The 2018 Nobel Prize in Economic Sciences is awarded to William Nordhaus and Paul Romer

Oct. 8, 2018 – The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 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”. The laureates have been awarded equal shares in the prize.

William Nordhaus’ was the first person to describe how the economy interacts with science, to produce climate change and how economic policies, like carbon taxes, can affect the climate.

Advertisement

Paul Romer research shows how ideas and research into technological innovations can affect economic policies and fuel economic growth.

William Nordhaus, born 1941, is a Sterling Professor of Economics at Yale University and Paul Romer, born 1955, was the Chief Economist and Senior Vice President of the World Bank until 24th January 2018.

The Prize in Economic Sciences in Memory of Alfred Nobel was established in 1968, after Sveriges Riksbank (Sweden’s central bank) made a donation to the Nobel Foundation on the bank’s 300th anniversary. The prize is awarded by The Royal Swedish Academy of Sciences in Stockholm. There have been 49 Economic Sciences prizes, awarded to 75 laureates. The average age of the laureates is 67, and only once has the Sveriges Riksbank Prize in Economic Sciences been awarded to a woman. The Prize in Economic Sciences in Memory of Alfred Nobel is the newest of the Nobel prizes.

For more information: http://www.nobelprize.org/