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William Nordhaus, Paul Romer win Nobel Economics Prize

William Nordhaus, Paul Romer win Nobel Economics Prize”

The Swedish Riksbank said the two men had won the prize - which is not one of those originally instigated by Alfred Nobel - because they had "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".

"His model is now widespread and is used to examine the consequences of climate policy interventions, for example carbon taxes", the statement said.

Last week, after the prizes for medicine, physics and chemistry were announced, the most highly-anticipated Nobel, that for peace, went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world. His economic approaches to global warming include modeling to determine the efficient path for coping with climate change.

Mr Romer, of New York University's Stern School of Business, has shown how economic forces govern the willingness of firms to produce new ideas and innovations, laying the foundations for a new model for development, known as endogenous growth theory. By understanding which market conditions favor the creation of profitable technologies, society can tailor policies to promote growth, the academy said. He earned a bachelor's degree and a doctorate in economics from the University of Chicago.

He has been a faculty member at Yale since 1967. A total of 81 laureates have been named over the prize's 50 year history.

The award, which concluded this year's series of Nobel prizes, came into existence about seven decades after the others. He was awarded the prize in economic sciences in 2007 when he was 90 years old.



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