Nobel Economics in 2018 at the hands of two American expert

Two experts, William Nordhaus and Paul Romer, were awarded the Nobel Prize in Economics for 2018 for their work related to climate change and sustainable economic growth.

According to the Swedish Royal Academy of Sciences, these two American economists developed a method to solve one of the most fundamental and urgent questions of our time: How can we create sustainable long-term economic growth?

Their contribution brings fundamental and profound insights into the causes and consequences of innovation and innovation in technology and climate change.

Two winners of the Nobel Prize in Economics.(Photo: Nobelprice.org).

Specifically, Mr. Nordhaus was honored for his work on the damage caused by climate change. The research work of professionals born in 1941 focuses on the interaction between society and nature. He decided to devote much effort to this topic in the 1970s as scientists became increasingly concerned that burning fossil fuels had the potential to make the world warmer.

In the mid-1990s, he became the first to create a quantitative model that describes the interplay between economy and climate. His model combines theory and experience from physics, chemistry and economics. Now, this model is widely used in how economic and climate simulation evolve together.

Meanwhile, Paul Romer is appreciated by studies that contribute to the foundation of the endogenous growth theory . This theory has led to a series of new studies on regulations and policies to encourage new ideas and long-term prosperity.

At first, it seems that the two macroeconomic research this have nothing in common. However, Per Krusell, an expert at Stockholm University (Sweden), thinks that both people think about long-term global issues and have a common view on economic policy, as well as market failures. school

The Royal Swedish Academy of Sciences identified Nordhaus and Romer as bringing the macroeconomy to a global scale, to address some of the world's greatest challenges, such as combating climate change and gaining speed. sustainable growth.

Mr. Nordhaus born in 1941, now works at Yale University (USA). Meanwhile, Mr. Romer was born in 1955, teaching at Stern Business School of New York University (USA).

With the final award of this year's Nobel Prize, the two men shared a prize of nearly $ 1 million.

The Nobel Prize for Economics is not one of the five Nobel Prizes set in accordance with his wishes in 1895. This award was established and funded by the Swedish Central Bank since 1968 to celebrate the 300th anniversary of the bank's establishment also to remember Mr. Nobel.