The US economists William Nordhaus and Paul Romer on Monday, October 8 shared the 2018 Nobel Economics Prize for integrating innovation and climate with economic growth, the jury said. The official website of Nobel prize wrote:
The Prize in Economic Sciences 2018 has been awarded to William D. Nordhaus “for integrating climate change into long-run macroeconomic analysis” and Paul M. Romer “for integrating technological innovations into long-run 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.
The official Twitter account of Nobel Prize shared a video of a telephonic conversation with William Nordhaus: “The policies are lagging very, very far - miles, miles, miles - behind the science and what needs to be done.” Listen to our telephone interview with 2018 Economic Sciences laureate, William Nordhaus:
Nordhaus is a professor of Economics at Yale University while Romer earned a doctorate in economics from the University of Chicago in 1983, Romer began his career as an academic. He is also an alumnus of New York University's Stern School of Business and has addressed "some of our time's most basic and pressing questions about how we create long-term sustained and sustainable growth," the Royal Swedish Academy of Sciences said in a statement.
For a quite long time, Mr. Nordhaus and Mr. Romer have been considered as possible recipients of the prize. In 2016, Mr. Romer became the Chief Economist of the World Bank. As per reports, William Nordhaus and Paul Romer became the 50th recipient to receive a Nobel Prize for Economics.
While some major works of Mr. Nordhaus include implications of environmental factors, including climate change, technological change and many more. Mr. Nordhaus researched extensively on the economic analysis of climate change.
(With inputs from PTI)