STOCKHOLM -- The Royal Swedish Academy of Sciences on Monday decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt.

Half of the prize goes to Mokyr "for having identified the prerequisites for sustained growth through technological progress," while the other half is shared by Aghion and Howitt "for the theory of sustained growth through creative destruction."

The academy said that, over the past two centuries, the world has seen unprecedented growth, largely propelled by a constant flow of technological innovation. Using different methods, the three laureates explained why such progress was possible and what is required to keep it going, according to the academy.

"The laureates' work shows that economic growth cannot be taken for granted," said John Hassler, chair of the Committee for the prize in economic sciences. "We must uphold the mechanisms ... so that we do not fall back into stagnation."