Nobel Prize for Economics 2018: Yale University Professor William Dawbney, New York University Professor Paul Rome honoured with the award

Yale University professor William Dawbney Nordhaus and New York University Paul M Romer have been honored with the Nobel Prize 2018 in Economic Sciences. The Royal Swedish Academy of Sciences made public the winner’s name.

Nordhaus has been given the award for his work on climate economics and Romer for his work on the endogenous growth theory. According to the academy, they have devised methods that “address some of our time’s most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the world’s population”.

According to the academy, Nordhaus was awarded for “integrating climate change into long-run macroeconomic analysis” and Romer for “integrating technological innovations into long-run macro-economic analysis”.

Last year, Dr Richard H Thaler was awarded the Sveriges Riksbank Prize in Economic for his work on behavioral economics.

Last week, Arthur Ashkin, Gerard Mourou and Donna Strickland was awarded with the Nobel Prize for Physics and the Nobel Prize in Physiology or Medicine was awarded jointly to James P Allison and Tasuku Honjo for their “discovery of cancer therapy by inhibition of negative immune regulation”.

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