Nobel Prize in Economics 2025 has been announced on 13 October 2025 by the Royal Swedish Academy of Sciences. The 2025 Nobel Prize in Economics is awarded jointly to Joel Mokyr, Philippe Aghion, and Peter Howitt for their groundbreaking work on economic growth and innovation. Joel Mokyr is recognized “for having identified the prerequisites for sustained growth through technological progress”, Philippe Aghion is “for the theory of sustained growth through creative destruction”, and Peter Howitt is “for having explained innovation-driven economic growth, complementing the work of the two previous laureates”.

What is Nobel Prize in Economics?

The Nobel Prize in Economics, formally the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is a prize awarded annually for achievements in the field of economics. The prize was first awarded in 1968. The Sveriges Riksbank, the central bank of Sweden, established it on occasion of the bank’s 300th anniversary. It was established in order to also recognize outstanding achievement in economic sciences. 

The Sveriges Riksbank Prize in Economic Sciences is not one of the original Nobel Prizes established by the will of Swedish industrialist, inventor, and armaments manufacturer Alfred Nobel, but is run on by the Nobel Foundation alongside the other Nobel Prizes.

Nobel Prize in Economics 2025 Overview

The Nobel Prize in Economics 2025 was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for their research on innovation as the driver of economic growth. Mokyr showed that long-run growth through technological progress requires certain conditions to be in place. Aghion and Howitt put forth the theory of creative destruction, where new innovations cause old technologies to become obsolete, thus spurring economic growth. Here is a overview of Nobel Prize in Economics 2025

Nobel Prize in Economics 2025 Winners List

The winners of the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel are:

Nobel Prize in Economics 2025 Nominees

A number of top economists were in the running for Nobel Prize in Economics 2025:

1. Marianne Bertrand (University of Chicago Booth School of Business) & Sendhil Mullainathan (Massachusetts Institute of Technology – MIT)
   Research: Seminal work on discrimination by race and gender in the labor market, corporate governance, and behavioral economics.
2. Nicholas Bloom (Stanford University)
   Research: Research on the effects of economic and political uncertainty, including Brexit and COVID-19, on firms, jobs, and aggregate growth.

Check Out UPSC CSE Books

Visit PW Store

Nobel Prize Winners in Economics Last 5 Years

The Nobel Prize in Economic Sciences is given each year to prominent economists for their exceptional contributions. In the past five years, winners have been honored for their research in labor markets, financial systems, auction theory, and the role of institutions in development. Their work has greatly impacted economic policies and theory globally. Here is the Nobel Prize in Economics winners list for the last 5 years

First Nobel Prize in Economics

The first winners of the Nobel Prize in Economic Sciences in 1969 were Ragnar Frisch and Jan Tinbergen, who were awarded the Prize “for having developed and applied dynamic models for the analysis of economic processes”. The Prize was established in 1968 and first awarded a year later.

Ready to boost your UPSC 2026 preparation? Join PW’s UPSC online courses today!

DOWNLOAD PDF