Nordhaus, Romer win Nobel Economics Prize


William Nordhaus, of Yale University in New Haven, Connecticut, built a model that integrated economics, the carbon cycle and climate theory.

U.S. President Donald Trump has repeatedly called climate change a hoax, and previous year announced that he would withdraw the United States from a global pact to combat it reached in 2015, calling the deal's demands for emissions cuts too costly.

Romer's research, the academy said, depicts how the collection of ideas sustains long-term economic growth.

Nordhaus completed his PhD dissertation at MIT under the supervision of Robert M. Solow, himself the 1987 victor of the Nobel Prize in economic sciences.

'83) has won the 2018 Nobel Prize in Economics for his work on preserving economic growth, sharing the award with Yale professor William Nordhaus.

Protecting the environment has become a major concern across the globe as more people are talking about climate change. "They want to deny it exists; they can't deal with it".

"I hope the prize will help people see humans are capable of unbelievable accomplishments when we try to do something". Romer and Nordhaus "had similar views about economic policy and market failure, even though superficially they looked different".

"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". The Intergovernmental Panel on Climate Change argued Sunday that preventing an extra single degree of heat over the next few decades could make a life-or-death difference for millions of people and ecosystems on Earth.

Romer's work shows how knowledge can serve as a driver of long-term economic growth.

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In the 1970s, Nordhaus, already alarmed by the threat of global warming, began working on potential solutions.

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.

"They have taken macroeconomics to a global scale, to tackle some of the world's biggest problems", said the Nobel Prize committee. The metric is increasingly used when implementing climate change policies.

Romer explored why some countries have enjoyed faster economic growth over the long run than others. Its supporters encourage governments and the private sector to foster innovation and incentives for increased creativity.

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

The physiology/medicine, physics, chemistry and peace prizes were awarded last week.

Last year, the honour went to USA economist Richard Thaler, a co-founder of the so-called "nudge" theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.

It went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.