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Detailed explanation-1: -This year’s laureates, Paul M. Romer and William D. Nordhaus, have broadened the scope of economic analysis by designing the tools that are necessary to examine how the market economy has a long-term influence on nature and knowledge.

Detailed explanation-2: -Enter William Nordhaus, a professor of economics at Yale University and winner of the Nobel Prize in economics for his work on climate change, with new urgency.

Detailed explanation-3: -The 2018 Nobel Prize in Physics was awarded on Tuesday to Arthur Ashkin of the United States, Gérard Mourou of France and Donna Strickland of Canada for harnessing one of the most ineffable aspects of nature, pure light, into a mighty microscopic force.

Detailed explanation-4: -Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. He also coined the term “mathiness, ” which he describes as misuse of mathematics in economic research.

Detailed explanation-5: -William Nordhaus, in full William Dawbney Nordhaus, (born May 31, 1941, Albuquerque, New Mexico, U.S.), American economist who, with Paul Romer, was awarded the 2018 Nobel Prize for Economics for his contributions to the study of long-term economic growth and its relation to climate change.