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Climate Change, Innovation, and Economic Growth: The Contributions of William Nordhaus and Paul Romer

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  • Anders Fremstad
  • Luke Petach
  • Daniele Tavani

Abstract

William Nordhaus and Paul Romer shared the 2018 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their work on long-run macroeconomic analysis. Nordhaus adapted the neoclassical growth model to study climate change, while Romer developed a model of innovation-based growth. The authors provide two distinct explanations of what drives growth, and employ contrasting methodologies for interpreting the results of their mathematical models. Macroeconomic policy in general, and climate policy in particular, would benefit from better integrating the theory and methods of these two laureates.

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  • Anders Fremstad & Luke Petach & Daniele Tavani, 2019. "Climate Change, Innovation, and Economic Growth: The Contributions of William Nordhaus and Paul Romer," Review of Political Economy, Taylor & Francis Journals, vol. 31(3), pages 336-355, July.
    • Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:336-355
    DOI: 10.1080/09538259.2019.1663635
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    Cited by:

    1. Johan Lilliestam & Anthony Patt & Germán Bersalli, 2021. "The effect of carbon pricing on technological change for full energy decarbonization: A review of empirical ex‐post evidence," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 12(1), January.

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