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Nobel Prize for Economics Awarded to US Duo William Nordhaus and Paul Romer

William Nordhaus won the honour for his work on climate economics, and Paul M. Romer for his work on the endogenous growth theory.

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Updated:October 8, 2018, 4:12 PM IST
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Nobel Prize for Economics Awarded to US Duo William Nordhaus and Paul Romer
William D. Nordhaus (L) and Paul M. Romer (R). (Image: The Nobel Prize @NobelPrize/Twitter)
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New Delhi: William D. Nordhaus and Paul M. Romer have won the 2018 Nobel Memorial Prize in Economic Sciences for research “about innovation, climate and economic growth.” Nordhaus won the honour for his work on climate economics, and Paul Romer for his work on the endogenous growth theory.

“William Nordhaus and Paul Romer, awarded the 2018 Prize in Economic Sciences, have designed methods that address some of our time’s most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the world’s population,” the official Twitter handle of Nobel Prize posted on Monday afternoon.

Nordhaus’ research shows that the most efficient remedy for problems caused by greenhouse gas emissions is a global scheme of carbon taxes uniformly imposed on all countries.

Romer’s research shows how the accumulation of ideas sustains long-term economic growth. He demonstrated how economic forces govern the willingness of firms to produce new ideas and innovations, the Nobel Prize handle tweeted.
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