William Nordhaus, Paul Romer awarded Nobel Economics Prize

09 October, 2018, 21:00 | Author: Regina Silva
  • Who are the 2018 Nobel Peace Prize winners

In Nordhaus' case, the academy cited his pioneering development of an "integrated assessment model" representing "the global interplay between the economy and the climate".

Carbon taxes let producers pay for the costs of these releases.

"Many people think that dealing with protecting the environment will be so costly and so hard that they just want to ignore the problem".

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.

Romer's career has taken him outside the academic world.

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. He added that humans can accomplish a lot if they put their minds to it.

Romer has researched how innovation by companies and governments drives prosperity and studied how to go about encouraging it.

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

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

The two economists have not worked together, but the Nobel committee said their achievements are similar because they each built valuable economic models to study global problems.

Paul Romer is an economist who is also the pioneer of endogenous growth theory that argues that investment in human capital; innovation and knowledge contribute to economic growth.

Romer explored why some countries have enjoyed faster economic growth over the long run than others. While capital and labour are "rival goods", in the sense that their use in the generation of value at one place precludes their use for generation of value elsewhere, while ideas are "non-rival goods", the same idea can produce value at multiple locations, unless restrictions are put on their access. 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.

By contrast, an idea - say, a recipe for Swedish meatballs - can be shared and used over and over again, delivering continual economic benefits.

Among the "usual suspects" cited frequently for the Nobel are USA economists Paul Romer and Paul Milgrom, and Frenchman Olivier Blanchard, a former International Monetary Fund chief economist.

The award concludes this year's series of Nobel prizes.

Scientist Alfred Nobel's will, which established the Nobel awards, only mentions the field of physiology (or medicine), literature, physics, chemistry and peace.

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