Philippe Aghion and Co-Laureates Win 2025 Nobel Prize in Economics for Innovation-Driven Growth

On October 13, 2025, French economist Philippe Aghion, along with Joel Mokyr and Peter Howitt, was awarded the Nobel Prize in Economics for their groundbreaking research on innovation-driven economic growth and the concept of creative destruction. The Nobel committee recognized Joel Mokyr for his identification of essential conditions enabling sustainable growth through technological progress. Meanwhile, Aghion and Howitt jointly received recognition for their influential theory that sustainable growth is fueled by creative destruction—the process by which innovation replaces outdated technologies, boosting productivity and transforming economies.

Aghion, a specialist in growth and innovation affiliated with the Collège de France, INSEAD, and the London School of Economics, emphasized in interviews the pivotal role of technological leadership in economic power. He noted that America’s economic strength lies in its innovation capacity, particularly in cutting-edge fields such as digital technology, artificial intelligence, and biotechnology, which help control global value chains and maintain the U.S. dollar’s supremacy.

The prize, not originally part of Alfred Nobel’s will but founded by the Swedish central bank in 1968, awards a monetary sum of 11 million Norwegian kroner, shared among laureates. The formal ceremony is scheduled for December 10, the anniversary of Nobel’s death. Aghion expressed his surprise at the award, calling the honour "a huge surprise. I am speechless."

This award highlights not only Aghion’s seminal contributions to economic thought but also France’s significant role in global academic and scientific achievements.