Climate change economists win Nobel prize

William Nordhaus and Paul Romer win Nobel Economics Prize

Nordhaus is best known for his DICE, Dynamic Integrated model of Climate and the Economy, model. The climate then affects economic growth, and the cycle repeats.

Coming to Nordhaus' research, it consists of a quantitative model that demonstrates that how economic activity interacts with basic chemistry and physics to produce climate change.

Hours before the award, the United Nations panel on climate change said society would have to radically alter the way it consumes energy, travels and builds to avoid the worst effects of global warming.

Last year's win by American Richard Thaler was unusually accessible to the layman - his work studied the human irrationality that can mess with economic theory.

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.

Romer said that a lot of people ignore climate change as they are under the impression that protecting the environment may be too costly. He taught at the University of Chicago, the University of Rochester, the University of California Berkeley and Stanford University before working at New York University. He received his undergraduate degree from Yale University and a doctorate.in economics from the Massachusetts Institute of Technology before becoming joining the Yale faculty in 1967. The prize is awarded in memory of Alfred Nobel.

According to the Nobel Prize Committee in Stockholm, the recipients came up with methodological insights into the causes and consequences of technological innovation and climate change.

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