William Nordhaus, Paul Romer win Nobel Prize in Economics

William D. Nordhaus of Yale University and Paul M. Romer of New York University’s Stern School of Business were awarded the 2018 Nobel Prize in Economics for including long-term thinking on climate issues and technological innovation in economic research.

अर्थशास्त्र क्षेत्र में विलियम नोर्डहॉस, पॉल रोमर को मिलेगा नोबेल पुरस्कार

जलवायु परिवर्तन और आर्थिक विकास पर खोज के लिए रॉयल स्वीडिश एकेडमी ऑफ इकोनॉमिक्स ने विलियम द नोर्डहॉस और पॉल एम. रोमर को 2018 का अर्थशास्त्र का नोबेल सम्मान देने की घोषणा की

इस साल इकोनॉमिक्स का नोबेल दो अमेरिकी अर्थशास्त्रियों को दिया जाएगा। विलियम डी नोर्दहॉस और पॉल एम रोमर को यह पुरस्कार मिलेगा। इनको इकोनॉमिक ग्रोथ पर रिसर्च के लिए अवॉर्ड मिलेगा। दोनों ने जलवायु परिवर्तन और इकोनॉमिक ग्रोथ पर रिसर्च की। नोर्दहॉस येल यूनिर्सिटी में प्रोफेसर, रोमर न्यूयॉर्क यूनिवर्सिटी से जुड़े हैं।
रॉयल स्वीडिश अकेडमी ऑफ साइंसेज़ ने साल 2018 के लिए अर्थशास्त्र के नोबल पुरस्कार का ऐलान कर दिया है। इस साल यह सम्मान येल यूनिवर्सिटी के विलियम डी नॉरदौस और स्टर्न स्कूल ऑफ बिजनेस के पॉल एम रोमर को संयुक्त रूप से दिया जाएगा। जलवायु में हो रहे लगातार परिवर्तन और आर्थिक विकास को जोड़ते हुए तकनीकों पर काम करने के लिए दोनों को इस सम्मान से नवाजा जाएगा।

अकेडमी ने बताया, ‘दोनों वैज्ञानिकों ने लम्बे समय तक आर्थिक विकास को बरकरार रखने के सम्बंध में जरूरी सवालों को हल करने के लिए मैथेड्स डिजाइन की।’ अकेडमी ने कहा, ‘दोनों वैज्ञानिकों ने अपने डिजाइन्स में यह भी बताया कि कैसे जलवायु परिवर्तन और मार्केट इकनॉमी एक दूसरे से जुड़ी हुई हैं।
77 वर्षीय नॉरदौस ने 1970 के दशक में पर्यावरण से जुड़े मुद्दों पर काम करना शुरू किया था। उन्होंने ग्लोबल वार्मिंग से हर साल दुनिया को होने वाले आर्थिक नुकसान को पता करने के लिए कई मैथेड्स डिजाइन की। वहीं 62 वर्षीय रोमर ने बाजार के स्थिर विकास के लिए जरुरी चीजों पर काफी डिजाइन्स तैयार किए। उन्होंने बताया कि लगातार लम्बे आर्थिक विकास के लिए जरूरी है कि सरकारें युवाओं को विज्ञान और इंजीनियरिंग की ओर अट्रैक्ट करे। उनके अनुसार, नए इनोवेशन्स बाजार के लगातार विकास के लिए बेहद जरूरी है।

वर्ल्ड बैंक के चीफ इकोनॉमिस्ट रह चुके हैं रोमर

विलियम नोर्दहॉस येल यूनिवर्सिटी और पॉल रोमर न्यूयॉर्क के स्टर्न बिजनेस स्कूल में प्रोफेसर हैं। 77 साल के नोर्दहॉस ने 1970 के दशक में पर्यावरण संबंधी मामलों पर रिसर्च शुरू की थी। उन्होंने ग्लोबल वॉर्मिंग के आर्थिक नुकसान पर अध्ययन किया। जलवायु परिवर्तन की समस्याओं से निपटने के लिए उन्होंने इंटीग्रेटेड इकोनॉमिक्स और साइंटिफिक कम्प्यूटर मॉडल्स भी बनाए हैं।
वहीं, 62 साल के रोमर वर्ल्ड बैंक के चीफ इकोनॉमिस्ट भी रह चुके हैं। रोमर लॉन्ग टर्म ग्रोथ के लिए नई तकनीक के इस्तेमाल पर जोर देते रहे हैं। उन्होंने साइंस और इंजीनियरिंग की तरफ ज्यादा छात्रों को खींचने के लिए सरकारी मदद मुहैया कराने की भी मांग की है।

The two Americans “have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth,” the Royal Swedish Academy said on Monday.
Nordhaus, 77, began working on environmental issues in the early 1970s and has been trying to measure the economic costs of global warming ever since. In the 1990s, he became the first person to create a model that calculates the interplay between the economy and the climate.

He warned in a recent paper that it’s “unlikely” that nations can achieve the 2 degree target outlined in the Paris Agreement and that the “carbon price needed to achieve current targets has risen over time as policies have been delayed.”
Human activity has contributed to the rapid increases in average global temperatures over the last 100 years. 2018 Economic Sciences laureate William Nordhaus’ research shows how economic activity interacts with basic chemistry and physics to produce climate change.
The 62-year-old Romer, who this year stepped down from his post as chief economist at the World Bank after a rocky term, has argued that policy makers should stop trying to fine-tune the business cycle and instead promote new technology. His work published in 1990 has served as the foundation for what’s called “endogenous growth theory,” a rich area of research into the regulations and policies that encourage new ideas and long-term prosperity.
“Both their methods and the core questions they are addressing in the research are of the utmost importance to human welfare,” said Jakob Svensson, professor of economics and director of the Institute for International Economic Studies at Stockholm University. “I would hope that policy makers and politicians would use their findings to think about long-run global issues.”
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This year’s laureates were announced as the United Nations issued a stark warning on the growing threat of climate change, adding pressure on policy makers and business leaders to do more to address the risks. It also comes a little over a year after US President Donald Trump dragged the world’s biggest economy out of the Paris climate accord.
The Swedish academy said that Nordhaus and Romer “do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth”.
Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896. The prize in economic sciences was added by Sweden’s central bank in 1968.
Born in Albuquerque, New Mexico in 1941, Nordhaus did his undergraduate work at Yale and earned a doctorate in economics from the Massachusetts Institute of Technology in Cambridge in 1967. He returned to Yale to teach that year and has been at the New Haven, Connecticut-based university since, except for a two-year stint as a member of President Jimmy Carter’s Council of Economic Advisers from 1977 to 1979.
He is also the co-author of a popular economics textbook with the late Paul Samuelson, who won the Nobel Prize in economics in 1970.
Romer is a native of Denver whose father is Roy Romer, a former governor of Colorado. He earned a bachelor’s degree in mathematics from the University of Chicago. After doing graduate work at MIT and Queens University, he received a doctorate in economics from the University of Chicago in 1983.
At Chicago, Romer studied under 1995 Nobel Prize-winner Robert Lucas, who was influenced by the free-market theories of Milton Friedman. Even so, he dismissed the university’s long-held precept that markets always produce efficient results, arguing that competition isn’t perfect and sometimes needs help.
Romer has been a long-time presence on short lists for the Nobel, and was even mistakenly announced as a winner by NYU in 2016. But in recent years his attacks on economic models have irritated many of his colleagues.
In a paper based on a 2016 January lecture he declared, “For more than three decades, macroeconomics has gone backwards” by abandoning a commitment to objective facts in favor of models. The “dismissal of fact goes so far beyond post-modern irony that it deserves its own label. I suggest ‘post-real’,” he said.
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William D. Nordhaus and Paul M. Romer have designed methods for addressing some of our time’s most basic and pressing questions about how we create long-term sustained and sustainable economic growth.

At its heart, economics deals with the management of scarce resources. Nature dictates the main constraints on economic growth and our knowledge determines how well we deal with these constraints. This year’s Laureates William Nordhaus and Paul Romer have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge.
Technological change – Romer demonstrates how know- ledge can function as a driver of long-term economic growth. When annual economic growth of a few per cent accumulates over decades, it transforms people’s lives. Previous macroeconomic research had emphasised technological innovation as the primary driver of economic growth, but had not modelled how economic decisions and market conditions determine the creation of new technologies. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations.
Romer’s solution, which was published in 1990, laid the foundation of what is now called endogenous growth theory. The theory is both conceptual and practical, as it 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.
Climate change – Nordhaus’ findings deal with interactions between society and nature. Nordhaus decided to work on this topic in the 1970s, as scientists had become increasingly worried about the combustion of fossil fuel resulting in a warmer climate. In the mid-1990s, he became the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate. His model integrates theories and empirical results from physics, chemistry and economics. Nordhaus’ model is now widely spread and is used to simulate how the eco- nomy and the climate co-evolve. It is used to examine the consequences of climate policy interventions, for example carbon taxes.

The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change. This year’s Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth.