The Sveriges Riskbank Prize in Economics also known as the Nobel Prize in Economics of 2018 has been awarded to two American economists, William D Nordhaus of Yale University, New Haven and Paul M Romer of NYU Stern School of Business, New York.
Nordhaus has been awarded the prize “for integrating climate change into long run macroeconomic analysis”. Romer has received it “for integrating technological innovations into long run macroeconomic analysis.” These two economists have designed methods for addressing some of the most basic and pressing questions about how one can create long-term sustained and sustainable economic growth. The Academy said in a statement, “their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge.” There are two sides of the ideas of sustainable long term economic growth. One is emphasised by Nordhaus. He is the key person to create a quantitative model that describes the interplay between the economy and the climate. On the other side are the works of Romer. He emphasised the exogenous economic growth model.
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