American researchers William Nordhaus and Paul Romer have won the Nobel Prize for economics for their work examining the interplay of climate change and technological innovation, the Royal Swedish Academy of Sciences announced Monday.
Nordhaus, of Yale University, was the first economist to create a quantitative model that "describes the global interplay between the economy and the climate," showing that "the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes," the academy said. Romer, of New York University's Stern School of Business, helped provide the research that led to the endogenous growth theory, and has shed light on how economic forces steer companies' willingness to produce new ideas and innovations, CNBC reports.
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