American economist with Jewish roots shares Nobel Prize

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The US duo was awarded the 2018 Nobel Prize in Economic Sciences for developing new methods that serve for the welfare of the world's population and provides long-term sustainable growth in the global economy.

Romer said Monday morning that he originally ignored two telephone calls, thinking they were spam calls, before the Swedish Royal Academy of Sciences was able to get through to him.

"He came to Stern in 2010 where he set up the Urbanization Project, in which they, amongst other things, studied the way cities can be harnessed to advance growth and progress and how to shape urbanization itself to better the life of humankind", Sundaram said. "It could be good for the world if this became widely adopted", Romer said, also adding, it "should be part of the policy of the government to give individuals some control over the data that the private firms collect and some control over how that data is used". Nordhaus concluded that the most efficient approach was to deploy carbon taxes, applied uniformly to different countries.

American economists William Nordhaus and Paul Romer have been awarded the Nobel Prize for their work on understanding how economies can grow sustainably.

"I hope the prize today could help everyone see that humans are capable of fantastic accomplishments when we set about trying to do something", Romer said during a news conference with the Swedish Academy.

Paul Romer was awarded the the 2018 Nobel Memorial Prize in Economics Sciences. The economics prize wraps up the 2018 Nobel awards season.

"It's an ingenious pairing", said David Warsh, author of the 2007 book Knowledge and the Wealth of Nations about the award. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

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But he left Saudi Arabia in 2017, fearing censorship and possible detention at the hands of the Crown Prince Mohammad bin Salman. Turkish officials fear that the team killed the writer, who was critical of Crown Prince Mohammed bin Salman.

The two economists have not worked together, but the Nobel committee said their achievements are similar because they each built valuable economic models to study global problems.

Nordhaus, 77, was specifically honored for "integrating climate change into long-run macroeconomic analysis".

Strongly against dressing up political beliefs in hard science and math, Romer became the chief economist of the World Bank in 2016, before resigning 15 months later convinced that the bank's positive evaluation of Chile's economic policies was politically influenced.

Romer joined the press conference by phone and answered questions.

Photo taken on October 8, 2018 shows a screen displaying the portraits of awarded economists William Nordhaus (L) and Paul Romer of the United States, in Stockholm, Sweden.

Romer taught for some time at Stanford University, becoming a prominent economist for his theory concerning the effect of ideas on growth. A number of climate change impacts could be avoided by limiting global warming to 1.5ºC compared to 2ºC, or more. The 62-year-old Romer won for "integrating technological innovations into long-run macroeconomic analysis".

Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896.

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