Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics

Last Updated: Oct 08 2018 17:14
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SWEDEN- The 2018 Nobel Prize in Economics has been awarded to William D Nordhaus and Paul M Romer, the Royal Swedish Academy of Sciences announced on Monday. 

Nordhaus got the award for his work on climate economics, and Romer for his work on the endogenous growth theory.

The academy said, “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.”

About Romer’s research, the academy said, “The theory has generated vast amounts of new research into the regulations and policies that encourage new ideas and long-term prosperity."