Economists who changed thinking on climate change win Nobel Prize

By Quirin Schiermeier, Nature

A pair of US economists, William Nordhaus and Paul Romer, share the 2018 Nobel Prize in Economic Sciences for integrating climate change, and technological change, into macroeconomics, which deals with the behavior of an economy as a whole. Nordhaus, at the University of Yale in New Haven, Connecticut, is the founding father of the study of climate change economics. Economic models he has developed since the 1990s are now widely used to weigh the costs and benefits of curbing greenhouse gas emissions against those of inaction. Romer, who is at the NYU Stern School of Business in New York, was honored for his work on the role of technological change in economic growth. The economist is best-known for his studies on how market forces and economic decisions facilitate technological change. Read more here.

Photo: William Nordhaus (left) and Paul Romer

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