USA 'green growth' duo win Nobel Economics Prize

Nobel Economics Prize Could Go To Climate Or Development Study Experts

The notion of taxing polluters rather than imposing government edicts to cut emissions is based on the premise it would prompt companies to devise new ways of curbing pollution.

The Royal Academy of Sciences on Monday awarded Nobel Prizes in Economic Sciences to two American university professors.

Professor Nordhaus who works at Yale University won the prize "for integrating climate change into long-run macroeconomic analysis".

Nordhaus was recognized for his pioneering work in applying economic analysis to climate change forecasts.

Nordhaus has argued that climate change should be considered a "global public good", like public health and worldwide trade, and regulated accordingly, but not through a command-and-control approach.

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On the other hand, Romer's research showed that how economic forces command the firms to come up with new ideas and innovations.

The academy said that the contributions of this year's laureates "are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change".

"I hope the prize will help people see humans are capable of fantastic accomplishments when we try to do something". At a news conference Monday, Romer said his research has left him optimistic that society can solve even a threat as deeply challenging as the warming of the planet. Nordhaus concluded that the most efficient approach was to deploy carbon taxes, applied uniformly to different countries.

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

Last year's prize went to one of the founders of behavioral economics and finance, Richard H. Thaler of Chicago University, for his work studying human bias at a time when other economists still viewed people as rational actors.

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The committee said: "Romer demonstrates how knowledge can function as a driver of long-term economic growth". Many Republicans in Congress have also expressed skepticism about whether or how much human beings are contributing to global warming and whether the USA government ought to take steps to address it. 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. His vision was to model new ideas as goods and services.

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

Last year, the honour went to USA economist Richard Thaler, a co-founder of the so-called "nudge" theory.

The peace prize, which was announced in Oslo on October 5, was awarded to Denis Mukwege, a gynecologist from the Democratic Republic of Congo, and Nadia Murad, an activist and victim of war crimes.

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