Philippe Aghion awarded The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025#
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Philippe Aghion MAE, jointly with Joel Mokyr and Peter Howitt, “for having explained innovation-driven economic growth.
One half of the prize is awarded to Joel Mokyr, for “having identified the prerequisites for sustained growth through technological progress,” while the other half is shared by Philippe Aghion and Peter Howitt “for the theory of sustained growth through creative destruction.”
Philippe Aghion, a member of Academia Europaea's Economics, Business and Management Sciences Section since 2016, is being honored for his foundational work (in collaboration with Peter Howitt) on Schumpeterian growth theory, which models how innovation and “creative destruction” drive long-term economic growth. His research has deepened our understanding of the interplay among market competition, firm dynamics, and technological change as drivers of prosperity.
Professor Aghion received Academia Europaea's Erasmus Medal in 2021.
With this award, Academia Europaea is pleased to count among its distinguished members another laureate of the Nobel-associated prize in economic sciences, underscoring the European scholarly contribution to the global economics frontier.#
Professor Björn Wittrock, Chair of the Social and Related Sciences Class of Academia Europaea writes:
Professor Martin Kahanec, Chair of the Economics, Business and Management Sciences Section of Academia Europaea says:
Read an interview with Philippe Aghion which took place in 2022 on the occassion of the award of the Erasmus Medal. The interview was conducted by the Academia Europaea Cardiff Knowledge Hub.
About Philippe Aghion#
Throughout his professional life, Professor Philippe Aghion has been affiliated with top academic institutions in Europe and the United States in business and economics. His current appointments include the Collège de France, the London School of Economics, and the INSEAD Business School; he is also an Invited Professor at the Paris School of Economics. He was a Professor at Harvard University, the University College London, Official Fellow at Nuffield College, Oxford, and Assistant Professor at the Massachusetts Institute of Technology. Graduated from the École Normale Supérieure de Cachan, he has a Diplôme d'études approfondies in Mathematical Economics from University of Paris 1 Pantheon-Sorbonne, and a Ph.D. from Harvard University.
He is a truly global giant in his academic field with a strong European basis and worldwide recognition due to an enormous amount of publications in top scientific journals, through widely recognized books and many influential societal policy debates. As one of the world's leading theorists, in his publications he collaborates intensively with the best empirical researchers to deal with pressing challenges of high policy relevance to obtain the strong attention not only from the academic community but also among policymakers and in the wider public.
His major ground-breaking research relates to the economics of growth and contract theory, where he developed with Peter Howitt, Rachel Griffith and others the Schumpeterian Growth paradigm by reviving Schumpeter with sound theoretical considerations and by providing testable implications. Famous books with P. Howitt include Endogenous Growth Theory (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), and with Rachel Griffith Competition and Growth (MIT Press, 2006). His research is updated in The Power of Creative Destruction (Harvard University Press, 2021; together with Céline Antonin and Simon Bunel) where he discusses strategies to tame capitalism to ensure future innovations and wellbeing. Based on his outstanding reputation, Philippe Aghion has already received a number of awards including the Yrjo Jahnsson Award of the best European economist under age 45 (2001), the John Von Neumann Award (2009), and the BBVA “Frontier of Knowledge Award” (2020 with Peter Howitt).
Biography#
Philippe Aghion is a professor at leading institutions in business and economics, including the Collège de France
, at the London School of Economics, and the INSEAD Business School, and he is also an invited professor at the Paris School of Economics. Previously, he was the Robert C. Waggoner Professor of Economics at Harvard University, Professor at University College London, Official Fellow at Nuffield College, Oxford, and Assistant Professor at Massachusetts Institute of Technology (MIT). He graduated from the École Normale Supérieure de Cachan (ENS Cachan, Mathematics Section), has a Diplôme d'études approfondies (DEA) in Mathematical Economics from University of Paris 1 Pantheon-Sorbonne, and a Ph.D. from Harvard University (1987).
His research on the economics of growth and contract theory is considered groundbreaking. With Peter Howitt, he pioneered the so-called Schumpeterian Growth paradigm, later extending it to analyze the design of growth policies and the role of the state in the growth process. Together, they published Endogenous Growth Theory (MIT Press, 1998); other important works include The Economics of Growth (MIT Press, 2009), his book with Rachel Griffith on Competition and Growth (MIT Press, 2006), and his survey “What Do We Learn from Schumpeterian Growth Theory” (jointly with U. Akcigit and P. Howitt).
International honours bestowed on Aghion throughout his career include the Yrjo Jahnsson Award of the best European economist under age 45 (2001), the John Von Neumann Award (2009), and the BBVA “Frontier of Knowledge Award” (2020), which he shared with Peter Howitt for “developing an economic growth theory based on the innovation that emerges from the process of creative destruction.” He was elected Fellow of the American Academy of Arts and Sciences in 2009 and Corresponding Fellow of the British Academy in 2015. He is also a fellow of the Econometric Society, a member of the Executive and Supervisory Committee (ESC) of the Center for Economic Research and Graduate Education - Economics Institute (CERGE-EI), and a member of the Scientific Advisory Board of the Max Planck Institute for Research on Collective Goods. Of note, he was appointed by United Nations Secretary-General Ban Ki-moon in 2016 to an expert group advising the High-Level Commission on Health Employment and Economic Growth, which was co-chaired by presidents François Hollande of France and Jacob Zuma of South Africa.
Metrics: over 151 publications with 12,605 total citations; h-index 59 (Scopus).
