The 2018 Nobel Memorial Prize in Economics was awarded to two American Economists, Paul Romer and William Nordhaus, for their work on economic growth theory and the economic impact of climate change, respectively. This article will attempt to scratch the surface of William Nordhaus’ breakthrough contribution to economic modelling of climate changes, or in the words of the prize committee, “for integrating climate change into long-run macroeconomic analysis.”
Category Archives: Original Articles
An Article Written by Sumedha Jain.
On September 30, 2018, big news was made about USMCA, the pending agreement that will replace the near quarter-of-a-century agreement known as NAFTA. Before its intended ratification, knowing what the “historic change” is about, along with its impact on the involving countries compared to its preceding agreement is worth looking into.
Article Written by Zuleykha Gasimova
Economics of Information is a field of microeconomic theory which studies how the imperfect allocation of information affects economic analysis. If we examine the Neoclassical Theory, one of its main assumptions is that everyone has access to the same information (complete information) and everyone has perfect information about the prices of goods and services in the economy (perfect information).
The 2013 Nobel Prize in Economics was definitely a “weird” one. One recipient was Dr. Eugene Fama from UChicago, who proposed the Efficient Markets Hypothesis (EMH) (which contends that markets are efficient). Yet, on the other hand, professor Robert Shiller from Yale, a leading economist in Behavioural Finance (an area that explores how psychology engenders investors’ decisions to deviate from perfect rationality), also received the honor for his work in examining the irrationality of investors, among some of his other work .