US economists William Nordhaus and Paul Romer have jointly won this year’s Nobel Prize in Economic Sciences for their work on climate change and innovation.
The Nobel committee said the pair had “brought us considerably closer to answering the question of how we can achieve sustained and sustainable economic growth”, by developing models that explain how the market economy interacts with nature and knowledge.
Mr Nordhaus, a professor at Yale, won recognition for his pioneering work integrating climate change into long-run macroeconomic analysis. He began working on the concept of “green accounting” in the 1970s and was the first to create a quantitative model describing the global interplay between the economy and climate.
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