WASHINGTON — The 2018 Nobel Memorial Prize in Economic Science was awarded on Monday to a pair of American economists, William D. Nordhaus and Paul M. Romer, for their work highlighting the importance of government policy in fostering sustainable economic growth. Mr. Nordhaus was honored for pioneering the assessment of the economic impact of climate change, including his advocacy for governments to tax carbon emissions. Mr. Romer was honored for his work on the role of policy in encouraging technological innovation. The announcement of the award came on the same day that a United Nations panel on climate change released a report warning of dire consequences from climate change and urging governments to respond to the problem with greater urgency. The Nobel Prize committee said that its choice of laureates underscored the need for governments to cooperate.

Source: New York Times October 08, 2018 10:01 UTC