Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, October 8, 2018 11:13:01 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

US duo share Nobel Economics prize

photo by

By
09th-Oct-2018       
Comments
Share your thought
Post a comment »
Read all () »

Reuters :
Americans William Nordhaus and Paul Romer, pioneers in adapting economic theory to take better account of environmental issues and technological progress, shared the 2018 Nobel Economics Prize on Monday.
In an award that turned the spotlight on the global debate over risks associated with climate change, the Royal Swedish Academy of Sciences said the laureates' work helped answer fundamental questions on how to promote long-term sustainable growth and enhance human welfare. The prize took Romer, of New York University's Stern School of Business, by surprise. "I got two phone calls this morning, and I didn't answer either one because I thought it was some spam call, so I wasn't expecting the prize," he said, while welcoming the chance to expand on his theory. "I think ... many people think that protecting he environment will be so costly and so hard that they just want to ignore (this)...," he told a news conference via phone link.
"(But) we can absolutely make substantial progress protecting the environment and do it without giving up the chance to sustain growth." Romer, of New York University's Stern School of Business, had shown how economic forces govern the willingness of firms to produce new ideas and innovations, laying the foundations for a new model for development, known as endogenous growth theory.
Nordhaus, of Yale University, was the first person to create a quantitative model that described the interplay between the economy and the climate.
"Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge," the academy said in statement.
Hours before the award, the United Nations panel on climate changed warned of the risks of more frequent heat waves, floods and drought in some regions as well as the loss of species without a radical rethink in how societies operate. Monday's award of the last of the 2018 Nobels also took place less than a month after the 10th anniversary of the collapse of investment bank Lehman Brothers.
That triggered an economic crisis from which the world's financial system is arguably still recovering.
Worth 9 million Swedish crowns ($1 million), the economics prize was established in 1968. It was not part of the original group of five awards set out in Swedish industrialist Alfred Nobel's 1895 will.
"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," the Academy said. Romer's career has also taken him outside the academic world. While on leave from the Stern School, he served as chief economist and senior vice president at the World Bank until early this year.
Nordhaus, whose research has included economic history, is also known to have authored a study that before the U.S.-led invasion of Iraq predicted that costs for a war would reach as high as $2 trillion.
Ten years after the financial crisis erupted, interest rates remain at or close to record lows in many major economies including Sweden, where they have languished below zero since early 2015.
The Nobel prizes for physiology or medicine, physics, chemistry and peace were awarded last week.
Proceedings have been overshadowed by the absence of the literature prize, postponed to give the Swedish Academy time to restore public trust after a sexual assault scandal.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

The arrogance of Myanmar is not acceptable


VIOLATING international rules and border marks, military-backed pseudo-democratic Myanmar has now shown Saint Martin's Island of Bangladesh as their territory at a forged map. At least three Myanmar government websites use the map. Saint Martin's, the Southern small island is under Bangladesh government's sovereign authority for many years, and Myanmar ...

Cricket »

Shakib Al Hasan undergoing treatment in Melbourne


Bangladeshi world famed celebrated all-rounder Shakib Al Hasan now undergoing treatment in a 72-hour intensive care unit of a Melbourne clinic in Australia.Shakib admitted to a Melbourne clinic after reaching Australia on Saturday and will get his final report from his physician on completion of 72-hour on Monday, said a ...

City »

Prime Minister Sheikh Hasina distributed donations among the sports men, photographers, actors and Awami League leaders and workers at a function at her office yesterday.


Business & Economy »

Farida Razzak, Chairperson of Express Insurance Limited, presiding over its 18th AGM at a hotel in the city recently. The AGM approved 10 percent cash dividend for its shareholders for the year 2017. K M Saidur Rahman, Managing Director, Sayed Faruk, EC Chairman, Mahfuza Younus, Claim Committee Chairperson, Siddique Hossain Chowdhury, Audit Committee Chairman, Kholilur Rahman and Amir Hamza, Directors of the company were also present.


International »

US, N Korea make progress on nuclear issue : Pompeo


AFP, Seoul :U.S. Secretary of State Mike Pompeo arrived in Seoul Sunday, after his fourth visit to North Korea where he met with Kim Jong Un.The leader of the isolated country was heard saying to the top U.S. diplomat, "I am really pleased for this opportunity.After having a nice meeting, ...

Entertainment »

Jenny has no differ to work in serials


Sheikh Arif Bulbon :Jenny is one of the popular actresses in TV plays and serials. In special days’ plays, she is also a regular face. Basically Jenny has no disagree to work in drama serials. Many actresses keep themselves outside from TV serials. In this case, Jenny is exceptional. She ...

Entertainment »

Debi to be released on October 19


Entertainment Desk :As soon as the release permission was given by the censor board, the producers of the film, C Te Cinema, announced the release date. The film will be released all across the country on October 19. The distributor is Jaaz Multimedia "Debi" finally got permission for release from ...

International »

North, South Korea hold high-level peace talks in Pyongyang


PTI, Seoul :The Koreas held a high-level meeting in North Korea's capital on Friday to discuss the implementation of agreements from a summit last month between North Korean leader Kim Jong Un and South Korean President Moon Jae-in.The meeting in Pyongyang involved South Korea unification minster Cho Myoung-gyon and senior ...

International »

Kavanaugh poised for confirmation to Supreme Court


Washington Post :A bitterly divided Senate cleared the way for Brett Kavanaugh to become the next Supreme Court justice as President Donald Trump's nominee secured the support of a handful of wavering senators in a tumultuous confirmation fight.During a frenzied day Friday on Capitol Hill, two Republicans - Susan Collins ...

Sports »

Kuldeep five-for gives India record Test win against West Indies


AFP, Rajkot :Spinner Kuldeep Yadav starred in India's biggest-ever Test triumph as they thrashed the West Indies by an innings and 272 runs inside three days in the opening match on Saturday.The tourists were dismissed for 196 early in the final session while following on, to trail the two-match series ...

Football »

Brighton bring West Ham back to earth 1-0 in EPL


AP, Brighton :Glenn Murray's 99th goal for Brighton helped them beat West Ham 1-0 and rise above the visitors in the English Premier League (EPL) standings on Friday.Brighton's first clean sheet of the season put it up to 12th.West Ham dropped to 15th, and could yet go lower by the ...

Editorial »

Ensure uninterrupted ferry service across Padma


IT is reported that the ferry services across the Padma continue to be disrupted due to strong currents and poor navigability, affecting both travellers and businesses. Subsequently, there are long tailbacks at ferry terminals on the two major routes -- Paturia-Daulatdia and Shimulia-Kathalbari where the situation has been worsening for ...

City »

BNP Vice-Chairman Advocate Khondkar Mahbub Hossain speaking at a discussion on 'Necessity of Impartial Government for Fair Election' organised by 'Ganotantra O Khaleda Zia Mukti Ainjibi Andolon' at the Jatiya Press Club on Saturday.


Editorial »

Biman management must try hard for improving


THE Directorate of National Consumer Rights Protection has fined Biman Bangladesh Airlines Tk 60,000 for taking exempted travel tax from four people who went to Saudi Arabia from Sylhet to perform Umrah this year. The national flag carrier was penalised on Wednesday following a complaint from the four and was ...

Entertainment »

Ireen Tani in Kolkata’s film


Sheikh Arif Bulbon :Ireen Tani started her acting career in big screen. Later, she engaged herself with acting in small screen. But she was not regular in movies later. She has already finished half done works of a movie in Kolkata titled Maya. She is acting in the central role ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news