William Nordhaus and Paul Romer won the 2018 Nobel Economics Prize for integrating climate change and technological innovation into macroeconomic analysis, the Royal Swedish Academy of Sciences said on Monday.

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"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.

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Worth 9 million Swedish crowns ($1 million), the economics prize was established in 1968. It was not part of the original group of five awards set out in Swedish industrialist Alfred Nobel`s 1895 will.
($1 = 9.0718 Swedish crowns)