On today’s 50th anniversary of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, we are happy to announce the award was given to William D. Nordhaus and Paul M. Romer for their work on climate change and innovation.

I hope the prize today could help everyone see that humans are capable of amazing accomplishments when we set about trying to do something. If we set about trying to make the policy changes that are required here, we can absolutely make substantial progress towards protecting the environment—and do it without giving up the chance to sustain growth.” - Paul Romer [SB’77, PhD’83] quoted from a news conference with the Swedish Academy.

Romer received his Ph.D. from our department in 1983. His dissertation was supervised by Robert E. Lucas, Jr., Charles Kahn, and Jose Scheinkman. He served as an Assistant Professor at University of Rochester from 1982-1988, and then joined our department as Professor of Economics for the period of 1988-1990. Recently, Romer served as Chief Economist of the World Bank from October 2016 through January 2018 while on leave from his current position as Professor of Economics at the Stern School of Business at New York University and Director of the Marron Institute of Urban Management. William D. Nordhaus is currently the Sterling Professor of Economics and School of Forestry and Environmental Studies at Yale University.

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