Former U of R assistant professor wins Nobel Prize in economics

Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics

William Nordhaus of Yale University and Paul Romer of New York University will share the $1 million prize.

Nordhaus (77) is a sterling professor of economics at Yale University in New Haven, US and he won the award for integrating climate change into long-run macroeconomic analysis.

Per Krusell, one of the panel that awarded the prize, said both men were part of the same agenda, thinking about "long-run, global" issues. Growth isn't the only.

It said the pair "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge".

Medicine is the first of the Nobel Prizes awarded each year.

His economic approaches to global warming include modelling to determine the efficient path for coping with climate change.

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The Royal Swedish Academy of Sciences said they had addressed some of our time's most pressing questions on how to achieve sustainable growth.

Hours before the award, the United Nations panel on climate change said society would have to radically alter the way it consumes energy, travels and builds to avoid the worst effects of global warming.

Romer was able to apply his theory as Chief Economist and Senior Vice President of the World Bank, a position that he held from October 2016 to January of this year.

When Swedish industrialist Alfred Nobel established the prizes in his will, economics wasn't one of the undertakings he wanted honored. While both great minds have always been expected to be recognized by the Nobel committee, the award to both at once came as a surprise to many. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

But we can hope that this year's Nobel Memorial Prize in Economic Sciences will motivate the people who matter: the policy makers and leaders who can use these tools to rally the power of market economics to drive action.

The prize comes just a day after an worldwide panel of scientists issued a report detailing how Earth's weather, health and ecosystems would be in better shape if the world's leaders could somehow limit future human-caused warming to just 0.9 degrees Fahrenheit (a half degree Celsius) from now, instead of the globally agreed-upon goal of 1.8 degrees F (1 degree C).

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