2018 Economics Nobel Prize Awarded to William Nordhaus for Climate Change Economics

Two recipients shared the honor of receiving the 2018 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Economics Prize) –– William Nordhaus of Yale University for his pioneering work in the field of climate change economics and Paul Romer of New York University for his groundbreaking models of economic growth and technological development. As the Nobel committee put it, nature and knowledge are key resources for human activity. The laureates’ work brought the tools of economic analysis to the study of how climate change and innovation influence economic activity and how they are in turn impacted by the market economy.