Prelims: Current events of national and international importance | Awards
Why in News?
The Nobel Memorial Prize in Economic Sciences for 2025 was awarded recently.
The economics prize is formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Established in –1968 by the Swedish central bank as a memorial to Nobel.
Fund Prize -It is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.2 million).
The prize been given out 56 times to a total of 96 people.
Awardees, 2025 –
Joel Mokyr,
Philippe Aghion and
Peter Howitt.
Their award was split as follows
Joel Mokyr received one half of the prize for his research on the prerequisites for sustained technological progress.
Philippe Aghion and Peter Howitt shared the other half for their theory of "creative destruction," which describes how new innovations replace old ones.
The prize winners' work explains how technology gives rise to new products and production methods which replace old ones, resulting in a better standard of living, health and quality of life for people around the globe.
