From the Wall Street Journal; I've heard of Romer, but not heard of the other guy.
The pair of economics professors, Dr. Nordhaus of Yale University and Dr. Romer of NYU, have developed methods designed to achieve long-term sustainable economic growth. Their work has “significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” the Academy said.
Dr. Nordhaus was “the first person to create a quantitative model that describes the global interplay between the economy and climate,” the Academy said. “His model is now widespread and is used to examine the consequences of climate policy interventions, for example carbon taxes.”
Dr. Romer, a former chief economist at the World Bank, is the father of endogenous growth theory, which tries to explain how the pace of technological change can be sped up by choosing policies that promote research, development and access to better education. Before his insights in the early 1990s, economists had accepted that technology was a key driver of growth, but didn’t believe that much could be done to accelerate the pace of innovation.
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