Joel Mokyr, Philippe Aghion and Peter Howitt have won the Nobel memorial prize in economics for "having explained innovation-driven economic growth".

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

Aghion said he was shocked by the honour.

"I can't find the words to express what I feel," he said by phone to the media conference in Stockholm on Monday.

He said he would invest his prize money in his research laboratory.

The Nobel committee said Mokyr "demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why".

The winners were c

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