Nobel Prize in Economic Sciences 2025
A massive congratulations to newly awarded Nobel Laureates Professor Joel Mokyr as well as Professors Philippe Aghion and Peter Howitt!
Joel Mokyr is awarded the prize for having identified the prerequisites for sustained economic growth through technological progress, while Philippe Aghion and Peter Howitt receive it jointly for their theory of sustained growth driven by innovation and creative destruction.
As a fellow historian economist, Joachim Voth, the Scientific Director of the UBS Center for Economics in Society, states:
"Joel Mokyr's Nobel is a celebration of the power of ideas to change the world. He masterfully shows that our modern prosperity was born from a culture of curiosity and open inquiry – a culture deeply rooted in European ideas, attitudes, and behaviors. This is a profoundly deserved honor for a scholar who taught us the true origins of wealth, contributing to the frontier of economics through his deep understanding of economic history and the history of ideas. We are fortunate to count him as a member of our advisory board at the UBS Center for Economics in Society, where he has played a leading role advising the department over the last decade."
David Hemous, the UBS Foundation Associate Professor of Economics of Innovation and Entrepreneurship, has a deep and long-standing collaboration with Philippe Aghion. Together, they have co-authored several influential papers:
"Philippe Aghion revolutionized growth theory by formalizing the Schumpeterian idea of "creative destruction": Economic growth results from new ideas supplanting incumbent ones. From then on, he has been the centerpiece for research on economic growth. His work paved the way for analyzing how competition policies, financial market policies, or education policies affect innovation. With his communicative energy, he continues to push the frontier, studying the effects of automation or the possibilities of green growth. This is truly a well-deserved prize. I have been incredibly fortunate to count Philippe as my mentor and to co-author frequently with him. He is a formidable teacher that transmits the passion for research and economics. Philippe is a frequent visitor at our department and a member of the UBS Center Advisory Board."
This well-deserved recognition stands as a testament to the profound impact of their work. We look forward to seeing how the insights from these three gentlemen will continue to advance the frontiers of economic research.