Nobel Prize in economics awarded to trio

Announced in Stockholm on Monday, the award, which was formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, caps this year’s Nobel season and carries a prize of 11 million Swedish crowns (about $1.2 million).

The Nobel Committee praised the trio for advancing understanding of how technological progress reshapes economies and societies, while also generating cycles of renewal and disruption. “Their work has profoundly influenced modern growth theory and how we think about progress,” said committee member John Hassler.

Mokyr, a professor at Northwestern University in the United States, received half the prize. The Israeli-American scholar, known for his extensive research on economic history and innovation, said he was “completely surprised” by the news, admitting that he had been focused on reports of the release of Israeli hostages from Gaza when the announcement came through. “I had forgotten about the Nobel Prize completely,” he told Reuters.

Speaking about his research, Mokyr described technology as a “tool of transformation,” noting that innovation remains “the most powerful force for sustained economic growth.”

Aghion and Howitt, longtime collaborators and co-authors, share the remaining half of the prize. Their collective work has shaped global economic policy discussions on how nations can harness technological progress to promote inclusive and sustainable prosperity.