Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 Nobel economics prize on Monday for explaining innovation-driven growth, the Royal Swedish Academy of Sciences said. The 11 million Swedish crowns award gives half to Mokyr of Northwestern University and splits the rest between Aghion, at the College de France and INSEAD and at the London School of Economics and Political Science, and Howitt of Brown University. The Academy highlighted Mokyr's historical evidence on technology-led growth and Aghion-Howitt's model of creative destruction. The economics prize is the year's final Nobel, first awarded in 1969.

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