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Nobel victor thought Academy call was spammer

Nobel victor thought Academy call was spammer”

The Royal Swedish Academy of Sciences said they had addressed "some of our time's most basic and pressing questions" about sustainable growth.

Just a day after a United Nations panel called for urgent action on climate change, Nordhaus of Yale University shared the prize for his work on the economics of a warming planet with Paul Romer of New York University, whose study of innovation raises hopes that people can do something about it.

While Nordhaus' work is the most overtly concerned with combatting climate change, Romer's is also key, because we need technological innovation on our side in the fight against climate change.

William Nordhaus of Yale University and Paul Romer of New York University will share the $1 million prize.

The chemistry prize was awarded on October 3 to Frances H. Arnold, George P. Smith and Gregory P. Winter.

The prize is otherwise known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The question of climate change remains politically hard, especially in big oil-producing countries.

The Nobel Prize for Economics was on Monday awarded to William D Nordhaus and Paul M. Romer. The Nobel Memorial Prize in Economic Sciences was established by Sweden's central bank and first given out in 1969. In the 1990s, he created an integrated assessment model, which is a quantitative model that describes the global relationship between the climate and the economy.

The Nobel, which consists of a diploma, a gold medal and a cheque for 9 million kronor (around US$1 million), will be handed over at a formal ceremony in Stockholm on December 10.

"This year's Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth", the academy said.

The co-winner - Romer - is seen as the prime mover behind the endogenous growth theory, the notion that countries can improve their underlying performance if they concentrate on supply-side measures such as research and development, innovation and skills.

He said he was being honored for his work on carbon tax as a mechanism to reduce global warming. Multiple Nobel Prize winners, including Nordhaus, Peter Diamond, George Akerlof, and Joseph Stiglitz, have had Solow as their principal advisor.

The other prizes - for physiology or medicine, physics, chemistry and peace - were created in Nobel's last will and testament, and first awarded in 1901. Its laureates primarily focus on macroeconomic research.

The Economics Nobel trashes the simple-minded notion that the market knows best, by honouring economists who recommend state intervention to regulate positive and negative externalities.

"The old Adam Smith supply and demand theories were expanded by his view on technology and it had a lot to do to explain the growth we've had in the last 25 years in the world", said Roy Romer.

The prize announcement came as the United Nations warned in a landmark report that an "unprecedented" transformation of society and the world economy was needed to avoid global climate chaos.



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