Nobel Prize in Economics for William Nordhaus and Paul Romer

This year’s Nobel Prize in Economics will go to the Americans William D. Nordhaus and Paul M. Romer. The Royal Swedish Academy of Sciences has announced this today. They are awarded the prize for their research into the integration of climate change and technological innovation in economic science.

Nordhaus is affiliated with Yale University and Romer at the Stern School of Business in New York. They will receive the Nobel Prize for developing methods that address some of the most “fundamental and compelling issues” of our time, especially sustainable growth in a global economy and well-being of the entire world population, that’s how it sounds.

The Nobel Prize in Economics went to Richard H. Thaler of Chicago University in 2017. He investigates how limited rationality, social preferences and limited self-control can influence individual decisions and market results. Other laureates are Milton Friedman, James Tobin, Paul Krugman and Friedrich August von Hayek.

Officially, the award for Economics does not count as a Nobel Prize. The prize does not go back to the will of dynamite inventor Alfred Nobel but was first awarded by the Swedish central bank in 1969. Hence the official name: “Award by the Swedish National Bank for economic sciences in memory of Alfred Nobel”.

A prize money of 9 million Swedish krona (about 870,000 euros) is attached to the Nobel Prize in Economics.

Source: ANP