Global EditionASIA 中文双语Français
World
Home / World / Europe

2018 Nobel Prize in Economic Sciences awarded to William D. Nordhaus and Paul M. Romer

Updated: 2018-10-08 17:54
Share
Share - WeChat
Royal Swedish Academy of Sciences Secretary General Goran K Hansson announces winners of the Sveriges Riksbank Prize in Economic Sciences, 2018 Nobel Economics Prize, in Stockholm, Sweden October 8, 2018. [Photo/Agencies]

STOCKHOLM - Americans William D. Nordhaus and Paul M. Romer won the 2018 Nobel Economics Prize for work in integrating climate change and technological innovation into economic analysis, the Royal Swedish Academy of Sciences said on Monday.

Nordhaus, of Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the academy said.

Romer, of New York University's Stern School of Business, has shown how economic forces govern the willingness of firms to produce new ideas and innovations, laying the foundations for a new model for development, known as endogenous growth theory.

"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.

Last year's win by American Richard Thaler was unusually accessible to the layman - his work studied the human irrationality that can mess with economic theory.

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.

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.

Reuters

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US