Chinanews, October 13 (Wei Chenxi) On the afternoon of October 13, Beijing time, the 2025 Nobel Prize in Economics was announced. The Royal Swedish Academy of Sciences announced on the same day that it would award the award to Joel Mokyr, Philippe Aghion and Peter Howitt for their explanation of "innovation-driven economic growth."
The “pioneering research” of economists
The 2024 Nobel Prize in Economics was awarded to three U.S. economists: Daron Ajimolu, Simon Johnson, and James Robinson for their outstanding contributions to the field of research on how systems form and affect economic prosperity.
"Closing the huge income gap between countries is one of the greatest challenges of our time, and these winners demonstrate the importance of social systems to achieving this goal," the Nobel Prize Committee commented in a statement.
According to the New York Times, the Nobel Committee noted that the three economists, through their "pioneering research", combined theory with data, greatly enhanced the understanding of the persistent inequality between countries.
According to the report, their research perspective goes deep into the colonial history of the world. In addition, Ajemoglu also talked about the many challenges faced by "modern *". These challenges are reflected in all aspects, including political polarization, social media, climate change and artificial intelligence.
The report mentioned that after learning of the award, Ajemoglu was overjoyed, while Johnson admitted that he was "surprised and happy".
How “economics” is used
According to the New York Times, the results of the 2024 Nobel Prize in Economics are a typical example of economics' "economic use", and three scholars, by analyzing colonial history and institutional evolution, revealed the deep logic of the nation's rise, providing a new perspective for understanding global inequality.
From affirming the practical exploration of poverty reduction in 2019 to rewarding auction theoretical innovation in 2020; from focusing on empirical research in labor economics in 2021 to commending research on banking and financial crises in 2022... these Nobel Prize-winning results in Economics have all demonstrated The distinctive characteristics of economics responding to the concerns of the times and practical questions.
Some insiders believe that in recent years, the academic value orientation of Nobel Prize winners in economics has gradually undergone some changes, and the number of economists with single value judgments with theoretical contributions tends to decrease; More economists with public policy influence and leadership have won awards one after another.
In addition, many people who study pure metrology and pure theory have won awards. On the whole, both academic research and policy influence have been taken into account.
Speaking of the Nobel Prize rules, Peel Stromberg, a member of the Nobel Economy Committee, previously said in an interview that the Nobel Prize is a discovery, not a race for popularity.
According to the analysis, the Nobel Prize in Economics is forming its unique law. This trend shows that economics, as the essential feature of "practical application", is getting unprecedented attention.
Recall the winners of the last 10 years and their achievements
by 2024
The economists Daron Ajemolou, Simon Johnson and James Robinson from American universities were awarded the Nobel Prize in Economics in recognition of their outstanding contributions to the field of research on how systems form and affect economic prosperity.
by 2023
American economist Claudia Golding was awarded the Nobel Prize in Economics in recognition of her outstanding contributions to the field of women’s labour force research.
Annual Report
Ben Bernanke, an economist at Brookings Institution, Douglas Diamond, a professor at the University of Chicago, and Philip Dibvig, a professor at the University of Washington, won awards in recognition of their outstanding contributions in the field of banking and financial crisis research.
by 2021
American economist David Card received half of the awards for "empirical contributions to labor economics," and American economists Joshua D. Angrist and Guido W. Inbans shared the other half for their "methodological contributions to causality analysis."
in 2020
Two professors from Stanford University, Paul Milgrom and Robert Wilson, won the Nobel Prize in Economics in recognition of their "improvement of auction theory and invention of new auction forms".
2019
Indian-born American Abigit Banerjee, French-American Esther Duvero and American Michael Cramer shared the award in recognition of their contributions to poverty reduction research.
2018
U.S. economists William Nordhaus and Paul Romer jointly won the award for their respective integration of climate change and technological innovation into long-term macroeconomic research.
2017 year
Richard Seller, a professor at the University of Chicago’s School of Business, won the Nobel Prize in Economics for his contributions to behavioral economics.
2016 year
British-American economist Oliver Hart and Finnish economist Bente Homström won the Nobel Prize in Economics for their contributions to contract theory.
in 2015
The American economist Angus Deaton was awarded the Nobel Prize in Economics for his research on consumption, poverty and welfare.