William Nordhaus, Paul Romer awarded 2018 Nobel Prize in Economics
The American economists William Nordhaus and Paul Romer were jointly awarded the 2018 Nobel Prize in Economics Sciences for integrating climate change and technological innovation into the macroeconomic analysis. Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge. Their studies have helped to address some of the current time most basic and pressing questions about creating long-term sustained and sustainable growth
About William Nordhaus
- William Nordhaus is the professor at Yale University. He was the first person to create the economic model that describes the global interplay between economy and the climate in the 1990s
- This model had shown that the most effective remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes.
About Paul Romer
- Professor Romer received his bachelor’s degree and doctorate from the University of Chicago.
- In 2016, Professor Romer was named chief economist of the World Bank, a prestigious perch for a development economist
- He is the professor at New York University’s Stern School of Business.
- He has shown that how economic forces govern willingness of firms to produce new ideas and innovations.