The Swedish Riksbank said the two men had won the prize - which is not one of those originally instigated by Alfred Nobel - because they had "designed methods for addressing some of our time's most basic and pressing questions about how we create long-term sustained and sustainable economic growth".
In this photo taken on April 05, 2000, United States president Bill Clinton sits next to Dr. William D. Nordhaus (R), professor of economics at Yale University, during the morning session of The White House Conference On The New Economy in the East Room of the White House.
Mr Romer has studied the way innovation drives prosperity and has looked at ways to encourage it. Who is going to solve the problem?
"Humans are capable of unbelievable accomplishments if we set our minds to it", Romer added.
Take climate change, for example.
Referring to the Trump administration's skepticism, the 77-year-old Nordhaus said Monday, "I think we just need to get through what is a hard period. But I'm extremely confident it will happen".
Limiting temperatures to 2.7 degrees Fahrenheit above preindustrial levels, as the U.N.'s Intergovernmental Panel on Climate Change urges, is economically and practically. Its latest report noted Nordhaus in its research. The gas traps heat in the atmosphere causing worldwide warming.
On the other hand, Romer's research showed that how economic forces command the firms to come up with new ideas and innovations.
The prize comes just a day after an global panel of scientists issued a report detailing how Earth's weather, health and ecosystems would be in better shape if the world's leaders could somehow limit future human-caused warming to just 0.9 degrees Fahrenheit (a half degree Celsius) from now, instead of the globally agreed-upon goal of 1.8 degrees F (1 degree C). Obviously, more people producing ideas means less people producing goods in the short run.
In the 1970s, Nordhaus, already alarmed by the threat of global warming, began working on potential solutions. Economic models he has developed since the 1990s are now widely used to weigh the costs and benefits of curbing greenhouse gas emissions against those of inaction.
William Nordhaus' model has been used to determine the economic effects of a carbon tax. Carbon tax policies are created to lead companies to find new ways to reduce pollution. The time for baby-step carbon taxes should probably be over.
Many economists have since endorsed the concept of taxing carbon and using this financial lever to influence societal behavior.
It has allowed journalists into the consulate to show Mr Khashoggi is not there, reportedly even opening cupboards. On Monday President Trump said that he was "concerned" about reports on Khashoggi's disappearance.
Nene's appointment to Ramaphosa's Cabinet this year was widely welcomed as a break from the alleged plundering of state resources. Nene had committed "errors of judgment" but was not personally implicated in any wrongdoing, Mr.
Liverpool's Brazilian goalkeeper Alisson Becker, Frenchman Karim Benzema and Edinson Cavani completes the five-man list. De Bruyne was nominated for helping his club win the Premier League and his country reach the World Cup semi-finals.
Kardin went on to explain that they still wanted Peck and Mount to bring their own takes on these iconic characters. Mary Chieffo said L'Rell is now the Klingon Chancellor but the male Klingons aren't happy being led by a woman.
Corson says there is no health without mental health and talking about it can be the key to saving countless lives in the future. Mental Health Minister Roger Cook joined volunteers to distribute information packs at Elizabeth Quay Station this morning.
By the time the fourth inning was over, three of his calls were overturned and a fourth call was upheld on review. Twitter absolutely went off on Hernandez during and after the game and he was actually trending in the USA after.
You can count on even more help across other apps too, including Gmail's Smart Compose, now available for mobile on Pixel 3 . Google has a brand new tablet: The Pixel Slate was introduced during a press event in New York City on Tuesday morning.
Powell resorted to aggression in an excellent counter-attacking knock, facing 93 balls and hammering eight fours and four sixes. The chief destroyer was Mohammed Shami, who bowled six overs for just 11 runs and dismissed both the openers in the process.
TheWrap dropped the bombshell on Tuesday, adding that Gunn will have a "completely new take on the property". As of right now, it sounds like they'll be using his script, but they have yet to find a director.
Google Pulls Back the Curtain on Pixel 3 and Pixel 3 XL
The highest end model costs $1,599 and comes with an 8th Gen Intel Core i7 processor, 16GB of RAM and 256GB of storage. On many Android phones and tablets, you can swipe up or down from the home screen to reveal all of your apps.
Bale, De Bruyne among first Ballon d'Or nominees
Other nominees are Pernille Harder, Lindsey Horan, Fran Kirby, Sam Kerr, Lieke Martens, Megan Rapinoe and Christine Sinclair. The victor of the prestigious Ballon d'Or organised by France Football magazine will be announced on December 3.
MMA community in McGregor's corner for UFC title fight
White said that it would be now up to the Nevada State Athletic Commission to decide if Nurmagomedov would face further sanctions. Nurmagomedov then pointed at members of McGregor's corner, threw his mouthpiece in their direction and started yelling at them.
Nicks, Def Leppard among first-time rock hall nominees
First time nominees this year include Def Leppard , Stevie Nicks , Devo , Roxy Music , John Prine and Todd Rundgren . The 2019 induction ceremony will be held Friday, March 29 at the Barclay Center in Brooklyn, New York.
Israel PM's wife goes on trial in delivery meals case
Israeli prosecutors say Sarah Netanyahu is accused of misuse of funds, paying almost 100,000 U.S. dollars for food deliveries. She was charged in June with fraud and breach of trust and of aggravated fraudulent receipt of goods.
Eden Hazard offers himself to Real Madrid again
It is a hard decision. "You can see how he started the season and the World Cup that he had, you don't get many players like him". It is my dream since I was a kid. "I was proud to see the lads do really well and see how proud the country was of the boys".