Mokyr, Aghion and Howitt win Nobel Prize in economics for work on innovation-driven growth

The Nobel memorial prize in economics was on Monday awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for “having explained innovation-driven economic growth". The winners were credited with better quantifying “creative destruction,” a key concept in economics that refers to the process in which beneficial new innovations replace – and thus destroy – older technologies and businesses.