Overview

• The Royal Swedish Academy of Sciences named Joel Mokyr, Philippe Aghion and Peter Howitt the 2025 laureates, granting 11 million Swedish kronor, with half to Mokyr and the other half shared by Aghion and Howitt.
• Joel Mokyr was cited for identifying the conditions that enable sustained progress, emphasizing scientific understanding behind technology and societies open to new ideas.
• Philippe Aghion and Peter Howitt were honored for formalizing the 1992 model of creative destruction, in which new, superior products displace older technologies and firms.
• The committee cautioned that creative destruction creates conflicts that must be handled constructively, and chair John Hassler said preserving these mechanisms is essential to avoid a return to stagnation.
• Analysts connected the laureates’ work to current policy debates over artificial intelligence, tech platform regulation, investment in R&D and education, and support for workers displaced by innovation, with the award ceremony set for December 10.