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These are the winners of the 2018 Nobel Prize in Economics

These are the winners of the 2018 Nobel Prize in Economics

The Royal Swedish Academy of Sciences has announced that the 2018 Nobel Prize for Economics goes to economists William D. Nordhaus and Paul M. Romer for designing “methods that address some of our time’s most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the world’s population.”

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Specifically, Nordhaus won for his research showing that the most efficient solution “for problems caused by greenhouse gas emissions is a global scheme of carbon taxes uniformly imposed on all countries.”

Romer, in turn, won for his research showing “how the accumulation of ideas sustains long-term economic growth. He demonstrated how economic forces govern the willingness of firms to produce new ideas and innovations.”

“Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge,” the academy said in a statement.

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