Overview

• One half of the prize goes to economic historian Joel Mokyr, with the other half jointly to Philippe Aghion and Peter Howitt.
• Mokyr was cited for identifying the conditions that make sustained growth possible, emphasizing scientific understanding and openness to new ideas.
• Aghion and Howitt were honored for formalizing the theory of creative destruction, including a 1992 model showing how new innovations displace older technologies.
• The award, formally the Sveriges Riksbank Prize in Economic Sciences, carries 11 million Swedish kronor and concludes the 2025 Nobel announcements.
• The laureates are based at Northwestern University (Mokyr), Collège de France/INSEAD and the London School of Economics (Aghion), and Brown University (Howitt).