Nobel Prize for Economic Sciences awarded to William Nordhaus, Paul Romer

Nobel Economics 2018 Awarded To US William D Nordhaus Paul M Romer

The Dynamic Integrated model of Climate and the Economy (DICE), in its many iterations, has been used to work out just how much it will cost to curb the effects of global warming, and even extrapolate what are the economic benefits of different strategies. Though many developed economies have adopted a carbon tax, the United States has not.

Protecting the environment has become a major concern across the globe as more people are talking about climate change.

Nordhaus has argued that climate change should be considered a "global public good", like public health and worldwide trade, and regulated accordingly, but not through a command-and-control approach. "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. "Humans are capable of unbelievable accomplishments if we set our minds to it".

Nordhaus' brother, Bob, is a prominent environmental attorney who penned portions of the Clean Air Act of 1970, specifically the part about allowing the government to regulate previously unnamed pollutants.

As with the other Nobels, nominations and deliberations are kept secret, so it's almost impossible to know which way the prize committee is leaning each year.

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The committee said: "Romer demonstrates how knowledge can function as a driver of long-term economic growth".

Romer's work focuses on the way in which societal innovations based around technology can boost long-term growth. Its supporters encourage governments and the private sector to foster innovation and incentives for increased creativity. Examples include subsidies for research and development, and patent policies that strike a balance between letting inventors profit from their breakthroughs and allowing others to put those innovations to work. His vision was to model new ideas as goods and services.

The economics award brings to an end this year's Nobel prize cycle.

Last year's prize went to one of the founders of behavioral economics and finance, Richard H. Thaler of Chicago University, for his work studying human bias at a time when other economists still viewed people as rational actors.

Though the prize is not technically considered a Nobel Prize, as it was not established in the will of Alfred Nobel, it is regarded to be equivalent to those prizes (Chemistry, Literature, Peace, Physics, and Medicine) in the field of economics.

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