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Joel Mokyr, Philippe Aghion and Peter Howitt were named recipients of the Nobel Memorial Prize in Economics during a press conference at the Royal Swedish Academy of Sciences in Stockholm on Monday.

Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics Monday for “having explained innovation-driven economic growth,” including the key principle of creative destruction.

The winners represent contrasting but complementary approaches to economics. Mokyr is an economic historian who delved into long-term trends using historical sources, while Howitt and Aghion relied on mathematics to explain how creative destruction works.

Dutch-born Mokyr, 79, is from Northwestern University; Aghion, 69, from the Collège de France and the London School of Economic

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