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Nobel Prize For Economics Goes To American Innovators William Nordhaus and Paul Romer

William Nordhaus and Paul Romer.

The Nobel Prize for economics has been jointly awarded to William Nordhaus and Paul Romer who have led the way in helping to address problems such as long-term sustainable growth in the global economy and the economics of climate change. Nordhaus was the first person to create a model that shows how the economy affects the climate, and has produced research to show that carbon taxes uniformly imposed on all countries are the best fix for problems caused by greenhouse gas emissions. Romer’s research shows how ideas can sustain long-term economic growth and has demonstrated how economics governs the willingness of companies to innovate. The two receive a prize of roughly $1 million.

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