Joel Mokyr Wins Nobel Prize in Economic Sciences

"Renowned economist Joel Mokyr has been awarded the 2025 Nobel Prize in Economic Sciences for his pioneering work on sustained economic growth, sparking widespread recognition of his groundbreaking theory. Mokyr, a professor at Northwestern University, shares the prize with Philippe Aghion and Peter Howitt for explaining how technological progress drives innovation and economic growth.
The Royal Swedish Academy of Sciences praised Mokyr's work, citing his identification of three essential requisites for sustained growth: useful knowledge, mechanical competence, and institutions conducive to technological progress. According to the Academy, 'Joel Mokyr's historical research explored why the innovations of the Industrial Revolution took off where earlier innovations faltered.' Mokyr's theory has far-reaching implications for understanding the economic and intellectual roots of technological progress.
As the world grapples with the challenges of sustainable growth, Mokyr's Nobel Prize is a testament to the power of his work. 'This year's laureates in economic sciences, Joel Mokyr, Philippe Aghion and Peter Howitt, explain how innovation provides the impetus for further progress,' notes the NobelPrize.org press release. With his Nobel Prize, Mokyr's contributions to the field of economics will continue to shape the conversation on economic growth and development.
As the academic community celebrates Mokyr's achievement, his work is set to inspire a new generation of economists and policymakers seeking to drive innovation and economic progress. With this recognition, Mokyr's theory will undoubtedly take center stage in the global discussion on economic growth and its potential to transform lives worldwide.
"Economic Sciences"
"Joel Mokyr"
"Philippe Aghion"
"Peter Howitt"
"Sustained Economic Growth"
"Technological Progress"
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