Philippe Aghion, Joel Mokyr, Peter Howitt Win 2025 Nobel Prize in Economics

The Nobel Prize in Economics for 2025 was awarded to esteemed economists Philippe Aghion, Joel Mokyr, and Peter Howitt on October 13. This recognition celebrates their foundational research on innovation-driven growth and the concept of “creative destruction.”

Overview of the Awardees

Philippe Aghion, a French economist, received accolades alongside Israeli-American Joel Mokyr and Canadian Peter Howitt. They were honored for their significant contributions to understanding sustainable economic growth fueled by technological progress.

• Philippe Aghion: Noted for his work on creative destruction in economic growth.
• Joel Mokyr: Recognized for identifying the essential conditions for sustainable growth through technological advancements.
• Peter Howitt: Jointly awarded for his theory supporting the role of innovation in economic development.

Significance of Their Research

Their research elucidates how innovation replaces outdated technologies with new solutions. This process not only enhances productivity but also transforms economies profoundly.

Past Nobel Honors

Last year, the Nobel Prize in Economics highlighted the work of Daron Acemoglu, Simon Johnson, and James A. Robinson. They were acknowledged for their exploration of global inequalities and the interplay between democracy and economic growth.

Ceremony Details

The official award ceremony for the Nobel Prize will take place on December 10, coinciding with the anniversary of Alfred Nobel’s death. This event marks the conclusion of the 2025 Nobel season, which began with the Medicine Prize on October 6.

2025 Nobel Season Highlights

María Corina Machado, a Venezuelan politician, was awarded the Peace Prize for her efforts toward a peaceful transition from dictatorship to democracy, a notable recognition amidst political turmoil.