Nobel award recognises how economic forces can fight climate change | News | Environment | M&G

Nobel award recognises how economic forces can fight climate change | News | Environment | M&G
mg.co.za/article/2018-10-10-nobel-award-recognises-how-economic-forces-can-fight-climate-change/ ENVIRONMENT Nobel award recognises how economic forces can fight climate change
Andrew J. Hoffman , Ellen Hughes-Cromwick 10 Oct 2018 09:19 [image: William Nordhaus argues markets can help curb climate change. (Craig Ruttle/AP)]
William Nordhaus argues markets can help curb climate change. (Craig Ruttle/AP) COMMENTS
Yale economist William Nordhaus has devoted his life’s work to understanding the costs of climate change and advocating the use of a carbon tax to curb global warming.
It’s no small irony, then, that on the same day his research shared in the Nobel Memorial Prize in Economic Sciences , a United Nations panel released its latest report on the mounting dangers of climate change. In fact, the report builds upon much of Nordhaus’ work and warns that we have only about a dozen years to keep temperatures below 1.5 degrees Celsius to avoid environmental catastrophe.
This warning – and the award – come at a time when it appears that some Americans are not listening. The US is no longer a signatory of the Paris accord to address climate change, a broad swath of the country still denies the existence of the problem, and some state and federal policymakers don’t incorporate climate science into their decision-making.
But Nordhaus’ work is not about whether or not people and policymakers “believe” in climate change. [image: She Makes R13,228/Day – Hides It From Husband] PROMOTED She Makes R13,228/Day – Hides It From Husband Scope Markets | lp.bankerswealth.com It’s about the market and its ability to address the most serious issue facing humanity in the coming years.
As scholars of economics and management who are passionate about finding smart solutions to the challenge of a changing climate, we believe his research offers hope that humans can still prevent global calamity.
Nordhaus’ research offers hope that humanity can avert catastrophe. AP Photo/Ahn Young-joon The economics of climate change
One of Nordhaus’ most significant contributions was perhaps his ability to unpack and explain the complex issues surrounding climate change.
In “Climate Casino ,” for example, Nordhaus explained the many interrelated topics when talking about climate change, from science and energy to economics and politics, while clearly identifying the steps necessary to prevent catastrophe. Or as The New York Times put it , “It is a one-stop source on global warming, seen through the prism of a brilliant economist.”

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