Nobel prize in economics announced in Sweden

09 Octubre, 2018, 00:44 | Author: Arnold Perez
  • Nobel Prize in economics awarded to two American researchers for their studies in climate change and innovation

Two American economists at the forefront of work on climate change and the role of governments in boosting growth have been jointly awarded the prestigious Nobel Memorial prize for economics.

The award that concludes this year's series of Nobel prizes came about seven decades after the others.

Nordhaus, 77, was specifically honored for "integrating climate change into long-run macroeconomic analysis".

Paul Romer's research, on the other hand, shows "how the accumulation of ideas sustains long-term economic growth".

"Nordhaus' 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 academy said. His work is fundamental to endogenous growth theory, which holds that investments in human capital, innovation and knowledge are significant contributors to economic growth.

The duo will split the $1.1 million prize. A number of people are trying to find innovative options that can help reduce emissions and make environmental protection easier for everyone.

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The wide-ranging report from the Intergovernmental Panel on Climate Change - which has itself won a Nobel prize - cited Nordhaus in its research. "Nordhaus has been concerned all along with repairing the damage" to the environment, while "Romer has been writing about the means at your disposal" to take on the technological challenge, he added.

Romer is the son of Roy Romer, the former governor of Colorado credited with the state's economic growth in the 1990s. 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. Romer and Nordhaus "had similar views about economic policy and market failure, even though superficially they looked different". Its supporters encourage governments and the private sector to foster innovation and incentives for increased creativity.

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

Last year's win by American Richard Thaler was unusually accessible to the layman - his work studied the human irrationality that can mess with economic theory.

Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896.

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.

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