They won this year’s Nobel for economics. Here’s why their work matters

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On the day that the UN Intergovernmental Panel on Climate Change (IPCC) warned that we only have 12 years left in which to prevent climate catastrophe, an American climate economist cited heavily in the IPCC’s report has been named one of the two winners of this year’s Nobel Memorial Prize for Economic Sciences.

William Nordhaus, a professor of economics at Yale, has been recognized by the Royal Swedish Academy of Sciences for his work – dating back to the 1970s – in understanding and modelling how the global economy and the climate interact.

Nordhaus shares the $1 million Nobel prize with Paul Romer – a professor at New York University’s Stern School of Business – who has won for his work demonstrating the fundamental importance of internal factors, such as technological innovation, in driving a nation’s economic growth.

Read More: https://www.weforum.org/agenda/2018/10/meet-the-winners-of-this-years-nobel-prize-for-economics/

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