Berlin, 13 October 2025 (dpa/MIA) - Joel Mokyr, Philippe Aghion and Peter Howitt have won the 2025 Nobel Prize in Economic Sciences for their research into "innovation-driven economic growth," the Royal Swedish Academy of Sciences said on Monday.

The award was split, with Mokyr receiving half the prize "for having identified the prerequisites for sustained growth through technological progress," and Aghion and Howitt sharing the other half "for the theory of sustained growth through creative destruction."

Mokyr and Howitt are based in the United States, while Aghion is affiliated with institutions in France and Britain.

"Over the last two centuries, for the first time in history, the world has seen sustained economic growth," the academy said in a news release.

"This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity. This year's laureates in economic sciences, Joel Mokyr, Philippe Aghion and Peter Howitt, explain how innovation provides the impetus for further progress."

The economics prize concludes this year's series of Nobel announcements. The winners in medicine, physics, chemistry, literature and peace were revealed last week.

All these prize categories date back to the will of Swedish dynamite inventor and prize founder, Alfred Nobel. In the late 1960s, the Swedish Central Bank established another prize in memory of Nobel, the Nobel Prize in Economic Sciences.

Like all other Nobel Prizes, the economics award will be presented in a ceremony on December 10, the anniversary of Nobel's death.

Each prize this year carries a cash award of 11 million Swedish kronor ($1.1 million).

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