Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The Royal Swedish Academy of Sciences recognized the laureates' contributions, stating that
we must be aware of, and counteract, threats to continued growth.
- Joel Mokyr, a professor at Northwestern University, received half of the prize.
- Philippe Aghion and Peter Howitt, professors at the London School of Economics and Brown University, respectively, shared the other half.
The Nobel committee emphasized that long-term economic growth relies on ongoing innovation and effective policy, noting that
sustained growth cannot be taken for granted.
The laureates' work highlights that economic stagnation, not growth, has been the norm for most of human history.
Author's summary: Nobel Prize awarded for innovation-driven economic growth research.