Tuesday, October 09, 2018

U.S. Economists Win Nobel for Work on Climate Change, Innovation

Technological Earth concept (stock illustration). [Credit: © metamorworks / Fotolia] Click to Enlarge.
Americans William Nordhaus and Paul Romer, pioneers in adapting the western economic growth model to focus on environmental issues and sharing the benefits of technology, won the 2018 Nobel Economics Prize on Monday.

In a joint award that turned the spotlight on a rapidly shifting global debate over the impact of climate change, the Royal Swedish Academy of Sciences said the duo’s work was helping to answer basic questions over how to promote long-term, sustainable prosperity.

Romer, of New York University’s Stern School of Business, is best known for his work on endogenous growth, a theory rooted in investing in knowledge and human capital.  He said he had been taken by surprise by the award, but offered a positive message.

“I think one of the problems with the current situation is that many people think that protecting (the) environment will be so costly and so hard that they just want to ignore them,” he told a news conference via telephone.  “We can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth.”
Nordhaus, a professor of economics at Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate, the Swedish academy said.
He said he was being honored for his work on carbon tax as a mechanism to reduce global warming.  “It was for work on one of the most important problems the globe faces, which is climate change,” he said.  “I’ve been working on that for almost 40 years, and the time’s ripe.”

Big Global Questions
Nobel committee chair Per Stromberg told Reuters Monday’s award was honoring research into “two big global questions”:  how to deal with the negative effects of growth on the climate and “to make sure that this economic growth leaves prosperity for everyone.”

Romer had shown how economic forces govern the willingness of firms to innovate, helping some societies grow many times faster than others.  By understanding which market conditions favor the creation of profitable technologies, society can tailor policies to promote growth, the academy said.

Read more at U.S. Economists Win Nobel for Work on Climate Change, Innovation



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  3. ...interstellar travel constant acceleration (global warming)... "good" no longer spend cold... Pouring pollutants greenhouse effect into the air is melting the poles. Besides on melting permafrost will liberate into the Atmosphere million Tm of methane with big greenhouse effect. This large amount of freshwater to the ocean could stop deep sea currents which depend on a delicate balance between fresh and salty water and temperatures, (Thermohaline Circulation, THC) vertical starting in polar areas from surface ↓↓ downwards and continuing go away slow and cold by the bottom loading nutrients and carrying large heat quantities. Deep sea currents move 90% of all the oceans water. Heat from the Sun reaches the equator and currents distribute it throughout the Planet, then...goodbye to our warm climate. The horizontal oceanic currents on surface produced by winds (move 10% of all the oceans water), rotating (Gyres) all by the Coriolis effect, and some others in all levels by the rotation of the Earth from West → East, like the Antarctic circumpolar current, will continue...but the vertical currents produced by the sinking of horizontal currents of dense salty water that reach the poles where the water is sweeter, less salty, and form cold bottom currents going heat transvasing among different latitudes could stop...

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