Stockholm, Sweden
Reuters
—
Joel Mokyr, Philippe Aghion and Peter Howitt gained the 2025 Nobel economics prize for “having explained innovation-driven economic growth,” the Royal Swedish Academy of Sciences stated Monday.
The prestigious award, formally often known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the ultimate prize to be given out this 12 months and is value 11 million Swedish crowns ($1.2 million).
“The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history. Their work shows that we must be aware of, and counteract, threats to continued growth,” the prize-awarding physique stated in an announcement.
The awards for drugs, physics, chemistry, peace and literature have been introduced final week.
Those prizes have been established in the desire of Swedish dynamite inventor and businessman Alfred Nobel and have been handed out since 1901, with a number of interruptions principally due to the world wars.
The economics prize was established a lot later, being given out first in 1969 when it was gained by Norway’s Ragnar Frisch and Jan Tinbergen from the Netherlands for work in dynamic financial modeling. Tinbergen’s brother Nikolaas additionally gained a prize, taking dwelling Medicine in 1973.
While few economists are family names, comparatively well-known winners embrace former US Federal Reserve chairman Ben Bernanke, and Paul Krugman and Milton Friedman.
Last 12 months’s economics award went to US-based lecturers Simon Johnson, James Robinson and Daron Acemoglu for analysis that explored the connection between colonization and the institution of public establishments to clarify why some nations have been mired in poverty for many years.
This is a creating story and shall be up to date.