Paper: GS – II, Subject: International Relations, Topic: International Institutions, Issue: Nobel Prize in Economics.
Context:
The 2025 Nobel Prize in Economics honored Joel Mokyr, Philippe Aghion, and Peter Howitt for explaining how innovation, knowledge, and competition drive sustained economic growth and helped humanity overcome historical stagnation.
Key Takeaways:
- Mokyr identified the historical prerequisites for sustained technological progress, while Aghion and Howitt developed the theory of creative destruction, showing how new innovations replace old products.
Nobel Prize in Economic Sciences Historical Background:
- The Nobel Prize in Economic Sciences was established to honor research that improves human understanding of economic systems and societal welfare.
- 1968- Prize created by Sveriges Riksbank, funding a donation to the Nobel Foundation on its 300th anniversary.
- 1969- First prize awarded; institutionally aligned with other Nobel Prizes.
Note:
| year | Laureate | category | Contribution and Work |
| 1998 | Amartya Sen | Economic Sciences | Contributions to welfare economics, social choice theory, and development. |
| 2019 | Abhijit Banerjee | Economic Sciences | Experimental approaches to reducing global poverty. |
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