Stockholm: The Royal Swedish Academy of Sciences has announced that the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2025 will be shared among three distinguished economists: Joel Mokyr, Philippe Aghion, and Peter Howitt. This prestigious recognition highlights their significant contributions to understanding innovation-driven economic growth.
According to Emirates News Agency, Joel Mokyr from Northwestern University, Philippe Aghion from the Coll¨ge de France and the London School of Economics, and Peter Howitt from Brown University have been honored for their groundbreaking work. Mokyr was recognized for identifying the prerequisites for sustained growth through technological progress, while Aghion and Howitt were jointly awarded for their theory of sustained growth through creative destruction.
The committee emphasized the importance of the laureates' work in demonstrating that economic growth is not guaranteed. John Hassler, chair of the Committee for the prize in economic sciences, highlighted the necessity of maintaining mechanisms to prevent a return to economic stagnation. The prize, valued at US$1.2 million, underscores the impact and relevance of their research in the field of economics.