Do You Know About Nordhaus and Romer, recipients for Nobel in Economics?

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Climate change is a very serious problem that has the potential to affect humanity as a whole, quite adversely if proper steps aren’t taken. This is one statement that is officially recognized by multiple countries, and almost all countries are doing their bit to contribute and realize a world where there’s a lot better chance at survival than what’s being predicted today. Global emission rates have thoroughly increased, with pollution levels increasing far beyond the normal levels in developing as well as developed countries. All this has led to sustainable development – centric policies and steps being taken by public sectors of many countries as well as the private sectors. Governments of various nations have also realized the importance and value of a future with the need to focus on environmental issues.

The reason why Climate Change has an urgent need to be stressed upon, despite the ever growing threat of global warming and rising sea levels threatening human existence, has got something to do with USA’s stance on the Global Stage. Unlike the previous US administration headed by Barack Obama, the new Administration, headed by Donald Trump, has leaned towards the idea of Climate Change being a hoax so as to prevent countries from developing itself freely. Moreover, they have also pulled out from the Paris Climate treaty, citing concerns related to expenditures and the trivial nature of it.

In many cases, the basic reason so as to why this is such an important reason, is because America is one of the leading superpowers and for a long time, has set the Global Ambitions of other countries looking towards modern times. In such a position, the US president dismissing or trivializing the importance for a need to work towards curbing climate change, is counter – productive to the whole cause. Therefore, it is all the more prestigious and worthy of note that two U.S. economists have won the Nobel Prize for Economics, for their important work on Climate change and Innovation. That despite their administrations current prerogative, the intellectual force operating in the country haven’t forgotten the urgency of the situation and continuing their efforts to get it known to their own, and to the rest of the world.

Who are the winners of this year’s Nobel Prize in Economics 2018?

William D. Nordhaus is an economist from Yale, and as part of his efforts towards the cause, has spent almost four decades of his life trying to persuade changing administrations. All that he’s done, has been directed towards making the government address climate change seriously, recognize how grave it is for future growth and tackling environmental issues. The end result he’s tried to achieve as such, is to get the government to impose a tax on carbon emissions, effectively curbing the carbon waste and pollutants released to some degree.

This endless stream of work done by Nordhaus has convinced a lot of other economists and members of his own fraternity into proposing the same to bureaucrats and profess to others. As a result of all this, he was awarded the 2018 Nobel Memorial Prize in Economic Sciences which recognized his work and his achievements as an economist towards climate change. This has been a welcome step towards acknowledging the work of such economists doing their bit to get climate change taken seriously and getting country policies shaped accordingly, as have many countries like France, India, Germany, Japan have done.

One glaring regret that Professor Nordhaus has expressed as a top economist in the US, is that he has not been able to yet properly convince his own country’s government. He believes that the policies of his country, is lagging far behind, basically miles and miles behind the current advents in science and the need for what needs to be done. He said this in a recent interview after having learnt of his Nobel Prize. In the same, he also added that it has become increasingly hard to remain optimistic, given the current situation. As a closing statement, he expressed his disappointment with the government and how they are actually going backwards given the history of the US towards climate change, with the “disastrous” policies of the Trump Administration.

This Nobel Prize in economics that Nordhaus has been awarded, is also shared by another top US economist – Paul M. Romer. Romer is an economist at the New York University and has always believed that the government policy of any country, plays an extremely vital role in rooting out the technological innovations necessary for addressing climate change. Citing examples of countries where the government has become intrinsically involved, Romer put his point across that without adequate support from the Government, countries can’t actually work together and take steps accordingly. Romer has maintained in interviews that the world can fix the problem if they start now, that once carbon emissions start getting reduced, it’ll be quite easier than one could have anticipated.

Why did Nordhaus and Romer get chosen as winners of the 2018 Nobel Prize in Economics?

Considering the growing importance of climate change and its effects on countries all over, the Nobel Prize in Economics was announced after the statement by a United Nations panel on Climate Change. In that, they stated that public policy needed changes that will considerably limit the otherwise, catastrophic consequences rising temperatures can have on everyone. As such, the committee that decided the Nobel Prize for Economics, revealed that they chose who they chose, because they deemed it fit and wanted to emphasize the current need for international cooperation in addressing climate change.

The official statement by the Royal Swedish Academy of Sciences decided that William D. Nordhaus and Paul M. Romer will be this year’s recipients in Nobel Prize in Economic Sciences for exactly this reason. In the case of Nordhaus, it was for his dedication to integrating concerns for climate change into long – run macroeconomic analysis. And, in the case of Romer, it was for his efforts to integrate important technological innovations into the same, long – run macroeconomic analysis.

All in all, Both William D. Nordhaus and Paul M. Romer have designed methods that can effectively address questions related to creating long – term strategies and ways for sustainable economic growth. Both of their accolades are note – worthy, especially when the UN is warning that there is only 12 years to properly limit any climate change catastrophe.

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