Stockholm, Oct 8 (IANS): The Nobel Prize in Economic Sciences 2018 was awarded on Monday to American economists William Nordhaus and Paul Romer for designing methods that address fundamental and pressing issues including long-term sustainable growth in the global economy.

The announcement was made by the Royal Swedish Academy here. The Sveriges Riksbank Prize in Economic Sciences is awarded in the memory of Swedish philanthropist Alfred Nobel.

Nordhaus, who is also a Sterling Professor of Economics at Yale University, is being recognised for his work on the damage caused by climate change, according to the Nobel Prize committee.

Romer, who served as the Chief Economist and Senior Vice President of the World Bank until January 24 and the pioneer of endogenous growth theory, 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, the Committee said.

They have taken macroeconomics to a global scale, to tackle some of the world's biggest problems, it added.

A total of 79 individuals have been awarded with this honour from 1969 to 2017.