Two Americans, William Nordhaus and Paul Romer, have been awarded this year’s Nobel Memorial Prize in economic sciences for work on climate change and innovation.

“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 Royal Swedish Academy of Sciences said in statement announcing the award Monday.

Worth $1.31 million Cdn, the economics award that concludes this year’s series of Nobel prizes came about seven decades after the others.

When Swedish industrialist Alfred Nobel established the prizes in his will, economics wasn’t one of the undertakings he wanted honoured. Rather, the Nobel Memorial Prize in Economic Sciences was established by Sweden’s central bank and first given out in 1969.

More to come.

With files from Reuters