Two American economists at the heart of climate change and the role of governments have jointly won the prestigious Nobel Memorial prize for economics.
Paul Romer and William Nordhaus were awarded the prize by the Royal Swedish Academy for Sciences for conducting pressing research into the relationship between global economic models and climate change, specifically “for integrating climate change into long-run macroeconomic analysis.”
“This year’s Laureates William Nordhaus and Paul Romer have signifcantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” the Academy said in its citation.
“The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change. This year’s Laureates do not deliver conclusive answers, but their fndings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth,” the Academy concluded.