Economy

USA economists win Nobel prize for work on climate and growth

USA economists win Nobel prize for work on climate and growth

The winners of this year's Nobel Memorial Prize in Economics are USA economists William D. Nordhaus of Yale and Paul M. Romer of New York University.

A professor at New York University has been awarded the Nobel Memorial Prize in Economic Sciences.

The 62-year-old Romer meanwhile won for "integrating technological innovations into long-run macroeconomic analysis".

The Royal Swedish Academy of Sciences said they had addressed "some of our time's most basic and pressing questions" about sustainable growth. Growth isn't the only. The Academy said Romer's research is the first to model how market conditions and economic decisions affect creation of new technologies. It was first awarded in 1969.

Mr Romer said he ignored two telephone calls, thinking they were spam calls, before the Swedish Royal Academy of Sciences was able to get through to him.

The report is full of the by now well-known predictions of the ecological damage and economic costs of global climate change, and the results of scientific models evaluating the progress that can be achieved if, and when, certain actions are taken.

The committee also cited Romer's work to develop what is now known as the "endogenous growth theory".

The physiology/medicine, physics, chemistry and peace prizes were awarded last week.

More news: Nobel Peace Prize Awarded to Two Campaigners Against Rape in War

His economic approaches to global warming include modelling to determine the efficient path for coping with climate change. While on leave from the Stern School, he served as chief economist and senior vice-president at the World Bank until early this year.

One key step he has endorsed is a universal tax on carbon, which would require polluters to pay for the costs that their emissions impose on society.

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.

The Economics award was established in 1968 after the Swedish central bank - Sveriges Riksbank - made a donation to the Nobel Foundation.

One of the winners of this year's Nobel Prize in economics is the son of former Colorado Gov. Roy Romer.

Limiting global warming to 1.5C will cost the world $2.4 trillion (£1.8 trillion) every year for the next two decades, the United Nations report warned.

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.


  • China trade war and Brexit threaten global growth says International Monetary Fund

    China trade war and Brexit threaten global growth says International Monetary Fund

    Risks to the global outlook have risen in the last three months and tilt to the downside, the International Monetary Fund said. It is the first time the fund has cut its forecast in more than two years.
    Second poisoning suspect ID’d as military doctor who works for Russian GRU

    Second poisoning suspect ID’d as military doctor who works for Russian GRU

    A spokesperson for London's Metropolitan Police said they would not comment on "speculation regarding their identities". The attack, which targeted ex-spy Sergei Skripal, is believed to have been ordered by senior Russian leadership.
    Alok Nath 'Neither Denies Not Agrees' With Vinta Nanda's Account Of Rape

    Alok Nath 'Neither Denies Not Agrees' With Vinta Nanda's Account Of Rape

    Not too long afterwards, she said, she found herself on the same set as Nath again when he joined a TV show Nanda was directing. I have faint memory after that. "I hadn't just been raped, I was taken to my own house and had been brutalised", Vinta said.
  • Pixel 3 XL On Sale In Hong Kong Ahead Of Launch

    The phones will come in black or white and the white version could have a green power button, giving it a new look. We don't know about the price just yet but it's expected to be somewhere around, or likely upwards of AUD $1079.
    The impressive statistic behind Newcastle's agonising defeat to Manchester United

    The impressive statistic behind Newcastle's agonising defeat to Manchester United

    United, spent 13 seasons at Manchester United , including the 2016-17 season under Mourinho. It's been like that for the last 20 years, it isn't just now.
    Collins says she put herself 'in his shoes' when considering Kavanaugh's temperament

    Collins says she put herself 'in his shoes' when considering Kavanaugh's temperament

    Rice has a home in ME and her mother was born there, meaning she could run for a senate seat there. Saltonstall, Senator Henry Cabot Lodge, Senator Prescott Bush, Senator Margaret Chase Smith, Rep.
  • New Pixel phones are out today

    New Pixel phones are out today

    What will Google present on October 9th? The front of the two phones will be drastically different from the Pixel 2 , though. The connection to the keyboard is via a small 4-pin connector, and a touchpad is not missing to control the cursor .
    Kanye West to Meet With Trump, Jared Kushner

    Kanye West to Meet With Trump, Jared Kushner

    Kanye West and then-President-elect Donald Trump speak with the press after their meetings at Trump Tower, Dec. 13, 2016 in NY . The report also stated that West and Trump would discuss how to create more manufacturing jobs in West's native Chicago area.
    French rescuers search for bodies in debris of Indonesian quake disaster

    French rescuers search for bodies in debris of Indonesian quake disaster

    The Indonesian authorities and locals at Palu and Balikpapan thanked the NZDF personnel for helping, Natapu said. Many hundreds of people are now entombed in slowly drying mud churned with heaps of debris and vehicles.
  • Roads where limo crash killed 20 are a menace, store says

    Roads where limo crash killed 20 are a menace, store says

    Amanda Halse, 26, and her boyfriend, Patrick Cushing, 31, were also reportedly in the vehicle at the time of the crash. Somewhere along the way, Abeling said, the bus apparently broke down and the limousine was the replacement, she said.
    Kuldeep five-for gives India record Test win against West Indies

    Kuldeep five-for gives India record Test win against West Indies

    Test captain Jason Holder will lead the ODI team , and the T20I team will be captained by Carlos Brathwaite. Debutant Prithvi Shaw became a household name with this match, as he claimed the Man of the Match at debut.
    New images of Google's Pixel Slate are leaked

    New images of Google's Pixel Slate are leaked

    Google's Pixel 3 event begins at 11:00 AM ET on October 9th, so we'll soon see if they have any announcements left to surprise us. The company has now added more fuel to the fire, in the form of a possible teaser hinting at a mini variant for the Google Pixel.