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Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018

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08 Oct 2018
Professor William D. Nordhaus and Professor Paul M. Romer

October 8, 2018

The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to Professor William D. Nordhaus of Yale University “for integrating climate change into long-run macroeconomic analysis” and Professor Paul M. Romer of the NYU Stern School of Business “for integrating technological innovations into long-run macroeconomic analysis”.

On behalf of the European Association of Environmental and Resource Economist that I have the honour to chair, I would like to congratulate Professor Nordhaus and Professor Romer. This award is an extraordinary personal achievement. At the same time it is a recognition of the important role played by environmental economics in the design of a sustainable global economic growth. It is a strong incentive to all those environmental economists to continue their work with strengthened passion.

Both researchers have broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge, and their findings have brought us closer to answering the question of how to achieve sustained and sustainable global economic growth. Romer is best known for his work laying the foundation for the endogenous growth theory, while Nordhaus was the first person to create an integrated assessment model.

My warmest congratulations goes in particular to Professor Nordhaus, with whom I had the privilege to have many inspiring discussions in different fora on research topics of common interest. This is indeed a well-deserved acknowledgment of pioneering research that has laid the groundwork for a new research field.

Professor Carlo Carraro
President, European Association of Environmental and Resource Economists

To find out more about the winners and their work on integrating innovation and climate with economic growth, read the Press release: The Prize in Economic Sciences 2018.

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