William Nordhaus and Paul Romer have won the 2018 Nobel prize for economics for their work on climate change.
Prof. Nordhaus and Prof. Romer's research tackled 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.
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, while 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 a statement.
The duo will receive 9 million Swedish krona in prize money (around €861,000).