Three scholars win Nobel Prize in Economics

BRUSSELS, Oct 13 (KUNA) -- The Royal Swedish Academy of Sciences announced on Monday that scholars Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Prize in Economic Sciences in recognition of their outstanding contributions to explaining innovation-driven economic growth.
Half of the prize was awarded to American economist Joel Mokyr for having identified the prerequisites for sustained growth through technological progress, while the other half was shared between French economist Philippe Aghion and Canadian economist Peter Howitt for the theory of sustained growth through creative destruction, said the Academy in a statement.
The Academy noted that the three laureates showed how new technology can drive sustained economic growth by analyzing the relationship between innovation, scientific progress, and market dynamics.
It affirmed that their work has deepened the understanding of the mechanisms of economic growth throughout history by linking innovation to industrial and scientific development and highlighting the importance of institutional and educational environments in fostering creativity and growth.
Joel Mokyr was born in 1946 in Leiden, the Netherlands, earned his PhD in 1974 from Yale University in the United States, and is currently a professor at Northwestern University. Philippe Aghion was born in Paris in 1956, received his PhD in 1987 from Harvard University, and serves as a professor at the Collأ¨ge de France and INSEAD in Paris, as well as at the London School of Economics and Political Science.
Peter Howitt, born in 1946 in Canada, obtained his PhD in 1973 from Northwestern University and is currently a professor at Brown University in Providence, Rhode Island, US. (end) arn.bb