The 2018 Nobel Prize in Economics, or officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has been awarded Monday jointly to William Nordhaus and Paul Romer.
Nordhaus was rewarded "for integrating climate change into long-run macroeconomic analysis" and Romer "for integrating technological innovations into long-run macroeconomic analysis," according to an official statement released by the Royal Swedish Academy of Sciences.
The two American economists' findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge, the statement added.
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