The Nobel in economics to the Americans Nordhaus and Romer
The Nobel Prize in Economics was awarded on Monday to Americans William Nordhaus and Paul Romer for their work integrating climate change and technological innovation into macroeconomic analysis, the government said on Monday. Royal Swedish Academy of Sciences.
"This year's laureates do not provide definitive answers, but thanks to their findings, we are close to knowing how we can have prolonged and sustainable global economic growth," continues the Swedish Academy.
62-year-old Paul Romer, who teaches at New York University's Stern School of Business, showed how economic forces govern companies' willingness to spawn new ideas and innovations, throwing the foundations of a new development model, called “endogenous growth theory”.
Paul Romer said he did not expect to receive this honor at all. "My phone rang twice this morning, and I didn't answer because I thought they were advertising calls," he said on a conference call.
He welcomed the audience his award could give his theory: “A lot of people think that protecting the environment would be so expensive and difficult that they would rather ignore it. But we can genuinely achieve substantial progress in environmental protection and do so without giving up the chance to sustain growth,” he added.
INTERACTIONS BETWEEN ECONOMY AND CLIMATE
For his part, William Nordhaus, 77, was the first to have created, in the mid-1990s, a quantitative model that describes the interactions between the economy and the climate.
A graduate of the Massachusetts Institute of Technology, Nordhaus, a professor at Yale University, has been working on these questions since the 1970s, when researchers began to worry about the climate effects of fossil fuel use. .
His model, which integrates theories and empirical results from physics, chemistry and economics, is widely used today. It is used in particular to examine the consequences of climate policies such as the introduction of the carbon tax, specifies the Academy.
The Nobel echoes the publication, a few hours earlier, of a report by the Intergovernmental Panel on Climate Change (IPCC), which calls for a “rapid, profound and unprecedented” change in the use land and energy, in industry, construction, transport and cities.
Average temperatures are likely to rise by 1.5°C between 2030 and 2052 if climate change continues unabated and the world fails to take action to curb it, warn the report's authors.
Created in 1968, the Nobel Prize in Economics, or Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel according to its real name, is endowed with an amount of nine million Swedish crowns (871,000 euros). He is the last of the season to be awarded, after the Nobel Prizes for Medicine, Physics, Chemistry and Peace, which were awarded last week.
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