Nordhaus and Romer win economics Nobel

Paul Romer
Paul Romer
Steve Jurvetson

William Nordhaus and Paul Romer are the joint winners of this year’s Nobel Prize in economics, the Royal Swedish Academy of Sciences revealed today (October 8).

The pair specialise in long-run macroeconomic modelling, though they come at the question from different directions.

Romer, a professor of economics at New York University’s Stern School, wins the prize for his work in building the foundations of endogenous growth theory. The theory argues that forces endogenous to the economy –

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