On 13 October 2025, the Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in the Memory of Alfred Nobel 2025, also known as the Nobel Prize in Economics, to American-Israeli economic historian Joel Mokyr, French economist Philippe Aghion, and Canadian economist Peter Howitt for “explaining innovation-driven economic growth.”
- The Nobel Prize will be presented on 10 December 2025 in Oslo, Norway, commemorating the death anniversary of Alfred Nobel.
Exam Hints:
- What? Sveriges Riksbank Prize in Economic Sciences announced
- Organiser: Royal Swedish Academy of Sciences
- Laureates: Joel Mokyr, Philippe Aghion, and Peter Howitt
- Prize Components: 11 million SEK cash
- Award Ceremony: December 10, 2025, in Oslo, Norway
- 2024 Laureates: Simon Johnson and James A. Robinson
- Indian Laureate: Amartya Sen
- Total Awards: 57 times to 99 laureates including 3 women
Winners of 2025 Sveriges Riksbank Prize in Economic Sciences:
| Nobel Laureate | Awarded for |
|---|---|
| Joel Mokyr | For “explaining innovation-driven economic growth” |
| Philippe Aghion | |
| Peter Howitt |
About Laureates:
Joel Mokyr: From (Northwestern University, United States of America, USA), he was awarded half of the Nobel Prize for identifying the prerequisites for sustained economic growth through technological progress.
- His historical research showed that for innovation to be self-sustaining, societies require not only practical knowledge but also scientific understanding, alongside a culture open to new ideas and societal change.
Philippe Aghion & Peter Howitt: Philippe Aghion (Collège de France & INSEAD, France; LSE, UK) jointly received half of the Nobel Prize with Peter Howitt (Brown University, USA) for the theory of sustained growth through creative destruction.
- Aghion co-developed the 1992 mathematical model showing how new products and technologies replace old ones, driving long-term productivity and growth.
- Howitt emphasized how innovation cycles improve living standards, health, and quality of life, and the importance of managing transitions to prevent innovation from being blocked by vested interests.
About Sveriges Riksbank Prize in Economic Sciences:
Establishment: In 1968, Sveriges Riksbank celebrated its 300th anniversary by donating to the Nobel Foundation, leading to the creation of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
First Award: The inaugural Sveriges Riksbank Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands.
Medal Design: The Medal of the Sveriges Riksbank Prize in Economic Sciences was designed by Swedish artist Gunvor Svensson-Lundqvist.
- Obverse Design: The obverse features a portrait of Alfred Nobel in the upper half and the bank’s crossed horns of plenty in the lower half.
- Reverse Design: The reverse features a North Star emblem of the Royal Swedish Academy of Sciences, with the words “Kungliga Vetenskaps Akademien” (The Royal Swedish Academy of Sciences) inscribed around the edge.
Prize Details:
- Components: Each Nobel laureate receives a gold medal, a personal diploma, and a cash award.
- Cash Award 2025: The total cash prize for 2025 is 11 million Swedish kronor (SEK) was awarded half to Joel Mokyr and half jointly to Philippe Aghion and Peter Howitt.
Facts on Sveriges Riksbank Prize in Economic Sciences (1968-2025):
Total Awards: Sveriges Riksbank Prize in Economic Sciences has been awarded 57 times to 99 laureates between 1969 and 2025. The 99 individual laureates include 3 women.
Distribution of Prizes:
- 26 prizes were awarded to single one laureate
- 20 prizes were shared between two laureates
- 11 prizes were shared among three laureates.
Youngest Laureate: Esther Duflo received the Nobel Prize in Economic Sciences in 2019 at the age of 46, recognized for “their experimental approach to alleviating global poverty.”
Oldest Laureate: Leonid Hurwicz was awarded in 2007 at the age of 90 for “having laid the foundations of mechanism design theory.”
First Woman Laureate: Elinor Ostrom from the USA won the prize in 2009 for “her analysis of economic governance, especially the commons.” She became the first woman to receive the Sveriges Riksbank Prize in Economic Sciences.
2024 Laureate: Turkish-American economist, Daron Acemoglu; British American economist, Simon Johnson; and British economist and political scientist, James A. Robinson was honored in 2024 “for studies of how institutions are formed and affect prosperity”.
Indian Laureate: Amartya Sen, the Indian economist and philosopher from Santiniketan, West Bengal (WB), received the prize in 1998 for “his contributions to welfare economics.” At the time, he was affiliated with Trinity College, Cambridge, United Kingdom (UK).
About the Nobel Prize:
Overview: The Nobel Prize is an international award administered by the Nobel Foundation in Stockholm, Sweden, recognizing discoveries and achievements that benefit humanity.
Origin: The award is based on the fortune of Alfred Nobel, a Swedish inventor and entrepreneur.
Fields: Since 1901, the Nobel Prize has been awarded in physics, chemistry, physiology or medicine, literature, and peace.
Economic Sciences: In 1968, Sveriges Riksbank (Sweden’s central bank) introduced the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel as a sixth category of the Nobel Prize.
Prize Components: Each Nobel laureate receives a gold medal, a personal diploma, and a cash award.
Cash Award 2025: The total cash prize for 2025 is 11 million Swedish kronor (SEK) was awarded half to Joel Mokyr and half jointly to Philippe Aghion and Peter Howitt.
