William Nordhaus and Paul Romer win Nobel Economics Prize

The Nobel prize in economic sciences for this year was awarded Monday to two American economists, William Nordhaus and Paul Romer.

Romer's research, the academy said, depicts how the collection of ideas sustains long-term economic growth.

The duo will receive 9 million Swedish krona (around £841,000). The statement said Nordhaus was the first person to create a quantitative model that describes the global interplay between the economy and the climate.

He teaches economics at New York University, where he founded the Stern Urbanisation Project, which researches how policymakers can harness the rapid growth of cities to create economic opportunity and undertake systemic social reform. Five people have won the Nobel Prize in economic sciences while serving as members of the MIT faculty; another 11 MIT alumni, including Nordhaus, have won the prize.

Mr Romer also works with civic innovators as director of NYU's Marron Institute of Urban Management.

Ferrari's 2018 decline summed up by shocking weekend in Suzuka
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The academy said Nordhaus was honoured for "integrating climate change into long-run macroeconomic analysis" and Romer for "integrating technological innovations into long-run macro-economic analysis".

But both Romer and Nordhaus, an economics professor at Yale University, are well known in their fields and have been on the shortlist for the prize in previous years.

He's also studied wage and price behaviour, health economics, augmented national accounting, the political business cycle, productivity, and the "new economy".

The award, which concluded this year's series of Nobel prizes, came into existence about seven decades after the others.

Last week, after the prizes for medicine, physics and chemistry were announced, the most highly-anticipated Nobel, that for peace, went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.

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