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

Tim Harford explains the ideas behind the winners of the Nobel Memorial Prize in Economic Sciences.

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? Presenter Tim Harford explains it all.

If you’ve seen a number in the news you think we should take a look at, let us know: moreorless@bbc.co.uk

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

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

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