Nobel Prize for Economic Sciences awarded to William Nordhaus, Paul Romer

08 October, 2018, 22:26 | Author: Carlos George
  • William Nordhaus and Paul Romer win Nobel Economics Prize

The 62-year-old Romer meanwhile won for "integrating technological innovations into long-run macroeconomic analysis". In 1990, he published his work which is the foundation of what is now called Endogenous Growth Theory.

The Royal Swedish Academy of Sciences awarded the $1 million prize to William Nordhaus of Yale University and Paul Romer of New York University.

It said the pair have "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge".

Romer's career has also taken him outside the academic world. This model is now widespread and is used to stimulate how they two co-evolve, mainly examining the impact of climate policy interventions. In the 1990s, he created an integrated assessment model, which is a quantitative model that describes the global relationship between the climate and the economy.

Nordhaus has been a prominent advocate of the use of a uniformly applied carbon tax as the best way to put a true cost on the use of burning fossil fuels and so reducing greenhouse gas emissions.

Romer resigned from the World Bank in January 2018 after raising questions about how the institution was ranking countries.

Nordhaus is the 37th MIT alumnus to win a Nobel Prize and 90th victor with a connection to MIT.

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Worth 9 million Swedish crowns ($1.4 million), the economics prize was established in 1968.

A year ago it was awarded to the behavioural economist Richard Thaler, who won for his work on nudge theory, the idea that small "nudges" can influence our economic and social behaviour, and his work around humans being irrational economic actors.

The economists Paul Romer and William Nordhaus have been awarded 2018's Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, often considered to be the most prestigious prize in the field of economics.

Nobel committee chair Per Stromberg told Reuters Monday's award was honoring research into "two big global questions": how to deal with the negative effects of growth on the climate and "to make sure that this economic growth leaves prosperity for everyone".

That award was postponed by a year for the first time in 70 years over a rape scandal that came to light as part of the #MeToo movement.

This is the final Nobel prize to be announced this year.

The peace prize was awarded Friday to Denis Mukwege of Congo and Iraqi Nadia Murad for their work in drawing attention to how sexual violence is used as a weapon of war.

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