Romer and Nordhaus’s Nobel winning contributions

Thomas, Alex M. (2019) Romer and Nordhaus’s Nobel winning contributions. Economic and Political Weekly, 54 (54). pp. 10-13. ISSN 2349-8846

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The contributions of Paul Romer and William Nordhaus to both economic theory and policy are critically assessed here. By undertaking a brief history of economic thinking prior to their pioneering work, it validates the Nobel award. However, it is argued that the Nobel Prize has mostly been awarded to work that employs neoclassical, or more accurately, marginalist assumptions. On the policy front, it is suggested that India should formulate its economic policies by drawing inspiration from some of the work by Samuel Bowles and Mariana Mazzucato alongside that of Romer and Nordhaus.

Item Type: Article
Authors: Thomas, Alex M.
Uncontrolled Keywords: Nobel award, Nobel Prize, Paul Romer, William Nordhaus, Economic theory and policy,
Subjects: Social sciences > Economics
Divisions: Azim Premji University > School of Arts and Sciences
Full Text Status: Public
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