US economists William Nordhaus and Paul Romer on Monday shared the 2018 Nobel Economics Prize for integrating innovation and climate with economic growth, the jury said. Nordhaus, a professor at Yale University, and Romer, a former World Bank chief economist now at New York University's Stern School of Business, have addressed "some of our time's most basic and pressing questions about how we create long-term sustained and sustainable growth," the Royal Swedish Academy of Sciences said in a statement.

It said the pair have "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge." Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis." The 62-year-old Romer meanwhile won for "integrating technological innovations into long-run macroeconomic analysis." Both have been tipped as frontrunners for the Nobel in recent years.