2018 Nobel Prize for Economics!!

2018 Nobel Prize for Economics!!

In Economic Sciences the 2018 Nobel Prize has collectively gone to American economists William Nordhaus and Paul Romer for taking macroeconomics to a global scale to tackle some of the world's biggest problems. For his work on climate change, Nordhaus was awarded for his work on climate change, Romer was recognized for his work on the importance of technological change in economic growth. Nordhaus has made pioneering strides in bringing the impact of climate change into the long-run macroeconomic analysis, by using models to show the failure of policy-makers in measuring the true impact of global warming. Meanwhile, Romer was awarded for his Endogenous Growth Theory that shows that economic growth is generated by internal, rather than external factors. Romer's work has major implications for national economic policies.

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