STOCKHOLM (AP) — 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.”

One of three researchers who won the Nobel memorial prize in economics said he didn't immediately get the call from Nobel officials because his phone doesn't accept calls outside of his contact list.

Last year it went to Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson for research into wealth inequality between nations.