Publicado: Mar, Octubre 09, 2018
Financiera | Por Marilu Caballero

William Nordhaus, Paul Romer awarded Nobel Economics Prize

Two American economists, William Nordhaus and Paul Romer, received the Nobel Prize for economics Monday for their work on the relationship of climate change and technological innovation to economics.

"They have taken macroeconomics to a global scale, to tackle some of the world's biggest problems", said the Nobel Prize committee.

Yale University's William Nordhaus was awarded the prize for his work in long-term macroeconomic analysis related to climate change. "The theory has generated vast amounts of new research into the regulations and policies that encourage new ideas and long-term prosperity". The model has been used by the Environmental Protection Agency and the Intergovernmental Panel on Climate Change, an worldwide group of scientists who assess the global effects of climate change. In 1990, he published his work which is the foundation of what is now called Endogenous Growth Theory.

New York University (NYU) professor Paul Romer speaks at a news conference after being named a victor of the 2018 Nobel Memorial Prize in Economics with professor William D. Nordhaus of Yale University on October 8, 2018 in New York City.

He began working on the interactions between energy and the economy in the 1970s and since the 1990s has produced models that have helped economist quantify the impact that climate change will have on the economy.

Cifra de muertos por tsunami y terremoto en Indonesia aumentó a 1.424
Las víctimas del desastre tienen dificultades para encontrar suministros básicos como alimentos y agua potable. En Donggala , muchos mostraron su frustración tras esperar la llegada de ayuda durante días.

The economics prize wraps up the 2018 Nobel awards season, notable this year for the lack of a literature prize.

Romer's career has also taken him outside the academic world. Instead, by agreeing on a global price for burning carbon that reflects its whole cost, this primary cause of rising temperatures could be traded and taxed, putting market forces to work on the problem. Versions of a carbon tax have been used in Europe but have yet to be adopted in the United States.

"It's an ingenious pairing", said David Warsh, author of a 2007 book on Romer's research, "Knowledge and the Wealth of Nations".

Romer is Rochester's third economics Nobelist. His research found that unregulated economies will produce technological change, but insufficiently provide research and development; this can be addressed by government interventions such and R&D subsidies. This explains how ideas are different from other physical goods and require certain conditions to thrive in a market.

The Nobel Prize in Economics was jointly awarded on Monday to Americans William Nordhaus and Paul Romer. Last year's economics prize went to alumnus Richard Thaler '74 (PhD), the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the Booth School at the University of Chicago and one-time faculty member at what is now Rochester's Simon Business School.

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