Nobel Prize in Economics: Who are William Nordhaus and Paul Romer?
09 October, 2018, 02:30 | Author: Kim Reid
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).
"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".
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.
"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.
Petrol, diesel to be cheaper by Rs 3 in Hyderabad
The Finance Minister Arun Jaitley has announced a price cut on petrol and diesel by Rs 2.50 per litre with effect from midnight. Top sources said that the state government is also considering a reduction in the prices of diesel.
Ross Barkley scored his first goal for the club since joining from Everton, with Eden Hazard and Alvaro Morata also netting. Hazard was once again at his imperious best to net his seventh league goal and remain this season's top scorer.
She added, KRON4 reports , "As devastated and as sick as we were, this was one of those moments where you just have to laugh". The couple saved for a year to pay back a family member for University of Utah football season tickets.
Pompeo said in Tokyo that it was important to hear from the Japanese leader "so we have a fully coordinated and unified view". Neither the US nor the North Korean side released an immediate detailed readout on the content of Pompeo's talks with Kim.
But after being booed off at half-time, United avoided going five games without a win thanks to a thrilling second half fightback. Other results: Watford 0 Bournemouth 4; Crystal Palace 0 Wolverhampton 1; Burnley 1 Huddersfield 1; Leicester 1 Everton 2.
Depending on how quickly this system moves northward, the center of Michael could approach the Gulf Coast as soon as late Tuesday. The hurricane center said Air Force Reserve Hurricane Hunter aircraft were en route to investigate the storm.
Google declined comment, except to reiterate that its China search engine project was "exploratory" and not close to launch. Flags of United States and China are placed for a meeting at the Ministry of Agriculture in Beijing, China, June 30, 2017.
With the dawning of a new era of Doctor Who , we've been given a premiere episode that had a lot of emotional weight to it. That website was among several devoted to the series that labelled the first episode of the 13th Doctor's reign a success.
Flight controllers at NASA Mission Control Center in Houston worked with their Russian counterparts to fix the hole with epoxy. The odd tale started on August 29 with the discovery of a small hole in a Soyuz craft attached to the ISS.
Aguero nominated for Ballon d'Or
De Bruyne was nominated for helping his club win the Premier League and his country reach the World Cup semi-finals. Kylian Mbappe is third-favourite after winning the World Cup with France at the age of 19, with 6-1 odds.
Canada-US reach deal to stay in trade pact with Mexico
A side letter published along with the main text of the agreement exempts a percentage of eligible auto exports from the tariffs. The agreement includes a quota on automobile shipments to the US and a greater level of access to Canada's dairy market.
The Head of Interpol Is Missing After a Trip to China
Interpol says it's aware of reports that President Meng Hongwei has been reported missing while making a trip to his native China. Some critics also view the campaign as a way for Chinese leader Xi Jinping to purge the party of political foes.