William Nordhaus and Paul Romer Receive Nobel Prize in Economics
William Nordhaus and Paul Romer were announced as the recipients of the 2018 Nobel prize for economics. Both men have contributed greatly to tackling some of the largest issues facing the modern world including sustainable economic growth and welfare. Their work has focused attention on the environment and economics on a global scale.
In his work, Nordhaus pulled from physics, chemistry, and economics to create a model that has the ability to simulate the relationship between the economy and the climate as they evolve together. This model has become popular and can be used for many practical purposes such as determining the effect certain climate policies would have on both the environment and the economy.
Romer studied the forces that steer technological evolution. The model he created allows for the demonstration of how factors such as economic decisions and market conditions play an important roll in the innovation of new technology. It shows how the economy can greatly impact the formation of innovative ideas in technology.
2018 marks the 50th year the Nobel prize in economics has been awarded. Romer and Nordhaus will receive $1 million, a medal, and a diploma at their official recognition in December.
While many expected that the award would go to research focused on the environment or the global economy, the process for choosing the winners is kept tightly under wraps. This means predicting the committee’s eventual outcome is quite difficult.
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