Economists Nordhaus, Romer awarded 2018 Nobel prize

Economists Nordhaus, Romer awarded 2018 Nobel prize

The Royal Swedish Academy of Sciences in Stockholm has given the 50th Nobel Prize in Economic Sciences to William D. Nordhaus and Paul M. Romer, both from the USA, for "integrating climate change and technological innovations into long-run macroeconomic analysis". The prize is awarded in memory of Alfred Nobel.

The academy said Nordhaus was honoured for "integrating climate change into long-run macroeconomic analysis" and Romer for "integrating technological innovations into long-run macro-economic analysis".

Romer's research, the academy said, depicts how the collection of ideas sustains long-term economic growth. He has endorsed a universal tax on carbon, which would require polluters to pay for the costs that their emissions impose on society. He has also written about climate an economics for a broad audience, as the author of several books.

His work on endogenous growth theory is not universally admired.

Two researchers at American universities have been awarded the 2018 Nobel Prize for Economics. A number of people are trying to find innovative options that can help reduce emissions and make environmental protection easier for everyone.

Nordhaus was recognized for his pioneering work in applying economic analysis to climate change forecasts. Rather, the Nobel Memorial Prize in Economic Sciences was established by Sweden's central bank and first given out in 1969.

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Romer was the chief economist at the World Bank but left after 15 months following repeated run-ins with staff.

Romer is the son of Roy Romer, the former governor of Colorado credited with the state's economic growth in the 1990s.

Romer is Rochester's third economics Nobelist.

In studying the relationship of innovation and growth, Romer discovered that unregulated economies generally failed to encourage enough research and development to support lasting growth. His vision was to model new ideas as goods and services.

The prize awarded Monday is the final Nobel awarded this year after accolades for medicine, physics, chemistry and peace were given last week. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

The peace prize, which was announced in Oslo on October 5, was awarded to Denis Mukwege, a gynecologist from the Democratic Republic of Congo, and Nadia Murad, an activist and victim of war crimes.

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