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Nobel Economics Prize 2018
October 11 , 2018
2242 days
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- The Royal Swedish Academy has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer.
- They have been chosen for this award for integrating innovation and climate with economic growth.
- Nordhaus was the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate.
- Romer has laid the foundation of endogenous growth theory.
- The theory is both conceptual and practical, as it explains how ideas are different to other goods and require specific conditions to thrive in a market.
- Both Dr. Nordhaus and Dr. Romer are American.
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