"Technological Innovation as the Engine of Growth"... 2025 Nobel Prize in Economics Awarded to Researchers in Sustainable Growth

Professors Joel Mokyr, Philippe Aghion, and Peter Howitt Jointly Awarded

The 2025 Nobel Prize in Economics has been awarded to three economists who have elucidated the mechanisms of sustainable growth driven by new technologies.

The Royal Swedish Academy of Sciences announced on the 13th (local time) that the 2025 Nobel Prize in Economics will be jointly awarded to Joel Mokyr (79, professor at Northwestern University, USA), Philippe Aghion (69, professor at Coll?ge de France, INSEAD, and the London School of Economics, France), and Peter Howitt (79, professor at Brown University, USA).

The Academy explained that Professor Mokyr was recognized for his theoretical work in clarifying how technological innovation forms the foundation for long-term economic growth. Professors Aghion and Howitt were highly praised for establishing the theory of sustainable growth through "creative destruction," explaining how innovation and competition drive economic development.

This year’s award highlights research achievements that have clarified the relationship between technological innovation and sustainable development, drawing attention to their contributions to human prosperity and the transformation of economic structures.

Meanwhile, this year’s Nobel Prize award ceremonies began with the announcement of the Physiology or Medicine Prize on the 6th, and with the announcement of the Economics Prize on this day, the 2025 Nobel Prize week has concluded.