Mokyr, Aghion and Howitt win 2025 Nobel economics prize

Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 Nobel economics prize for "having explained innovation-driven economical growth", the Royal Swedish Academy of Sciences said connected Monday.

The prestigious award, formally known arsenic the Sveriges Riksbank Prize successful Economic Sciences successful Memory of Alfred Nobel, is the last prize to beryllium fixed retired this twelvemonth and is worthy 11 cardinal Swedish crowns ($1.2 million).

"The laureates person taught america that sustained maturation cannot beryllium taken for granted. Economic stagnation, not growth, has been the norm for astir of quality history. Their enactment shows that we indispensable beryllium alert of, and counteract, threats to continued growth," the prize-awarding assemblage said successful a statement.

The awards for medicine, physics, chemistry, bid and lit were announced past week. Those prizes were established successful the volition of Swedish dynamite inventor and businessman Alfred Nobel and person been handed retired since 1901, with a fewer interruptions mostly owed to the satellite wars.

The economics prize was established overmuch later, being fixed retired archetypal successful 1969 erstwhile it was won by Norway's Ragnar Frisch and Jan Tinbergen from the Netherlands for enactment successful dynamic economical modelling. Tinbergen's member Nikolaas besides won a prize, taking location Medicine successful 1973.

While fewer economists are household names, comparatively well-known winners see erstwhile U.S. Federal Reserve president Ben Bernanke, and Paul Krugman and Milton Friedman.

Last year's economics grant went to U.S.-based academics Simon Johnson, James Robinson and Daron Acemoglu for probe that explored the narration betwixt colonisation and the constitution of nationalist institutions to explicate wherefore immoderate countries person been mired successful poorness for decades.