Nobel Prize in Economics: Who are William Nordhaus and Paul Romer?

09 October, 2018, 02:30 | Author: Kim Reid
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The report from the Intergovernmental Panel on Climate Change cited Nordhaus' research in detailing how Earth's weather, health and ecosystems would be better off if nations more aggressively curbed human-caused planet warming of 0.9 degrees Fahrenheit (a half degree Celsuis) rather than a previously agreed-on target of 1.8 degress F (1 degree C).

The award concludes this year's series of Nobel prizes.

"One problem today is that people think protecting the environment will be so costly and so hard that they want to ignore the problem and pretend it doesn't exist", Romer, a New York University professor, told a news conference after the announcement Monday.

Romer was awarded for his work on the integration of technological change into forecasting, while Nordhaus received the prize for looking at climate change in economic modelling. The 62-year-old Romer won for "integrating technological innovations into long-run macroeconomic analysis".

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The Nobel Prize in Economic Sciences was shared by Americans William D. Nordhaus and Paul M. Romer, for work on the interplay of climate and the economy.

Nordhaus, often considered the father of climate-change economics, won "for integrating climate change into long-run macroeconomic analysis". "I hope the prize today could help everyone see that humans are capable of awesome accomplishments when we set about trying to do something".

"His tools allow us to simulate how the economy and climate would co-evolve in the future under alternative assumptions about the workings of nature and the market economy, including relevant policies".

His research demonstrated how economic forces govern the willingness of companies to produce new ideas and innovations.

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"Paul's first job was at Rochester, where he did pathbreaking work to figure out how firms' decisions to invest in research and development lead to economic growth".

Romer laid the foundation for "endogenous growth theory", which explains how ideas are different to other goods and require specific conditions to thrive. The Nobel Memorial Prize in Economic Sciences was established by Sweden's central bank and first given out in 1969.

The prize is given to an economist who has made a substantial contribution toward the subject, with an award of 9 million Swedish kroner ($US990,000) split between the pair. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

The peace prize was awarded on Friday to Denis Mukwege of Congo and Iraqi Nadia Murad for their work to draw attention to how sexual violence is used as a weapon of war.

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