The Royal Swedish Academy of Sciences has announced the 2025 Sveriges Riksbank Prize in Economic Sciences, i.e. the Nobel Prize in Economics, in memory of Alfred Nobel. This year the award is given to Joel Mokyr, Philippe Aghion and Peter Howitt “for explaining innovation-driven economic growth”. Half of the prize will be awarded jointly to Mokyr “for identifying the necessary conditions for sustainable development through technological progress” and the remaining half to Aghion and Howitt “for the theory of sustainable development through creative destruction”.
“To explain innovation-driven economic growth” Per Joel Mokyr Northwestern University, USA, Philippe Aghion Collège de France and INSEAD, France, The London School of Economics and Political Science, UK and Peter Howitt Brown University, USA have been awarded the Nobel Prize in Economics for the year 2025 for identifying the conditions for sustainable development.
Know about the Nobel Prize in Economics
- The award has been given to 99 individuals in Economics so far.
- This award in Economic Sciences was started in 1968.
- This award in Economic Sciences has been awarded 56 times since 1969.
- The youngest person to receive the Prize in Economic Sciences was Esther Duflo, aged 46.
- The oldest person to receive the Prize in Economic Sciences was Leonid Hurwicz at the age of 90.
The name of its winner or winners was announced by the Royal Swedish Society, organizer of the Nobel Memorial Prize in Economics. Last year’s prize was awarded to three economists – Daron Acemoglu, Simon Johnson and James A. Robinson was given. He studied why some countries are rich and others are poor. He showed in his research that more free, open societies are more likely to prosper.
The Nobel Prize in Economics is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 in memory of 19th century Swedish businessman and chemist Nobel.
Nobel invented dynamite and established five Nobel Prizes. Since then, the award has been presented 56 times to a total of 96 winners. Till now, only three women have been named among the Nobel winners in economics. Some experts argue that the Nobel Prize in Economics is not technically a Nobel Prize, but it is always given on December 10 along with other awards. This date is the anniversary of Nobel’s death in 1896. Earlier last week, Nobel Prizes were announced in the fields of medicine, physics, chemistry, literature and peace.
