One half of the prize will go to Mokyr “for having recognized the stipulations for sustained progress by technological progress” and the opposite half collectively to Aghion and Howitt “for the idea of sustained progress by artistic destruction.”
Joel Mokyr used historic sources as one means to uncover the causes of sustained progress turning into the brand new regular. Philippe Aghion and Peter Howitt additionally studied the mechanisms behind sustained progress. In an article from 1992, they constructed a mathematical mannequin for what known as artistic destruction: when a brand new and higher product enters the market, the businesses promoting the older merchandise lose out, the Nobel Committee mentioned in a media launch.
The Netherlands-born Joel Mokyr is Professor at Northwestern University, United States, whereas Philippe Aghion is Professor at Collège de France and INSEAD, Paris, and The London School of Economics and Political Science, UK. Peter Howitt is Professor at Brown University, United States.
Last 12 months’s award went to a few economists — Daron Acemoglu, Simon Johnson and James A. Robinson — whose research defined why some nations are wealthy and others poor.
Formally referred to as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the Economics Nobel was established in 1968 by Sweden’s central financial institution.
The award, although technically not a Nobel Prize, is introduced along with the others on December 10, the demise anniversary of Alfred Nobel. The prize consists of a diploma, a gold medal and a $1.2 million cheque.
Nobel bulletins kicked off final week with the prize for medication or physiology introduced on October 6, adopted by physics, chemistry, literature and peace.
Published – October 13, 2025 03:21 pm IST
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