Nobel economics prize goes to 'creative destruction' trio

The Nobel memorial prize in economics was announced today and it goes to three researchers for explaining innovation-driven economic growth.

The recipients are Joel Mokyr, Philippe Aghion and Peter Howitt.

Mokyr is from Northwestern University, Aghion from the College de France and the London School of Economics and Howitt from Brown University.

The winners were credited with better explaining and 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.