"The 2025 Sveriges Riksbank Prize for Economic Sciences in Memory of Alfred Nobel has been awarded to three researchers who have shown how technological and scientific innovation, coupled to market competition, drive economic growth. One half of the prize goes to economic-historian Joel Mokyr of Northwestern University in Evanston, Illinois, and the other half is split between the economic theorists Philippe Aghion of the College de France and the London School of Economics and Peter Howitt"
"The award underlies the importance in investing in science for innovation and long-term economic growth, says economist Diane Coyle of the University of Cambridge. It's great to see the Nobel prize recognize the importance of this topic, adds innovation policy researcher Richard Jones of the University of Manchester, UK. It's important that economists understand the conditions that lead to technological progress, he adds. The winners, says Coyle, have long been on people's list of potential candidates."
"Old isn't gold Economic growth at a rate of about 1-2 per cent annually is the norm for industrialized nations today. But such growth rates did not happen in earlier times, despite technological innovations, such as the windmill and the printing press. Mokyr showed that the key difference between now and then was what he calls useful knowledge, or innovations based on scientific understanding."
Three researchers received the 2025 Nobel Prize in Economic Sciences for demonstrating how technological and scientific innovation, coupled with market competition, drive economic growth. One half of the prize went to economic historian Joel Mokyr and the other half was shared by Philippe Aghion and Peter Howitt. Aghion intends to use the prize money for research at the College de France. Economists emphasize the importance of investing in science to support innovation and long-term growth. Mokyr identifies 'useful knowledge'—innovations grounded in scientific understanding—as the key factor distinguishing modern growth from earlier periods. Past technologies such as windmills and the printing press lacked this scientific basis.
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