In an award that turned the spotlight on the global debate over risks associated with climate change, the Royal Swedish Academy of Sciences said the laureates' work helped answer fundamental questions on how to promote long-term sustainable growth and enhance human welfare.
"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.
Take climate change, for example.
"Humans are capable of awesome accomplishments if we set our minds to it", Romer added.
On the day that the UN Intergovernmental Panel on Climate Change (IPCC) warned that we only have 12 years left in which to prevent climate catastrophe, an American climate economist cited heavily in the IPCC's report has been named one of the two winners of this year's Nobel Memorial Prize for Economic Sciences.
As economists, Nordhaus and Romer have worked independently of each other but to some longtime followers of the Nobel committee, the decision to collectively honor their research seemed a logical one.
"It's an ingenious pairing", David Warsh, author of the 2007 book "Knowledge and the Wealth of Nations" told the Associated Press. Both are macroeconomists dealing with long-run dynamics-big questions of what spurs economic growth, the importance of sustainable growth, and how to tackle climate change.
#WorldMentalHealthDay: Raising awareness on mental health issues globally
There will be a dedicated mental health section on the EIS website, to help athletes and staff find help more easily. Mental health problem among children and youth remains a neglected sector globally.
The IPCC special report Global Warming of 1.5 °C starts with good news: a viable pathway to keep average global temperature rise below 1.5 °C is still open to us.
Romer is the third 2018 Nobel laureate affiliated with UC Berkeley.
Nordhaus' research has focused on economic growth and natural resources, the economics of climate change, and resource constraints on economic growth.
Nordhaus of Yale university was awarded with the Nobel Prize 2018 in Economics (Yale, 2018). Romer's work found that unregulated economies will produce technological change, but insufficiently provide research and development; this can be addressed by government interventions such and R&D subsidies.
Nordhaus, who earned his Ph.D. from the Massachusetts Institute of Technology in 1967, and Romer, who earned his Ph.D. from the University of Chicago in 1983 will split the the $1.01 million prize. Since the 1970s, he has developed economic approaches to global warming, including the construction of integrated economic and scientific models (the DICE and RICE models) to determine the efficient path for coping with climate change.
William Nordhaus, born 1941 in the USA, is Sterling Professor of Economics at Yale University, USA. Last year's prize went to American Richard Thaler for studying how human irrationality affects economic theory.
Though the prize is not technically considered a Nobel Prize, as it was not established in the will of Alfred Nobel, it is regarded to be equivalent to those prizes (Chemistry, Literature, Peace, Physics, and Medicine) in the field of economics.