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 15-Oct-2025

Nobel Prize in Economics 2025

News in Shorts

Why in News? 

2025 Nobel Prize in Economic Sciences was awarded to– 

  • Joel Mokyr: Received half the prize; identified prerequisites for sustained growth through technological progress. 
  • Used historical data to show why continuous technological innovation is vital for economic growth. 
  • Philippe Aghion & Peter Howitt: Shared the other half of the prize; developed a mathematical model describing "creative destruction”. 
  • Explained how new technologies replace outdated ones, driving sustained economic growth. 
  • Significance: 
    • Explains consistent global economic growth over the past two centuries. 
    • Challenges the assumption that growth is automatic; stresses the need to maintain innovation-driven mechanisms. 

Nobel Prize in Economic Sciences: Established in 1968 by Sveriges Riksbank on its 300th anniversary; awarded by the Royal Swedish Academy of Sciences.