William Nordhaus and Paul Romer have been awarded the 2018 Prize in Economic Sciences, have designed methods that address some of our time’s most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the world’s population.

William Nordhaus is being recognised for his work on the damage caused by climate change.

Paul Romer has examined how economists can achieve a healthy rate of economic growth.

The models that Nordhaus and Romer have created have helped with the development of economic growth, and with combatting climate change, we’re hearing.

They have taken macroeconomics to a global scale, to tackle some of the world’s biggest problems, the Nobel Prize committee say.