The choice of William D. Nordhaus (Yale University) and Paul M. Romer (NYU Stern School of Business) as award winners for their work on sustainable growth comes as welcome news to us IAM researchers, Kelly de Bruin says. IAMs are highly criticised in the field of economics and we welcome this validation and acknowledgement of our research and the strides we have made in studying the complex issue of climate change in its entirety.
Romers work has developed a framework to model how economic decisions and market conditions determine the creation of new technologies. Investigating how knowledge can function as a driver of long-term economic growth, decoupling economic growth from emissions.
Nordhaus’ work has focused on integrating climate change into long-run macroeconomic analysis. Nordhaus developed the first Integrated Assessment Model (IAM), which is a quantitative applied model that describes the global interplay between the economy and the climate. His models integrate theory and empirical results from physics, chemistry and economics, where the full cycle from production to emission, to climate change and back to production through climate impacts is analysed.
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