Nobel in economics goes to two Americans for studying climate change and sustainable growth

Just a day after a United Nations panel called for urgent action on climate change, the Nobel Memorial Prize in Economic Sciences was awarded Monday to one American researcher for his work on the economics of a warming planet and to another whose study of innovation raises hopes that people can do something about it.

The Royal Swedish Academy of Sciences awarded the $1-million prize Monday to William Nordhaus of Yale University and Paul Romer of New York University.

Nordhaus, 77, who has been called “the father of climate change economics,” developed models that suggest how governments can fight global warming. He has endorsed a universal tax on carbon, which would require polluters to pay for the costs that their emissions impose on society.

Romer, 62, who has studied why some economies grow faster than others, has produced research that shows how governments can advance innovation. At a news conference Monday at NYU, Romer said his research left him optimistic that society can solve even a threat as challenging as the warming of the planet.

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