Nordhaus, Romer of the U.S. Win Nobel Prize in Economic Sciences

(Bloomberg) -- William D. Nordhaus and Paul M. Romer of the U.S. were awarded the 2018 Nobel Prize in Economic Sciences.

The winners have designed methods for addressing "some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth," the Royal Swedish Academy of Sciences said in a statement Monday.

Nordhaus was awarded the prize "for integrating climate change into long-run macroeconomic analysis" and Romer "for integrating technological innovations into long-run macroeconomic analysis," the academy said.

Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896. The prize in economic sciences was added by Sweden’s central bank in 1968. The total amount for each of the 2018 prizes is 9 million kronor ($1 million).

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