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| 2018 Nobel Prize in Economics Is Awarded to William Nordhaus and Paul Romer | |
| (35 minutes later) | |
| The 2018 Nobel Memorial Prize in Economic Science was awarded on Monday to the American economists William D. Nordhaus and Paul M. Romer for reshaping the understanding of the long-term determinants of economic growth. | The 2018 Nobel Memorial Prize in Economic Science was awarded on Monday to the American economists William D. Nordhaus and Paul M. Romer for reshaping the understanding of the long-term determinants of economic growth. |
| Mr. Nordhaus was cited for his work on the implications of environmental factors, including climate change. Mr. Romer was cited for his work on the importance of technological change. | Mr. Nordhaus was cited for his work on the implications of environmental factors, including climate change. Mr. Romer was cited for his work on the importance of technological change. |
| Mr. Nordhaus, a professor of economics at Yale University, pioneered the economic analysis of climate change. He is also a leading proponent of the use of carbon taxation to reduce emissions, a policy approach preferred by many economists. | Mr. Nordhaus, a professor of economics at Yale University, pioneered the economic analysis of climate change. He is also a leading proponent of the use of carbon taxation to reduce emissions, a policy approach preferred by many economists. |
| The announcement of the award came the same day that a United Nations panel on climate change released a report warning of dire consequences from climate change and urging governments to respond to the problem with greater urgency. The report builds on and cites Mr. Nordhaus’s work. | The announcement of the award came the same day that a United Nations panel on climate change released a report warning of dire consequences from climate change and urging governments to respond to the problem with greater urgency. The report builds on and cites Mr. Nordhaus’s work. |
| Mr. Romer, a professor of economics at New York University, was honored for his work explaining the role of ideas in fostering economic growth. | Mr. Romer, a professor of economics at New York University, was honored for his work explaining the role of ideas in fostering economic growth. |
| This is the 50th time that the prize in economics has been awarded. | This is the 50th time that the prize in economics has been awarded. |
| Mr. Nordhaus, 77, and Mr. Romer, 62, have long been promoted as possible recipients of the prize, but they were not obvious candidates to be awarded one together. In announcing the decision, members of the prize committee emphasized that both men had highlighted obstacles to long-term growth that required international cooperation. | |
| “The message is that it’s needed for countries to cooperate globally to solve some of these big questions,” said Goran K. Hansson, secretary general of the Royal Swedish Academy of Sciences, which selects the winner of the economics prize. | “The message is that it’s needed for countries to cooperate globally to solve some of these big questions,” said Goran K. Hansson, secretary general of the Royal Swedish Academy of Sciences, which selects the winner of the economics prize. |
| At a news conference after the announcement, Mr. Romer said that he and Mr. Nordhaus also shared a sense of optimism that public policy can be improved. | At a news conference after the announcement, Mr. Romer said that he and Mr. Nordhaus also shared a sense of optimism that public policy can be improved. |
| “One problem today is that people think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn’t exist,” he said. “Humans are capable of amazing accomplishments if we set our minds to it.” | “One problem today is that people think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn’t exist,” he said. “Humans are capable of amazing accomplishments if we set our minds to it.” |
| Mr. Romer is the son of Roy Romer, a former governor of Colorado. He earned a doctorate in economics from the University of Chicago in 1983, and then began his career as an academic. | |
| During the 1980s, Mr. Romer sought to explain the role of technological advances in driving economic growth. His work was inspired by a desire to understand the remarkable acceleration in growth that began with the Industrial Revolution. | During the 1980s, Mr. Romer sought to explain the role of technological advances in driving economic growth. His work was inspired by a desire to understand the remarkable acceleration in growth that began with the Industrial Revolution. |
| Economists had traditionally treated the arrival of new ideas as manna from heaven: obviously important but beyond the control of public policy. Mr. Romer’s big idea was to argue that policymakers could foster technological innovation, for example, by investing in research and development and by writing patent laws that provided sufficient rewards for new ideas without letting inventors permanently monopolize those rewards. | Economists had traditionally treated the arrival of new ideas as manna from heaven: obviously important but beyond the control of public policy. Mr. Romer’s big idea was to argue that policymakers could foster technological innovation, for example, by investing in research and development and by writing patent laws that provided sufficient rewards for new ideas without letting inventors permanently monopolize those rewards. |
| He argued that national differences in such public policies helped to explain differences in economic growth rates. | He argued that national differences in such public policies helped to explain differences in economic growth rates. |
| In advocating for his ideas about growth, Mr. Romer has courted controversy, telling one interviewer in the 1990s, “I’m quite happy to offend everyone.” | In advocating for his ideas about growth, Mr. Romer has courted controversy, telling one interviewer in the 1990s, “I’m quite happy to offend everyone.” |
| In a 2015 essay, he criticized some rival growth theorists for the sin of “mathiness,” which he described as the use of math to obscure rather than clarify underlying ideas. He argued that some economists were dressing up political beliefs in the language of science. “The style that I am calling mathiness lets academic politics masquerade as science,” he wrote. | In a 2015 essay, he criticized some rival growth theorists for the sin of “mathiness,” which he described as the use of math to obscure rather than clarify underlying ideas. He argued that some economists were dressing up political beliefs in the language of science. “The style that I am calling mathiness lets academic politics masquerade as science,” he wrote. |
| In 2016, Mr. Romer was named chief economist of the World Bank, a prestigious perch for a development economist. But he resigned 15 months later, in January 2018, after suggesting that the bank’s positive evaluation of Chile’s economic policies had been influenced by political considerations. | In 2016, Mr. Romer was named chief economist of the World Bank, a prestigious perch for a development economist. But he resigned 15 months later, in January 2018, after suggesting that the bank’s positive evaluation of Chile’s economic policies had been influenced by political considerations. |
| Richard H. Thaler was recognized for his pioneering work in establishing that people are predictably irrational — that they consistently behave in ways that defy economic theory. He is credited with persuading many economists to pay more attention to human behavior, and many governments to pay more attention to economics. | Richard H. Thaler was recognized for his pioneering work in establishing that people are predictably irrational — that they consistently behave in ways that defy economic theory. He is credited with persuading many economists to pay more attention to human behavior, and many governments to pay more attention to economics. |
| • James P. Allison and Tasuku Honjo were awarded the Nobel Prize in Physiology or Medicine last Monday, for a discovery that the body’s immune system can be used to attack cancer cells. | • James P. Allison and Tasuku Honjo were awarded the Nobel Prize in Physiology or Medicine last Monday, for a discovery that the body’s immune system can be used to attack cancer cells. |
| • Arthur Ashkin, Gérard Mourou and Donna Strickland were awarded the Nobel Prize in Physics on Tuesday for developing tools made of light beams. Dr. Strickland is just the third woman to win the physics prize. | • Arthur Ashkin, Gérard Mourou and Donna Strickland were awarded the Nobel Prize in Physics on Tuesday for developing tools made of light beams. Dr. Strickland is just the third woman to win the physics prize. |
| • Three scientists were awarded the Nobel Prize in Chemistry on Wednesday: Frances H. Arnold of the U.S., who received half the prize, and George P. Smith and Gregory P. Winter who shared the other half. They won for tapping the power of evolutionary biology to design molecules. | • Three scientists were awarded the Nobel Prize in Chemistry on Wednesday: Frances H. Arnold of the U.S., who received half the prize, and George P. Smith and Gregory P. Winter who shared the other half. They won for tapping the power of evolutionary biology to design molecules. |
| • The Congolese gynecological surgeon Denis Mukwege and the former ISIS captive Nadia Murad were awarded the Nobel Peace Prize on Friday “for their efforts to end the use of sexual violence as a weapon of war and armed conflict.” | • The Congolese gynecological surgeon Denis Mukwege and the former ISIS captive Nadia Murad were awarded the Nobel Peace Prize on Friday “for their efforts to end the use of sexual violence as a weapon of war and armed conflict.” |
| The Nobel Prize in Literature has been postponed. The institution that chooses the laureate is embroiled in a scandal involving allegations of sexual misconduct, financial malpractice and repeated leaks — a crisis that led to the departure of several board members and required the intervention of the Swedish king. Two laureates might be named next year. Read about last year’s winner, Kazuo Ishiguro. | The Nobel Prize in Literature has been postponed. The institution that chooses the laureate is embroiled in a scandal involving allegations of sexual misconduct, financial malpractice and repeated leaks — a crisis that led to the departure of several board members and required the intervention of the Swedish king. Two laureates might be named next year. Read about last year’s winner, Kazuo Ishiguro. |