Nobel Economics 2018 awarded to Americans William Nordhaus and Paul Romer

Nordhaus and Paul Romer, were awarded the Nobel Memorial Prize in Economic Sciences on Monday for their work in implementing climate change and technological innovation, respectively, into long-run macroeconomic analysis.

The Swedish Academy chose to delay this year's.

Together, Nordhaus' and Romer's works have broadened the scope of economic analysis by creating models that explain how the market economy interacts with knowledge and nature.

Romer (62) is a professor at NYU Stern School of Business in NY and he has won the Nobel Prize for integrating technological innovations into long-run macroeconomic analysis.

They will share the 9-million-kronor ($1.01 million) prize.

NY limousine crash kills 20 people
The limo then veered into a parking lot where it then struck a parked, unoccupied, SUV before coming to a halt in the woods. The McGowans were one of two pairs of newlyweds killed in America's worst transportation crash in almost a decade.

Romer's career has also taken him outside the academic world. Previous macroeconomic research had emphasized technological innovation as the primary driver of economic growth, but had not modeled how economic decisions and market conditions determine the creation of new technologies. While on leave from the Stern School, he served as chief economist and senior vice president at the World Bank until early this year. At its most basic level, the model says the economy needs fuel to function, which in turn creates greenhouse gas emissions that lead to climate change.

Romer's research demonstrates how economic forces govern the willingness of companies to produce new ideas, innovations and long-term prosperity.

Last year's win by American Richard Thaler was unusually accessible to the layman - his work studied the human irrationality that can mess with economic theory. Five people have won the Nobel Prize in economic sciences while serving as members of the MIT faculty; another 11 MIT alumni, including Nordhaus, have won the prize. It was first awarded in 1969.

That award was postponed by a year for the first time in 70 years over a rape scandal that came to light as part of the #MeToo movement.

The economics prize is the last of the Nobels to be announced this year.

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