Pricing social returns in economic growth

The government needs to play an active role in encouraging basic research as well as protecting the environment

At first, the news that Paul Romer and William Nordhaus have jointly received the Nobel Memorial Prize in Economics for integrating technological innovations and climate change in the analysis of economic growth seemed a bit surprising. There has been some buzz about a prize for endogenous technological change in the air for a while, as has been a prize for the emerging field of environmental economics, and both Romer and Nordhaus are obvious frontrunners in these respective areas. What seemed surprising at first was the pairing of the two. But upon reflection, it seems like a rather innovative decision on