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Joel Mokyr Awarded Nobel Prize for Illuminating the Economic Power of Innovation
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stockholm – joel Mokyr has been awarded the 2025 Nobel Memorial Prize in Economic Sciences for his pioneering research into the economic forces driving technological innovation and sustained economic growth. The royal Swedish Academy of Sciences recognized Mokyr’s work as fundamentally reshaping our understanding of how humanity’s inventive spirit translates into prosperity. The proclamation, made today, October 13, 2025, highlights the increasing importance of economic history in addressing contemporary challenges.
Mokyr’s research, spanning decades, demonstrates that technological progress isn’t simply a byproduct of economic growth, but rather a central engine driving it. He moved beyond simply cataloging inventions to analyzing the social, political, and intellectual conditions that foster-or hinder-innovation.His work has shown us that innovation is not a random process, but one deeply embedded in human culture and institutions,
stated the Nobel Committee in its official citation.
A Career Dedicated to Understanding Innovation
Born in the Netherlands, mokyr is a professor emeritus at Northwestern University. His seminal works, including The Lever of Riches (1990) and The Gifts of Athena (2002), established him as a leading figure in the field. These books meticulously detail the history of technological advancements, from the agricultural revolution to the Industrial Revolution, and their profound impact on economic systems.
Did You Know?
Joel Mokyr’s early life experiences during World War II significantly shaped his interest in understanding the forces that drive societal progress and resilience.
Mokyr’s work diverges from earlier economic models that treated technology as an exogenous factor - something that simply happens. He argues that understanding the endogenous forces-the incentives, institutions, and cultural norms-that shape innovation is crucial for predicting and fostering future economic growth.He emphasizes the role of “useful knowledge” and its dissemination as key drivers of progress.
Key Contributions & timeline
| Year | Event |
|---|---|
| 1990 | Publication of The lever of Riches |
| 2002 | Publication of The Gifts of Athena |
| 2010 | Awarded the Schumpeter Prize |
| 2025 | Awarded Nobel Memorial Prize in Economic Sciences |
his research also highlights the importance of considering the broader societal impacts of technological change. He acknowledges that innovation can create winners and losers, and that policies are needed to mitigate the negative consequences and ensure that the benefits of progress are widely shared.
Pro Tip: Explore Mokyr’s work to gain a deeper understanding of the past context behind current economic trends and policy debates.
The Growing Recognition of Economic History
The Nobel Committee’s decision to honor Mokyr is seen by many as a belated recognition of the importance of economic history. For years, the discipline was frequently enough relegated to the margins of mainstream economics.However, there’s a growing realization that understanding the past is essential for navigating the challenges of the present and future.As Claudia Goldin demonstrated in her 2023 Nobel Prize-winning work, historical analysis is vital for understanding labor market dynamics. Nobel Prize
“Mokyr’s work provides a powerful framework for understanding the long-run forces that shape economic development.” – The Royal Swedish Academy of Sciences
This prize underscores the value of a long-term viewpoint in economic analysis, particularly as policymakers grapple with issues like climate change, artificial intelligence, and global inequality.
What role will economic history play in shaping future economic policies? And how can we best leverage Mokyr’s insights to foster enduring and inclusive growth?
