The 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt “for explaining innovation-driven economic growth.”
How the Prize Was Shared
The award is split in two halves:
- Joel Mokyr received one half for identifying the conditions for sustainable development through technological progress.
- Philippe Aghion and Peter Howitt jointly received the other half for their theory of sustainable development through creative destruction.
What Happens at the Award Ceremony?
Every year, the Nobel Prizes are formally awarded in dual ceremonies in Stockholm and Oslo.
In Stockholm, the Swedish royal family attends, and recipients in physics, chemistry, medicine, literature, and economics receive their medals and diplomas from the King of Sweden.
In Oslo, the Nobel Peace Prize is presented by the Chair of the Norwegian Nobel Committee at the Oslo City Hall, honoring Alfred Nobel’s wish for the Peace Prize to be awarded in Norway.
The Ceremony Experience
Laureates are called individually on stage to receive their Nobel medal, diploma, and prize money. Speeches by committee chairs highlight the importance of the discoveries and contributions.
The event is broadcast worldwide and followed by a reception at Stockholm City Hall for over 1,000 guests, including royalty, diplomats, scientists, and previous laureates
