Overview
- The Royal Swedish Academy of Sciences announced the award on October 13, citing the trio for showing how technological change fuels long‑run economic growth.
- Mokyr receives one half of the prize, reported at about 5.5 million SEK, for demonstrating how the accumulation of useful knowledge and open institutions enabled sustained growth.
- Aghion and Howitt share the other half for a formal model of creative destruction in which new technologies displace old ones, driving growth but provoking conflicts with incumbents.
- Committee chair John Hassler said growth is not guaranteed and stressed the need to preserve mechanisms that allow beneficial creative destruction or risk economic stagnation.
- Contextual reporting notes that from 1969 to 2025 the economics prize went to 99 laureates, roughly 73 of them Americans, underscoring U.S. dominance in the field.