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Science Quickly

Economics Nobel Highlights Climate Action Necessity

Science Quickly

Scientific American

Science

4.2639 Ratings

🗓️ 9 October 2018

⏱️ 3 minutes

🧾️ Download transcript

Summary

William Nordhaus shared the 2018 Nobel Memorial Prize in Economic Sciences, "for integrating climate change into long-run macroeconomic analysis,” with Paul Romer, "for integrating technological innovations into long-run macroeconomic analysis." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Understanding the human body is a team effort. That's where the Yachtel group comes in.

0:05.8

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0:11.0

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0:19.6

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0:23.9

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0:28.4

When it comes to a guide for your gut, count on YacL.

0:33.5

This is Scientific Americans' 60-second science.

0:37.2

I'm Steve Merski.

0:38.7

The first thing is that people have to come to grips with the difficulties we face.

0:43.7

I think the scientists have, and many the people have, but the governments have to.

0:47.4

Yale University's William Nordhaus, who on October 8th, shared the 2018 Nobel Memorial Prize in Economic Sciences

0:55.7

for integrating climate change into long-run macroeconomic analysis.

1:00.7

He spoke by phone to a representative of the Nobel Prizes.

1:04.3

And then the second thing is most important is that we take some kind of economic steps.

1:09.6

I have advocated for many years of carbon tax as a way of

1:12.8

implementing policies. And then the third thing is we'll have to have a significant technological

1:19.9

transformation. Of course, those first two would help the third, but those three have to go together.

1:26.3

You can't do it without public support,

1:28.5

but you can't do it without some kind of economic signals in the form of a carbon tax.

1:33.0

And then all of those will help induce the technological changes that are necessary to make a

1:37.7

transition to a low-carbon world.

1:40.5

Northhouse shared the prize with Paul Romer of New York University for his work integrating technological innovations into long-run macroeconomic analysis.

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