The Nobel prize for Economics goes to two American Economists, William Nordhaus, and Paul Romer. You will be honored for her research on the connection between climate change, technology and economic growth.
This year’s Nobel prize for Economics goes to two American Economists, William D. Nordhaus, and Paul M. Romer. They are awarded for their Work around climate change and technological innovations. This the King announced-the Swedish Academy of science on Monday in Stockholm. “Their results have expanded the scope of the economic analysis significantly, by developing models that explain the Interplay between the market economy and the nature and Knowledge”, founded the Academy of their decision.
Both researchers teach at well-known US universities. Born in 1941 Nordhaus is a Professor at Yale University, works in a 62-year-old Romer of the Stern School of Business New York University.
Especially Nordhaus has made as an expert in environmental and climate Economics a name. It comes to the question of how economic growth with the most efficient and sparing use of natural resources can combine. Also, the Connections between the economy and the climate play a big role – Nordhaus designed around specific models that analyze the interactions of the two systems with each other. He is also a member of the US Academy of science and served as Advisor to the Parliament and the government in Washington in many economic questions.
Romer, who worked until the beginning of 2018 as the chief economist at the world Bank, has in addition to his academic career, also on a longer-consultant-career. He employed, for example, with problems of the economy in developing countries, the specific effects of urbanisation on the growth, consequences of technical innovations, as well as the distribution of economic prosperity.
Romer would have missed the crucial call with the Swedish Nobel Committee on Monday almost. “I got this Morning, two calls and have not answered it because I thought it would be Spam-calls,” said Romer. In the end you can then connect to but the contact showed Göran Hansson, Secretary of the Royal Swedish Academy of Sciences, relieved. Romer had not expected according to its own information with the Nobel prize.
In 1969, awarded for the first time
During the announcement of the price, Romer was confident that humanity could reduce its CO2 emissions. “There are some limitations. But if we start this and try, less carbon dioxide release, we will not be surprised that it is so difficult as I thought.”
The nine million Swedish crowns (around 870.000 euros), the award is not the will of inventor Alfred Nobel. She is therefore regarded as a classic Nobel. The Swedish Riksbank donated the award in 1968, subsequently. The Nobel Foundation described him as a Nobel prize, but as the “prize of the Bank of Sweden in economic Sciences in memory of Alfred Nobel”. Since the first award in 1969, mainly Economists from the United States were awarded. Only a German has been honored: the Bonn game theorists Reinhard Selten in 1994.
In the past year, the US Economist Richard Thaler had been awarded for his Work on economic psychology. His research, the Jury, have significantly contributed to the understanding of the psychology of Economics.
In the past few days, already the winner of the Nobel prices for medicine, physics and chemistry as well as Nobel peace prize laureate to be announced. He is awarded the Nobel prize for Economics, together with the traditional Nobel prizes on December 10. December, the anniversary of Nobel’s.
tko/ul (afp, dpa, rtr)