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Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics for explaining innovation-driven growth and 'creative destruction.' Aghion, of the College de France and the London School of Economics, said he was 'shocked' and will invest the prize money in his research laboratory. The committee praised Mokyr’s insight that successive innovations need scientific explanations, and noted Aghion and Howitt’s 1992 model of creative destruction. Chair John Hassler warned growth 'cannot be taken for granted.' The Bank of Sweden prize, created in 1968, has been awarded 56 times to 96 laureates; only three have been women.

Prepared by Christopher Adams and reviewed by editorial team.