Duo win economics Nobel prize

American Edward C Prescott and Norwegian Finn E Kydland won this year’s Nobel prize in economics for their work in identifying the driving forces behind business cycles.

Mr Prescott, 63, an economics professor at Arizona State University, and Mr Kydland, 60, a Norwegian-born economics professor at Carnegie Mellon University in Pittsburgh, will share a prize of $1.8 million, said the Royal Swedish Academy of Sciences, which selects the Nobel prize winners each year. The prize will be awarded on December 10.