Nobel Prize for Economics: winners William Nordhaus and Paul Romer

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In the mid-1990s, he became the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate.

In awarding the prize in economies, the Swedish Royal Academy of Sciences cited Mr Nordhaus for showing that "the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes". "Humans are capable of incredible accomplishments if we set our minds to it". Romer put all this together in a concrete economic model with a major implication, said Chad Jones, a former colleague of Romer's and a professor at Stanford University. "Nordhaus has been concerned all along with repairing the damage" to the global environment.

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 Swedish Academy on Monday, October 8, 2018, made a decision to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer, for "integrating innovation and climate with economic growth". "Romer has been writing about the means at your disposal" to attack such a technological challenge.

The research of Nordhaus and Romer is united by an interest in what drives economic growth and how to respond when unregulated market forces fail to deliver desired results.

The awarding of half of the prize to Nordhaus could not have come at a more appropriate time, as his work was instrumental in our understanding of how climate change would affect us in the years and decades to come.

Per Stromberg, head of the Nobel economics prize committee, said "it's about the long-run future of the world economy". Many Republicans in Congress have also expressed skepticism about whether or how much human beings are contributing to global warming and whether the US government ought to take steps to address it. The events are being reported as two parts of the same story, but they reveal the contradictions inherent in climate policy-and why economics matters more than ever.

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Through endogenous growth theory, people can be given more incentives to "rearrange" the world, and discover new ideas, instead of toiling away in factories or on computers, repeating the same motions over and over again.

Fellow Nobel economics Laureate Paul Krugman told the New York Times in 2013 that too much of it involved "making assumptions about how unmeasurable things affected other unmeasurable things".

Government policies, he found, are vital.

Romer has studied the way innovation creates profit increase.

Last year, the honor went to United States 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.

In the history of the prize there has only ever been one woman awarded as a victor.

Paul Michael Romer, who is one of this year's recipient of the Nobel Prize for Economics is a fan of the Aadhaar system.

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