(L-R) Professor John Hassler, Hans Ellegren, Permanent Secretary of the Academy of Sciences and Professor Kerstin Enflo, announce Joel Mokyr, Philippe Aghion and Peter Howitt as the recipients of the Nobel Memorial Prize in Economics during a press conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden, on Oct. 13, 2025. Anders Wiklund/TT News Agency via AP
STOCKHOLM—Three researchers who probed the process of business innovation won the Nobel memorial prize in economics Monday for explaining how new products and inventions promote economic growth and human welfare, even as they leave older companies in the dust.
Their work was credited with helping economists better understand how ideas and technology succeed by disrupting established ways—a process as old as steam locomotives replacing horse-drawn wagons and as contemporary as e-commerce shuttering shopping malls.
