Published: Mon, October 08, 2018
Worldwide | By Gretchen Simon

Americans win Nobel for working climate, tech into economic analysis

Americans win Nobel for working climate, tech into economic analysis

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".

Nordhaus first came up with a model that helps researchers analyze the "interplay of the economy and the climate", pointing out that the quantitative model is now widely used to ascertain the impact of policy interventions, like carbon taxes.

Romer's research, the academy said, depicts how the collection of ideas sustains long-term economic growth.

Nordhaus, a professor of economics at Yale University, shares the award with Paul M. Romer of New York University's Stern School of Business, who also did graduate work at MIT. Five people have won the Nobel Prize in economic sciences while serving as members of the MIT faculty; another 11 MIT alumni, including Nordhaus, have won the prize.

The university says he founded Aplia, an education technology application where students have submitted more than 1 billion answers to homework problems.

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Yale economist William Nordhaus is being recognized "for integrating climate change into long-run macroeconomic analysis".

"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".

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.

The prize, which is officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is financed by Royal Bank of Sweden and has been awarded for the 50th time, with 79 individuals winning it from 1969 to 2017.

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