Nobel economics prize 2025: What's the big idea?

Joel Mokyr, Philippe Aghion and Peter Howitt have been awarded this year’s Nobel Memorial Prize in Economic Sciences.The three are sharing 11 million Swedish kronor, over a million dollars, after being recognised for their work in the area of “innovation-driven economic growth”. But why does this area matter and what did the three economists actually do? We turn the tables on our presenter Tim Harford, to explain all.If you’ve seen a number in the news you think we should take a look at, let us know: [email protected]: Lizzy McNeill Reporter: Tim Harford Series producer: Tom Colls Sound mix: Donald MacDonald Editor: Richard VadonImage credit: Johan Jarnestad / The Royal Swedish Academy of Sciences