Wednesday, 17 October, 2018

Nobel Economics 2018 awarded to Americans William Nordhaus and Paul Romer

William Nordhaus and Paul Romer win Nobel Economics Prize William D. Nordhaus and Paul M. Romer win the Nobel Prize in Economics
Faye Gross | 09 October, 2018, 06:18

The 2018 Nobel Economics Prize has been awarded to United States economists William Nordhaus and Paul Romer for integrating innovation and climate with economic growth.

Romer, now an economics professor at New York University's Stern School of Business, was recognized by the Nobel committee for laying the groundwork for endogenous growth theory, which stresses that well-designed policies and regulations can significantly encourage innovation and economic growth.

"Nordhaus' research shows that the most efficient remedy for problems caused by greenhouse gas emissions is a global scheme of carbon taxes uniformly imposed on all countries", the academy said.

Romer, who is now a professor at the New York University Stern School of Business, was awarded the prize for integrating technological innovations into macroeconomic analysis.

While both academics have done their work apart from one another, their research taken together can help confront politically challenging issues such as the United States under President Trump pulling out of the Paris accord on fighting climate change.

A trailblazer in gauging the economic impact of climate change, Yale University's Nordhaus is known for advocating a tax on carbon emissions.

Romer, 62, who has studied why some economies grow faster than others, has produced research that shows how governments can advance innovation.

The committee said: "Romer demonstrates how knowledge can function as a driver of long-term economic growth".

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Protecting the environment has become a major concern across the globe as more people are talking about climate change. He added that humans can accomplish a lot if they put their minds to it.

It said time was running out to avert disaster, noting that Earth's surface has warmed one degree Celsius (1.8 degrees Fahrenheit).

He said "Nordhaus has been concerned all along with repairing the damage" to the environment.

Romer's work suggests that to achieve the innovation needed to meet the climate change goals, regulation is needed.

Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896. This explains how ideas are different from other physical goods and require certain conditions to thrive in a market.

Many economists have since endorsed the concept of taxing carbon and using this financial lever to influence societal behavior. Last year's prize went to an American, Richard Thaler of the University of Chicago, for work on how human irrationality affects economic theory.

The economics prize is the last of the Nobels to be announced this year.

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