Health Desk: 9th Oct’18: The 2018 Nobel Prize for economics has been awarded to US economists William Nordhaus and Paul Romer for integrating innovation and climate with economic growth.
Nordhaus, a professor at Yale University, and Romer, a former World Bank chief economist now at New York University's Stern School of Business, addressed "some of our time's most basic and pressing questions about how we create long-term sustained and sustainable growth", the Royal Swedish Academy of Sciences said in a statement on Monday.
Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis". The 62-year-old Romer won for "integrating technological innovations into long-run macroeconomic analysis".
Tipped as frontrunners for the award in recent years, the pair will share the nine million Swedish kronor (about $1.01m) prize.