2018 Nobel Prize in Economics was jointly awarded to Paul Romer of New York University and William Nordhaus of Yale for their work on economic growth and climate change innovation in economic analysis.
“Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge.”, the Royal academy of Economic Sciences tweeted.
Paul Romer 63, is a Professor of Economics at New York University. Before this, he worked as a Chief Economist and Senior Vice President at the World Bank. He completed his undergraduate studies from Massachusetts Institute of Technology and a master and PhD from University of Chicago where his dissertation was supervised by Robert Lucas Jr. and José Scheinkman. Romer is well-known for his endogenous growth theory.
William Nordhaus 77, is a Professor at Yale which is also his Alma mater. He is said to be well-known for his work in climate change and economic modelling. Nordhaus was supervised by Robert Solow during his PhD at Massachusetts Institute of Technology (MIT). He is a prolific author who co-authored the famous book of Economics which was earlier written by Paul Samuelson.