Economists Nordhaus, Romer awarded 2018 Nobel prize

William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

The committee that awarded the prize said he was the first person to design "simple but dynamic and quantitative models of the global economic-climate system, now called integrated assessment models (IAMs)".

He and William Nordhaus, a professor of economics at Yale University, will share the 2018 prize, which was announced this morning by the Royal Swedish Academy of Science. The other victor discovered a method for fighting the problem. The time for baby-step carbon taxes should probably be over. The model considers the world as a whole but the release of carbon dioxide is done by certain countries more than others. Carbon dioxide spews into the atmosphere when fossil fuels are burned, with the heat-trapping "greenhouse gas" pegged as the culprit for the Earth's warming.

Romer has studied the way innovation drives prosperity and has looked at ways to encourage it.

"It's an ingenious pairing", said David Warsh, author of a 2007 book on Romer's research, "Knowledge and the Wealth of Nations". "Humans are capable of fantastic accomplishments if we set our minds to it".

The two researchers worked separately.

This is why "societal questions are reflected in the prize", including the issue of climate change, which is 'very important right now, ' he said. The question of climate change remains politically hard, especially in big oil-producing countries.

Both Nordhaus and Romer have been tipped as frontrunners for the Nobel Prize in recent years.

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William and his brother, Robert Nordhaus, grew up in a house on Rio Grande Boulevard and attended Washington Middle School but left Albuquerque to attend high school in MA, said Ted, executive director of the Breakthrough Institute, an Oakland, Calif. -based energy and environmental think tank. Romer, he said, has been writing about the methods available to deal with such a technological challenge.

As with the other Nobels, nominations and deliberations are kept secret, so it's almost impossible to know which way the prize committee is leaning each year. He said he had been taken by surprise by the award, but offered a positive message.

Far from developing policies to reduce climate change, President Donald Trump has argued that the threat of human-produced climate change is a hoax concocted by China to hurt the American economy.

It said time was running out to avert disaster, noting that our planet's surface has already warmed one degree Celsius (1.8 degrees Fahrenheit).

The report uses a number of Professor Nordhaus' techniques to establish its shocking findings.

The economics prize is the last of the Nobels to be announced this year. Pete Musto adapted it for VOA Learning English. We want to hear from you.

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