Unlike Alfred Nobel’s original awards — which include Physics, Chemistry, Medicine, Literature and Peace — the Nobel Prize in Economics was added later, but has gained equal prestige. Alfred Nobel, inventor of dynamite, died in 1896, leaving behind an institution that honors human progress in critical fields of knowledge.
