Overview

• The Royal Swedish Academy cited Joel Mokyr for identifying conditions for sustained growth via technological progress and honored Philippe Aghion and Peter Howitt for their Schumpeterian model of creative destruction.
• The award totals 11 million Swedish kronor, with half going to Mokyr and the other half shared by Aghion and Howitt, and it will be presented on December 10 in Stockholm.
• Aghion warned that Europe must remain open and strengthen its innovation ecosystem and finance or risk falling behind the United States and China.
• President Emmanuel Macron publicly congratulated Aghion, calling him a source of French pride and global inspiration.
• The laureates’ work shapes policy debates on industrial strategy, with Aghion advocating regulated capitalism that fosters innovation while protecting social mobility.