Canadian economist among three recipients of Nobel prize for economics

Canadian economist Peter Howitt is among the 3 winners of the Nobel prize in economics.

The winners were announced Monday just before 6 a.m. at the Royal Swedish Academy of Sciences.

Howitt won the award along with his research partner Philippe Aghion and Northwestern University professor, Joel Mokyr.

Mokyr was recognized for his research into the steps needed to sustain economic growth in a time of rapid technological progress.

WATCH MORE: María Corina Machado wins Nobel Peace Prize. Why is the White House upset?

Howitt and Aghion were recognized for their “theory of sustained growth through creative destruction.”

The researchers found that economic growth can be sustained through new innovations replacing and making older ones obsolete, fueling capitalism through competition.

Howitt is currently a professor of economics at Brown University. He was a previous faculty member at the University of Western Ontario where he earned his masters. He is also a Fellow at the Royal Society of Canada.

READ MORE: Venezuelan opposition leader Maria Corina Machado wins Nobel Peace Prize for defending democracy