Two American researchers win Nobel Prize in economics
Two American economists, William Nordhaus and Paul Romer, received the Nobel Memorial Prize in Economic Sciences on Monday for their work on the relationship of climate change and technological innovation to economics, which has had a lasting effect on policy around the world.
According to The Washington Post report, Nordhaus, a longtime professor of economics at Yale University, and Romer, a former senior vice president of the World Bank and now an economics professor at New York University, were announced as the winners of the $1 million prize by the Royal Swedish Academy of Sciences.
Although the two men worked independently, the academy recognized them together for work that “broadened the scope of economic analysis” through modeling methods that are used to study long-term change and shape policy practices.
“William D. Nordhaus and Paul M. Romer have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth,” the academy said in a statement.