Stockholm: Three economists have won the 2025 Nobel Prize in Economics for “having explained innovation-driven economic growth,” according to the Riksbank committee, APA reports. The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 to Joel Mokyr, Philippe Aghion, and Peter Howitt.

According to Azeri-Press News Agency, one half of the prize goes to Joel Mokyr of Northwestern University, Evanston, USA, for having identified the prerequisites for sustained growth through technological progress. The other half is jointly awarded to Philippe Aghion of Coll¨ge de France and INSEAD, Paris, France, The London School of Economics and Political Science, UK, and Peter Howitt of Brown University, Providence, USA, for the theory of sustained growth through creative destruction.

The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sveriges Riksbank established this prize in 1968 in memory of the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes. The prize amount matches that of the Nobel Prizes and is funded by the Riksbank. The inaugural prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.

Since its inception, the prize has been awarded 56 times to a total of 96 laureates. Before this year’s announcement, only three female economists had received the honor. While Nobel purists emphasize that the economics prize is technically not a Nobel Prize, it is presented alongside the other awards at the Nobel Prize Award Ceremonies on 10 December, the anniversary of Alfred Nobel’s death in 1896. Last week, Nobel honors were announced in medicine, physics, chemistry, literature, and peace.