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ECO journal (ECOnomics and industrial Engineering)

2019 year, number 1

In the World of Feedbacks (About Nobel Prize on Economics 2018)

Yu.P. Voronov
Institute of Economics and Industrial Engineering SB RAS
Keywords: Нобелевская премия по экономике, математические модели, научно-технический прогресс, изменения климата, обратная связь, эндогенный, экзогенный, патентная система, долгосрочный рост, Nobel prize on economics, mathematical models, scientific and technological progress, climate change, feedback, endogenous, exogenous, patent system, long-run development


The results of American economists William Nordhaus and Pol Romer investigations are described in the article. They have got Nobel prize on economics for them. The general criterion for two winners is defined by which the Nobel Committee was guided really. It is introduction of feedbacks in economic and mathematical modeling. Methods of comparison of Nobel 2018 laureates ‘ achievements with the results of their predecessors (K. Arrow; R. Solow; J. Shmookler and others) are used. The progress made by the laureates themselves is noted. Three blocks in the models of W. Nordhaus and P. Romer are distinguished; and the functions of each of them are considered. The assumptions that underlie the models constructed by them are also considered.The author notes that climate change models are also being built in Russia; but there are no economic blocks in them; models of long-term economic growth with endogenous scientific and technological progress are formed in Russia also; but representatives of natural Sciences do not participate in them. It follows from the experience of the laureates that this gap should be bridged. The article also describes the hobbies of both winners.