USA 'green growth' duo win Nobel Economics Prize

Americans William D Nordhaus and Paul M Romer win 2018 Nobel Prize in Economics

Mr Nordhaus, of Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the academy said. The Prize also refutes climate-change denial.

"Humans are capable of incredible accomplishments if we set our minds to it", Romer added.

The mainstream economic analysis of the 1970s, when Romer was a graduate student and Nordhaus was an assistant professor, was mostly dedicated to what's known as general equilibrium analysis: If consumers were to maximize their utilities, and producers were to maximize their profits, what would happen?

Nordhaus has called for the world to combat climate change by imposing a universal tax on carbon.

"Nordhaus has been concerned all along with repairing the damage" to the global environment", Warsh said.

As such, the policy encourages companies to find innovative ways to reduce pollution.

Americans William Nordhaus and Paul Romer, pioneers in adapting the western economic growth model to focus on environmental issues and sharing the benefits of technology, won the 2018 Nobel Economics Prize on Monday. But adopting the regulatory frameworks on a global scale has proved problematic, and the world's political leaders are failing to meet it, the head of the United Nations said last month.

India vs West Indies live scores first Test day three
Tail-ender Keemo Paul , in only his second Test, bludgeoned a four and a six in an unbeaten 13 to see West Indies to the close. Deciding to bowl Kuldeep Yadav in the second test despite Ashwin running riot is a positive sign in Kohli in the captain.

Caroline Wozniacki wins in Beijing
The victory was Wozniacki's second title in Beijing. "I'm just happy to have reached 30 today, I'm going to enjoy that", said Wozniacki.

Raising awareness and combating stigma
On Tuesday, the Guardian published an op-ed co-written by Lady Gaga and World Health Organization director-general Dr. Those living with serious mental illness face worse health outcomes and, on average, die 25 years earlier than others.

The Nobel Prize commented: 'Their contributions provide us with fundamental insights into the causes and consequences of technological innovation and climate change'.

In doing so, Romer changed the old approach to economic growth completely. 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").

His work drew wide attention during the computer boom of the late 1990s, with some proponents suggesting it might serve as a basis for a massive government effort to underwrite technological innovations.

Nobel committee chair Per Stromberg told Reuters Monday's award was honoring research into "two big global questions": how to deal with the negative effects of growth on the climate and "to make sure that this economic growth leaves prosperity for everyone". Romer created a more accurate model showing that when the money and resources put into generating ideas increases, the number of ideas does too, which in turn spurs the rest of the economy. Instead of technological growth simply happening-as if falling upon the economy from the sky-his doctoral thesis assumed that economic agents, such as people or businesses, can actively affect the speed of economic growth. "And to raise the prices of goods and services that are carbon-intensive and to lower the ones that are less carbon-intensive".

Now, let's get on to the point: for basically the last decade, I've been specifically waiting for Paul Romer to finally win this prize and each year I've been disappointed when someone else did.

The most highly anticipated Nobel, the peace prize, went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.

Related news:

Hot News

isis-killer-beheading-video-story-top Taylor Swift, Cardi B set for American Music Awards
Oct 10, 2018 - 14:55
For a lot of us, we may never find a candidate or party with whom we agree 100% on every issue, but we have to vote anyway. She posted support on her Instagram page - with its 112 million followers - for Senate candidate Phil Bredesen and U.S.

isis-killer-beheading-video-story-top Turkish Investigators to Search Saudi Consulate in Disappearance of Saudi Journalist
Oct 10, 2018 - 13:48
Turkish employees of the residence had unexpectedly been told not to report for work that day, the newspaper said. The planes are owned by Riyadh-based Sky Prime Aviation Services, according to public records.

isis-killer-beheading-video-story-top Google+ Shutting Down After Bug Leaks Info of 500k Accounts
Oct 10, 2018 - 13:30
It opted not to report it, "in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage". The company is henceforth shutting down Google+ to consumers.

isis-killer-beheading-video-story-top It is my dream to play for Madrid - Hazard
Oct 10, 2018 - 12:27
I preferred for him after 70 minutes in the last match for the first time in the season, I preferred for him to have training. Sometimes I think I want to stay. "It will be hard to hang onto him when Real Madrid come calling".

isis-killer-beheading-video-story-top Bulgarian journalist allegedly raped and murdered, police detain suspect
Oct 10, 2018 - 11:24
The country's Interior Minister, Mladen Marinov, said the suspect was a DNA match for evidence recovered at the crime scene. She is the third investigative journalist to be killed in the European Union in the past 12 months, UNESCO regretted.

isis-killer-beheading-video-story-top Google Pixel Slate hands-on
Oct 10, 2018 - 11:09
One of the major disappoints of the new Google Home Hub, however, is the omission of a camera for Google Duo video calls. Plenty of details about the new smartphones have appeared online, although Google has sought to poke fun at the rumours.

isis-killer-beheading-video-story-top New footage reveals why Khabib's team attacked McGregor
Oct 10, 2018 - 10:43
The men jumped into the Octagon and swung at McGregor, and were subsequently arrested following the insane melee. After McGregor tapped, referee Herb Dean had to restrain Nurmagomedov and push him away from McGregor.

isis-killer-beheading-video-story-top The Cure And Radiohead Nominated For Rock ’N’ Roll Hall Of Fame
Oct 10, 2018 - 10:40
The Rock & Roll Hall Of Fame has revealed its shortlist for 2019, with fans being urged to vote for their favourites. Artists who are not selected for induction one year may be nominated again another year.

Ousted Guardians of the Galaxy director switches camps, tied to new DC Comics film
Oct 10, 2018 - 09:22
He added: 'Regardless of how much time has passed, I understand and accept the business decisions taken today. The publication writes that the directing gig could be decided once his script is complete.

isis-killer-beheading-video-story-top Microsoft Explains Why Windows 10’s October 2018 Update Was Deleting People’s Files
Oct 10, 2018 - 08:58
The user used an early version of the OneDrive client and used the OneDrive settings to turn on the Auto save feature. Today, the firm is rolling out a new build 17763.17 to the Slow and Release Preview rings of the Insider Program.

isis-killer-beheading-video-story-top ANC and opposition parties welcome Mboweni, praise Nene
Oct 10, 2018 - 08:28
He previously served as minister of finance from May 25, 2014, until his controversial removal by former President Jacob Zuma on December 9, 2015.

isis-killer-beheading-video-story-top International Monetary Fund revises medium-term growth rate downward
Oct 10, 2018 - 07:42
Maurice Obstfeld , IMF chief economist, said: "US growth will decline once parts of its fiscal stimulus go into reverse". If the trade war continues, it could take a significant bite out of global growth, according to the fund.

isis-killer-beheading-video-story-top Why does everyone hate Angel Hernandez so much?
Oct 10, 2018 - 07:39
There were four replay challenges in the first four innings - all involving calls by first base umpire Angel Hernandez . He said, "I found [Benintendi stealing second base] unusual, but you know, you can still keep pushing the envelope".

isis-killer-beheading-video-story-top Gathering strength, Hurricane Michael heads for Florida
Oct 10, 2018 - 06:38
Teresa and the wildlife reserves bordering Apalachee Bay. "It's forecast to be a large and unsafe hurricane at landfall". The only other storm in the Atlantic Ocean is Tropical Storm Leslie , which has zig-zagged in intensity.

isis-killer-beheading-video-story-top Anger, dismay as Indonesia says search for quake victims to end
Oct 10, 2018 - 03:15
Life is on hold for thousands living in tents and shelters in the Indonesian city hit by a powerful natural disaster and tsunami. The twin disasters struck Palu and surrounding districts in Central Sulawesi province on September 28.