world

Updated: Oct 08, 2018 19:56 IST

William Nordhaus and Paul Romer were on Monday awarded the 2018 Prize in Economic Sciences by the The Royal Swedish Academy of Sciences for their work on climate change and innovation.

Nordhaus and Romer have designed methods that address long-term sustainable growth in the global economy and the welfare of the world’s population.

The award concludes this year’s series of Nobel prizes.

The Nobel economics prize was created by the Swedish central bank “in memory of Alfred Nobel” and first awarded in 1969, unlike the other prizes which were created in his last will and testament and first awarded in 1901.

Last year’s win by American Richard Thaler was unusually accessible to the layman — his work studied the human irrationality that can mess with economic theory.