Oslo: The Royal Swedish Academy of Sciences has awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth”.

While half will go to Mokyr “for having identified the prerequisites for sustained growth through technological progress” the other half will jointly go to Aghion and Howitt “for the theory of sustained growth through creative destruction.” ADVERTISEMENT

This is the final prize of the Nobel season. The awards will be given away in Stockholm in December.

Mokyr used historical sources as one means to uncover the causes of sustained growth becoming the new normal. He demonstrated that if innovations are to succeed one another in a self-generating proc

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