World

How Nobel Prize victor Paul Romer redefined economics

How Nobel Prize victor Paul Romer redefined economics

He was the first person to describe the interaction between the economy and science, and how economic policies such as carbon taxes can affect climate change.

"It's an ingenious pairing", said David Warsh, author of the 2007 book Knowledge and the Wealth of Nations about the award. At its most basic level, the model says the economy needs fuel to function, which in turn creates greenhouse gas emissions that lead to climate change.

At a press conference announcing the 2018 Nobel Prize in Economic Sciences. laureate Paul Romer suggested that it is entirely possible for humans to produce carbon. "I hope the prize today could help everyone see that humans are capable of unbelievable accomplishments when we set about trying to do something". His economic approaches to global warming include modeling to determine the efficient path for coping with climate change. "Nordhaus has been concerned all along with repairing the damage" to the global environment.

Yale University Professor William Nordhaus, one of the 2018 winners of the Nobel Prize in economics, arrives before speaking and addressing members of the news media about the honor Monday, Oct. 8, 2018, in New Haven, Conn. Nordhaus was named for integrating climate change into long term macroeconomic analysis. "Romer has been writing about the means at your disposal" to attack such a technological challenge.

An assistant professor of economics at Rochester from 1982 to 1988, Romer went on to appointments at the University of Chicago, the University of California at Berkeley, and Stanford University before his appointment at NYU's Stern School of Business.

The report from the Intergovernmental Panel on Climate Change cited Nordhaus' research in detailing how Earth's weather, health and ecosystems would be better off if nations more aggressively curbed human-caused planet warming of 0.9 degrees Fahrenheit (a half degree Celsuis) rather than a previously agreed-on target of 1.8 degress F (1 degree C).




"I could also see the prize going to a macro-economist like Ben Bernanke", the former head of the US Federal Reserve, said Dahlen. Despite the more technical language used by the academy, Romer is unique in his attempts to make his research digestible for more than his fellow economic experts.

Romer's career has taken him outside the academic world.

His 1996 study of the economic history of lighting back to Babylonian times found that the measurement of long-term economic growth has been significantly underestimated. His vision was to model new ideas as goods and services.

Last year, the honor went to USA economist Richard Thaler, a co-founder of the so-called "nudge" theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.

Congolese gynaecologist Denis Mukwege and Social Justice Warrior Nadia Murad received the prestigious Nobel Peace Prize "for their efforts to end the use of sexual violence as a weapon of war".

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.


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