US duo William Nordhaus and Paul Romer win Nobel Economics Prize
Stockholm, Oct 8 : US economists William Nordhaus and Paul Romer on Monday shared the 2018 Nobel Economics Prize for integrating innovation and climate with economic growth, the jury said.
Nordhaus, a professor at Yale University, and Romer, a former World Bank chief economist now at New York University's Stern School of Business, have addressed "some of our time's most basic and pressing questions about how we create long-term sustained and sustainable growth," the Royal Swedish Academy of Sciences said in a statement.
It said the pair have "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge." Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis."
The 62-year-old Romer meanwhile won for "integrating technological innovations into long-run macroeconomic analysis." Both have been tipped as frontrunners for the Nobel in recent years.
The pair will share the nine million Swedish kronor (about 1.01 million or 860,000-euro) prize.
Last year, the honour went to US economist Richard Thaler, a co-founder of the so-called "nudge" theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.
Unlike the other Nobel prizes which were created in Swedish inventor and philanthropist Alfred Nobel's last will and testament and first awarded in 1901, the economics prize was created by the Swedish central bank, the Riksbank,in 1968 to mark its tricentenary. It was first awarded in 1969.
The Nobel, which also consists of a diploma and a gold medal, will be presented at a formal ceremony in Stockholm on December 10.
The Nobel economics prize wraps up the 2018 awards season, notable this year for the lack of a literature prize, postponed by a year for the first time in 70 years over a rape scandal that came to light as part of the #MeToo movement.
Last week, after the prizes for medicine, physics and chemistry were announced, the most highly-anticipated Nobel, that for peace, went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.
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Next round of Iran-US negotiations expected soon: Pak's Defence Minister
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Islamabad (PTI): Pakistan's Defence Minister Khawaja Asif on Monday said that the next round of Iran-US negotiations was expected soon.
Asif made these remarks on Monday, a day after the Islamabad talks failed to clinch a deal.
The 21-hour talks between the US and Iran on Saturday were the first of their kind since 1979 due to the involvement of top-level officials from both sides. The two sides, however, failed to secure a lasting peace deal to end hostilities following their talks in Pakistan over the weekend.
Speaking to the media outside Parliament House, Asif said there had been a sense of satisfaction after the talks that there were no negative developments so far.
“Only positive progress has been observed,” he said, indicating that the ongoing diplomatic efforts were moving in a constructive direction.
The next round of Iran-US negotiations was expected soon, he added.
The Express Tribune reported that responding to a question about whether Pakistan would play a decisive role in shaping the region’s future, Asif said that ultimate decisions rest with Allah.
Vice President JD Vance, who led the US delegation at the negotiations in Islamabad, said the Iranian side did not accept Washington's terms for ending the war even as the US presented its "final and best offer".
Hours after the talks collapsed, US President Donald Trump said on social media that the negotiations with Iran failed as "Iran is unwilling to give up its nuclear ambitions."
Pakistan led the diplomatic push to bring the two sides to the table, which became possible after an appeal by Prime Minister Shehbaz Sharif earlier this week, leading to a pause in the fighting.
The conflict began after the US and Israel launched attacks on Iran on February 28, paralysing global energy markets and disrupting trade.
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