William D. Nordhaus and Paul M. Romer were awarded the Nobel Prize in Economics this Monday (8). According to the award organizers' announcement, both have designed methods that address some of the most fundamental and pressing issues of our time: long-term sustainable growth in the global economy and the well-being of the world's population.
Nordhaus carried out work that addressed methods to promote sustainable growth and the relationship between economy and climate. Romer has already carried out studies that show how the accumulation of ideas sustains long-term economic growth.
Nordhaus is a professor in the Department of Economics at Yale University, in the United States. The economist has carried out studies that show that the most efficient way to solve the problems caused by gas emissions is a global tax on all countries.
Paul M. Romer was also chief economist at the World Bank. Romer was recognized for studying how companies can produce innovations.
Nordhaus created a quantitative model that describes the global interaction between the economy and climate. His model has been disseminated and is used to examine the consequences of climate policy interventions, for example carbon taxes.
Romer's research laid the foundation for what is now called endogenous growth theory. The theory has generated a great deal of new research into the regulations and policies that encourage new ideas and long-term prosperity.
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