Nobel Prize in Economics Awarded to Three Economists from the U.S. and the U.K.

The Nobel Prize in Economic Sciences for 2025 has been awarded to three distinguished economists — two from the United States and one from the United Kingdom, as announced by The Royal Swedish Academy of Sciences.

According to the Academy, this year’s prize goes to Joel Mokyr of Northwestern University (USA), Peter Howitt of Brown University (USA), and Philippe Aghion of The London School of Economics (U.K.) for their groundbreaking work on “explaining economic growth driven by innovation.”

Half of the prize will be awarded to Joel Mokyr for his contributions in identifying the preconditions for sustainable economic growth through technological progress, while the remaining half will be shared jointly between Philippe Aghion and Peter Howitt for developing the theory of sustainable economic growth through creative destruction.

The Nobel Committee stated that their research has profoundly influenced modern understanding of how innovation, technology, and creative destruction drive long-term economic development, productivity, and societal prosperity.