Two Americans were selected for this year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
According to sources, Americans William D. Nordhaus and Paul M. Romer were selected by The Royal Swedish Academy for this prestigious award on Monday for their “integrating innovation and climate with economic growth”
Dr. Nordhaus was the first person to create an integrated assessment model ever.This model is all about global exchange between economy and climate as a whole.
Whereas, Dr. Romer laid the foundation of the endogenous growth theory, which explains how ideas are different to other goods and how it requires specific conditions in terms of prospering and growing in the field.
The academy stating views regarding the award said that the contributions made by both the economist led the academy towards fundamental insights into the causes and consequences of technological innovation and climate change apart from bringing the academy pretty closer to achieve sustained and sustainable growth in the global ecomony