Nordhaus is a professor at Yale University, who is most famous for his DICE computer model, . which integrates climate and economic models. and has proved many policymakers wrong about the true impact of global warming.
The laureates of the Nobel Prize in Economics, William Nordhaus, left, and Paul Romer, are seen at a press conference at The Royal Swedish Academy of Sciences in Stockholm, on October 8, 2018.
He teaches economics at New York University, where he founded the Stern Urbanisation Project, which researches how policymakers can harness the rapid growth of cities to create economic opportunity and undertake systemic social reform. "The main recipe.is to make sure governments, corporations and households face a high price on their carbon emissions".
Both have been tipped as frontrunners for the Nobel in recent years.
The academy said Romer's work "explains how ideas are different to other goods and require specific conditions to thrive in a market".
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The remarks were published by Bloomberg in March past year, when Romer was the World Bank's chief economist.
That triggered an economic crisis from which the world's financial system is arguably still recovering.
Tipped as frontrunners for the award in recent years, the pair will share the nine million Swedish kronor (about $1.01m) prize. It was not part of the original group of five awards set out in Swedish industrialist Alfred Nobel's 1895 will.
Proceedings have been overshadowed by the absence of the literature prize, postponed to give the Swedish Academy time to restore public trust after a sexual assault scandal.
Whether economics is a genuine science in the sense of the Nobels awarded for accomplishments in medicine, chemistry and physics can be debated; the award often goes to work that has a high level of abstraction.