Joel Mokyr, Philippe Aghion and Peter Howitt won the prize for showing how “society must keep an eye on the factors that generate and sustain economic growth,” an award committee member said.

Today’s Economics Nobel is shared between Joel Mokyr, an economic historian, and macroeconomists/ growth theorists Philippe Aghion and Peter Howitt. All three try to understand how and why economic growth happens or does not happen. After an extended period of subpar growth such questions are highly pertinent.

Howitt, a professor emeritus of economics who joined the Brown faculty in 2000, was awarded “for the theory of sustained growth through creative destruction.”

The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their pioneering research on how innovation drives sustained economic growth. Mokyr explored the historical roots of technological progress,

The other half goes jointly to Philippe Aghion, from Collège de France and INSEAD, Paris, and The London School of Economics and Political Science, UK; and Peter Howitt of Brown University, US, “for the theory of sustained growth through creative destruction”. The prize amount is 11 million Swedish kronor (around 1.2 million US dollars).