The Prize in Economic Sciences 2018 has been awarded to William D.Nordhaus for integrating climate change into long-run macroeconomic analysis and Paul M.Romer for integrating technological innovations into long-run macroeconomic analysis.
Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge.
Recall, the Nobel Prize in Economics is the most prestigious award in this field. This award was first awarded in 1969 on the occasion of the 300th anniversary of the Swedish bank. The winning amount is 9 million Swedish kronor (1.1 million US dollars).
Announcement of names of winners has taken place during the press conference in Stockholm.
In general the names of all the Nobel Prize winners of this year have been announced.