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DOSSIER – In this archive photo from January 29, 2010, Stanford Economic Policy Institute Principal Fellow Paul Romer attends the World Economic Forum in Davos, Switzerland. Two researchers from American universities have been awarded the Nobel Prize in Economics 2018. William Nordhaus, of Yale University, has been nominated for integrating climate change into long-term macroeconomic analysis and Paul Romer , New York University, for the integration of technological innovation in macroeconomics. (Virginia Mayo, File / Associated Press)
STOCKHOLM – Two US researchers have been awarded the Nobel Prize for Economics for studying the interaction of climate change and technological innovation with the economy.
William Nordhaus of Yale University and Paul Romer of New York University were announced on Monday for the award of 9 million Swedish krona ($ 1.01 million) by the Royal Academy of Sciences Sweden.
The academy said Romer's work "explains how ideas differ from those of other products and require specific conditions to thrive in a market". new technologies, said the academy.
In the 1990s, Nordhaus became the first person to create a model that "describes the global interaction between the economy and the climate," said the academy. He showed that "the most effective remedy for the problems caused by greenhouse gases is a global system of universally imposed carbon taxes".
He has been a faculty member at Yale since 1967.
The economic price is the last of the Nobels to be announced this year. Last year, the award went to American Richard Thaler for studying the impact of human irrationality on economic theory.
The peace prize was awarded Friday to Denis Mukwege of the Congo and Iraqi Nadia Murad for their work to draw attention to the use of sexual violence as a weapon of war.
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