This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-45785222
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Climate change economists win Nobel prize | Climate change economists win Nobel prize |
| (35 minutes later) | |
| This year's Nobel prize for economics has been awarded to William Nordhaus and Paul Romer for their work on climate change. | This year's Nobel prize for economics has been awarded to William Nordhaus and Paul Romer for their work on climate change. |
| The US economists were praised for their work on the relationship between global warming and economic growth. | |
| The Royal Swedish Academy of Sciences said they had addressed "some of our time's most basic and pressing questions" about sustainable growth. | The Royal Swedish Academy of Sciences said they had addressed "some of our time's most basic and pressing questions" about sustainable growth. |
| The duo will receive 9 million Swedish krona (£841,000). | |
| Prof Nordhaus, of Yale University, was the first person to create a model that described the interplay between the economy and the climate, the academy said. | |
| Prof Romer, of New York University's Stern School of Business, has shown how economic forces govern the willingness of firms to produce new ideas and innovations. | |
| "Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge," the academy said in statement. | |
| Prof Romer courted controversy earlier this year when he stepped down as the World Bank's chief economist after just 15 months in the job. | |
| He had claimed that Chile's rankings in a closely watched "Doing Business" report may have been manipulated for political reasons under socialist president Michelle Bachelet. | |
| It came amid reports that the outspoken economist had clashed with colleagues at the Word Bank over a host of issues, including the organisation's culture and economists' use of grammar. | |
| American domination | |
| The Nobel economics prize - technically known as the Sveriges Riksbank Prize - was created by the Swedish central bank "in memory of Alfred Nobel" and first awarded in 1969. | |
| That is unlike the other prizes which were created in the philanthropist's last will and testament, and first awarded in 1901. | |
| Last year, US economist Richard Thaler, author of the best seller Nudge, won for his work in behavioural economics. | |
| In 2016 it went to British-born American economist Oliver Hart and Finn Bengt Holmstrom for their work on "contract theory" - the study of how people develop legal agreements in situations with uncertain conditions. | |
| Since it was first awarded in 1969, Americans have dominated the awards. Only one woman has won the economics prize since 1969, Elinor Ostrom in 2009. |