ForumIAS LATEST
- FRC 2027: SFG Residential program | accepting application for Tranche-2 Click Here to know more →
- CSAT Classes for Prelims 2027 by Rishi Bhargav sir starts 16 Nov. at 5 PM Click Here to know more →
- Prelims Sprint classes 2027: Starts 2nd Nov. at 4:30 PM | First class open to all. Click Here to know more →
- Nobel Prize 2018 in Economic Sciences (The Sveriges Riksbank Prize) was divided equally between William D. Nordhaus and Paul M. Romer.
- William D. Nordhaus and Paul M. Romer have designed methods for about how we create long-term sustained and sustainable economic growth.
- William D. Nordhaus have been contributed “for integrating climate change into long-run macroeconomic analysis. He became the first person to create an integrated assessment model, e. a quantitative model that describes the global interplay between the economy and the climate. Nordhaus’ model is used to examine the consequences of climate policy interventions, for example carbon taxes.
- Paul M. Romer has integrated technological innovations into long-run macroeconomic analysis. Romer demonstrated how knowledge can function as a driver of long-term economic growth by his “endogenous growth theory” which explains how ideas are different to other goods and require specific conditions to thrive in a market. Romer’s theory has generated vast amounts of new research into the regulations and policies that encourage new ideas and long-term prosperity.
