3 researchers win the Nobel memorial prize in economics for work on creative destruction

Creative destruction is a concept in economics in which new innovations replace older technology and businesses. 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 lo...