These are the winners of the 2018 Nobel Prize in Economics

The Royal Swedish Academy of Sciences has announced that the 2018 Nobel Prize for Economics goes to economists William D. Nordhaus and Paul M. Romer for designing “methods that address some of our time’s most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the world’s population.”

BREAKING NEWS: ⁰The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer. #NobelPrize pic.twitter.com/xUs6iSyI7h

— The Nobel Prize (@NobelPrize) October 8, 2018

Specifically, Nordhaus won for his research showing that the most efficient solution “for problems caused by greenhouse gas emissions is a global scheme of carbon taxes uniformly imposed on all countries.”

Laureate William Nordhaus’ research shows that the most efficient remedy for problems caused by greenhouse gas emissions is a global scheme of carbon taxes uniformly imposed on all countries. The diagram shows CO2 emissions for four climate policies according to his simulations. pic.twitter.com/tmxUE6MiLn

— The Nobel Prize (@NobelPrize) October 8, 2018

Romer, in turn, won for his research showing “how the accumulation of ideas sustains long-term economic growth. He demonstrated how economic forces govern the willingness of firms to produce new ideas and innovations.”

This year’s Economic Sciences laureate Paul Romer’s research shows how the accumulation of ideas sustains long-term economic growth. He demonstrated how economic forces govern the willingness of firms to produce new ideas and innovations. #NobelPrize pic.twitter.com/LeWDpiIHrF

— The Nobel Prize (@NobelPrize) October 8, 2018

“Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” the academy said in a statement.