February 19, 2019

USA 'green growth' duo win Nobel Economics Prize

11 October 2018, 12:37 | Joann Bryant

American duo William Nordhaus and Paul Romer awarded to 2018 Nobel Prize for Economics

Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics

"He came to Stern in 2010 where he set up the Urbanization Project, in which they, amongst other things, studied the way cities can be harnessed to advance growth and progress and how to shape urbanization itself to better the life of humankind", Sundaram said. Climate change and its effect on everyone's well-being, he pointed out, is not a part of national accounts, while profits and GDP are.

His 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, the jury said.

William Nordhaus, a Yale University professor with Jewish roots, will share the 2018 Nobel Prize for Economics.

At a press conference announcing the 2018 Nobel Prize in Economic Sciences. laureate Paul Romer suggested that it is entirely possible for humans to produce carbon.

"It's an ingenious pairing", said David Warsh, author of a 2007 book on Romer's research, "Knowledge and the Wealth of Nations". He founded the NYU Stern Urbanization Project a year later where he conducted applied research on the many ways that policy makers in the developing world can use the growth of cities to create economic opportunity and pursue social reform. "They have also taken macroeconomics to a global scale, to tackle some of the world's biggest problems", the Nobel Prize committee said. "And to raise the prices of goods and services that are carbon-intensive and to lower the ones that are less carbon-intensive". Asked to name the most important lesson from his during the interview with the Nobel Prize Committee included above, Romer answered: "What happens with technology is within our control". Romer's work found that unregulated economies will produce technological change, but insufficiently provide research and development; this can be addressed by government interventions such and R&D subsidies.

Nordhaus' work examined how to develop economic growth while also combatting climate change.

Paul Romer, a former assistant professor of economics at the University of Rochester and now a professor at New York University, has been named a recipient of this year's Nobel Prize in Economic Sciences. A number of climate change impacts could be avoided by limiting global warming to 1.5ºC compared to 2ºC, or more.

The native of Albuquerque, NM, completed his bachelor's and master's degrees at Yale and received his economics from MIT.

The recipient of the Economics award past year was Richard H. Thaler for his pioneering work in establishing that human behaviour is irrational and in defiance of economic theory.

"He's been very influential on governments", said Joshua Gans, a professor at the University of Toronto.

The prize wrapped up the 2018 awards season in which the most highly-anticipated prize, that for peace, went to Yazidi women's campaigner Nadia Murad, a former Islamic State sex slave, and Congolese doctor Denis Mukwege, who helps women recover from the violence and trauma of sexual abuse and rape in war. Nordhaus was named for integrating climate change into long term macroeconomic analysis and Romer was awarded for factoring technological innovation into macroeconomics.

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