American duo William Nordhaus and Paul Romer win Nobel Economics Prize
Their work help answer fundamental questions on how to promote long-term sustainable growth and enhance human welfare, says the Royal Swedish Academy of Sciences
Americans William Nordhaus and Paul Romer, pioneers in adapting economic theory to take better account of environmental issues and technological progress, shared the 2018 Nobel Economics Prize on Monday.
In an award that turned the spotlight on the global debate over risks associated with climate change, the Royal Swedish Academy of Sciences said the laureates’ work helped answer fundamental questions on how to promote long-term sustainable growth and enhance human welfare.
The prize took Romer, of New York University’s Stern School of Business, by surprise.
“I got two phone calls this morning, and I didn’t answer either one because I thought it was some spam call, so I wasn’t expecting the prize,” he said, while welcoming the chance to expand on his theory.
“I think … many people think that protecting he environment will be so costly and so hard that they just want to ignore (this) …” he told a news conference via phone link.
“(But) we can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth.”