October 14, 2025
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The 2025 Nobel Prize in Economics was awarded for explaining innovative economic growth

The 2025 Nobel Prize in Economics was awarded for explaining innovative economic growthThe Royal Swedish Academy of Sciences awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to
Joel Mokyr, Philippe Aghion, and Peter Howitt. They were recognized for explaining innovative economic growth.

”, — write: unn.ua

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2025 to Joel Mokyr, Philippe Aghion, and Peter Howitt “for explaining innovative economic growth,” the Nobel Committee announced on October 13, UNN reports.

DetailsOne half of the prize will be awarded to Mokyr “for identifying the prerequisites for sustained growth through technological progress,” and the other half jointly to Aghion and Howitt “for their theory of sustained growth through creative destruction.”

As noted, “over the past two centuries, for the first time in history, the world has seen sustained economic growth; this has lifted a vast number of people out of poverty and laid the foundation for our prosperity.” This year’s laureates in economic sciences, Joel Mokyr, Philippe Aghion, and Peter Howitt, as stated, explain how innovation provides the impetus for further progress.

“What creates sustained economic growth? This year’s laureates used different methods to answer this question. Through his research in economic history, Joel Mokyr, who received the 2025 Prize in Economic Sciences, demonstrated that a continuous flow of useful knowledge is necessary. (…) The 2025 laureates in economic sciences, Philippe Aghion and Peter Howitt, investigated the mechanisms of sustained growth,” the committee said.

The 2025 laureates in economic sciences, it is reported, have taught that sustained growth cannot be taken for granted.

“Their work shows that we must be aware of and counteract threats to continued growth. These threats can come from a few companies being allowed to dominate the market, restrictions on academic freedom, the expansion of knowledge regionally rather than globally, and blocking by potentially disadvantaged groups. If we fail to respond to these threats, the machine that gave us sustained growth, creative destruction, may stop working – and we will again have to get used to stagnation. We can avoid this if we heed the vital conclusions of the laureates,” the statement reads.

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