Nobel Economics 2018 awarded to Americans William Nordhaus and Paul Romer

Mae Love
October 9, 2018

Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis". The social cost of carbon should be spread fairly.

Protecting the environment has become a major concern across the globe as more people are talking about climate change. There are other limitations to DICE, which Nordhaus admits himself.

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.

Responding to news of his award, Romer said it was perfectly possible for global warming to be kept to a maximum of 1.5 degrees centigrade, in line with the latest recommendation of the United Nations intergovernmental panel on climate change.

"I hope the prize will help people see humans are capable of awesome accomplishments when we try to do something".

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

"I think its really anomalous in the United States, this degree of hostility to environmental policy. all I can do is hope that we get through this without too much damage", he told reporters at Yale, after teaching a class as normal despite finding out earlier he had won from his daughter.

The now Nobel-winning career paths of both men display influential family ties.

Paul Roemer, of New York University's Stern School of Business in New York City, concluded that technological growth was behind long-term economic growth.

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Many economists have since endorsed the concept of taxing carbon and using this financial lever to influence societal behaviour.

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

His research found that unregulated economies will produce technological change, but insufficiently provide research and development, and that this can be addressed by government interventions such and R&D subsidies.

George Alessandria, the chair of Rochester's Department of Economics, says the members of the department are thrilled that Romer is being recognized with the Nobel Prize.

Romer is Rochester's third economics Nobelist.

Last week, after the prizes for medicine, physics and chemistry were announced, the most highly-anticipated Nobel, that for peace, went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.

Last year, the prize went to USA economist Richard Thaler, a co-founder of the so-called nudge theory, which shows how people can be persuaded to make decisions that leave them healthier and happier.

The prize, which is officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is financed by Royal Bank of Sweden and has been awarded for the 50th time, with 79 individuals winning it from 1969 to 2017.

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