(8 Oct 2018) Just one day after a United Nations panel issued an urgent call for action on climate change, the Nobel prize in economics was awarded Monday to one American researcher for his pioneering work on the economics of a warming planet _ and to another whose study of technological innovation raises hopes that people are creative enough to do something about it.
The Royal Swedish Academy of Sciences awarded the $1 million prize Monday to William Nordhaus of Yale University and to Paul Romer of New York University.
Nordhaus, who has been called "the father of climate-change economics,'' developed models that suggest how governments can combat 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.
In the 1970s, Nordhaus, already alarmed by the threat of global warming, began working on potential solutions.
Gradually, he developed models to guide policymakers in balancing the economic costs and the societal benefits of combating carbon emissions. Nordhaus concluded that the most efficient approach was to deploy carbon taxes, applied uniformly to different countries.
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.
Versions of a carbon tax have been used in Europe but have yet to be adopted in the United States.
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