Philippe Aghion, Peter Howitt, and Joel Mokyr Awarded 2025 Nobel Prize
Philippe Aghion, research associate Peter Howitt, and NBER board member Joel Mokyr have been awarded the 2025 Nobel Memorial Prize in Economic Sciences “for having explained innovation-driven economic growth.”
The Royal Swedish Academy of Sciences explained that their studies have illuminated the process by which “new products and production methods [replace] old ones in a never-ending cycle. This is the basis for sustained economic growth, which results in a better standard of living…”
The prize-winning research has emphasized the critical role of economic institutions in determining the impact of new innovations and provided essential insights on the dynamics of creative destruction.
Aghion is a professor at the College de France and INSEAD. He was an NBER research associate, affiliated with the Economic Fluctuations and Growth (EFG) program, for more than a decade when he was on the Harvard University faculty.
Author summary: Economists awarded Nobel Prize for explaining innovation-driven growth.