Americans win Nobel Economics Prize for work on climate change and technology

Americans win Nobel Economics Prize for work on climate change and technology

Yale University economics professor William Nordhaus, who won the Nobel prize in economics for linking climate change and economics, says there's "pretty widespread acceptance" of climate change science outside the U.S. But he's optimistic that the United States will come around.

Previous year it was awarded to the behavioural economist Richard Thaler, who won for his work on nudge theory, the idea that small "nudges" can influence our economic and social behaviour, and his work around humans being irrational economic actors.

Nordhaus, who has been called "the father of climate-change economics", developed models that suggest how governments can combat global warming.

Nordhaus first came up with a model that helps researchers analyze the "interplay of the economy and the climate", pointing out that the quantitative model is now widely used to ascertain the impact of policy interventions, like carbon taxes. He has also written about climate an economics for a broad audience, as the author of several books.

The co-winner - Romer - is seen as the prime mover behind the endogenous growth theory, the notion that countries can improve their underlying performance if they concentrate on supply-side measures such as research and development, innovation and skills.

He's is the 11th alumnus to win a Nobel Prize in Economics.

The notion of taxing polluters rather than imposing government edicts to cut emissions is based on the premise it would prompt companies to devise new ways of curbing pollution.

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"His research shows how economic activity interacts with basic chemistry and physics to produce climate change".

The economists Paul Romer and William Nordhaus have been awarded 2018's Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, often considered to be the most prestigious prize in the field of economics.

Romer's career has also taken him outside the academic world.

The applications of the model for the carbon tax has been criticized for several reasons, though.

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

Last year, the honour went to USA 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 economics prize is the last of the Nobels to be announced this year.

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