Nobel Prize in Economic Sciences goes to William D. Nordhaus and Paul M. Romer
The 2018 prize has been awarded to the US’s William D. Nordhaus and Paul M. Romer for including climate change and technological innovation in longterm economic theory.
The Royal Swedish Academy of Sciences has given the 2018 Nobel Prize in Economic Sciences to William D. Nordhaus and Paul M. Romer, both from the US, for “integrating climate change and technological innovations into long-run macroeconomic analysis.”
Nordhaus, from Yale University, and Romer, from New York University were honored for their contribution to what the academy called “some of our time’s most fundamental and pressing issues: longterm sustainable growth in the global economy and the welfare of the world’s population.”
The prize was not part of the original line-up of awards as envisaged by Alfred Nobel and is therefore officially known as the Nobel Memorial Prize in Economic Sciences.
It has been issued by Sweden’s central bank, the Riksbank, since 1969.
Last year, US economist Richard H. Thaler received the award for his work in behavioral economics, specifically individual decision-making and how irrational decisions can trip up economic theory.
Source:dw.com