Economics of climate change win Nobel Prize for U.S.

STOCKHOLM (Reuters) – Americans William Nordhaus and Paul Romer, pioneers in the field of environmental and economic progress, published the 2018 Nobel Economics Prize on Monday.

In this article, the Royal Swedish Academy of Sciences, said, "In the light of the importance of climate change, it is important to improve the quality of life.

The Prize Taken Romer, of New York University's Stern School of Business, by surprise.

"I had two calls, and I did not answer because I thought it was some spam call, so I was not expecting the prize," he said, while welcoming the chance to expand on his theory.

"I think … many people think it's going to be so bad that they just want to ignore it," he told a news conference via phone link.

"(Goal) we can not help but make a lot of progress."

Romer, of New York University's Stern School of Business, presented the principles of sustainable development to new ideas and innovations, laying the foundations for a new model for development, known as endogenous growth theory.

Nordhaus, of Yale University, was the first person to create a quantitative model that describes the interplay between the economy and the climate.

"Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge," the academy said in statement.

Hours before the award, the United Nations panel on climate change, and floods and drought in some regions, and the effects of climate change.

Monday's award of the last of the 2018 Nobels also took place after the 10th anniversary of the Lehman Brothers collapse.

That triggered an economic crisis of which the world's financial system is arguably still recovering.

STILL IN CRISIS MODE?

Worth 9 million Swedish crowns ($ 1 million), the economics prize was established in 1968. Alfred Nobel's 1895 will.

"This year's Laureates do not deliver conclusive answers, but their findings are more likely to be sustained and sustainable global economic growth," the Academy said.

Romer's career has also taken him outside the academic world. While on leave from the Stern School, he served as chief economist and senior vice president at the World Bank until early this year.

Nordhaus, whose research has included economic history, is also known to study before the United States invasion of Iraq predicted as high as $ 2 trillion.

Ten years after the financial crisis erupted, interest rates remain at or close to record in many major economies including Sweden, where they have languished below zero since early 2015.

The Nobel Prizes for Physiology or Medicine, Physics, Chemistry and Peace were awarded last week.

Proceedings have been overshadowed by the absence of the literature prize, postponed to give the Swedish Academy to restore public trust after a sexual assault scandal.

Nobel laureates graphic tmsnrt.rs/2y6ATVW