The two americans hailed for having changed our understanding of economic growth.
They have developed methods that are used to explain some of our present-day most basic and important issues: long-term sustainable growth in the world economy and the living conditions of the world’s population, it is stated in the rationale.
Macroeconomics
Nordhaus get the award for having the “integrated climate change in the long-term macroeconomic analysis,” while Roms get the award for the “integration of technological development in the long-term macroeconomic analysis”.
Nordhaus was the first who developed a quantitative model that describes the global interaction between economy and climate. His model is now widespread and used to investigate the impacts of climate policy measures, for example, CO2-fee.
Romers research shows how economic forces helps to control the industry’s willingness to develop new ideas and inventions. Romers research has formed the basis for a model which today has contributed to the large amount of new research on the regulations and policies that contribute to the development of new ideas and long-term prosperity.
Nordhaus, professor at Yale University. Romer is a professor at New York University’s Stern School of Business.
did not respond
Romer tells him that he pretended to be to answer the phone two times in a row when the Kungliga vetenskapsakademien in sweden called to announce the news that he is assigned økonomiprisen.
I got two phone calls this morning and I did not respond on any of them because I thought it was nonsense, he said afterwards in a phone call with journalists.
Vetenskapsakademiens leader Göran K. Hansson added that “eventually we managed to make contact”.
