Nobel Prize in Economics in 2025

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, popularly known as the Nobel Prize in Economics, was awarded in 2025 to Joel Mokyr, Philippe Aghion, and Peter Howitt. 

The official statement of the Royal Swedish Academy of Sciences states that the authors explained how innovation drives long-term economic growth. Joel Mokyr, according to the official statement, identified the necessary conditions for innovation to increase economic growth in the long term. Philippe Aghion and Peter Howitt contributed to this issue with the theory of sustainable growth through creative destruction.

As in the previous year, the prize was awarded to economists who have attempted to contribute to the theory of long-term economic growth and development. The theory of economic growth is an area in which mainstream economics has notoriously failed, primarily because the factors influencing long-term economic development go far beyond standard economic variables and relationships, and mainstream economists are usually unwilling to acknowledge the existence of such influences. It is also worth recalling that the central idea of ​​creative destruction does not originate from the two economists mentioned above, but was formulated much earlier by Joseph Schumpeter.

A commentary by  doc. Ing. Vít Pošta, Ph.D.