On October 13, local time, the Royal Swedish Academy of Sciences announced that it would award the 2025 Nobel Prize in Economics to Joel Mokyr, Philippe Aghion and Peter Howitt), in recognition of their explanation of "innovation-driven economic growth".

Half of the 11 million Swedish crown prize will be awarded to Joel Mogil for his "establishment of the prerequisites for sustainable growth through technological progress"; the other half will be shared by Philip Agion and Peter Hoyt for their "theory of sustainable growth through creative disruption".

The Nobel Prize Committee commented that Joel Mokier used historical data as a method to reveal why sustained growth has become the new normal. Philip Agion and Peter Howitt also studied the mechanisms behind sustained growth. In a 1992 article, they built a mathematical model of so-called creative destruction: When a new, better product enters the market, companies that sell old products suffer losses.

Joel Mockel was born in Leiden, Netherlands in 1946 and received a doctorate from the University of New Haven and Yale in 1974. He is currently a professor at the Northwestern University of Evington, Illinois.

Northwestern University website

Joel Mozart studied European economic history between 1750 and 1914. He was a member of the American Academy of Arts and Sciences, the Society of Measurement Economics, the Society of Historical Measurements, the British Academy, the Italian National Academy of Sciences and the Royal College of the Netherlands. He was the president of the Association of Economic History, the editor-in-chief of the Oxford Economic Encyclopedia, and co-editor of the Journal of Economic History. He is currently a co-editor of the Princeton University Publishing¡¯s World Economic Development History series. His latest book is ¡°Culture of Growth: The Origin of Modern Economy¡±, published by Princeton University Publishing in 2016.

Philip Aguion was born in Paris, France in 1956. He graduated from Harvard University in Cambridge, Massachusetts, USA in 1987 with a doctorate. He is currently a professor at the École de France and the European School of Business Administration in Paris, France, and a professor at the London School of Economics, UK.

Screenshot from the official website of the European School of Business Administration

According to the official website of INSEAD, Philippe Aguion's research involves growth economics. Together with Peter Howitt, he pioneered the so-called Schumpeterian growth paradigm, which was later used to analyze the design of growth policies and the role of the state in the growth process. Much of their work is summarized in their co-authors The Theory of Endogenous Growth (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), his co-author with Rachel Griffiths, Competition and Growth (MIT Press, 2006), and his investigation What We Learn from Schumpeterian Growth Theory (co-authored with U. Akcigit and P. Howitt). Recently, Philip Aguion, in collaboration with C. Antonin and S. Bunell, published a new book entitled The Power of Creative Destruction (Odile Jacobs, Harvard University Press).

Peter Hoyt was born in Canada in 1946 and received a doctorate from the University of Northwestern Avington, Illinois, in 1973, and is currently a professor at Brown University, Providence, USA.

Screenshot from Brown University's official website

According to the official website of Brown University, Peter Howitt taught at the University of Western Ontario from 1972 to 1996 and at Ohio State University from 1996 to 2000. Much of his research focuses on the areas of macroeconomics and monetary economics. He is one of the founders of the modern "Schumpeterian" economic growth theory. He has been seeking new foundations for macroeconomics and monetary theory, and has published extensively on Canadian monetary policy.

It is worth mentioning that in the Nobel Series, the prize in economics was not set up on the will of the late Swedish chemist Alfred Nobel, but was founded by the Swedish National Bank in 1968, and the prize was spent by the Swedish National Bank.