The Nobel Prize for Economics 2018 is awarded to William D. Nordhaus and Paul M. Romer, for “integrating innovation and climate with economic growth.”
Dr. William Nordhaus, a professor at Yale University, received the prestigious award for integrating a quantitative model that describes the global interplay between the economy and the climate.”
Dr. Paul.M.Romer, is the Chief Economist and Senior Vice President of the World Bank. He pioneered the endogenous growth theory. The theory explains how the ideas are different to other goods and require specific conditions to flourish in a market”.
Their research provides us the fundamental perceptions into the consequences of technological innovations and climate changes. The studies do not give us complete conclusion atleast, their findings reach us to answer the question of how can we achieve sustained and sustainable economic growth.
The cheque of nine million kronor( around $1 million), a gold medal and a diploma will be given over to the receiptants. The award will be handed over at a formal ceremony at Stockholm on December 10.