Nobel Prize for Economic Sciences awarded to William Nordhaus, Paul Romer

Nobel Prize for Economic Sciences awarded to William Nordhaus, Paul Romer

'83) has won the 2018 Nobel Prize in Economics for his work on preserving economic growth, sharing the award with Yale professor William Nordhaus.

In an award that turned the spotlight on the global debate over risks associated with climate change, the Royal Swedish Academy of Sciences said the laureates' work helped answer fundamental questions on how to promote long-term sustainable growth and enhance human welfare.

A faculty member at Yale University since 1967, Nordhaus' research has focused on economic growth and natural resources, and the economics of climate change.

The two economists will share the 9 million Swedish kronor ($1.01 million, €860,000) prize.

Romer's career has taken him outside the academic world. Romer is a former World Bank chief economist now at New York University's Stern School of Business.

His research has led to the formation of a new theory dubbed as endogenous growth theory.

Khabib's manager suggests McGregor barbs led to post-fight skirmish
Dana White says that there could be stiff penalties for the brawl that broke out after the main event of UFC 229 . Danis is now signed to Bellator MMA but he wants to fight dos Anjos who has a career 17-8 record in the UFC.

"If we set about making the policy changes that are required here, we can absolutely make substantial progress toward protecting the environment and do it without giving up the chance to sustain growth", Romer said via phone during a news conference. He showed that "the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes". "The theory has generated vast amounts of new research into the regulations and policies that encourage new ideas and long-term prosperity".

That theory demonstrates how people can be persuaded to make decisions that leave them healthier and happier.

The laureates of the Nobel Prize in Economics, William Nordhaus, left, and Paul Romer, are seen at a press conference at The Royal Swedish Academy of Sciences in Stockholm, on October 8, 2018.

Per Krusell, one of the panel that awarded the prize, said both men were part of the same agenda, thinking about "long-run, global" issues.

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

This is the final Nobel prize to be announced this year.

Related Articles

  • At least 11 people die as 5.9 magnitude quake  rocks northern Haiti

    At least 11 people die as 5.9 magnitude quake rocks northern Haiti

    The earthquake's epicentre was about 19 km northwest of the city of Port-de-Paix, the United States Geological Survey said. The damage caused was worth an estimated 120 percent of GDP in Haiti, the poorest country in the western hemisphere.
    Hamilton wins in Japan and moves closer to F1 title

    Hamilton wins in Japan and moves closer to F1 title

    The incident was investigated by the stewards, with no further action taken, but Verstappen felt it was clear Vettel had been at fault.
    Post prints empty column for Saudi writer missing in Turkey

    Post prints empty column for Saudi writer missing in Turkey

    The consulate also said on Twitter that they are working in coordination with Turkish authorities to investigate the issue. On Friday, the journalist's supporters gathered in front of the consulate in Istanbul to demand his release.
  • Hamilton 'wasn't expecting' big gap to Ferrari

    Hamilton 'wasn't expecting' big gap to Ferrari

    The four-time world champion was in a class of his own to lead Mercedes one-twos in both sessions as Ferrari and Red Bull failed to match his pace.
    Packers' Cobb ruled out with hamstring; Adams questionable

    Packers' Cobb ruled out with hamstring; Adams questionable

    Twelve too many: The Packers were called for 12 penalties for 112 yards against the Lions, including four personal fouls. The fifth-year receiver set the tone for the offense early on, lining up both in the slot and on the perimeter.

    Space X Launch Lights Up Bay Area Skies

    A Falcon 9 rocket with a pre-flown first stage launched from California's Vandenberg Air Force Base tonight (Oct. 7) at 10:21 p.m. SpaceX has previously launched a Falcon 9 from Vandenberg and landed it offshore in the Pacific Ocean aboard a droneship.
  • Tropical Storm Michael Could Turn Into 'Devastating' Hurricane Before It Hits Florida

    Tropical Storm Michael Could Turn Into 'Devastating' Hurricane Before It Hits Florida

    The heavy rainfall could lead to "life-threatening flash floods and mudslides", the National Hurricane Center warned . An Air Force hurricane hunter airplane was sent into the storm to investigate, the hurricane center said.
    U.S.  rejects ICJ ruling that asked it to ease action on Iran

    U.S. rejects ICJ ruling that asked it to ease action on Iran

    The friendship agreement came into effect in June 1957 and granted Iran economic and diplomatic privileges. Crude oil prices remained volatile last week even as Brent crude touched four-year high on Wednesday.
    Pep Guardiola: Riyad Mahrez had the balls to take the penalty

    Pep Guardiola: Riyad Mahrez had the balls to take the penalty

    And we hope that they come back healthy and play these easy competitions, the Premier League , the Champions League and all this. Klopp added that despite the admiration he has for Guardiola, defeating one of his teams is a moment to savour.
  • Will Panthers DB Eric Reid protest during national anthem?

    Will Panthers DB Eric Reid protest during national anthem?

    Entering this season, it was expected to be a three team race between the New Orleans Saints, Atlanta Falcons and the Panthers. The Giants have had some complaints about the referees in recent weeks, just as most National Football League defenses have.
    Kevin De Bruyne misses Manchester City’s trip to Liverpool

    Kevin De Bruyne misses Manchester City’s trip to Liverpool

    A message appeared to come from the City bench for Mahrez to take the spot-kick instead of Gabriel Jesus. Adam Lallana and Divock Origi are a couple of other players who won't be taking part in the game.
    Is Susan Rice planning to challenge Susan Collins for her Senate seat?

    Is Susan Rice planning to challenge Susan Collins for her Senate seat?

    A final vote on whether Judge Kavanaugh will join the nine-member panel could take place as soon as Saturday. Collins on Friday announced she would vote to confirm Judge Brett Kavanaugh to a seat on the Supreme Court.