Joel Mokyr, Philippe Aghion, Peter Howitt win 2025 Nobel Prize in Economics for innovation-driven growth

The 2025 Nobel Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their pioneering work on innovation-driven economic growth. The Nobel Committee highlighted how their research provides a theoretical framework for understanding the global economic importance of technological advances in areas such as semiconductors, artificial intelligence, and digital markets.

The trio’s work examines how innovation serves as a key driver for long-term growth, influencing both firms and nations. By integrating technological progress into growth models, they have offered policymakers insights into fostering competitive and dynamic economies. Their research is particularly relevant as countries and companies compete to harness the benefits of cutting-edge technologies.

Over the decades, the Nobel Prize in Economics has increasingly recognised themes reflecting contemporary global challenges. From studies on poverty, inequality, and climate change to financial crises and labour markets, the prize has evolved to address real-world economic concerns. The 2025 award underscores innovation as a central factor in shaping modern economic development and policy.