Nobel Economics 2018 prize awarded to William Nordhaus and Paul Romer

This year's Nobel Economics prize has been awarded to Americans William Nordhaus and Paul Romer for their contribution to the field.

While Nordhaus has been honoured for his research on global scheme of carbon tax applied uniformly on all countries as an efficient remedy for problems caused by greenhouse gas emission, Romer has been credited for demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations.

Nordhaus is a known and much-revered figure in the fight against climate change an its economic fallout. Romer, a former senior VP of the World Bank, is best known for his study on long-term economic growth during the 1950s and 1960s and for his research on corporate production.