Published: Wed, October 10, 2018
Worldwide | By Gretchen Simon

Two Americans win Nobel Prize in economics

Two Americans win Nobel Prize in economics

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

The Royal Swedish Academy of Sciences awarded the $1 million prize Monday to William Nordhaus of Yale University and to Paul Romer of New York University.

The Dynamic Integrated model of Climate and the Economy (DICE), in its many iterations, has been used to work out just how much it will cost to curb the effects of global warming, and even extrapolate what are the economic benefits of different strategies.

The awarding of the prize proved timely, given it coincided with the release of findings from a United Nations panel warning of ominous consequences of climate change and calling on world leaders to respond with greater urgency.

The Nobel Laureates are announced annually at the beginning of October. But to some longtime followers of the Nobel committee, the decision to collectively honour their research seemed a logical one.

The duo will receive 9 million Swedish krona (around £841,000).

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The winners William Nordhaus and Paul Romer were awarded the Nobel Prize for Economics for "for integrating climate change into long-run macroeconomic analysis" and "for integrating technological innovations into long-run macroeconomic analysis" respectively. In the 1990s, he created a model describing how the economy and the climate affect each other on the global stage, according to the Academy.

At 77, he's a decade older than the average victor.

Economist Paul Romer won the 2018 Nobel Prize in Economics on Monday. Romer's work 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. Romer showed how "economic forces govern the willingness of firms to produce new ideas and innovations". The model showed that "the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes". It was first awarded in 1969. In a recent TV interview, Dutta alleged Patekar misbehaved with her when the two were shooting a special song for Horn Ok Pleassss 10 years ago.

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.

"It takes some collective action, some support for research, or some provision of patent protection, or a mixture of the two, and some focused energy", Romer said when reached by phone from NobelPrize.org early Monday. He was chief economist at the World Bank from 2016 to 2018, and is credited with the quote "A crisis is a bad thing to waste".

'The heart of the Nobel prizes are the awards for science, peace and literature. Both Romer and Nordhous have greatly influenced my thinking on numerous things I write about here at Techdirt, specifically when it comes to the economics of innovation, and, more specifically, the economics of information and so-called "non-rivalrous" goods (I prefer to call them "infinite goods").

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