Monday, 22 October, 2018

William Nordhaus and Paul Romer win Nobel Economics Prize

Nobel Economics Prize Could Go To Climate Or Development Study Experts William Nordhaus and Paul Romer win Nobel Economics Prize
Ellis Copeland | 08 October, 2018, 18:42

In the mid-1990s, he became the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate.

The two men, it continued, had "significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge".

In awarding the Nobel prize in economics, the Swedish Royal Academy of Sciences cited William Nordhaus for showing that "the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes".

In a joint award that turned the spotlight on a rapidly shifting global debate over the impact of climate change, the Royal Swedish Academy of Sciences said the duo's work was helping to answer basic questions over how to promote long-term, sustainable prosperity.

Romer's work deals primarily with technological change and how innovation and economic growth can be encouraged by a strong patent system and investment in research and development.

They will share the 9-million-kronor ($1.01 million) prize. It was not part of the original group of five awards set out in Swedish industrialist Alfred Nobel's 1895 will.

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They were honoured for integrating climate change and technological innovation into macroeconomic analysis.

But both Romer and Nordhaus, an economics professor at Yale University, are well known in their fields and have been on the shortlist for the prize in previous years.

He's also studied wage and price behavior, health economics, augmented national accounting, the political business cycle, productivity, and the "new economy".

The prize awarded Monday is the final Nobel awarded this year after accolades for medicine, physics, chemistry and peace were given last week.

He's is the 11th alumnus to win a Nobel Prize in Economics.

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