NEW YORK - A professor at New York University has been awarded the Nobel Memorial Prize in Economic Sciences.
The Swedish Royal Academy named Paul Romer as one of the recipients of the annual award.
Romer teaches at NYU Stern and founded the Stern Urbanization Project.
The program researches how policymakers can use growing cities to create economics opportunities and undergo a social reform.
Romer shares the title with Yale University professor William Nordaus.
The duo will split the $1.1 million prize.