Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics
09 October, 2018, 20:59
Romer received the award for what the the Royal Swedish Academy of Sciences cited as his work "integrating technological innovations into long-run macroeconomic analysis.Ó Both Romer and NordhausÕs work has highlighted the global debate over the impact of climate change".
Americans William Nordhaus and Paul Romer, pioneers in adapting economic theory to take better account of environmental issues and technological progress, shared the 2018 Nobel Economics Prize on Monday.
The Royal Swedish Academy of Sciences said in a statement: "William D. Nordhaus and Paul M. Romer have designed methods for addressing some of ourtime's most basic and pressing questions about how we create long-term sustained and sustainableeconomic growth". Many Republicans in Congress have also expressed skepticism about whether or how much human beings are contributing to global warming and whether the US government ought to take steps to address it. "They want to deny it exists", Romer said.
The awarding of the prize proved timely, given it coincided with the release of findings from a United Nations panel warning of ominous consequences of climate change and calling on world leaders to respond with greater urgency.
Nobel committee chair Per Stromberg told Reuters Monday's award was honoring research into "two big global questions": how to deal with the negative effects of growth on the climate and "to make sure that this economic growth leaves prosperity for everyone". He added that humans can accomplish a lot if they put their minds to it.
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As with the other Nobels, nominations and deliberations are kept secret, so it's almost impossible to know which way the prize committee is leaning each year.
Instead, by agreeing on a global price for burning carbon that reflects its whole cost, this primary cause of rising temperatures could be traded and taxed, putting market forces to work on the problem. To help in that effort, he constructed integrated economic and scientific computer models to determine the most efficient ways to cope with climate change.
The co-winner - Romer - is seen as the prime mover behind the endogenous growth theory, the notion that countries can improve their underlying performance if they concentrate on supply-side measures such as research and development, innovation and skills.
Last year, the prize went to United States 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.
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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