The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer.
The duo have designed methods that address some of our times most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the worlds population, the Academy said.
William Nordhaus is being recognised for his work on the damage caused by climate change.
Paul Romer has examined how economists can achieve a healthy rate of economic growth.
The models that Nordhaus and Romer have created have helped with the development of economic growth, and with combating climate change, were hearing, the Nobel Committee said.
They have taken macroeconomics to a global scale, to tackle some of the worlds biggest problems, the Nobel Prize committee say.