Himal Press 
KATHMANDU: Joel Mokyr, Philippe Aghion and Peter Howitt have been awarded the Nobel Prize in Economics.
Issuing a statement on Monday, the Royal Swedish Academy of Sciences said it has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Mokyr, Aghion and Howitt for explaining innovation-driven economic growth.
One half of the award money will go to to Mokyr for identifying the prerequisites for sustained growth through technological progress, while the other half will jointly go to Aghion and Howitt for their theory of sustained growth through creative destruction.
“Mokyr used historical sources as one means to uncover the causes of sustained growth becoming the new normal. He demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why,” the academy said.
According to the academy, Aghion and Peter Howitt also studied the mechanisms behind sustained growth.
