UChicago Alum, Former Professor Wins Nobel Prize in Economics

08 October, 2018, 18:37 | Author: Myra Gill
  • William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

Romer's research, the academy said, depicts how the collection of ideas sustains long-term economic growth.

Paul Romer is an economist who is also the pioneer of endogenous growth theory that argues that investment in human capital; innovation and knowledge contribute to economic growth.

Nordhaus, a longtime professor of economics at Yale University, and Romer, a former senior vice president of World Bank and now an economics professor at New York University, were announced the winners of the $1 million prize by the Royal Swedish Academy of Sciences.

The Sveriges Riksbank Prize in Economic Sciences, as it is formally known, was created in memory of Alfred Nobel in 1968.

Nordhaus, a Professor of Economics at Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the Swedish academy said.


Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis".

"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".

His current work on what he calls his "G-Econ project" promises to provide the first comprehensive measures of economic activity at a geophysical scale.

Three women have been awarded Nobel prizes, an unusually large number for a single year.

Whether economics is a genuine science in the sense of the Nobels awarded for accomplishments in medicine, chemistry and physics can be debated; the award often goes to work that has a high level of abstraction.

Recommended:

  • There's a new Facebook 'Friend Request' hoax doing the rounds

    A hoax is sweeping across Facebook, which claims people's accounts have been cloned and encourages users to share the message. If you've received a message from a friend telling you that your Facebook account has been cloned, don't be alarmed.
    US Senate leader hails Kavanaugh vote as 'proudest moment'

    US Senate leader hails Kavanaugh vote as 'proudest moment'

    But Senate Majority Leader Mitch McConnell , a Republican , dismissed the prospect of lingering bitterness among senators. Kavanaugh staunchly denied the allegations, but almost all Senate Democrats voted against his confirmation.
    Why Susan Collins voted

    Why Susan Collins voted "yes" on Brett Kavanaugh - 60 Minutes

    That rare procedural maneuver left Kavanaugh with the same two-vote margin he'd have had if Murkowski and Daines had both voted. Kavanaugh's confirmation puts him on the nation's highest tribunal - but at the bottom of its ritualistic pecking order.
  • Doctor Who: Fans hail Jodie Whitaker in female Doctor's first appearance

    Doctor Who: Fans hail Jodie Whitaker in female Doctor's first appearance

    Despite this, the use of BBC iPlayer and catch-up on BBC channels could mean Jodie's number ends up eclipsing her predecessor. Whittaker's appearance seemed perfectly timed in the wake of the confirmation of new Supreme Court justice Brett Kavanaugh .
    Raw Beef Products Recalled Due to Possible Salmonella Newport Contamination

    Raw Beef Products Recalled Due to Possible Salmonella Newport Contamination

    Consumption of food contaminated with Salmonella can cause salmonellosis, one of the most common bacterial foodborne illnesses. The illness typically lasts between four and seven days, and most people recover without medical treatment.
    Rock used as doorstop is actually a meteorite worth $100K

    Rock used as doorstop is actually a meteorite worth $100K

    And that could mean something substantial as the space rock might be worthing more than $100,000. The rock was reportedly found in the 1930s on a MI farm, where it was put to use as a doorstop.
  • Hurricane Michael's path: Track the storm here

    Hurricane Michael's path: Track the storm here

    The Florida Panhandle is on alert as Tropical Storm Michael works its way to the northern part of the Sunshine State. This morning, Michael was about 120 miles east-northeast of Cozumel, Mexico, with maximum sustained winds of 70 mph.
    Results and updates from UFC 229

    Results and updates from UFC 229

    When asked about the UFC's exploitation of the bus attack, White said he would do it all again, calling it "part of the story". Fans waited nearly two years to see McGregor back in the Octagon but things did not go to plan for the Dublin fighter.
    Packers WR Adams returning to practice, Cobb ruled out

    Packers WR Adams returning to practice, Cobb ruled out

    A replay review failed to provide enough evidence to overturn it; the Packers thought it grazed a Lions player first. He also slammed a fourth-quarter PAT off the left upright and missed that. "This hurts a bunch, " he said .
  • Facebook cloning hoax: Users duped by viral message

    Facebook cloning hoax: Users duped by viral message

    A viral hoax is spreading across Facebook , prompting officials to warn against heeding the fake messages about cloned accounts. The company stresses that this is not related to last week's security breach.
    Spectator struck on head by golf ball at Dunhill Links

    Spectator struck on head by golf ball at Dunhill Links

    At the Ryder Cup outside Paris last week, a spectator was struck by a wayward tee shot by Brooks Koepka . All 168 players in the field will play a round on each course, before the final round takes place at St.

    Google Pixel 3 XL hands-on in Hong Kong -- three days early

    There's no doubt Google will be using the Pixel 3 and Pixel 3 XL to show off all that their Android P operating system can do. We already know too much about the devices including the fact that there is not going to be a Google Pixel 3 Ultra .


Popular

Sam Cane: New Zealand flanker to miss autumn Tests after fracturing neck
Hansen had praise for the improved Boks, whom his side had humiliated 57-0 in last year's Rugby Championship under former coach Allister Coetzee.

'Venom' Scores Massive Opening, Wins Weekend Box Office, & Breaks an October Record!
Never mind that it's not connected to Tom Holland 's Marvel Cinematic Universe at this point, and Spider-Man isn't in the movie . Venom also dominated the global box office with $125.2 million, setting an worldwide opening record.

Lunch: Pakistan off to a great start against Australia on day one
Recalled all-rounder Mohammad Hafeez could too prove risky for Australian left-handers. Australia face a trial by spin as has so often been the case on their tours to Asia.

Collins: Anti-Kavanaugh Crowdfunding Site Tried to 'Buy Votes, Positions'
Protesters could be heard shouting in the Senate chamber as Vice President Mike Pence presided over the final vote. The Maine Senator also said in a Friday speech that Kavanaugh places high importance on previous court decisions.

USA first lady lands in Cairo as last stop in Africa trip
US first lady Melania Trump stands in front of the Sphinx as she visits the Pyramids in Cairo, Egypt , October 6, 2018. Over in Kenya, she visited an elephant orphanage where she fed baby elephants and was given a gift of one them.

Canelo Alvarez to challenge Rocky Fielding at super middleweight
He said "what's Rocky Fielding up to?', I said "he's looking for a defence" and he says, 'well does he want to fight Canelo?'". Britain's Fielding, 31, won his his WBA "regular" title in his last bout, knocking out Germany's Tyron Zeuge on July 14.

Oil ends week higher ahead of Iran sactions
However, some analysts doubt that 12 million barrels a day can be reached quickly, or maintained for an extended period. Crude oil prices stayed steady Friday after a volatile week that saw the highest prices in four years.

Yankees rout Red Sox to level baseball playoff series, Astros win
Tanaka was very good, surrendering just one run in five innings of work. "Tough place to play". "You know you can protect guys". It's not a coincidence that the Yankees have already smashed four home runs in two games this series.

Most Newcastle United fans very impressed with Yoshinori Muto display
Alexis Sanchez's victor in the 90th minute sent Old Trafford wild but there remain concerns surrounding the club. The Toon were 2-0 up in the 69th minute after a devastating opening ten minutes at Old Trafford.

Two Key Senators Say They’ll Confirm Kavanaugh
Two other women later emerged with sexual misconduct allegations from the 1980s, all of which Kavanaugh has denied. A final vote on whether Judge Kavanaugh will join the nine-member panel is scheduled for Saturday.