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

More or Less

BBC

Business, Mathematics, Science, News Commentary, News

4.6 • 3.5K Ratings

🗓️ 18 October 2025

⏱️ 10 minutes

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Summary

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]

Presenter: Lizzy McNeill Reporter: Tim Harford Series producer: Tom Colls Sound mix: Donald MacDonald Editor: Richard Vadon

Image credit: Johan Jarnestad / The Royal Swedish Academy of Sciences

Transcript

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0:00.0	BBC Sounds, Music, Radio, podcasts.
0:07.3	Welcome back to the home of the oxymoron.
0:10.5	Evil genius.
0:11.6	He asked the newspaper to print his obituary early so he'd enjoy it.
0:15.5	That's like hiding at your own funeral.
0:17.1	Yeah, a bit great gig.
0:18.6	I'm Russell Kane.
0:19.6	Join me to weigh in on whether the biggest players in history are more evil or genius.
0:24.1	Becoming that rich, I'd say that is some level of genius.
0:26.4	It also helps it.
0:27.4	It's a long time ago, right?
0:29.4	It's like the podcast version of telling your kids the ice cream van plays music when it's
0:33.5	out of ice cream.
0:34.9	Listen to evil genius on BBC Sounds.
0:38.0	Hello, and thanks for downloading the more or less podcast. We're the programme that looks
0:41.9	at the numbers in the news, in life, and in the Sferia's Ricksbank Prize in Economic Sciences
0:47.0	in memory of Alfred Nobel 2025. And I'm Lizzie McNeil.
0:53.8	It's that time of year again, the time when the Royal Swedish Academy of Sciences inspects the world's economists
0:59.5	and decides who among them deserves 11 million Swedish krona, that's just over a million dollars, for their work.
1:06.5	This year they've awarded the Nobel Memorial Prize in Economics to Joel McKeeeer, Philippe Aguillon and Peter Howitt, for, in the Academy's words,
1:15.9	Having explained innovation-driven economic growth.
1:20.5	As is our annual tradition, we've turned the tables on our illustrious presenter, Tim Harford, an economist himself, no less, to explain
	...

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