Nobel prize in economics announced in Sweden

Nobel Economics 2018 Awarded To US William D Nordhaus Paul M Romer

Romer, now an economics professor at New York University's Stern School of Business, was recognized by the Nobel committee for laying the groundwork for endogenous growth theory, which stresses that well-designed policies and regulations can significantly encourage innovation and economic growth.

Romer laid the foundation for "endogenous growth theory", which predicts economic growth based on internal factors such as investment in human capital rather than exclusively on external factors, such as bringing in more advanced equipment and technology from the outside.

The economists were praised for their research on the relationship between global warning and economic growth.

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. Many Republicans in Congress have also expressed skepticism about whether or how much human beings are contributing to global warming and whether the USA government ought to take steps to address it. Nordhaus concluded that the most efficient approach was the use of carbon taxes, applied uniformly to different countries.

This model could be used to predict a number of economic outcomes from climate policies such as carbon taxes. His "endogenous growth theory", developed in the 1990s, opened new avenues of research on how policies and regulations can prompt new ideas and economic innovation.

Chelsea boss Sarri tells Morata: I hope you keep crying!
The Belgium global has been in sensational form, scoring seven goals in nine appearances so far this season. "We have to try to stay very close in the table with the top-level teams".

The Nokia 7.1 looks to be well worth its $350 asking price
First debuted on Nokia 8, it essentially lets you take photos or videos using the front and back cameras at the same time. This means that the phone's display will be able to offer details in both light and dark areas as well as vibrant colours.

Chelsea boss Maurizio Sarri makes Liverpool and Man City Premier League prediction
The Brazilian defender added: "Every single day he says to us "you have the best job in the world, so you have to enjoy". Luiz helped Chelsea win the 2016/17 Premier League title in former manager Antonio Conte's first season as Blues boss.

Nordhaus is the 37th MIT alumnus to win a Nobel Prize and 90th victor with a connection to MIT.

They will share the 9-million-kronor ($1.01 million) prize. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

The committee that awarded the prize said he was the first person to design "simple but dynamic and quantitative models of the global economic-climate system, now called integrated assessment models (IAMs)".

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.

Per Stromberg, Goran K. Hansson and Per Krusell announce the laureates of the Nobel Prize in Economics during a press conference at the The Royal Swedish Academy of Sciences in Stockholm, Sweden.

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