Economists win Nobel for work on climate and economy

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, BBC News reports.

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).

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.

"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.