CHICAGO (CBS) — Paul Romer, a former University of Chicago professor and alumnus, was awarded the Nobel Prize in Economics Monday morning in Sweden.

Romer, who is on leave from New York University, shares the award with Yale economist William D. Nordhaus.

Romer’s research “shows how the accumulation of ideas sustains long-term economic growth. He demonstrated how economic forces govern the willingness of firms to produce new ideas and innovations”, according to the Nobel Prize committee.

“I hope the prize today could help everyone see that humans are capable of amazing accomplishments when we set about trying to do something,” Romer said during a news conference with the Swedish Academy.

“If we set about trying to make the policy changes that are required here, we can absolutely make substantial progress towards protecting the environment—and do it without giving up the chance to sustain growth,” said Romer.



Romer received his bachelor of science in mathematics and doctorate in economics from the University of Chicago. He was a professor at the school from 1988-90.