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2018, vol. 47, iss. 4, pp. 124-133
William Nordhaus and Paul Romer: Causes and consequences of economic growth
Udruženje banaka Srbije
Keywords: William Nordhaus; Paul Romer; Nobel Prize; economics; economic growth; climate change; technological innovation; integrated assessment models; endogenous growth theory
The Nobel Prize in Economic Sciences for 2018 was awarded to two American scientists - William Nordhaus and Paul Romer - for integrating climate change, i.e. technological innovation into long-term macroeconomic analysis. Since the 1970s, Nordhaus has been developing economic approaches to global warming, including integrated economic and scientific models designed to identify an effective way to tackle climate change. In his research, Paul Romer deals with how the accumulation of ideas enables sustainable long-term economic growth and explains how economic decisions and market conditions influence the creation of new technologies. They point out the imperfections of the market and advocate for more pronounced state intervention, calling on policy makers to introduce appropriate economic measures, in which they see the right path towards better results, global progress and prosperity.
*** (2018) Paul Romer and William Nordhaus Win the Economics Nobel. Economist,, pristupljeno 15.12.2018
*** (2018) Popular Science Background: Integrating Nature and Knowledge into Economics.,, pristupljeno 15.12.2018
*** (2018) Press release: The Prize in Economic Sciences 2018.,, pristupljeno 15.12.2018
Appelbaum, B. (2018) 2018 Nobel in economics is awarded to William Nordhaus and Paul Romer. New York Times,, pristupljeno 15.12.2018
Grgas, G. (2018) Teorija ekonomista Paula Romera zapravo je savjet kako da postanemo bogati i živimo bolje.
Nordhaus, D.W. (2018) Photo gallery. Nobel Media AB, 2019,, pristupljeno 15.12.2018
Nordhaus, D.W. (2018) Biography.,, pristupljeno 15.12.2018
Nordhaus, D.W. (2018) Banquet Speech.
Romer, M.P. (2018) Biography., pristupljeno 15.12.2018
Romer, M.P. (2018) Photo gallery. Nobel Media AB, 2019,, pristupljeno 15.12.2018


article language: Serbian, English
document type: Review Paper
DOI: 10.5937/bankarstvo1804124L
published in SCIndeks: 14/02/2019
Creative Commons License 4.0

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