William D. Nordhaus, Paul M. Romer (Nobel Assembly/Niklas Elmehed/detection)
To achieve a balance between economic development and environmental conservation on the planet, the world Commission on Environment and development defined in 1987 sustainable development as “the development able to meet the needs of the present generation without compromising the ability to meet the needs of future generations”.
Mainly sustainable growth and economic development ensure the preservation of the environment, committed to the social development of the world’s population. The application of technological innovations, these principles are changing in the market. And in 50 years the Nobel Prize in economics the Royal Swedish Academy of Sciences gives a prize to two economists that the Americans had proposed innovative models in this area.
“The winners this year, the development of methods to address one of the most fundamental questions of our time: how to create sustainable economic growth over the long term,” said the Academy in a statement released today in Stockholm.
Breaking news: 0The Royal Swedish Academy of Sciences decided to give the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel in 2018 to William D. Nordhaus, Paul m. Romer. #NobelPrize pic.twitter.com/xUs6iSyI7h
— The Nobel Prize (@NobelPrize) October 8, 2018
William Nordhaus, 77 years, is a pioneer in the study of environmental economics since the 1970s. He was recognized for his work in Applied Economic analyses and climate change projections.
Award-winning was the first person to create the model describes the overall interaction between the economy and the climate in the mid-1990s. Model uses the knowledge of Chemistry, Physics and economics – to explore the possible effects on the policy issues in the region
While the town is of international measures to reduce emissions of carbon dioxide, such as the Paris agreement was Nordhaus created by a carbon tax (businesses pay a tax on the carbon emitted in the atmosphere). Today, taxes are already widespread throughout Europe.
“Their findings have significantly expanded the economic analysis to create models that explain how a market economy interacts with the nature of knowledge,” said the academic.
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Another Nobel laureate is Paul Romer. At the age of 62, he succeeded in demonstrating that the knowledge can serve as the engine of economic growth in the long term.
The work of the most influential Romer published in 1990 foundations of endogenous growth theory. Thesis it shows how policies that promote research, education and development, stimulate technological development – and how to intervene directly in the market improved. Their studies show the importance of investing in people and ideas to promote economic growth in the time that economists believed that it was impossible to affect the rate of technological innovation. It wasn’t.
This applies directly to theories of sustainable growth: “many people believe that Environmental Protection will be very expensive and very difficult that you just want to ignore the problem,” he said over the phone at the awards ceremony. “I hope that today’s award will help everyone to see that human beings are capable of amazing achievements.”
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Strange that Romer is for years tipped to win the prize. In 2016, came to receive the Nobel Peace Prize by mistake — là Miss Colombia, but the academy quickly declined stating the error. This time it was wrong was a well-deserved award.