Summary
The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on understanding how technology drives economic growth. Mokyr's research focuses on why Britain led the Industrial Revolution, attributing it to the country's unique application of Enlightenment ideas and its open economic and political environment.
Key Facts
- Joel Mokyr, Philippe Aghion, and Peter Howitt won the 2025 Nobel Prize in Economic Sciences.
- Mokyr's research explains why Britain was the first to lead the Industrial Revolution.
- His work highlights Britain's embrace of science, technology, and Enlightenment ideas.
- A crucial factor was Brits turning scientific ideas into practical economic use.
- Britain had a skilled class of workers ready to apply new technologies.
- The British Parliament supported the changes that disrupted traditional systems.
- Mokyr believes these elements helped elevate Britain's economy beyond stagnation.
