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2018 Nobel in Economics Is Awarded to William Nordhaus and Paul Romer

Nobel Prize

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The 2018 Nobel Memorial Prize in Economic Science was awarded on Monday to a pair of American economists, William D. Nordhaus and Paul M. Romer, for their work highlighting the importance of government policy in fostering sustainable economic growth.

Mr. Nordhaus was honored for pioneering the assessment of the economic impact of climate change, including his advocacy for governments to tax carbon emissions. Mr. Romer was honored for his work on the role of policy in encouraging technological innovation.

Mr. Nordhaus, 77, is a professor at Yale. Mr. Romer, 62, is a professor at New York University.

The announcement of the award came on the same day that a United Nations panel on climate change released a report warning of dire consequences from climate change and urging governments to respond to the problem with greater urgency. The Nobel Prize committee said that its choice of laureates underscored the need for governments to cooperate.

“The message is that it’s needed for countries to cooperate globally to solve some of these big questions,” said Goran K. Hansson, secretary general of the Royal Swedish Academy of Sciences.

“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,” he said at a news conference following the announcement. “Humans are capable of amazing accomplishments if we set our minds to it.”

Source: NY Times

Picture: Pixabay.com


 Trader Aleksandar Kumanov

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