The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
Climate Change Economists Win Nobel Prize
The Royal Swedish Academy of Sciences announced the 2018 Nobel Prize in Economics to a duo for their work on how the world can achieve sustainable growth.
The prize was divided equally to William D. Nordhaus of Yale University and to Paul M. Romer of New York University's Stern School of Business, both Americans, who have "designed methods for addressing some of our time's most basic and pressing questions about how we create long-term sustained and sustainable economic growth," the academy said Monday in a press release.
He has worked on this topic since the 1970s, when scientists became increasingly worried about fossil fuels contributing to a warming world, the academy said.
Coincidentally, the academy's announcement was issued the same day that a United Nations' Intergovernmental Panel on Climate Change (IPCC) issued a report about the catastrophic effects of unmitigated climate change and advised rapid government action. The report builds on and cites Nordhaus' work, The New York Times reported.
When it comes to averting climate change, "the policies are lagging very, very far—miles, miles, miles—behind the science and what needs to be done," Nordhaus said in an interview after his win.
He added that the United States has fallen behind in mitigating global warming due to the "disastrous policies" of the Trump administration. President Trump has pushed for fossil fuel usage and infamously pulled the U.S. out of global Paris agreement to limit warming.
Romer, whose work focuses on how economic forces govern the willingness of firms to produce new ideas and innovations, laid the foundation of what is now called "endogenous growth theory," the academy said. The theory explains how ideas require specific conditions to thrive in a market.
Romer is less pessimistic about the future of the planet in light of the IPCC's dire report, but said work needs to be done to slash carbon emissions.
"It is entirely possible for humans to produce less carbon," he said at the press conference announcing his prize. "Once we start to try to reduce carbon emissions, we'll be surprised that it wasn't as hard as we anticipated."
Today marks the 50th anniversary of the Nobel prize in economics.
"The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change," the academy said. "This year's Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth."
EcoWatch Daily Newsletter
Dairy aisles have exploded with milk and milk alternative options over the past few years, and choosing the healthiest milk isn't just about the fat content.
Whether you're looking beyond cow's milk for health reasons or dietary preferences or simply want to experiment with different options, you may wonder which type of milk is healthiest for you.
At least 1,688 dams across the U.S. are in such a hazardous condition that, if they fail, could force life-threatening floods on nearby homes, businesses, infrastructure or entire communities, according to an in-depth analysis of public records conducted by the the Associated Press.
By Sabrina Kessler
Far-reaching allegations about how a climate-sinning American multinational could shamelessly lie to the public about its wrongdoing mobilized a small group of New York students on a cold November morning. They stood in front of New York's Supreme Court last week to follow the unprecedented lawsuit against ExxonMobil.
By Alex Robinson
Leah Garcés used to hate poultry farmers.
The animal rights activist, who opposes factory farming, had an adversarial relationship with chicken farmers until around five years ago, when she sat down to listen to one. She met a poultry farmer called Craig Watts in rural North Carolina and learned that the problems stemming from factory farming extended beyond animal cruelty.
Temperatures plunged rapidly across the U.S. this week and around 70 percent of the population is expected to experience temperatures around freezing Wednesday.
In April, he claimed they caused cancer, and he sued to stop an offshore wind farm that was scheduled to go up near land he had purchased for a golf course in Aberdeenshire in Scotland. He lost that fight, and now the Trump Organization has agreed to pay the Scottish government $290,000 to cover its legal fees, The Washington Post reported Tuesday.