Nobel economics prize awarded for innovation-growth theory
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On October 13, 2025, economists Joel Mokyr from the United States, Philippe Aghion from France, and Peter Howitt from Canada were awarded the Nobel Memorial Prize in economics for their work on innovation-driven economic growth. The Royal Swedish Academy of Sciences recognized their contributions to explaining how technological progress leads to prosperity and reshaped understanding of "creative destruction." Their research highlights the necessity of continuous innovation to avoid economic stagnation and underscores the importance of scientific explanations behind successful innovations. Aghion expressed shock at winning and plans to invest his prize money in furthering his research.
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