The 2025 Nobel Prize in Economics and the Financial Ecosystems That Make Innovation Possible Innovation, Institutions, and the Architecture of Growth In 2025, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt , recognizing a body of work that decisively reshaped modern understanding of innovation-driven economic growth . Their research did not merely explain why economies expand—it clarified