William Nordhaus and Paul Romer, awarded the 2018 Prize in Economic Sciences, have designed 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. #NobelPrize pic.twitter.com/8WccazjrBb
— The Nobel Prize (@NobelPrize) October 8, 2018
The Royal Swedish Academy of Sciences has recognized both men for their work addressing some of the most pressing questions regarding long-term sustained economic growth. According to the announcement, Nordhaus has been recognized “for integrating climate change into long-run macroeconomic analysis,” while Romer “for integrating technological innovations into long-run macroeconomic analysis”.
“This year’s Laureates William Nordhaus and Paul Romer have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” read the announcement.
In a call shortly after the announcement, Romer expressed his gratitude while underlining the importance of teaching that it is economically viable to combat climate change and protect the environment.
“One problem today is that people think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn’t exist. Humans are capable of amazing accomplishments if we set our minds to it,” said Romer.