Nobel Prize in Economics 2025

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.

Reference

Nobel Prize | Economic Sciences