Economists Nordhaus, Romer awarded 2018 Nobel prize

William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

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.

Carbon taxes let producers pay for the costs of these releases.

New York University (NYU) professor Paul Romer speaks at a news conference after being named a victor of the 2018 Nobel Memorial Prize in Economics with professor William D. Nordhaus of Yale University on October 8, 2018 in New York City.

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.

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. "I hope to see policy shifts and necessary progresses been taken".

Referring to the Trump administration's skepticism, the 77-year-old Nordhaus said Monday, "I think we just need to get through what is a hard period. But I'm extremely confident it will happen". 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.

"Paul Romer put the production of ideas at the center stage of economic growth", said MIT's Scott Stern.

The report uses a number of Professor Nordhaus' techniques to establish its shocking findings.

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Professor Romer from New York University's Stern School of Business demonstrated how knowledge can function as a driver of long term economic growth and showed "how economic forces govern the willingness of firms" to produce new ideas and innovations. "We consistently fail to grasp how many ideas remain to be discovered". Seas would rise almost 4 inches (0.1 meters) less.

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

Nordhaus's work was not only to be included in academic syllabi: The U.S. government's Environmental Protection Agency used it to analyze the social cost of carbon dioxide emissions. Its supporters encourage governments and the private sector to foster innovation and incentives for increased creativity. The time for baby-step carbon taxes should probably be over. But adopting the regulatory frameworks on a global scale has been a challenge, and the world's political leaders are failing to meet it, the head of the United Nations said last month.

"Paul Romer has been one of the strongest supporters over many years of NYU's engagement with the world, our global network of sites and campuses around the world", Hamilton said. Romer and Nordhaus "had similar views about economic policy and market failure, even though superficially they looked different".

Nordhaus was recognized for his pioneering work in applying economic analysis to climate change forecasts.

"Darn right they were sending a message", Warsh said. So you have things like patents on new drugs, for example.

The economics prize wraps up the 2018 Nobel awards season, notable this year for the lack of a literature 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".

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