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10 October 2018, 04:25 | Kelvin Horton
REUTERS Ilze Filks
William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences
Yale University Professor William Nordhaus, one of the 2018 winners of the Nobel Prize in economics, arrives before speaking and addressing members of the news media about the honor Monday, Oct. 8, 2018, in New Haven, Conn. Nordhaus was named for integrating climate change into long term macroeconomic analysis.
Nordhaus and Romer show us that good policy for the economy is the same as good policy for promoting the technological advances essential to continued growth of our current economy and the sustainable balances necessary to ensure the future of the global economy and the global environment for the next generations. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations. These models are widely used today in research on studies of climate-change economics and policies.
The economics prize wraps up the 2018 Nobel awards season, notable this year for the lack of a literature prize.
Romer taught for some time at Stanford University, becoming a prominent economist for his theory concerning the effect of ideas on growth.
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.
Yale University President Peter Salove said, "This is fitting recognition of William Nordhaus' work on the economics of climate change".
"We can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth".
The academy said their models, both developed in the 1990s, have "significantly broadened the scope of economic analysis".
The prize money of 9 million Swedish krona ($1 million) will be split equally between the winners.
Only one woman, Elinor Ostrom, has won the prize, and Leonid Hurwicz is the oldest person to be awarded a Nobel prize.
Advocates of taxing fossil fuels believe their position is stronger now because of an alarming new report on climate change and a Nobel Prize awarded to by two American economists, but neither development is likely to break down political resistance to a carbon tax.
"Humans are capable of unbelievable accomplishments if we set our minds to it", Romer added.
The chemistry prize was awarded on October 3 to Frances H. Arnold, George P. Smith and Gregory P. Winter.
Although the Prize in Economic Sciences is not a Nobel Prize, it is awarded according to the same principles followed when handing out the other Nobel Prizes.
Strongly against dressing up political beliefs in hard science and math, Romer became the chief economist of the World Bank in 2016, before resigning 15 months later convinced that the bank's positive evaluation of Chile's economic policies was politically influenced.
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