The Royal Swedish Academy of Sciences announced today that Philip Aghion, Peter Howitt and Joel Moker have been awarded the 2025 Nobel Prize in Economics, in recognition of their research on the impact of technology on sustainable economic growth.
The award committee explained the reasons for the trio winning the award, as Joel Mocker received half of the award for his discovery of the basic factors for sustainable growth through technological progress, while the other half of the award was shared by Philip Aghion and Peter Howitt for their theory of sustainable growth through creative destruction.
Announcing the names of the winners of the Nobel Prize in Economics concludes the list of Nobel Prizes for the year 2025.
John Hassler, Chairman of the Award Committee, explained that the winners’ work provided fundamental answers about how technological innovation drives growth, and how its continuity can be maintained.
It is noteworthy that 56 economists have won the Nobel Prize in Economic Sciences since its official launch in 1969. The youngest recipient of the award was 46 years old, Esther Duflo, who won it in 2019, while Leonid Hurvich was the oldest recipient of the award at the age of 90 in 2009.
The Nobel Prize in Economics is officially known as the “Bank of Sweden Prize in Economic Sciences” and was established by the Swedish Central Bank in memory of Alfred Nobel. It is the last prize awarded every year in the Nobel Prize series, and the value of the prize is 11 million Swedish krona ($1.2 million).