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Each year a million dollars is on offer to the winner of the Nobel Memorial Prize in Economic Sciences. This year, the money is being shared between two American researchers.

William Nordhaus of Yale University won for his work on the economics of climate change. He's called for a worldwide tax on activities which produce carbon dioxide.

Paul Romer of New York University meanwhile won for his research into how innovation can be used to help protect the environment.

Our economics editor Andrew Walker asked Mr Romer about his research highlights.

(Photo credit: Getty Images)