Stockholm [Sweden], October 14: The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 to Joel Mokyr, Philippe Aghion and Peter Howitt.
Mokyr is from Northwestern University, Aghion from the College de France and the London School of Economics, and Howitt from Brown University.
The Prize was awarded "for having explained innovation-driven economic growth" with one half to Joel Mokyr "for having identified the prerequisites for sustained growth through technological progress" and the other half jointly to Philippe Aghion and Peter Howitt "for the theory of sustained growth through creative destruction".
"The laureates' work shows that economic growth cannot be taken for granted," said John Hassler, chair of the Committee for the prize in economic sciences. "We must uphold the mechanisms ... so that we do not fall back into stagnation."
The prize is valued at US$1.2 million.
Source: Emirates News Agency
