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   제목: Nordhaus, Romer Win 2018 Nobel Prize in Economic Sciences
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Nordhaus, Romer Win 2018 Nobel Prize in Economic Sciences

By Jonas O Bergman and Rich Miller

October 8, 2018


William D. Nordhaus and Paul M. Romer. Source: Niklas Elmehed/Nobel Media AB
William D. Nordhaus of Yale University and Paul M. Romer of the Stern School of Business in New York were awarded the 2018 Nobel Prize in Economics for their work on combining key questions surrounding climate change and innovation with economic growth.



The two “have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth,” the academy said on Monday. They have “significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” it said.


Nordhaus, 77, began working on environmental issues in the early 1970s and has been trying to measure the economic costs of global warming ever since. To help in that effort, he constructed integrated economic and scientific computer models to determine the most efficient ways to cope with climate change.

The 62-year-old Romer, who this year stepped down from his post as chief economist at the World Bank, has argued that policy makers should stop trying to fine-tune the business cycle and instead take steps to promote new technology, which would ensure long-term growth. He has called for providing government grants to attract more students to science and engineering.


His work drew wide attention during the computer boom of the late 1990s, with some proponents suggesting it might serve as a basis for a massive government effort to underwrite technological innovations.


The academy said that the contributions of this year’s laureates “are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change.”

Selected articles from Bloomberg
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