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Paul Romer & William Nordhaus Awarded With Nobel Prize 2018 For Economics

ANANYA BHATNAGAR | 0
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| October 8 , 2018 , 17:57 IST

American economists William Nordhaus and Paul Romer were honoured with the Nobel Prize in Economics, the announcement was made by the Royal Swedish Academy on Monday.

The duo is awarded with one of the highest honour in the world for integrating climate change and technological innovation into macroeconomic analysis.

The Sveriges Riksbank Prize in Economic Sciences is awarded in the memory of Swedish philanthropist Alfred Nobel.

Nordhaus, who is also a Sterling Professor of Economics at Yale University, is being recognized for his work on the damage caused by climate change, according to the Nobel Prize committee.

Romer, who served as the Chief Economist and Senior Vice President of the World Bank until January 24 and the pioneer of endogenous growth theory, has examined how economists can achieve a healthy rate of economic growth.

A statement by the Academy said, “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 was divided equally between 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.”