Updated By: LatestGKGS Desk
Nobel Prize 2018 Economics winners are William D. Nordhaus and Paul M. Romer
The Nobel Prize Committee has jointly announced the Nobel Prize for Economics of the Year 2018, jointly with American economist William D. Nordhaus and Paul M. Romer.
After the announcement of the Nobel Prize in medicine, physics, chemistry and peace, now awards have been announced in economics.
The Royal Swedish Academy of Economics has decided to award these awards for research on climate change and economic development.
Both economists, William D. Nordhaus and Paul M. Romer, are related to macroeconomics. They have created models that extend the relationship between nature and the market economy. At the same time, we have discovered ways to prevent damage caused by climate change.
Both economists are American citizens and are world renowned economists. They will get this respect for research on the relationship between global warming and economic development.
Both of them will be given about 9 million Swedish kronor ie 7.35 crore rupees as prize money.
Professor Nordhaus of Yale University is the first person to develop a model on the effects of economy and weather.
Prof. Romer teaches at New York University's Stern School of Business. In his research, he showed how economic power inspires companies to create new ideas and techniques.
