Nobel Prize Winners in Economic Sciences 2025: The wait is over! The 2025 Nobel Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their groundbreaking research on innovation-driven economic growth by the Royal Swedish Academy of Sciences. Their work redefines how nations sustain prosperity in the modern era.
Since 1969, the Nobel Prize in Economic Sciences has honoured economists who transformed our understanding of markets, economies, and human behaviour. It was established by Sweden’s central bank in 1968. Over the decades, the prize has recognised visionaries who turned abstract economic theories into real-world applications, from developing tools to measure national growth to designing innovative mechanisms for market efficiency.
Whether exploring poverty alleviation, financial crises, behavioural economics, or climate change, these laureates have made a difference. Let us explore who aced it this time.
Who won the Nobel Prize in Economic Sciences 2025?
The 2025 Nobel Prize in Economic Sciences went to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on innovation-driven growth.
Mokyr is a historian at Northwestern University who showed how economic progress depends not just on inventions but on the social and cultural conditions that let innovation thrive.
Aghion (Collège de France) and Howitt (Brown University) developed the “creative destruction” model, explaining how new technologies replace old ones, driving competition and long-term growth.
Their work reveals why constant innovation is more than capital or labour, and fuels modern economic progress.
List of Nobel Prize in Economic Sciences Winners (1969–2025)
Some laureates have left a lasting mark in shaping both policy and thought. Their research not only informs governments and institutions but also inspires future generations of economists and thinkers globally. Here is a list of all the Nobel Prize Winners from 1969 to 2025 who have made a remarkable contribution in the field of Economic Sciences:
| Year | Laureates | Contribution |
| 1969 | Ragnar Frisch & Jan Tinbergen | Development of econometrics |
| 1970 | Paul Samuelson | Contributions to modern economic theory |
| 1971 | Simon Kuznets | Empirical work on economic growth |
| 1972 | John R. Hicks & Kenneth J. Arrow | Contributions to general economic equilibrium theory |
| 1973 | Wassily Leontief | Development of input-output analysis |
| 1974 | Gunnar Myrdal & Friedrich Hayek | Theoretical and methodological contributions |
| 1975 | Leonid Kantorovich & Tjalling Koopmans | Contributions to the theory of optimal allocation of resources |
| 1976 | Milton Friedman | Development of monetarist theory |
| 1977 | Bertil Ohlin & James Meade | Contributions to international trade theory |
| 1978 | Herbert Simon | Behavioural economics and decision-making theory |
| 1979 | Theodore Schultz & Sir Arthur Lewis | Contributions to development economics |
| 1980 | Lawrence Klein | Development of macroeconomic models |
| 1981 | James Tobin | Contributions to portfolio theory |
| 1982 | George Stigler | Analysis of market structures |
| 1983 | Gérard Debreu | Contributions to general equilibrium theory |
| 1984 | Richard Stone | Development of national income accounting |
| 1985 | Franco Modigliani | Contributions to the theory of household savings |
| 1986 | James Buchanan | Development of public choice theory |
| 1987 | Robert Solow | Contributions to growth theory |
| 1988 | Maurice Allais | Contributions to decision theory |
| 1989 | Trygve Haavelmo | Development of econometric models |
| 1990 | Harry Markowitz, William Sharpe & Merton Miller | Contributions to financial economics |
| 1991 | Ronald Coase | Analysis of transaction costs |
| 1992 | Gary Becker | Contributions to microeconomic analysis |
| 1993 | Robert Fogel & Douglass North | Contributions to economic history |
| 1994 | John Nash, John Harsanyi & Reinhard Selten | Contributions to game theory |
| 1995 | Robert Lucas | Development of macroeconomic theory |
| 1996 | James Mirrlees & William Vickrey | Contributions to the theory of incentives |
| 1997 | Robert Merton & Myron Scholes | Development of options pricing theory |
| 1998 | Amartya Sen | Contributions to welfare economics |
| 1999 | Robert Mundell | Contributions to international monetary systems |
| 2000 | James Heckman & Daniel McFadden | Development of microeconometric methods |
| 2001 | George Akerlof, Michael Spence & Joseph Stiglitz | Analysis of markets with asymmetric information |
| 2002 | Daniel Kahneman & Vernon Smith | Contributions to behavioural economics |
| 2003 | Robert Engle & Clive Granger | Development of time series econometrics |
| 2004 | Finn Kydland & Edward Prescott | Contributions to macroeconomic policy |
| 2005 | Robert Mundell | Contributions to monetary dynamics |
| 2006 | Edmund Phelps | Analysis of intertemporal trade-offs |
| 2007 | Leonid Hurwicz, Eric Maskin & Roger Myerson | Development of mechanism design theory |
| 2008 | Paul Krugman | Analysis of trade patterns and economic geography |
| 2009 | Elinor Ostrom | Analysis of economic governance |
| 2010 | Peter Diamond, Dale Mortensen & Christopher Pissarides | Analysis of labour markets |
| 2011 | Thomas Sargent & Christopher Sims | Empirical analysis of macroeconomic policy |
| 2012 | Alvin Roth & Lloyd Shapley | Development of market design theory |
| 2013 | Eugene Fama, Lars Hansen & Robert Shiller | Empirical analysis of asset prices |
| 2014 | Jean Tirole | Analysis of market power and regulation |
| 2015 | Angus Deaton | Analysis of consumption, poverty and welfare |
| 2016 | Oliver Hart & Bengt Holmström | Contributions to contract theory |
| 2017 | Richard Thaler | Contributions to behavioural economics |
| 2018 | William Nordhaus & Paul Romer | Analysis of climate change and technological innovation |
| 2019 | Abhijit Banerjee, Esther Duflo & Michael Kremer | Experimental approach to poverty alleviation |
| 2020 | Paul Milgrom & Robert Wilson | Improvements to auction theory |
| 2021 | David Card, Joshua Angrist & Guido Imbens | Contributions to causal inference |
| 2022 | Ben Bernanke, Douglas Diamond & Philip Dybvig | Research on banks and financial crises |
| 2023 | Claudia Goldin | Understanding of women's labour market outcomes |
| 2024 | Daron Acemoglu, Simon Johnson & James A. Robinson | Studies on institutions and prosperity |
| 2025 | Joel Mokyr, Philippe Aghion & Peter Howitt | Innovation-driven growth and the theory of creative destruction |
Key Highlights
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Pioneering Work: Ragnar Frisch and Jan Tinbergen laid the foundation of econometrics, allowing economists to test theories with real-world data.
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Trailblazing Women: Elinor Ostrom (2009) and Claudia Goldin (2023) shattered the glass ceiling in economics, emphasising governance and gender economics.
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Global Impact: Laureates such as Amartya Sen, Abhijit Banerjee, and Esther Duflo revolutionised approaches to poverty alleviation and human welfare.
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Modern Innovations: Recent winners are being recognised for contributions to behavioural economics, climate change policy, and market design, showing the discipline’s relevance to today’s challenges.
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Interdisciplinary Approach: Nobel-winning economists often collaborate with psychologists, political scientists, and sociologists, highlighting how economics intersects with real-world decision-making.
Did You Know Trivia Facts About the Nobel Prize in Economic Sciences?
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