Stockholm, October 8: The 2018 Nobel Prize in┬аEconomic Sciences was awarded to William D Nordhaus, Paul M Romer on Monday. The Royal Swedish Academy of Sciences decided to award the Sveriges Riksbank Prize in Economic Sciences,┬аin Memory of Alfred Nobel, to┬аWilliam Nordhaus "for intergrating claimate change into long-run macroeconomic analysis". Paul┬а Romer was awarded Noble Prize in Economic Sciences "for integrating technological invovations into long-run┬аmacroeconomic analysis", said the┬аRoyal Swedish Academy of Sciences.

Known for his work in economic modeling and climate change,┬аWilliam Dawbney Nordhaus is an economist and Sterling Professor of Economics at Yale University. He┬аreceived his B.A and M.A from Yale in 1963 and 1973, respectively. He completed his┬аPh.D in 1967 from Massachusetts Institute of Technology, Cambridge.┬аNordhaus┬аhas been on the faculty of Yale University since 1967 and has been Full Professor of Economics since 1973 and also is Professor in YaleтАЩs School of Forestry and Environmental Studies.

Born 1955 in Denver, Paul Romer completed his Ph.D. in 1983 from University of Chicago.┬аRomer is a┬аprofessor at NYU Stern School of Business. He is also a University Professor at New York University and Director of NYU's Marron Institute of Urban Management.┬аIn 2002, he received the Recktenwald Prize for his work on the role of ideas in sustaining economic growth.

In 2017, the Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences to Richard H Thaler┬аfor his contributions to behavioural economics. The Sveriges Riksbank (SwedenтАЩs central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize in 1968.

(The above story first appeared on LatestLY on Oct 08, 2018 03:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).