Climate change economists win Nobel prize

11 October, 2018, 12:35 | Author: Brooke Harris
  • William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

Nordhaus, 77, was specifically honoured for "integrating climate change into long-run macroeconomic analysis". The tax is created to make users of those fuels pay for the environmental damage they cause.

Farrell: In economics for a long time, economists would talk about the supply of capital and the supply of labor when they were talking about long-term economic growth, and that technology was kind of like manna from heaven, it just kind of emerged. And, most importantly, they drove many other economists toward these issues.

A 2014 report by the Heritage Foundation said that a tax of $37 a ton would cut economic output more than $2.5 trillion, or $21,000 per family, by 2030.

Many economists have since endorsed the concept of taxing carbon and using this financial lever to influence societal behaviour.

"His tools allow us to simulate how the economy and climate would co-evolve in the future under alternative assumptions about the workings of nature and the market economy, including relevant policies".

The Supreme Court could not have interfered in an age-old practice of prohibiting women aged between 10 and 50 years to Sabarimala temple on the basis of a petition filed by those who do not claim to be believers in the deity of the temple, a review petition filed on Monday said. While he observed that numerous questions might have been better put to Nordhaus, he gave a formidable performance, demonstrating how the issues of climate change are not far from his main focus either.

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An example of this would be how a tax on carbon output would affect both the economy and the climate of any given nation. Nearly all Republicans, joined by a few Democrats, voted for the symbolic measure. But in recent years his attacks on economic models have irritated many of his colleagues. Meanwhile, China's emissions grow rapidly, making it the world's largest emitter of greenhouse gases.

"The reason is, if you look around, who are we talking about?"

Stern professor Paul Romer has been awarded this year's prestigious Nobel Prize in Economics by the Royal Swedish Academy of Sciences for his work involving economic growth, specifically "for integrating technological innovations into long-run macroeconomic analysis".

There are signs that the political ground could shift.

Nordhaus's work was not only to be included in academic syllabi: The U.S. government's Environmental Protection Agency used it to analyze the social cost of carbon dioxide emissions. Climate change and its effect on everyone's well-being, he pointed out, is not a part of national accounts, while profits and GDP are. Versions of a carbon tax have been used in Europe but have yet to be adopted in the United States. Yale's William Nordhaus, familiar to Marketplace listeners, I've read several of his books ... he's all about calculating the costs and benefits of climate change. "I've been working on that for nearly 40 years, and the time's ripe".

The report from the Intergovernmental Panel on Climate Change cited Nordhaus' research in detailing how Earth's weather, health and ecosystems would be better off if nations more aggressively curbed human-caused planet warming of 0.9 degrees Fahrenheit (a half degree Celsuis) rather than a previously agreed-on target of 1.8 degress F (1 degree C).

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