The Nobel Prize for Economics was conferred to William Nordhaus and Paul Romer, for their efforts which led to a new economic theory which could analyze and take into account the environmental issues and technological progress.
This recognition by the Norwegian government has brought to light the importance of considering environmental consequences to the economic policies, which have been long forgotten by the leaders across the world. The Royal Swedish Academy of Sciences felt that the work of William Nordhus and Paul Romer for which they being awarded with Nobel Prize in Economics clearly answers some of the basic questions of regarding the long term implication of the economic policies which do not take environmental consequences into consideration. The work of the awardees promoted long time sustainable growth and human welfare.
William Nordhus, an America and a student of Yale University was the first person to come up with a model that explained the connection between nature and knowledge.
Paul Romer was also American and a student of New York University’s Stern School of Business has shown, through his research work, how economic forces govern the willingness of companies to come up with innovative ideas while inventing new models of development called the endogenous theory.
The body of work these economists discussed has thrown light on a path breaking analysis of economics and its related models which explains relation between economy and climate.
The Nobel Prize is given to eminent personalities and organizations in the fields of Physics, Chemistry, Medicine, Literature and peace establishing activities. It was established by a Swedish inventor and industrialist Alfred Nobel. They are awarded from the hands of Norwegian King on the 10th of December; the anniversary of Alfred Nobel. The award is presented by a committee of five people selected by the parliament of Norway.
Earlier the Nobel Prize in the field of Economics was given to Richard Thaler in 2017, Olive Hart and Bengt Holmstorm in 2016, Augus Deaton in 2015, Jean Tirole in 2014, Lars Peter Hansen, Eugene Fama, Robert J. Shiller in 2013, Lloyd Shapley and Alvin E. Roth in 2012 etc.
