Bloomberg: Nordhaus, Romer Win Nobel Prize

The 2018 Nobel Prize in Economics has been awarded to William D. Nordhaus of Yale University and Paul M. Romer of New York University’s Stern School of Business for research “addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth,” announced the Royal Swedish Academy. Nordhaus created the first model that studies interactions between the climate and the economy. Romer’s work “served as the foundation for what’s called ‘endogenous growth theory,’ a rich area of research into the regulations and policies that encourage new ideas and long-term prosperity.” Useful economic analysis requires long-term perspective and as Nordhaus wrote for YaleGlobal Online in 2012, “We need to approach the issues with a cool head and respect for sound logic and good science.” – YaleGlobal

Bloomberg: Nordhaus, Romer Win Nobel Prize

Nobel Prize in Economics goes to William Nordhaus of Yale University’s MacMillan Center for tackling climate economics and Paul Romer for studying innovation
Jonas O Bergman and Rich Miller
Monday, October 8, 2018

Read the article from Bloomberg News about the 2018 Nobel Prize  in Economics.

Niklas Magnusson, Veronica Ek, Hanna Hoikkala, Jess Shankleman, Amanda Billner, Rafaela Lindeberg, and Anna Molin assisted with this article.

Professor William Nordhaus, Sterling Professor of Economics and a Senior Research Fellow of the MacMillan Center is a YaleGlobal Online contributor with Global Warming Is Real and Has Consequences

Also, read the Yale University news release about the world’s leading economist on climate change being awarded the 2018 Sveriges Riksbank Prize in Economic Sciences for “integrating climate change into long-run macroeconomic analysis.” Nordhaus said: “I am honored to be awarded the Nobel Prize in Economics for work on environmental economics. But even more, I am grateful for the intellectual environment at Yale that taught me as a student, nurtured me as a teacher and scholar, and allowed the freedom to devote my life to one of the critical emerging issues of humanity.” Nordhaus shared the prize with Paul Romer, professor of economics at New York University’s Leonard N. Stern School of Business.

Nordhaus’ research has focused on economic growth and natural resources, the economics of climate change, and resource constraints on economic growth. Since the 1970s, he has developed economic approaches to global warming, including the construction of integrated economic and scientific models (the DICE and RICE models) to determine the efficient path for coping with climate change. These models are widely used today in research on studies of climate-change economics and policies. He has also studied wage and price behavior, health economics, augmented national accounting, the political business cycle, productivity, and the “new economy.”

“This is fitting recognition of William Nordhaus’ work on the economics of climate change,” said Yale University President Peter Salovey. “Yale is absolutely thrilled to have one of our most distinguished faculty — who is also one of our most distinguished alumni — receive this great honor.”

Bloomberg
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