Yale professor William Nordhaus and New York University academic Paul Romer will share the award's nine million Swedish kronor (about $1.01 million/ £770,000) prize.
Both are macroeconomists dealing with long-run dynamics-big questions of what spurs economic growth, the importance of sustainable growth, and how to tackle climate change.
In this photo taken on April 05, 2000, United States president Bill Clinton sits next to Dr. William D. Nordhaus (R), professor of economics at Yale University, during the morning session of The White House Conference On The New Economy in the East Room of the White House. These models are widely used today in research on studies of climate-change economics and policies.
Romer's work "explains how ideas are different to other goods and require specific conditions to thrive in a market", the academy said.
The contributions of these two economists are "crucial steps forward in addressing central questions about the future of humanity", the Nobel Committee has said.
U.S. President Donald Trump has repeatedly called climate change a hoax, and a year ago announced that he would withdraw the United States from a global pact to combat it reached in 2015, calling the deal's demands for emissions cuts too costly.
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"People think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn't exist", Romer said at a news conference after the Nobel announcement.
"I came to NYU thinking we'd have a chance to really do something in practice that could matter in urban development", Romer said at a press conference held by NYU on Monday.
Paul Romer is an economist who is also the pioneer of endogenous growth theory that argues that investment in human capital; innovation and knowledge contribute to economic growth.
He said he was being honored for his work on carbon tax as a mechanism to reduce global warming.
Nobel's will stipulated that the prizes shall go to people who have worked to create "a better world". When annual economic growth of a few percent accumulates over decades, it transforms people's lives. He was chief economist at the World Bank from 2016 to 2018, and is credited with the quote "A crisis is a awful thing to waste".
This year four other Nobel prizes were handed out - Arthur Ashkin, Gerard Mourou and Donna Strickland for Physics, Frances Arnold, George Smith and Gregory Winter for Chemistry, James P Allison and Tasuku Honjo for Medicine and Denis Mukwege and Nadia Murad for Peace.
The awarding of the prize proved timely, given it coincided with the release of findings from a United Nations panel warning of ominous consequences of climate change and calling on world leaders to respond with greater urgency.