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| Economists win Nobel for work on climate and growth | |
| (about 1 hour later) | |
| This year's Nobel prize for economics has been awarded to William Nordhaus and Paul Romer for their work on sustainable growth. | This year's Nobel prize for economics has been awarded to William Nordhaus and Paul Romer for their work on sustainable growth. |
| The US economists' research focuses on how climate change and technology have affected the economy. | The US economists' research focuses on how climate change and technology have affected the economy. |
| The Royal Swedish Academy of Sciences said they had addressed "some of our time's most… pressing questions" on how to achieve sustainable growth. | The Royal Swedish Academy of Sciences said they had addressed "some of our time's most… pressing questions" on how to achieve sustainable growth. |
| The duo will receive nine million Swedish krona (£841,000). | The duo will receive nine million Swedish krona (£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 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. | 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. | "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. |
| Prof Romer courted controversy earlier this year when he stepped down as the World Bank's chief economist after just 15 months in the job. | Prof Romer courted controversy earlier this year when he stepped down as the World Bank's chief economist after just 15 months in the job. |
| He had claimed that Chile's rankings in a closely watched "Doing Business" report may have been manipulated for political reasons under socialist president Michelle Bachelet. | He had claimed that Chile's rankings in a closely watched "Doing Business" report may have been manipulated for political reasons under socialist president Michelle Bachelet. |
| It came amid reports that the outspoken economist had clashed with colleagues at the Word Bank over a host of issues, including the organisation's culture and economists' use of grammar. | It came amid reports that the outspoken economist had clashed with colleagues at the Word Bank over a host of issues, including the organisation's culture and economists' use of grammar. |
| Commenting on the prize, Prof Romer told reporters: "I think... many people think that protecting he environment will be so costly and so hard that they just want to ignore [this]. | Commenting on the prize, Prof Romer told reporters: "I think... many people think that protecting he environment will be so costly and so hard that they just want to ignore [this]. |
| "[But] we can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth." | "[But] we can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth." |
| American domination | American domination |
| The Nobel economics prize - technically known as the Sveriges Riksbank Prize - was created by the Swedish central bank "in memory of Alfred Nobel" and first awarded in 1969. | The Nobel economics prize - technically known as the Sveriges Riksbank Prize - was created by the Swedish central bank "in memory of Alfred Nobel" and first awarded in 1969. |
| That is unlike the other prizes which were created in the philanthropist's last will and testament, and first awarded in 1901. | That is unlike the other prizes which were created in the philanthropist's last will and testament, and first awarded in 1901. |
| Last year, US economist Richard Thaler, author of the best seller Nudge, won for his work in behavioural economics. | Last year, US economist Richard Thaler, author of the best seller Nudge, won for his work in behavioural economics. |
| In 2016 it went to British-born American economist Oliver Hart and Finn Bengt Holmstrom for their work on "contract theory" - the study of how people develop legal agreements in situations with uncertain conditions. | In 2016 it went to British-born American economist Oliver Hart and Finn Bengt Holmstrom for their work on "contract theory" - the study of how people develop legal agreements in situations with uncertain conditions. |
| Since it was first awarded in 1969, Americans have dominated the awards. Only one woman has won the economics prize since 1969, Elinor Ostrom in 2009. | Since it was first awarded in 1969, Americans have dominated the awards. Only one woman has won the economics prize since 1969, Elinor Ostrom in 2009. |