July 30, 2021

Romer and Nordhaus receive the Nobel Prize for Economics warning of climate change

Romer and Nordhaus receive the Nobel Prize for Economics warning of climate change



The American economists Paul M. Romer and Willian D. Nordhaus received today the announcement of the Nobel Prize in Economics with gratitude, but at the same time sending a message, the importance of fighting against climate change and the greater weight of proven scientific facts in front of opinions.

Paul Romer warned, in a press conference in New York, that "today it is a problem that people think that protecting the environment will be so costly and so difficult that they will want to ignore the problem and pretend that it does not exist."

"But human beings are able to achieve amazing achievements if we propose," Romer said, surrounded by his fellow professors at the University of New York, and explained that he did not answer the phone when it rang in the early morning thinking it was a phone call. 'spam'

Then he verified who the call was from and saw that it came from Sweden, so he returned the call and, after waiting, he knew he had won the Nobel Prize.

The Nobel Prize for Economics awarded Nordhaus and Romer today for constructing models that explain the interactions of the market economy with nature and knowledge.

The Royal Swedish Academy of Sciences highlighted in its ruling its methodological contributions, which provide "basic perceptions of causes and consequences of technological innovation and climate change", and represent an advance in the response to how to achieve sustained and sustainable growth in a market economy.

Regarding the refusal of some governments to accept the importance of climate change, such as the US, Romer said that "people have the right to have their own opinions, but not their own facts," and he expressed concern that "it seems that people are losing their commitment to the facts. "

"Science is what has made it easier for us to make statements about facts, it's the most important thing that people have invented," said Romer, who warned of the danger of looking the other way when academic frauds are detected.

For his part, Nordhaus, who works at Yale University, said he was honored to have received the Nobel Prize in Economics for his work in environmental economics, an issue he described as one of the biggest problems facing Humanity.

"I am grateful for the intellectual environment at Yale that has taught me as a student and nurtured as a professor and academic, and that has given me the freedom to dedicate my life to one of the most critical problems facing Humanity," he said. in a press conference.

The growing concern of the scientific community about the influence of fossil fuels on global warming led Nordhaus to begin studying in the 1970s the feedback loops between human activity and climate.

Combining basic theories and empirical data of physics, chemistry and economics, it was two decades later that he first designed simple quantitative models of how economy and climate interact, integrated assessment models (IAMs).

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