India, Oct. 12 -- Michael Woodford and Robert E Hall have won 2026 Nobel Prize in Economic Sciences "for microeconomic foundations of macroeconomic stabilisation."

The Nobel memorial prize in economics, the final award in this year's cycle, was announced on Monday by the Royal Swedish Academy of Sciences in Stockholm.

The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is worth $1.2 million.

The award was secured by Joel Mokyr, Philippe Aghion and Peter Howitt last year for their work on "creative destruction" and how new technology and production methods can boost growth and living standards.

Highlighting the American duo's contribution, the Nobel Prize committe said, "...