Climate change economists win Nobel prize

This year’s Nobel prize for economics has been awarded to William Nordhaus and Paul Romer for their work on climate change.

The economists were praised for their research on the relationship between global warning and economic growth.

The Royal Swedish Academy of Sciences said they had addressed “some of our time’s most basic and pressing questions” about sustainable growth.

The duo will receive 9 million Swedish krona (around £841,000).

Prof Nordhaus, of Yale University, was the first person to create a model that described the interplay between the economy and the climate, the academy said.

Prof 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.

“Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” the academy said in statement.