International desk: The Royal Swedish Academy of Sciences 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.
William D. Nordhaus has been awarded the prize “for integrating climate change into long-run macroeconomic analysis” while Paul M. Romer will share the prize “for integrating technological innovations into long-run macroeconomic analysis.”
US economists William Nordhaus and Paul Romer on Monday shared the 2018 Nobel Economics Prize for integrating innovation and climate with economic growth, the jury said.
Nordhaus, a professor at Yale University, and Romer of New York University’s Stern School of Business, have 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, according to AFP report.
“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 academy said in statement.
Worth 9 million Swedish crowns ($1 million), the economics prize was established in 1968. It was not part of the original group of five awards set out in Swedish industrialist Alfred Nobel’s 1895 will.
“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,” the Academy said.
The Nobel prizes for physiology or medicine, physics, chemistry and peace were awarded last week. This year’s awards have stood out for two reasons, the Reuters reports said.
Proceedings have been overshadowed by the absence of the literature prize, postponed to give the Swedish Academy time to restore public trust after a sexual assault scandal. Three women have been awarded Nobel prizes, an unusually large number for a single year.