Who are Joel Mokyr, Philippe Aghion, and Peter Howitt Win 2025? Nobel Prize Winner in Economics for Innovation and Growth

On October 2025, the Nobel Committee announced that Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. They were honoured for their groundbreaking work on innovation-driven economic growth and the concept of creative destruction.

Their combined research explains how new ideas, competition, and technological progress fuel long-term economic development.

Who is Joel Mokyr?

Joel Mokyr, born on 26 July 1946, is a renowned economic historian from Northwestern University, USA. His research focuses on how Europe’s technological progress between 1750 and 1914 led to modern industrial growth.

• He has served as President of the Economic History Association.

• Edited the Oxford Encyclopedia of Economic History.

• Received the Heineken Award (2006) and Balzan Prize (2015).

• Supervised over 40 PhD scholars in Economics and History.

Mokyr’s Nobel recognition highlights his work on conditions required for sustained technological growth, including curiosity, scientific thinking, and institutional support.

Who is Peter Howitt?

Peter Howitt received the Nobel Prize for his work on the theory of creative destruction, a core idea in modern economic growth models.

He is a Professor at Brown University, previously teaching at the University of Western Ontario and Ohio State University.
His research dives into:

• Macroeconomics and monetary policy

• Schumpeterian growth models

• Innovation-led competition among firms

Howitt’s work explains how old industries are replaced by new ones, pushing economies forward through innovation.

Who is Philippe Aghion?

Philippe Aghion, born on 17 August 1956, is a Professor at Collège de France and INSEAD, and a visiting academic at the London School of Economics.

He is widely known for co-developing the Schumpeterian Growth Theory with Peter Howitt.
Aghion’s research focuses on:

• The role of the state in innovation

• How policy supports competition

• Entrepreneurship and economic dynamism

His contribution shaped how governments design growth strategies in modern economies.

Why Their Work Matters

The trio’s work has changed how economists and policymakers understand growth:

✔ Innovation drives long-term development
✔ Competition encourages new ideas
✔ Governments must support scientific and research institutions

Their combined theories are now used globally to guide economic reforms and development policies.