The Nobel prize in Economic science is awarded to……the patent!

The Royal Swedish Academy of Sciences has decided to award half of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to Paul Romer, NYU Stern School of Business, New York, for “for integrating technological innovations into long-run macroeconomic analysis”. Romer was awarded his prize for his research regarding innovation climate, where he showed that a well-balanced patent system increases economic growth. The exclusivity awarded by a patent promotes investments in research and development, which leads to increased growth. The other half of the prize was awarded to William D. Nordhaus, Yale University. More information is provided at