Former U of R assistant professor wins Nobel Prize in economics

09 October, 2018, 00:45 | Author: Brooke Harris
  • William Nordhaus and Paul Romer win Nobel Economics Prize

According to the Associated Press, Romer ignored two telephone calls, thinking they were spam calls, before the Swedish Royal Academy of Sciences was able to get through to him.

The program researches how policymakers can use growing cities to create economics opportunities and undergo a social reform.

He won the prize together with William Nordhaus of Yale University for separate research.

The two men were awarded the prize for their roles in changes to long-term economic forecasting.

Nordhaus's "integrated assessment model" was created in the 1990s and combines theories and empirical results from physics, chemistry and economics.

Romer is a professor at NYU whose theory models how macroeconomics. affects companies' willingness and ability to come up with new ideas.

Nordhaus has argued that climate change should be considered a "global public good", like public health and worldwide trade, and regulated accordingly, but not through a command-and-control approach.

They were honoured for integrating climate change and technological innovation into macroeconomic analysis.

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"The old Adam Smith supply and demand theories were expanded by his view on technology and it had a lot to do to explain the growth we've had in the last 25 years in the world", said Roy Romer. "I hope the prize today could help everyone see that humans are capable of incredible accomplishments when we set about trying to do something".

Both Nordhaus and Romer have been tipped as frontrunners for the Nobel Prize in recent years.

Upon receving news he won the honors, Romer said global warming is a solvable problem. if we start working on reducing carbon emissions.

The prize is given to an economist who has made a substantial contribution toward the subject, with an award of 9 million Swedish kroner ($US990,000) split between the pair.

The Nobel Committee recognized Romer for his work on the economics of technological change.

Last year, the honour went to U.S. economist Richard Thaler, a co-founder of the so-called "nudge" theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.

The economists Paul Romer and William Nordhaus have been awarded 2018's Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, often considered to be the most prestigious prize in the field of economics.

The peace prize, which was announced in Oslo on October 5, was awarded to Denis Mukwege, a gynecologist from the Democratic Republic of Congo, and Nadia Murad, an activist and victim of war crimes.

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