Trio win 2025 Nobel economics prize for work on innovation and ‘creative destruction’

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The Royal Swedish Academy of Sciences said on Monday that Joel Mokir, Philip Ayaghion and Peter Height won the 2025 Nobel Economics award for their work on how the forces of innovation and “creative destruction” could advance the economic growth.

In memory of Alfred Noble, the economic sciences are officially known as the Surgeus Rix Bank’s award, the renowned award, the last prize this year and is worth 11 million Swedish crowns ($ 1.2 million).

The Academy said the work of the award -winning winners explains how technology gives rise to new products and production methods that change the old, resulting in a better quality of life, health and quality of life for people around the world.

“For the first time in the past two centuries, for the first time in history, the world has seen the economic growth permanently. It has removed a large number of people from poverty and laid the foundation for our prosperity.”

The economic growth is not guaranteed

Prize -winning people have also shown that such progress cannot be taken with appreciation.

The academy said, “Economic stagnation, not development, has been normal for most parts of human history. His work shows that we should be aware of the constant threats of development and fight them.”

Mokir is a professor at the United States, in Evinston, North Western University, while Egon is a professor at the College De France and Incede in Paris, and a professor at the London School of Economics and Political Sciences in the UK.

At Hout Brown University, Providence is a professor at the United States.

Mukir was awarded half a prize with the remaining half of the shared between Aigon and House.

“Joel Mukir used historical observations to identify the necessary factors for the permanent development of technological innovations,” said John Hasler, a member of the Nobel Committee.

“Philip Eghion and Peter House developed a math model of creative destruction, which is an endless process in which new and better products change the old.”

The winner says Europe should learn from us and China

Addressing the phone at the press conference, Egon said he was “still sound.”

He said, “I didn’t expect it at all, so I can’t find the words to reveal my words.”

In the pursuit of economic growth, Ayghon called on Europe to learn a lesson from the United States and China, which he said, “have found ways to reconcile competition and industrial policy.”

“In Europe, in the name of competitive policy, we are very opposed to any form of industrial policy. I think we need to evolve it and find ways to reconcile industrial policy in areas like defense, climate, AI, biotic, where we are very good, we have great research.”

The previous winners include Kirgman and Fredman

Madison, Physics, Chemistry, Peace and Literature Awards were announced last week.

Those rewards were set up under the will of the Swedish Dynamite inventor and businessman Alfred Noble and has been handed over to him since 1901, most of which have some obstacles due to global wars.

Economics award was later set up in 1969 when it was won by Norwegian reader Fresh and John Tinberg from the Netherlands to work in dynamic economic modeling. Nicolas, brother of Tinberg, also won a prize in 1973, taking home medicine.

Although very few economists are domestic names, relatively well -known winners include former American Federal Reserve Chairman Ben Bernink, and Paul Kragman and Milton Friedman.

Last year’s Economics Award went to the United States for researching Simon Johnson, James Robinson and Darwin Acimoglo, which discovered the relationship between colonialism and the establishment of government institutions to explain why some countries have been in poverty for decades.