2025 Nobel Prize in Economic Sciences

The 2025 Nobel Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt. The prize was announced by the Royal Swedish Academy of Sciences in Stockholm on 13 October 2025.

The citation

Half of the prize goes to Joel Mokyr "for having identified the prerequisites for sustained growth through technological progress". Half of the prize goes jointly to Philippe Aghion and Peter Howitt "for the theory of sustained growth through creative destruction".

The laureates

Joel Mokyr was born in 1946 in Leiden, the Netherlands, and is affiliated with Northwestern University, Evanston and Eitan Berglas School of Economics, Tel Aviv University, Tel Aviv. Philippe Aghion was born in 1956 in Paris, France, and is affiliated with Collège de France, Paris, INSEAD, Paris and the London School of Economics and Political Science, London. Peter Howitt was born in 1946 in Canada, and is affiliated with Brown University, Providence.

Why it matters

Mokyr, an economic historian, explained how scientific knowledge fuelled lasting growth, while Aghion and Howitt developed a theory of how new technologies replace old ones. Howitt is Canadian and Aghion teaches at the London School of Economics.

The prize

The prize is worth 11 million Swedish kronor, divided between the laureates. It will be presented at a ceremony in Stockholm on 10 December, the anniversary of the death of Alfred Nobel, the Swedish inventor of dynamite whose will founded the prizes in 1895. Strictly, this award is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was established by the Swedish central bank in 1968, but is presented alongside the Nobel Prizes.