The 2025 Nobel Prize in Economics has been awarded to three scientists for their research on innovation and technological development
Stockholm, Sweden – Joel Mokir, Philippe Ashion and Peter Howitt have been awarded the 2025 Nobel Prize in Economics for their research on the impact of innovation and new technologies on economic growth. Their work provides a deeper understanding of the process known as “creative destruction” in economics – the process by which new technologies replace old ones.
Mokir (79, Northwestern University, USA) has conducted research on economic history and has shown the importance of the mutual development of scientific knowledge and technology for economic growth. Philippe Ashion (69, Collège de France and London School of Economics) and Canadian Peter Howitt (79, Brown University) developed a mathematical model explaining this process in 1992.
Philippe Ashion also participated in the preparation of French President Emmanuel Macron’s economic program and headed the commission on artificial intelligence in 2024.
The Nobel Committee said the laureates' work demonstrates the importance of preserving the fundamental mechanisms of innovation for sustainable economic growth. Half of the prize, worth 11 million Swedish kronor (about $1.2 million), will be shared between Joel Mokir and Philipp Ashion and Peter Howitt.
The prize was established in 1968 by the Central Bank of Sweden in memory of Alfred Nobel and is awarded annually along with the other Nobel prizes.
