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2025 Nobel Prize in Economics Awarded for Groundbreaking Innovation Research
Published: October 14, 2024
Stockholm, Sweden – Three distinguished academics, representing institutions across the Atlantic, have been jointly awarded the 2025 Nobel Prize in Economic Sciences for thier pivotal research on the essential role of innovation in fostering long-term economic growth.
Winners Announced at Royal Swedish Academy of Sciences
The laureates were announced today, Monday, at a press conference held at the Royal Swedish Academy of Sciences in Stockholm. The prestigious award recognizes decades of dedicated research into the mechanisms by which innovation fuels economic progress.
The 2025 Nobel Laureates
The 2025 Nobel Prize in Economic Sciences is shared by:
- Dr. Joel Mokyr, Professor at the London School of Economics and INSEAD in Paris, recognized for his comprehensive studies on the historical impact of innovation.
- Dr. Philippe Aghion, Professor at Northwestern University, lauded for his theoretical contributions too understanding how innovation interacts with market structures.
- Dr. Peter Howitt, Professor at Brown University, acknowledged for his work developing models that explain the dynamic relationship between innovation and economic expansion.
Prize Allocation
The total prize amount of 11 million Swedish crowns (approximately $1.2 million USD) will be split, with half awarded to Dr. Mokyr and the remaining half shared equally between Dr. Aghion and Dr. Howitt.
I’m still surprised.
– Dr. Philippe Aghion, upon receiving news of the award
Dr. Aghion shared his initial reaction during a phone interview at the press conference, expressing his astonishment at the honor.
A Legacy of Recognizing Economic Thought
Officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, this award was first established in 1968 by the Central Bank of Sweden. It serves as a testament to the importance of economic research in shaping our understanding of the world.
2024 Laureates Focused on Institutional impact
Last year, in 2024, the Nobel Prize in Economics was awarded to Dr. Daron Acemoğlu, Prof. Simon Johnson, and Prof. James Robinson for their groundbreaking research on the formation of institutions and their profound effects on societal welfare.
Recent Nobel Prize in Economics Winners
| Year | Laureates | Key Contribution |
|---|---|---|
| 2025 | Joel Mokyr, Philippe Aghion, Peter Howitt | Role of Innovation in Economic Growth |
| 2024 | Daron Acemoğlu, Simon Johnson, James Robinson | Impact of
 |