American scientists William Nordhaus of Yale University and Paul Romer of New York University's Stern School of Business have been awarded the 2018 Sveriges Riksbank Prize in Economic Sciences for "integrating innovation and climate with economic growth," the Royal Swedish Academy of Sciences said in a statement on Monday.

"William D. Nordhaus and Paul M. Romer have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth," the statement reads. "This year’s Laureates William Nordhaus and Paul Romer have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge," the document adds.

"Romer demonstrates how knowledge can function as a driver of long-term economic growth," while "Nordhaus’ findings deal with interactions between society and nature."

"This year’s Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth," the Royal Swedish Academy of Sciences said.