Joel Mokyr, Philippe Aghion, and Peter Howitt won the Nobel Memorial Prize in Economics for their work on “creative destruction,” explaining how innovations replace outdated technologies. Their research combines historical analysis and mathematical models to quantify the mechanisms driving economic growth

Stockholm: Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel Memorial Prize in Economics Monday for their research into the impact of innovation on economic growth and how new technologies replace older ones, a key economic concept known as “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

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