Nobel Prize 2018 in Economics goes to William D. Nordhaus and Paul M. Romer

ANIMESH SRIVASTAVA 08/10/2018 18:29 PM


New Delhi, Oct 8: The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences to William D Nordhaus and Paul M Romer, for “integrating innovation and climate with economic growth.” Both Dr. Nordhaus and Dr. Romer are American.

A press release issued by the academy reads, “Dr. 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,” and Dr. Romer “laid the foundation of what is now called 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.”

The academy also stated that this year’s Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth.

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