The Nobel memorial prize in economics was announced in Stockholm, Sweden. Photo: AP PHOTO

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

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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

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