Innovation-Driven Economic Growth: The Concept Behind 2025 Nobel Prize in Economics
The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth.
The Royal Swedish Academy of Sciences recognized their contributions, with Mokyr receiving half of the prize and Aghion and Howitt sharing the other half.
The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history.
The Nobel committee emphasized the importance of ongoing innovation and effective policy for long-term economic growth, stating that "we must be aware of, and counteract, threats to continued growth."
The laureates' work highlights the need for awareness and action to counteract threats to economic growth.
Author's summary: 2025 Nobel Prize in Economics awarded for innovation-driven growth research.