The 2018 Nobel Economics Prize has been awarded to U.S. economists William Nordhaus and Paul Romer for integrating innovation and climate with economic growth.
Professor Romer from the NYU Stern School of Business won "for integrating technological innovations into long-run macroeconomic analysis". Growth isn't the only.
A renowned economist famous for his "endogenous growth theory", Romer previously taught at universities including Stanford, the University of Chicago, and the University of California, Berkeley. Incentives have to be provided for technology generation: grant of temporary monopoly by way of patents for technology that can be commercialised, state funding of research in universities, to produce ideas of general validity, say, the theory of relativity. He won the Nobel Prize in economics. Romer put all this together in a concrete economic model with a major implication, said Chad Jones, a former colleague of Romer's and a professor at Stanford University.
On Sunday, the Intergovernmental Panel on Climate Change released a report about global warming.
In Nordhaus' case, the academy cited his pioneering development of an "integrated assessment model" representing "the global interplay between the economy and the climate".
William Nordhaus, a professor of economics at Yale, has been recognized by the Royal Swedish Academy of Sciences for his work - dating back to the 1970s - in understanding and modelling how the global economy and the climate interact.
"I've been really disappointed that we just haven't had the kind of political environment where we can think about speeding up technological progress", Paul Romer said Monday.
"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.
Nobel committee chair Per Stromberg told Reuters Monday's award was honoring research into "two big global questions": how to deal with the negative effects of growth on the climate and "to make sure that this economic growth leaves prosperity for everyone".
They will share the 9-million-kronor ($1.01 million) prize.
Among the "usual suspects" cited frequently for the Nobel are United States economists Paul Romer and Paul Milgrom, and Frenchman Olivier Blanchard, a former International Monetary Fund chief economist.
"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".
"Humans are capable of wonderful accomplishments if we set our minds to it", Romer added.
Medicine is the first of the Nobel Prizes awarded each year.
Unlike the other Nobel prizes which were created in Swedish inventor and philanthropist Alfred Nobel's last will and testament and first awarded in 1901, the economics prize was created by the Swedish central bank, the Riksbank, in 1968 to mark its tricentenary.
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