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.

Nordhaus was cited for his work on the implications of environmental factors, including climate change. Romer was cited for his work on the importance of technological change.

Richard H. Thaler was awarded the 2017 Nobel prize in economics 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. 

Source: New York Times

BDST: 1641HRS, OCT 8, 2018
AP