While Nordhaus has won it for 'investigating climate change into long-run macroeconomic analysis', Romer won it for 'integrating technological innovations into long-run macroeconomic analysis'.
The Nobel Prize for Economics was on Monday awarded to William D Nordhaus and Paul M. Romer.
While Nordhaus has won it for 'investigating climate change into long-run macroeconomic analysis', Romer won it for 'integrating technological innovations into long-run macroeconomic analysis'.
Nordhaus, a Yale University professor known for his research on the economic consequences of global warming, bears two of the typical characteristics of a Nobel economics laureate: he's a man, and he's American, like 70 percent of previous prizewinners.
At 77, he's a decade older than the average winner.
Only one woman has won the economics prize since 1969, Elinor Ostrom in 2009.
Micael Dahlen, a professor at the Stockholm School of Economics, said that was all the more reason to give the nod to a woman this year.
"I'd really like to see the prize go to (France's) Esther Duflo, whose research has focused on developing economies and gender equality, or Cuban-born American Carmen Reinhart, active in the field of public finance," Dahlen explained.
Meanwhile, Hubert Fromlet, a professor at Sweden's University of Vaxjo singled out several American women who could be honoured: Anne Krueger, the first woman named the deputy head of the International Monetary Fund, Susan Athey, known for her work on auctions and decision making under uncertainty, and Claudia Goldin, who researches gender inequality.
"I could also see the prize going to a macro-economist like Ben Bernanke," the former head of the US Federal Reserve, said Dahlen.
Among the "usual suspects" cited frequently for the Nobel are US economists Paul Romer and Paul Milgrom, and Frenchman Olivier Blanchard, a former IMF chief economist.
The youngest Nobel prize is this year celebrating its 50th anniversary. Created in 1968 to mark the tricentenary of the Swedish central bank, the Riksbank, it is the most prestigious prize an economics researcher can win.
Nobel's will stipulated that the prizes shall go to people who have worked to create "a better world".
According to Micael Dahlen, "economics has the same sweeping effects on society as the other disciplines and can therefore be considered a prerequisite for everything from scientific progress to culture and peace".
"It's about understanding and creating the basis for well-being and development," Dahlen said.
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