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STOCKHOLM — Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics Monday for explaining how innovation creates new products and promotes economic growth and human welfare even as it leaves old businesses in the dust.

Their work was credited with helping economists better understand how new ideas and inventions come about — a process as old as steam locomotives replacing horse-drawn transport and as contemporary as e-commerce shuttering shopping malls.

Dutch-born Mokyr, 79, is at Northwestern University; Aghion, 69, at the Collège de France and the London School of Economics; and Canadian-born Howitt, 79, at Brown University.

The prize recognizes

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