Americans William Nordhaus and Paul Romer have won the 2018 Nobel Economics Prize for work in integrating climate change and technological innovation into economic analysis, the Royal Swedish Academy of Sciences said. Mr Nordhaus, of Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the academy said. Mr Romer, of New York University's Stern School of Business, has shown how economic forces govern the willingness of firms to produce new ideas and innovations, laying the foundations for a new model for development, known as endogenous growth theory.
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