Congratulations to Philippe Aghion, professor at the College de France and INSEAD, and at the London School of Economics, who has been awarded the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with Peter Howitt and Joel Mokyr.

Professor Aghion, an associate in CEP’s growth programme, is known for his work on what is called creative destruction: when a new and better product enters the market, the companies selling the older products lose out. 

The award, given for explaining “innovation-driven economic growth”, has been given jointly. Professor Aghion and Professor Howitt, of Brown University, have been cited “for the theory of sustained growth through creative destruction” and Professor Mokyr, of Northwestern University, for his work in “having identified the prerequisites for sustained growth through technological progress”.

Stephen Machin, director of CEP, said: “We are delighted and thrilled that Philippe has been awarded the Nobel prize. His groundbreaking research with Peter Howitt has had a transformative effect on the way we think about technological innovation and its contribution to economic growth. Philippe’s truly pioneering and pathbreaking work has had significant impact with wide reach, shaping intellectual progress on economic practice and policy the world over."

Professor Larry Kramer, president and vice chancellor of the LSE, said: "With the whole LSE community, I'm absolutely thrilled to congratulate Philippe Aghion on winning the 2025 Nobel Prize in Economic Sciences. Professor Aghion's groundbreaking work on innovation-driven growth has profoundly shaped our understanding of how economies evolve and thrive. This award represents much deserved recognition of Professor Aghion's brilliant scholarship and the lasting impact his ideas have had on economic poilcy and thought around the world."