Published: Wed, October 10, 2018
Global News | By Blake Casey

Climate change economists win Nobel prize

Climate change economists win Nobel prize

To Paul Romer, this year's co-winner of the Nobel Prize victor for economics with William Nordhaus, the Brexit vote was a warning for economists.

Together, the Nobel Committee says, the two laureates have "designed methods that address some of our time's most fundamental and pressing issues: long-term sustainable growth in the global economy and the welfare of the global population". Growth isn't the only.

Just a day after a United Nations panel called for urgent action on climate change, the Nobel Prize in economics was awarded Monday to one American researcher for his work on the economics of a warming planet and to another whose study of innovation raises hopes that people can do something about it.

Romer was the Chief Economist and Senior Vice President of the World Bank until January 2018.

Romer's endogenous growth theory proposes that there's a snowball effect in the market of ideas: 'The more we know, the easier it gets to discover, ' he's said.

Romer said at the press conference that he thought Nobel Prizes would be announced next Monday, so when he received two calls early in the morning, he didn't answer them because he often receives spam calls - he then realized that the calls were from Sweden and he had won the Nobel Prize.

"The first one is how do we keep on generating the new ideas, the new innovations, the new research that's so important to solve the problems we're facing in the future", he said.

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.

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The number included 180 pediatric deaths in 2017-18, the most since those numbers started to be collected in 2004. Rajesh Prabhu, Essentia's infectious disease specialist. "As long as I'm alive and kicking", he said, laughing.

'Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge, ' the academy said in statement.

"Many people think that protecting the environment will be so costly and so hard that they just want to ignore the problem", he said via phone.

An assistant professor of economics at Rochester from 1982 to 1988, Romer went on to appointments at the University of Chicago, the University of California at Berkeley, and Stanford University before his appointment at NYU's Stern School of Business. "So all I can do is that we'll get through this without too much damage". Nordhaus concluded that the most efficient approach was to deploy carbon taxes, applied uniformly to different countries.

Tipped as frontrunners for the award in recent years, the pair will share the nine million Swedish kronor (about $1.01m) prize.

Last year, the honor went to United States 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. The average age of the laureates is 67, and only once has the Sveriges Riksbank Prize in Economic Sciences been awarded to a woman.

Nobel prizes were initially awarded in the fields of physics, chemistry, medicine, literature and peace.

The peace prize, which was announced in Oslo on October 5, was awarded to Denis Mukwege, a gynecologist from the Democratic Republic of Congo, and Nadia Murad, an activist and victim of war crimes. Other economists followed this line of thinking (Robert Barro, Daron Acemoglu, Philippe Aghion-all prize candidates for a few years now), and the Journal of Economic Growth that covers these topics is now one of the most prestigious and most cited in economics.

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