STOCKHOLM — Two American researchers have been awarded the Nobel Prize for economics for studying the interplay of climate change and technological innovation with economics.
William Nordhaus of Yale University and Paul Romer of New York University were announced winners of the 9-million-kronor ($1.01 million) prize on Monday by the Royal Swedish Academy of Sciences.
The academy said Romer’s work “explains how ideas are different to other goods and require specific conditions to thrive in a market.”
Previous macroeconomic research had emphasized technological innovation as a driver of growth but had not modelled how market conditions and economic decisions affected creation of new technologies, the academy said.
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