Sunday, 21 October, 2018


Americans win Nobel Economics Prize for work on climate change and technology

Bennie Garza | 08 October, 2018, 18:40

Nordhaus first came up with a model that helps researchers analyze the "interplay of the economy and the climate", pointing out that the quantitative model is now widely used to ascertain the impact of policy interventions, like carbon taxes.

The economists were praised for their research on the relationship between global warning and economic growth.

Romer, of New York University's Stern School of Business and best known for his work on endogenous growth - a theory rooted in investing in knowledge and human capital - said he had been taken by surprise by the award, but offered a positive message.

The two economists will share the 9 million Swedish kronor ($1.01 million, €860,000) prize.

"The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change".

Romer was recognized for his work modeling methods for long-term economic growth and for exploring economic decisions and how market conditions can fuel technological innovation, the academy said in the release.

Although the Prize in Economic Sciences is not a Nobel Prize, it is awarded according to the same principles followed when handing out the other Nobel Prizes.

When Swedish industrialist Alfred Nobel established the prizes in his will, economics wasn't one of the undertakings he wanted honored.

Three women have been awarded Nobel prizes, an unusually large number for a single year.

A faculty member at Yale University since 1967, Nordhaus' research has focused on economic growth and natural resources, and the economics of climate change.

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