U.N. Ignores Economics Of Climate

U.N. Ignores Economics Of Climate

U.N. Ignores Economics Of Climate

"Nordhaus was in a position early on to think about climate change from a human welfare and well-being perspective", says Ottmar Edenhofer, director of the Potsdam Institute for Climate Impact Research in Germany.

The announcement comes after a United Nations report warned Monday that preventing an extra single degree of heat could make a life-or-death difference in the next few decades for multitudes of people. The gas traps heat in the atmosphere causing worldwide warming.

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

Unlike Romer and Nordhaus, the panel of scientists who produced the United Nations report expressed little hope that the world will rise to the challenge. "Instead of treating it like the weather, we can treat [technology] as something that we control". And it is doubly timely, seeing as it's happening just at the moment when we're facing so much backlash against technology and innovation, and many people trying to argue that the harms from technology somehow outweigh the gains.

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Nordhaus has been a prominent advocate of the use of a uniformly applied carbon tax as the best way to put a true cost on the use of burning fossil fuels and so reducing greenhouse gas emissions.

William Nordhaus has developed models to find an efficient path for coping with climate change since the 1970s.

The two economists have not worked together, but the Nobel committee said their achievements are similar because they each built valuable economic models to study global problems.

Many economists have since endorsed the concept of taxing carbon and using this financial lever to influence societal behavior. This has important consequences for policy drafting and regulations, which often needs to tread a fine line to guarantee safety as well as prosperity. 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. "They want to deny it exists", Romer said. Its supporters encourage governments and the private sector to foster innovation and incentives for increased creativity.

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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.

One received the award for his findings on the economics of climate change. "And to raise the prices of goods and services that are carbon-intensive and to lower the ones that are less carbon-intensive".

Complementing Nordhaus's research, the jury said Romer laid the foundation for "endogenous growth theory", which explains how ideas are different from other goods and require specific conditions to thrive.

Unlike the other Nobel prizes which were created in Swedish inventor and philanthropist Alfred Nobel's last will and testament and first awarded in 1901, the economics prize was created by the Swedish central bank, the Riksbank, in 1968 to mark its tri-centenary.

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