William Nordhaus and Paul Romer win Nobel Economics Prize

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The pair will share the nine million Swedish kronor (about $1.01 million or 860,000-euro) prize.

Nordhaus, a Professor of Economics at Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the Swedish academy said.

The economists were praised for their research on the relationship between global warning and economic growth.

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"The key insight of my work was to put a price on carbon in order to hold back climate change", Nordhaus was quoted as saying in a Yale publication this year.

The prize awarded Monday is the final Nobel awarded this year after accolades for medicine, physics, chemistry and peace were given last week.

The New York university economist, who has argued that technological change can be accelerated by the targeted use of state interventions in areas such as R&D tax credits and patent regulation, famously inspired Gordon Brown to use the phrase post neo-classical endogenous growth theory in a speech when he was shadow chancellor. His economic approaches to global warming include modeling to determine the efficient path for coping with climate change.

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Romer was recognized for his work modeling methods for long-term economic growth and for exploring economic decisions and how market conditions can fuel technological innovation, the academy said in the release. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations.

The Sveriges Riksbank Prize in Economic Sciences, as it is formally known, was created in memory of Alfred Nobel in 1968.

He's is the 11th alumnus to win a Nobel Prize in Economics.

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