Former economics professor Paul Romer receives Nobel Prize

William Nordhaus left on screen and Paul Romer share the 2018 Nobel Memorial Prize in Economic Sciences

By using a tax rather than government edicts to slash emissions, the policy encourages companies to find innovative ways to reduce pollution - and their tax burden.

He and William Nordhaus, a professor of economics at Yale University, will share the 2018 prize, which was announced this morning by the Royal Swedish Academy of Science.

In awarding the prize to Paul Romer, the Swedish Academy cited his contributions "for integrating technological innovations into long-run macroeconomic analysis".

"Nordhaus was in a position early on to think about climate change from a human welfare and well-being perspective", says Ottmar Edenhofer, director of the Potsdam Institute for Climate Impact Research in Germany. He has also written about climate an economics for a broad audience, as the author of several books.

Romer (62) is a professor at NYU Stern School of Business in NY and he has won the Nobel Prize for integrating technological innovations into long-run macroeconomic analysis.

U.S. President Donald Trump has repeatedly called climate change a hoax, and past year announced that he would withdraw the United States from a global pact to combat it reached in 2015, calling the deal's demands for emissions cuts too costly.

"Humans are capable of fantastic accomplishments if we set our minds to it", Romer added.

His work on endogenous growth theory is not universally admired. "Nordhaus has been concerned all along with repairing the damage" to the environment, while "Romer has been writing about the means at your disposal" to take on the technological challenge, he added. Nordhaus concluded that the most efficient approach was to deploy carbon taxes, applied uniformly to different countries.

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The economics prize wraps up the 2018 Nobel awards season, notable this year for the lack of a literature prize.

Per Krusell, one of the panel that awarded the prize, said both men were part of the same agenda, thinking about "long-run, global" issues.

The two men were awarded the prize for their roles in changes to long-term economic forecasting.

Romer's work shows how knowledge can serve as a driver of long-term economic growth.

One of Romer's insights was that ideas differ from other goods or services.

Last year, the honour went to US economist Richard Thaler, a co-founder of the so-called "nudge" theory.

The prize awarded Monday is the final Nobel awarded this year after accolades for medicine, physics, chemistry and peace were given last week.

It went to Yazidi women's campaigner Nadia Murad and Congolese doctor Denis Mukwege for their work in fighting sexual violence in conflicts around the world.

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