Proceeding of National Academy of Sciences - MyAssignmenthelp.com

Question: Discuss about the Proceeding of National Academy of Sciences. Answer: Introduction There are various disciplines like Chemistry, Peace, Literature, Economics, Physics and Medicine, based on which the Nobel Prize is awarded. This prize is given to that person who shows his or her valuable contribution towards a society or an economy (Inglis, 2017). In this context, Nobel Prize on Economics will be discussed. There are various well-known economists who have contributed their valuable works for developing a countrys growth and economics welfare. Each of them has analysed on various economic aspects that will help mankind. They have significant contribution in market analysis, trade, growth and development, poverty and economic welfare. However, among all of these, the most significant concept is environment. Hence, the Nobel Prize will be awarded to that person, who has valuable research and work related to environment. Discussion There are various sectors of economics that are helpful and essential to grow and develop an economy as well a civilization of a country. Before discussing the criteria for giving this prize to someone, history of previous works of Nobel Prize winners is taken under consideration at first. Analysing this history, it can be said that they worked on economic welfare, economic and social structure and development, optimum allocation of resources and so on. Moreover, there were other economic works like policy of stabilisation, problems related to developing countries, controlling economic fluctuations and resource utilisation that had great influence on economy (Frey Gallus, 2017). Hence, those economists, who worked on those sectors, were awarded by this prestigious Nobel Prize. However, at present, these economic conditions of each country have changed over time. Therefore, new sights under economics have generated. Chief Economic Problem at Present It can be said that, at present the chief growing economic problem is changing conditions of environment. Each developed and developing country is suffering from serious environmental problem, that is, global warming. There is an economist, who has worked on climate change and hence deserves this prestigious Nobel Prize. William Nordhaus, a professor of Yale University and also an active economist, is well known for his significant work to develop various economic models and to analyse factors of climate change (Battersby, 2017). He has written various books based on climate change and global warming. In 1972, Nordhaus wrote Is Growth Obsolete? with James Tobin, a fellow professor of Yale University (Folbre, 2015). In this book, Nordhaus has mentioned for the first time, the concept of economic sustainability assessment. Nordhaus has developed Dynamic Integrated Climate-Economy model (DICE model) and Regional Integrated Climate-Economy model (RICE model) (Nordhaus, 2014). DICE model is an integrated assessment model based on computer. This model shows an inter relationship between economics, climate and energy use. According to Nordhaus, climate is changing due to intervention of mankind. This change further creates greenhouse gases that deplete ozone layer, deforestation, destroying species by using them in laboratory and gathering nuclear weapons to destroy civilizations and so on (Riahi et al., 2017). Hence, in his model of climate change, Nordhaus has concentrated on those sectors, which are completely depended on unmanaged ecosystems (haus Moffat, 2017). Those unmanaged ecosystems again are completely dependent on rainfall or temperatures and those are very sensitive. The economist worked as Chairman of the National Research Council committee. This committee generated a report that showed the impact of fossil fuel subsidies on emissions of greenhouse gas. In 2016, he wrote a discussion paper where he did his research based on updated DICE model (Nordhaus, 2017). In this research paper, Nordhaus wrote that to control environment it is important to introduce some significant policies related to climate change. Hence it is important to charge a global carbon price. Illustration William Nordhaus has shown different ways to control global warming and change of climate. However, this increasing problem of economy got importance after long times. Hence, there was very limited research on those environmental problems. He wrote a book so that people can see how different market-based approaches could help to make policy based on climate change. Effects of Global Warming and Climate Change Various natural disasters, like Hurricane, drought and tornado, have destroyed economic conditions of developed as well as developing countries. The gross domestic income of those countries decreased significantly due to this reason. Due to changing condition of climate, for example irregular rain fall o flood, agricultural productivity is also affected and as a result, food price is increasing day by day (Wheeler Von Braun, 2013). The chief reason behind this natural disaster is humanbeing. Various activities of people help to increase the amount of greenhouse gases that cause global warming. Expanding civilization and urbanisation affect environment negatively. On the other hand, industries are producing huge amount of carbon that causes air pollution. Those factors are destroying health conditions of people (Welsch Ferreira, 2014). If government does not take any action to control these negative externalities then in near future, human civilisation will be destroyed. William Nor dhaus points out all those major issues and their effects on civilisation in near future. Hence, his research and work is very essential and helpful for people. He introduces the concept of carbon price. If the government charges any price or imposes tax for emission of carbon from a production firm, then it will further reduce the amount of carbon by producing products in a scientific and proper way. Conclusion It can be said in conclusion that William Nordhaus has done a great job. He worked on climate change which is a major economic problem at present for every developing and developed countries. Environment is an important factor of economic welfare. Due to climate change and global warming, various natural disasters can be seen. Those disasters, like, huge rain fall or shortage of rain fall, earth-quake, flood and tsunami can destroy a countrys growth and civilization. Hence, it is important to give huge attention on this issue. It is also very important to control those environmental disasters by implementing various policies and tax. Nordhaus has pointed out all these major issues which will further help an economy. Hence, he deserves the Nobel Prize. Bibliography Battersby, S. (2017). News Feature: Can humankind escape the tragedy of the commons?.Proceedings of the National Academy of Sciences,114(1), 7-10. Folbre, N. (2015). Accounting for care: a research and survey design agenda. In2015 IARIWOECD Conference:W (h) ither the SNA(pp. 16-17). Frey, B. S., Gallus, J. (2017). Towards an economics of awards.Journal of Economic Surveys,31(1), 190-200. Inglis, D. (2017). Creating global moral iconicity: The Nobel Prizes and the constitution of world moral culture.European Journal of Social Theory, 1368431017703642. Nordhaus, W. (2014). Estimates of the social cost of carbon: concepts and results from the DICE-2013R model and alternative approaches.Journal of the Association of Environmental and Resource Economists,1(1/2), 273-312. Nordhaus, W. D. (2017). 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