Protecting the environment has become a major concern across the globe as more people are talking about climate change. A number of people are trying to find innovative options that can help reduce emissions and make environmental protection easier for everyone.
American duo William Nordhaus and Paul Romer have been awarded the 2018 Nobel Prize in Economics for their efforts in this direction. They were honoured for integrating climate change and technological innovation into macroeconomic analysis.
William Nordhaus is an economist who also serves at Yale University and is known for his work in economic modelling and climate change. He has written on economics of climate change and has developed models to explain the interplay between economics, energy use and climate change.
Paul Romer is an economist who is also the pioneer of endogenous growth theory that argues that investment in human capital; innovation and knowledge contribute to economic growth.
Romer said that a lot of people ignore climate change as they are under the impression that protecting the environment may be too costly. He added that humans can accomplish a lot if they put their minds to it.