The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for explaining how technological progress and innovation fuel long-term prosperity. Their groundbreaking research answers a fundamental question in economics: Why did the world move from centuries of stagnation to an era of continuous growth?

For most of human history, economic output rose only in short bursts before plateauing. But beginning with the Industrial Revolution, nations experienced sustained, compounding growth. The laureates’ work reveals that innovation, supported by scientific reasoning and open societies, creates a self-perpetuating cycle of progress that improves global living standards.

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