Three researchers who probed the process of business innovation have won the Nobel memorial prize in economics for explaining how new products and inventions promote economic growth and human welfare, even as they leave older companies in the dust.

The prize was announced Monday.

It honored research that was credited with helping economists better understand how ideas and technology succeed by disrupting established ways. The process is as old as steam locomotives replacing horse-drawn wagons and as contemporary as e-commerce shuttering shopping malls.

The winners were Dutch-born Joel Mokyr (mo-KEER) from Northwestern University; Philippe Aghion from the Collège de France and the London School of Economics; and Canadian-born Peter Howitt from Brown University.

During an interview with The Associated Press, Mokyr said he didn't get the call right away because his phone doesn't accept calls that are not in his contact list. He found out from seeing emails congratulating him.

"I think I sat there for 15 minutes, sort of dazed, because I mean everybody says 'I'm I'm I'm surprised.' Most people lie about it, you know. But in my case, it's really true," he said.

AP video shot by Laura Bargfeld