The Nobel Prize for Economics has announced the 2018 winners William Nordhaus and Paul Romer, who have been awarded equal shares in the prize.
The winners William Nordhaus and Paul Romer were awarded the Nobel Prize for Economics for “for integrating climate change into long-run macroeconomic analysis” and “for integrating technological innovations into long-run macroeconomic analysis” respectively.
The history of the Nobel Prize for Economics
The prize is otherwise known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The prize was established in 1968 after Sveriges Riksbank, the Swedish central bank, made a donation to the Nobel Foundation on the bank’s 300th anniversary.
The prize is awarded by The Royal Swedish Academy of Sciences in Stockholm.
This year’s winners William Nordhaus and Paul Romer
The 2018 winners William Nordhaus and Paul Romer were awarded the prize today. Nordhaus is a Sterling Professor of Economics at Yale University. He was the first person to describe the interaction between the economy and science, and how economic policies such as carbon taxes can affect climate change.
Romer was the Chief Economist and Senior Vice President of the World Bank until January 2018. His research shows how technological innovations ideas and research affects economic policies, and how it can promote economic growth.
The Nobel Prize commented: ‘Their contributions provide us with fundamental insights into the causes and consequences of technological innovation and climate change.’
Other Nobel Prize for Economics winners
Alongside the winners William Nordhaus and Paul Romer, there have been forty nine Nobel prizes for economics and they have been awarded to a total of seventy five laureates.
In the history of the prize there has only ever been one woman awarded as a winner. The average age of the Nobel Prize for Economics winners is sixty seven.