Trio wins economics Nobel for work on tech-driven growth

The 2025 Nobel Prize in Economics was awarded to American-Israeli Joel Mokyr, France’s Philippe Aghion, and Canada’s Peter Howitt for their groundbreaking research on how technology drives sustained economic growth. Mokyr received one half of the prize for identifying the prerequisites for growth through technological progress, while Aghion and Howitt shared the other half for developing the theory of sustained growth through creative destruction.

Philippe Aghion, Nobel laureate said  "Openness is a driver of growth. Anything that gets in the way of openness is an obstacle to growth. So I see there kind of dark clouds currently, you know, accumulating, pushing for, you know, barriers to trade and openness."

He warned that such barriers could hinder future innovation, including in AI. The research also stresses the need to support workers displaced by technological change. Overall, the findings provide a framework for ensuring that technological growth benefits society while promoting continuous innovation.