Two Americans win Nobel Economics prize on Climate Change work

Per an article this morning in 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.”

Romer, with New York University, and Nordhaus, with Yale, developed models on the economic impact of dealing with climate change. Reuters cited the Nobel Academy in Stockholm, “‘Their findings have significantly broadened the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge.'”

This news is important as Americans still provide global leadership inspite of the dearth of leadership in the White House and EPA. America is moving forward on renewable energy, but our efforts are in spite of the absence and antagonistic actions of federal leadership. Arguably, more than any other issue, voters must ask their candidates where the stand on climate change actions and protecting the environment.

It is interesting that this came today as the headline article in The Charlotte Observer is “NC Leaders share concern about climate change.” These are 60 business, advocacy, former government and university leaders who have been brought together to speak to various problems. 45 of them responded to the question of climate change and, of the 45, only two naysayed climate change – one called it a hoax, while the other said it is real, but the jury is out on man’s influence. Think about that – 43 out of 45 define the problem and offer solutions.

Per these leaders, ideas include ceasing building on lands prone to flooding. NC has had two 500 year floods in two years, the same with Houston, Texas. Miami may be inescapably lost to continued flooding due to rising seas and porous limestone. The term we must understand as well is “sunny day flooding,” which happens more and more throughout the year.

These Nobel prize winners note we have to address the problem now while the costs are more manageable and can be sustained. The best teachers are the Dutch, as they have managed sea water encroachment for years. But, the impact also includes more and intense forest fires and the faster depletion of already dear water sources.

We have major problems occurring that Washington is not talking about and, in some cases, is making it worse. We must address climate change and invest more in  renewable energy, consider better coastal and flood plain building and consider a carbon tax. We must address fresh water loss that is hastened by climate change that is affecting farmers and other Americans. And, we must address pollution by companies and the growing mountain of plastic.

There are economic models that call to mind the old Fram oil filter commercial – you can pay me now or pay me later. Now, is far cheaper. Ask your politicians more questions and vote accordingly. If they do not admit there are problems, do not vote for them.

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