Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 Canadian economist Peter Howitt gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science in Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghion gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science in Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine OLSSON / TT News Agency / AFP via Getty Images) / Sweden OUT

Laureate of The Sveriges Riksbank Prize in Economic Sciences 2025 French economist Philippe Aghio gives his lecture in Economic Science at the Aula Magna at Stockholm University in Stockholm, Sweden, on December 8, 2025. (Photo by Christine Olsson/TT / TT News Agency / AFP via Getty Images) / Sweden OUT