Tuesday, 16 October, 2018

Nobel Prize for Economics: winners William Nordhaus and Paul Romer

Nobel Economics 2018 Awarded To US William D Nordhaus Paul M Romer Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics
Elsie Buchanan | 11 October, 2018, 12:36

According to the Associated Press, Romer ignored two telephone calls, thinking they were spam calls, before the Swedish Royal Academy of Sciences was able to get through to him.

"Darn right they were sending a message", Warsh said.

Sunday's report from the U.N.'s Intergovernmental Panel on Climate Change declared that managing climate change could prove a matter of life and death. 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.

Nordhaus is best known outside the arcane universe of professional economists for his work on climate change, producing computable models that permit forecasting how different kinds of growth will produce different kinds of change to the climate that will redound on the economy with differential impact.

"I've been really disappointed that we just haven't had the kind of political environment where we can think about speeding up technological progress", Romer said at a news conference Monday. There have been 49 Economic Sciences prizes, awarded to 75 laureates.

"It's an ingenious pairing", said David Warsh, author of the 2007 book Knowledge and the Wealth of Nations about the award.

More recently, Romer was appointed the Chief Economist of the World Bank in 2016 but resigned after 15 months due to controversy after an annual "Doing Business" report ranked Chile significantly lower while under a socialist president.

Per Stromberg is the head of the Nobel economics prize committee.

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Dr. Romer, now at New York University, especially focused on ways to reward people who come up with useful ideas in technology or management.

Romer's work took a closer look at what drives technological change.

His model integrates theories and empirical results from physics, chemistry and economics, which is now widely spread and is used to simulate how the economy and the climate co-evolve.

"At the most basic level, an economy grows. whenever people take resources and rearrange them in a way that makes them more valuable", Romer wrote in a 2015 blog post that he resurfaced, after he won the Nobel Monday.

The laureates of the Nobel Prize in Economics are announced at the The Royal Swedish Academy of Sciences in Stockholm, Sweden, October 8, 2018. He received his undergraduate degree from Yale University and a doctorate.in economics from the Massachusetts Institute of Technology before becoming joining the Yale faculty in 1967.

Strongly against dressing up political beliefs in hard science and math, Romer became the chief economist of the World Bank in 2016, before resigning 15 months later convinced that the bank's positive evaluation of Chile's economic policies was politically influenced.

Mr Nordhaus has argued that climate change should be considered a "global public good" like public health and worldwide trade, and regulated accordingly, but not through a command-and-control approach.

Prior to his work, macroeconomic research emphasised technological innovation as the primary driver of economic growth, but had not modelled how economic decisions and market conditions determine the creation of new technologies.

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