Stern Professor Wins Economics Nobel, Two Years After NYU Mistakenly Announced It

Stern Professor Wins Economics Nobel, Two Years After NYU Mistakenly Announced It

It came nearly two years to the day since the school prematurely published a draft statement mistakenly announcing he had won the 2016 Economics Nobel.

At a press conference announcing the 2018 Nobel Prize in Economic Sciences. laureate Paul Romer suggested that it is entirely possible for humans to produce carbon.

Romer is the son of Roy Romer, the former governor of Colorado credited with the state's economic growth in the 1990s.

The program researches how policymakers can use growing cities to create economics opportunities and undergo a social reform.

"The policies are lagging very, very far - miles, miles, miles - behind the science", Nordhaus, a professor at Yale University, told the Swedish Academy, referring to US President Donald Trump's withdrawal from the Paris climate accord.

Winners receive their prizes from the Swedish King.

The economists were praised for their research on the relationship between global warning and economic growth.

Together, Nordhaus' and Romer's works have broadened the scope of economic analysis by creating models that explain how the market economy interacts with knowledge and nature.

Romer, however, solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations. He was the first person to describe the interaction between the economy and science, and how economic policies such as carbon taxes can affect climate change.

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Nordhaus, often considered the father of climate-change economics, won "for integrating climate change into long-run macroeconomic analysis".

Nordhaus' work has led him to conclude that the best way to reduce greenhouse gas emissions and mitigate their effects is a globally enforced system of carbon taxes - a course of action is recommended in the IPCC's report.

The Nobel prizes for physiology or medicine, physics, chemistry and peace were awarded last week.

The youngest Nobel prize is this year celebrating its 50th anniversary.

Micael Dahlen, a professor at the Stockholm School of Economics, said that was all the more reason to give the nod to a woman this year.

Past 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.

'The range of fields of research that have been honoured has been more vast, the choice of laureates has been more eclectic'.

Romer was the chief economist at the World Bank but left after 15 months following repeated run-ins with staff.

Responding to news of his award, Romer said it was perfectly possible for global warming to be kept to a maximum of 1.5 degrees centigrade, in line with the latest recommendation of the United Nations intergovernmental panel on climate change. The Intergovernmental Panel on Climate Change argued Sunday that preventing an extra single degree of heat over the next few decades could make a life-or-death difference for millions of people and ecosystems on Earth.

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