Stockholm, October 8: The 2018 Nobel Prize in Economic Sciences was awarded to William D Nordhaus, Paul M Romer on Monday. The Royal Swedish Academy of Sciences decided to award the Sveriges Riksbank Prize in Economic Sciences, in Memory of Alfred Nobel, to William Nordhaus "for intergrating claimate change into long-run macroeconomic analysis". Paul Romer was awarded Noble Prize in Economic Sciences "for integrating technological invovations into long-run macroeconomic analysis", said the Royal Swedish Academy of Sciences.
Known for his work in economic modeling and climate change, William Dawbney Nordhaus is an economist and Sterling Professor of Economics at Yale University. He received his B.A and M.A from Yale in 1963 and 1973, respectively. He completed his Ph.D in 1967 from Massachusetts Institute of Technology, Cambridge. Nordhaus has been on the faculty of Yale University since 1967 and has been Full Professor of Economics since 1973 and also is Professor in Yale’s School of Forestry and Environmental Studies.
Born 1955 in Denver, Paul Romer completed his Ph.D. in 1983 from University of Chicago. Romer is a professor at NYU Stern School of Business. He is also a University Professor at New York University and Director of NYU's Marron Institute of Urban Management. In 2002, he received the Recktenwald Prize for his work on the role of ideas in sustaining economic growth.
In 2017, the Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences to Richard H Thaler for his contributions to behavioural economics. The Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize in 1968.