YEREVAN, OCTOBER 8, ARMENPRESS. The Nobel Prize in economics has been awarded to Americans William Nordhaus and Paul Romer for their contributions to understanding how economies can grow sustainably, CNN reports.

Nordhaus, a professor at Yale University, is best known for his work on climate economics. Romer, who works at New York University, is a proponent of a theory that examines how the world can achieve sustainable growth.

"This year's Laureates 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 Royal Swedish Academy of Sciences said in a statement.