{"id":1475,"date":"2018-10-09T05:01:00","date_gmt":"2018-10-09T05:01:00","guid":{"rendered":"https:\/\/tomfarandasfolly.com\/?p=1475"},"modified":"2025-09-29T16:44:31","modified_gmt":"2025-09-29T16:44:31","slug":"economics-nobel-prize-for-how-the-market-economy-interacts-with-nature-and-knowledge","status":"publish","type":"post","link":"https:\/\/tomfarandasfolly.com\/?p=1475","title":{"rendered":"Economics Nobel Prize for ” how the market economy interacts with nature and knowledge”."},"content":{"rendered":"

From the Wall Street Journal; I've heard of Romer, but not heard of the other guy.<\/p>\n

The Nobel Prize in Economic Sciences was shared by Americans William D. Nordhaus and Paul M. Romer, for work on innovation, climate change and the economy that has had huge implications for global policy-making<\/a><\/p>\n

        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 \u201csignificantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,\u201d the Academy         said.<\/p>\n

\n

Dr. Nordhaus was \u201cthe first person to create a quantitative model that describes the global interplay between the economy and climate,\u201d the Academy said. \u201cHis model is now widespread and is used to examine the consequences of climate policy interventions, for example carbon taxes.\u201d<\/p>\n

Dr. Romer, a former chief economist at the World Bank<\/a>, 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\u2019t believe that much could be done to accelerate the pace of innovation.<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

From the Wall Street Journal; I've heard of Romer, but not heard of the other guy. The Nobel Prize in Economic Sciences was shared by Americans William D. Nordhaus and Paul M. Romer, for work on innovation, climate change and the economy that has had huge implications for global policy-making         The pair of economics professors, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1475","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1475"}],"version-history":[{"count":1,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1475\/revisions"}],"predecessor-version":[{"id":6332,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1475\/revisions\/6332"}],"wp:attachment":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}