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Nobel Prize in Economic Sciences goes to William Nordhaus, Paul Romer

Nobel Prize

Stockholm: The Royal Swedish Academy of Sciences has announced to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William Nordhaus and Paul Romer for their work on climate change and innovation.

While William Nordhaus is being recognised for his work on the damages caused by climate change, Paul Romer has examined how economists can achieve a healthy rate of economic growth.

“The models created by Nordhaus and Romer have helped the development of economic growth and with combating climate change. They have also taken macroeconomics to a global scale, to tackle some of the world’s biggest problems,” the Nobel Prize committee said.

Unlike the other Nobel prizes which were created in Swedish inventor and philanthropist Alfred Nobel’s last will and testament and first awarded in 1901, the economics prize was created by the Swedish central bank, the Riksbank,in 1968 to mark its tri-centenary. It was first awarded in 1969.

The Nobel, which also consists of a diploma and a gold medal, will be presented at a formal ceremony in Stockholm on December 10.

The Nobel economics prize wraps up the 2018 awards season, notable this year for the lack of a literature prize, postponed by a year for the first time in 70 years over a rape scandal that came to light as part of the #MeToo movement.

 

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