Canadian Peter Hewitt is among 3 winners of the Nobel Prize in Economics

Canadian economist Peter Hewitt is among a group of three researchers who have won the Nobel Memorial Prize in Economics, the Royal Swedish Academy of Sciences announced Monday.

Hewitt, Joel Mokyr, and Philip Aghion won for “explaining economic growth based on innovation,” including the basic principle of creative destruction.

The winners represent contradictory but complementary approaches to the economy. Mokyr is an economic historian who delved into long-term trends using historical sources, while Hoyt and Aghion relied on mathematics to explain how creative destruction works.

Dutch-born Mokyr, 79, of Northwestern University. Aghion, 69, from the College of France and the London School of Economics. Canadian-born Hoyt, 79, of Brown University.

More to come