William Nordhaus and Paul Romer Win Nobel Prize for Economics

Per Stromberg Goran K. Hansson and Per Krusell announce the laureates of the Nobel Prize in Economics during a press conference at the The Royal Swedish Academy of Sciences in Stockholm Sweden. The prize was divided between William D. Nordhaus and Paul

Americans William Nordhaus and Paul Romer have 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.

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. The Academy said Romer's research is the first to model how market conditions and economic decisions affect creation of new technologies.

Nordhaus (77) is a sterling professor of economics at Yale University in New Haven, US and he won the award for integrating climate change into long-run macroeconomic analysis.

Tipped as frontrunners for the award in recent years, the pair will share the nine million Swedish kronor (about $1.01m) prize.

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

His economic approaches to global warming include modelling to determine the efficient path for coping with climate change.

The Swedish Riksbank said William Nordhaus and Paul Romer were being honoured for their research into two of the most "basic and pressing" economic issues of the age.

Let's get this out of the way upfront: if you're one of those people who pedantically feels the need to sneeringly point out that the economics Nobel is "not a real Nobel Prize", shut up: no one cares. Nordhaus is a Sterling Professor of Economics at Yale University.

William Nordhaus model has been used to determine the economic effects of a carbon tax
William Nordhaus’ model has been used to determine the economic effects of a carbon tax

The economists were praised for their research on the relationship between global warning and economic growth.

The Nobel Prizes winners' names were announced just after a United Nations panel suggested large scale changes in public policy to curb the impact of rising temperatures. Carbon dioxide, which is emitted when fossil fuels are burned, is a heat-trapping "greenhouse gas" blamed for global warming, and a tax would make polluters pay for the costs imposed on society.

Romer's work shows how knowledge can serve as a driver of long-term economic growth.

In this photo taken on April 05, 2000, USA president Bill Clinton sits next to Dr. William D. Nordhaus (R), professor of economics at Yale University, during the morning session of The White House Conference On The New Economy in the East Room of the White House.

The other prizes - for physiology or medicine, physics, chemistry and peace - were created in Nobel's last will and testament, and first awarded in 1901.

"It takes some collective action, some support for research, or some provision of patent protection, or a mixture of the two, and some focused energy", Romer said when reached by phone from NobelPrize.org early Monday.

Fellow Nobel economics Laureate Paul Krugman told the New York Times in 2013 that too much of it involved "making assumptions about how unmeasurable things affected other unmeasurable things". "It was for work on one of the most important problems the globe faces, which is climate change", he said.

#ChargeGate and 5GHz WiFi fix for iPhone XS is out now
The iPhone XS #ChargeGate issue has finally come to an end as Apple has released a fix with its minor iOS 12 .01 software update . Some users of the newly released iPhone XS and iPhone XS Max discovered slower WiFi speeds than expected on their new devices.

Related news:

Hot News

Taylor Swift sets new American Music Award record, urges people to vote
Oct 10, 2018 - 14:57
Jim Cooper running in their Senate and House races respectively. "Every award was voted on by the people", Swift said of the AMAs. She also condemned Republican senatorial candidate Marsha Blackburn for her voting record on women's rights and equal marriage.

isis-killer-beheading-video-story-top Free flu vaccine clinics this week at Community Hospital East
Oct 10, 2018 - 14:29
The province says 46 people with lab-confirmed cases of the flu died in Manitoba last winter, the highest number in three years. Getting yourself vaccinated will not only protect you from getting the flu, but will protect those that live or work with you.

isis-killer-beheading-video-story-top Saudis to Turkey: Search our consulate for missing WaPo columnist, dissenter
Oct 10, 2018 - 13:49
They acknowledge that a "security delegation" was sent to Istanbul on Saturday but have not offered a reason for the journey. 'As an individual who believes that life and death are in the hands of God, I pray to God alone for Jamal's safe return'.

isis-killer-beheading-video-story-top What McGregor/Khabib Camps Are Saying After Fight-Night In Las Vegas
Oct 10, 2018 - 10:44
He then vaulted The Octagon and waded into McGregor's cornermen and had to be escorted through a hail of abuse and beer. They are withholding Khabib's purse , they are not withholding Conor's.

isis-killer-beheading-video-story-top BTS Crowned Winner Of Favorite Social Artist At 2018 American Music Awards
Oct 10, 2018 - 09:10
The pop star will open Tuesday night's show at the Microsoft Theater in Los Angeles, which airs live on ABC at 7 p.m. Follow Business Insider Australia on Facebook , Twitter , LinkedIn , and Instagram .

isis-killer-beheading-video-story-top Microsoft says it fixed a Windows 10 update bug that deleted folders
Oct 10, 2018 - 09:00
Shortly after the October 2018 Update became available, users began reporting that the upgrade appeared to be deleting files . Users who lost files typically had Known Folder Redirection set up, but the files hadn't been moved, Cable explained.

IMF Says U.S. Sanctions Have Pushed Iran's Economy Into Recession
Oct 10, 2018 - 08:56
Currently, India pays Iran in euros using European banking channels but these would be blocked from November, said the report . Singh said International Olympic Committee is importing the "usual" monthly volumes of oil from Iran.

isis-killer-beheading-video-story-top `Star Trek: Discovery season 2` reveals new Spock
Oct 10, 2018 - 08:30
Peck said that the Spock audition process was long, and that he didn't even know who the character he was going for was at first. Mary Chieffo said L'Rell is now the Klingon Chancellor but the male Klingons aren't happy being led by a woman.

isis-killer-beheading-video-story-top Why does everyone hate Angel Hernandez so much?
Oct 10, 2018 - 08:08
There were four replay challenges in the first four innings - all involving calls by first base umpire Angel Hernandez . The Red Sox hold homefield advantage over the Astros, but Houston holds homefield advantage over the Yankees .

isis-killer-beheading-video-story-top Forecasters: Michael quickly closing in on Category 3 hurricane
Oct 10, 2018 - 07:45
The most severe storm surge is predicted to occur from Mexico Beach to Keaton Beach, Florida, which could see as much 13 feet. As the Panhandle braces for major Hurricane Michael , Tropical Storm Nadine has formed in the far eastern Atlantic.

isis-killer-beheading-video-story-top Voter registration spikes on heels of Taylor Swift political Instagram post
Oct 10, 2018 - 05:18
In addition to Bredesen, Swift endorsed Democratic US Representative Jim Cooper for re-election in a Tennessee congressional race. For a lot of us, we may never find a candidate or party with whom we agree 100% on every issue, but we have to vote anyway.

isis-killer-beheading-video-story-top 'Handmaids' Protest Brett Kavanaugh's First Day on Supreme Court
Oct 10, 2018 - 04:18
Protesters crowded hallways in the Capitol before Kavanaugh's confirmation vote and pounded on the Supreme Court doors afterward. While the USA economy is booming, Mr Trump's approval rating is hovering around 40 per cent - a worrying sign for Republicans .

isis-killer-beheading-video-story-top Crazy for Walking initiative to combat mental health stigma
Oct 10, 2018 - 03:44
The experts state that signs of ill mental health can be spotted if people pay close attention to what the youth say. The theme this year is "Young people and mental health in a changing world ".

isis-killer-beheading-video-story-top Venom Sets October Box Office Record With $80 Million Opening Weekend
Oct 09, 2018 - 23:11
So it's no surprise, she had "a blast" working with the singer on the set of A Star Is Born . Internationally, Venom earned $125.2 million, making for a total pull of $205.2 million.

Google Shuts Down Google
Oct 09, 2018 - 22:16
We've made a decision to focus on our enterprise efforts and will be launching new features purpose-built for businesses. As part of a review process surrounding this disclosure, Google has announced that Google + is going to be closed down.