Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 Nobel economics prize for their work on how innovation and the forces of “creative destruction” can drive economic growth, the Royal Swedish Academy of Sciences said on Monday, Reuters reported.
The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.2 million).
The prize winners' work explains how technology gives rise to new products and production methods which replace old ones, resulting in a better standard of living, health and quality of life for people around the globe, the Academy said, according to Reuters.
