Nobel Prize 2025 Economic Sciences Winners: Check Their Education, Career Details, Awards and Achievements

The Nobel Prize is one of the most eminent international awards recognizing exceptional work for the benefit of humanity in Physics, Chemistry, Physiology or Medicine, Literature, Peace, and Economic Sciences. The Nobel Prize was created in 1895 by Alfred Nobel, the inventor of dynamite, in his will, to honor individuals or organizations whose work has substantially advanced knowledge, culture, and social progress. Each of the prizes is awarded annually by Swedish and Norwegian institutions. 

The Nobel Prize recognizes extraordinary achievements, while at the same time inspiring generations of researchers, writers and leaders from around the world. Each Nobel laureate has to successfully complete a rigorous selection process, which assures that his, her or its contribution has achieved the highest standards of excellence in the field particular to the discipline and that the work is truly exceptional There really is no substitute for the prestige of being a Nobel Prize recipient. The Nobel Prize remains a symbol of innovation, dedication and the pursuit of understanding to improve life for all humankind.

Check Out: List of Nobel Prize Winners in Economic Sciences From 1969 to 2025, Check Here!

BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr… pic.twitter.com/ZRKq0Nz4g7

— The Nobel Prize (@NobelPrize) October 13, 2025

Who Won The Nobel Prize in Economic Sciences?

The 2025 Nobel Prize in Economic Sciences goes to Joel Mokyr, Philippe Aghion, and Peter Howitt for their fundamental contributions to understanding the processes wherein innovation stimulates economic growth.

Joel Mokyr, of Northwestern University, studies the variables that facilitate long-term technological evolution.

Philippe Aghion, of the Collège de France and the London School of Economics, and Peter Howitt, of Brown University, put forth influential theories which seek to explain how the economic creative destruction process is vital to long-run sustained growth of economies. 

Collectively, their work reflects the current worldwide understanding of the mechanisms by which innovation drives productivity, wealth, and development process over time. The Prize in Economic Sciences was instituted in 1968 by Sweden’s central bank in tribute to Alfred Nobel and is awarded annually by the Royal Swedish Academy of Sciences.

Education of the Winners

Joel Mokyr completed his undergraduate education at Hebrew University in Israel before receiving a graduate degree at Yale University in the USA.

Philippe Aghion received his education at École Normale Supérieure de Cachan and Université Paris Panthéon-Sorbonne, and was awarded a Ph.D. in economics at Harvard University in the USA.

Peter Howitt completed an undergraduate program at McGill University in Canada and a master's program at the University of Western Ontario in Canada, before receiving a Ph.D. from Northwestern University in the USA.

Career Details of the Winners

Here are the details of the winners of the Nobel Prize in Economic Sciences in 2025: 

Joel Mokyr 

Joel Mokyr holds the title of Robert H. Strotz Professor of Arts and Sciences, where he teaches History and Economics at Northwestern University in the United States, and studies what drove technological innovation and economic growth in the past. He is also currently serving as Sackler Professorial Fellow at Tel Aviv University in Israel, working on international collaborations on economic history. Mokyr has written numerous books and research papers, which all link technological progress with economic growth in the short and long run. 

Philippe Aghion

Philippe Aghion is a Professor at Collège de France, a Professor at INSEAD and London School of Economics. Previously, he served as the Robert C. Waggoner Professor of Economics at Harvard University. Aghion's academic research focuses on the theory of creative destruction, where he studied how innovation and competition can lead to sustained economic growth. This work has shaped both academia and public policy debates around innovation-driven economic development. 

Peter Howitt

Peter Howitt is the Lyn Crost Professor of Social Science at Brown University, USA. He has served a President of the Canadian Economics Association and has been an editor of the Journal of Money, Credit and Banking. Together with Aghion, Howitt has contributed extensively on the endogenous growth theory, studying how innovation interacts with market structures and economic performance over time.

For their valuable work on the growth of the economy based on innovation, all three economists were awarded the 2025 Nobel Memorial Prize in Economic Sciences. 

Awards & Achievements of the Winners

In recognition for Joel Mokyr's work in the field of economic history and the understanding of technological change, Joel Mokyr has won the Heineken Award for History (2006) and the Balzan Prize (2015), among others.

Philippe Aghion has won a number of high profile awards for his impact on growth theory and theory of innovation economics, including the Yrjö Jahnsson Award (2001), the John von Neumann Award (2009), and the BBVA Foundation Frontiers of Knowledge Award (2019). 

Peter Howitt has received broad recognition for research in endogenous growth theory and shares with Aghion the BBVA Foundation Frontiers of Knowledge Award (2019). His contributions to the subject have contributed significantly to modern economic thought about innovation and the workings of markets.

Conclusion

The Nobel Prize in Economic Sciences for 2025 recognizes Joel Mokyr, Philippe Aghion, and Peter Howitt for their game-changing research on innovation-based growth. Their creative and analytical contributions lead to better understanding of how technology, competition, and creative destruction affect long-term economic growth. Mokyr, Aghion, and Howitt have not only pushed the boundaries of academic, but also made an influential mark on policymaking that will impact economic thinking and practice for good.