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The official website of the Nobel Prize - NobelPrize.org

Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

Over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity. This year’s laureates in economic sciences, Joel Mokyr, Philippe Aghion and Peter Howitt, explain how innovation provides the impetus for further progress.

The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history. Their work shows that we must be aware of, and counteract, threats to continued growth.

Press release
Popular information: From stagnation to sustained growth
Scientific background to the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025

Economic sciences prize 2025

©Johan Jarnestad/The Royal Swedish Academy of Sciences

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Joel Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Philippe Aghion and Peter Howitt “for the theory of sustained growth through creative destruction.”

Mokyr used historical sources as one means to uncover the causes of sustained growth becoming the new normal. Aghion and Howitt also studied the mechanisms behind sustained growth. In an article from 1992, they constructed a mathematical model for what is called creative destruction: when a new and better product enters the market, the companies selling the older products lose out.

Economics laureates 2025

Ill. Niklas Elmehed © Nobel Prize Outreach

Did you know?

Interview – First reactions

Peter Howitt wasn’t expecting the news of his 2025 prize in economic sciences. In this interview, he talks about his longstanding friendship with fellow laureate Philippe Aghion. 

Peter Howitt

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – First reactions

Listen to the moment Philippe Aghion shares the joy with his friend and co-laureate Peter Howitt, captured as part of this call made shortly after the public announcement of their joint 2025 economic sciences prize.

Philippe Aghion

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – First reactions

Waking early, Joel Mokyr opened up his computer to find out who had been awarded the 2025 prize in economic sciences, and found emails saying ’Congratulations.’ Then he saw missed calls from Sweden on his phone and “the suspicion started to ripen.”

Joel Mokyr

Ill. Niklas Elmehed © Nobel Prize Outreach

Prize announcement

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 was announced by professor Hans Ellegren, Secretary General of the Royal Swedish Academy of Sciences on 13 October 2025.

Hans Ellegren

© Nobel Prize Outreach

3 theories that altered economic sciences

Economic sciences prize 2023

Claudia Goldin demonstrated how and why gender differences in earnings and employment rates have changed over time in the United States.

Claudia Goldin after receiving her prize

Claudia Goldin after receiving her prize from H.M. King Carl XVI Gustaf of Sweden at Konserthuset Stockholm on 10 December 2023.

© Nobel Prize Outreach. Photo: Nanaka Adachi

Economic sciences prize 2017

Richard Thaler has paid special attention to three psychological factors: the tendency to not behave completely rationally, notions of fairness and reasonableness, and lack of self-control.

Thaler2017

Richard Thaler was awarded the 2017 prize in economic sciences.

Photo: iStock

Economic sciences prize 1994

John Nash was awarded the economic sciences prize for the Nash equilibrium theory. He introduced the distinction between cooperative games and non-cooperative games.

Chess

Photo: Alexander Mahmoud

Who did what?

Nobel Peace Prize 2025

The Nobel Peace Prize for 2025 goes to a brave and committed champion of peace – to a woman who keeps the flame of democracy burning amid a growing darkness. As the leader of the democracy movement in Venezuela, Maria Corina Machado is one of the most extraordinary examples of civilian courage in Latin America in recent times.

Ms Machado has been a key, unifying figure in a political opposition that was once deeply divided – an opposition that found common ground in the demand for free elections and representative government.

Press release

Nobel Peace Prize 2025

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – Finding out the news

Listen as Maria Corina Machado finds out she has been awarded the Nobel Peace Prize 2025.

Kristian Berg Harpviken, Director of the Norwegian Nobel Institute, shared the news with her directly before it was announced to the world.

Peace announcement 2025

Kristian Berg Harpviken, Director of the Norwegian Nobel Institute, sharing the news with María Corina Machado directly before it was announced to the world.

Photo: Norwegian Nobel Institute

Interview – First reactions

Maria Corina Machado highlights the strength of her fellow Venezuelans: “I accept this is as a recognition to our people, to the millions of Venezuelans that are anonymous and are risking everything they have for freedom, justice and peace and I’m absolutely convinced that we will achieve it.”

Maria Corina Machado

Ill. Niklas Elmehed © Nobel Prize Outreach

Prize announcement

Watch the announcement by Jørgen Watne Frydnes, Chair of the Norwegian Nobel Committee.

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Announcement of Nobel Peace Prize 2025, to María Corina Machado Jørgen Watne Frydnes announces the 2025 Nobel Peace Prize to Maria Corina Machado.

Photo: Jo Straube © Nobel Prize Outreach 2025

Share your opinion

Who did what?

Nobel Prize in Literature 2025

The Nobel Prize in Literature for 2025 is awarded to the Hungarian author László Krasznahorkai, “for his compelling and visionary oeuvre that, in the midst of apocalyptic terror, reaffirms the power of art.”

László Krasznahorkai is a great epic writer in the Central European tradition that extends through Kafka to Thomas Bernhard, and is characterised by absurdism and grotesque excess. But there are more strings to his bow, and he also looks to the East in adopting a more contemplative, finely calibrated tone.

Press release
Biobibliography

László Krasznahorkai

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – First reactions

László Krasznahorkai shares his happiness about his Nobel Prize, which came as a surprise. He speaks about how bitterness is an important driver for him, and also highlights the importance of using your fantasy.

László Krasznahorkai

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – Member of the Nobel Committee

Following the announcement, Steve Sem-Sandberg, member of the Nobel Committee for Literature, was interviewed by Carin Klaesson about the 2025 Nobel Prize in Literature to László Krasznahorkai.

Steve Sem-Sandberg interviewed after the announcement.

Steve Sem-Sandberg interviewed after the announcement.

© Nobel Prize Outreach

Prize announcement

Watch the announcement of the Nobel Prize in Literature 2025 by Mats Malm, Permanent Secretary of the Swedish Academy, on 9 October 2025.

The announcement for the 2025 Nobel Prize in Literature at the Swedish Academy.

Mats Malm announcing the 2025 Nobel Prize in Literature at the Swedish Academy.

Photo: Samuel Unéus

Have you read?

Nobel Prize in Chemistry 2025

The Nobel Prize laureates in chemistry 2025 have created molecular constructions with large spaces through which gases and other chemicals can flow. These constructions, metal–organic frameworks, can be used to harvest water from desert air, capture carbon dioxide, store toxic gases or catalyse chemical reactions.

Through the development of metal–organic frameworks, the laureates have provided chemists with new opportunities for solving some of the challenges we face.

Press release
Popular information: They have created new rooms for chemistry
Scientific background: Metal–organic frameworks

The Nobel Prize in Chemistry 2025

© Johan Jarnestad/The Royal Swedish Academy of Sciences

Interview – First reactions

As a ten-year-old child, 2025 chemistry laureate Omar Yaghi read a book about molecules and was immediately drawn to them. “Since then, I’ve chosen to investigate problems based on the beauty of molecules.”

Omar M. Yaghi

Ill. Niklas Elmehed © Nobel Prize Outreach

Prize announcement

Watch the announcement of the 2025 Nobel Prize in Chemistry by Professor Hans Ellegren, Secretary General of the Royal Swedish Academy of Sciences.

Hans Ellegren

© Nobel Prize Outreach

Did you know?

Nobel Prize in Physics 2025

A major question in physics is the maximum size of a system that can demonstrate quantum mechanical effects. This year’s Nobel Prize laureates conducted experiments with an electrical circuit in which they demonstrated both quantum mechanical tunnelling and quantised energy levels in a system big enough to be held in the hand.

This year’s Nobel Prize in Physics has provided opportunities for developing the next generation of quantum technology, including quantum cryptography, quantum computers, and quantum sensors.

Press release
Popular information: Quantum properties on a human scale
Scientific background: “for the discovery of macroscopic quantum mechanical tunnelling and energy quantisation in an electric circuit”

Nobel Prize in Physics 2025

© Johan Jarnestad/The Royal Swedish Academy of Sciences

Did you know?

Nobel Prize in Physiology or Medicine 2025

The body’s powerful immune system must be regulated, or it may attack our own organs. Mary E. Brunkow, Fred Ramsdell and Shimon Sakaguchi made groundbreaking discoveries concerning peripheral immune tolerance that prevents the immune system from harming the body. Their discoveries have laid the foundation for a new field of research and spurred the development of new treatments, for example for cancer and autoimmune diseases.

Press release
Popular information: They understood how the immune system is kept in check
Scientific background: Immune tolerance: The identification of regulatory T cells and FOXP3

Nobel Prize in Physiology or Medicine 2025

© The Nobel Committee for Physiology or Medicine. Ill. Mattias Karlén

Interview – First reactions

Mary Brunkow talks about the power of genetics to unravel biology and how she feels it was an honour to have been one of the contributors to solving the puzzle of immune tolerance.

Mary E. Brunkow

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – First reactions

In this conversation, Ramsdell speaks about the benefits of working in the environment of biotech and the joy of finding talented collaborators.

Fred Ramsdell

Ill. Niklas Elmehed © Nobel Prize Outreach

Interview – First reactions

Shimon Sakaguchi speaks about his surprise at the news and reflects on the fundamental research question that kept him dedicated to the field after many others abandoned it, a question that took over two decades to answer.

Shimon Sakaguchi

Ill. Niklas Elmehed © Nobel Prize Outreach

Did you know?

Explore prizes and laureates

What’s on

Oslo, Nobel Peace Center

This exhibition features works from the 19th century to the present day—from Francisco Goya’s harrowing depictions of war, through Yoko Ono’s activist pieces, to Barbara Kruger’s bold, graphic messages.

Little Soldiers (2024-2025)

Little Soldiers (2024-2025) by Nanna Heitmann / Magnum Photos. Photo from the Nobel Peace Center's Exhibition "War is Peace?" showing from 12 September 2025 to 7 April 2026.

Nanna Heitmann / Magnum Photos

Stockholm, Nobel Prize Museum

In the exhibition Fighting Disease – Three Stories From the Fields of Medicine, we meet a scientist, a doctor and a nurse who work to prevent disease, administer vaccines and search for new antibiotics.

Fighting disease: Shadows in sunlight

Fighting disease: Shadows in sunlight.

Credit: Nobel Prize Outreach

Stockholm, Nobel Prize Museum

A large selection of artefacts from Nobel Prize laureates is on display.

Malala Yousafzai - Shawl

Malala Yousafzai – awarded the 2014 Nobel Peace Prize – donated this scarf to the Nobel Prize Museum which she wore when she argued for all children's right to education at the United Nations headquarters in 2013.

Photo: Nobel Prize Museum

Play and learn

In memoriam

Sir John B. Gurdon died on 7 October 2025, aged 92. He was awarded the Nobel Prize in Physiology or Medicine 2012 “for the discovery that mature cells can be reprogrammed to become pluripotent.”

Biography

Sir John B. Gurdon

George F. Smoot passed away on 18 September 2025, aged 80. He was awarded the Nobel Prize in Physics 2006 “for their discovery of the blackbody form and anisotropy of the cosmic microwave background radiation.”

Biography

George F. Smoot

David Baltimore died on 6 September 2025, aged 87. He was awarded the Nobel Prize in Physiology or Medicine 1975 “for their discoveries concerning the interaction between tumour viruses and the genetic material of the cell.”

Biography

David Baltimore

Rainer Weiss passed away on 25 August 2025, aged 92. He was awarded the Nobel Prize in Physics 2017 “for decisive contributions to the LIGO detector and the observation of gravitational waves.”

Biography

Rainer Weiss