Nobel Prize-winning economist says carbon taxes are the solution to climate change

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Just hours before William Nordhaus and Paul Romer won a Nobel Prize on Monday for their work on the economics of climate change, the UN issued a dire warning about global warming.

The report from the Intergovernmental Panel on Climate Change says that an extra single degree of heat could make a life-or-death difference in the next few decades for multitudes of people and ecosystems on this fast-warming planet.

But Romer — whose work focuses on adapting economic theory to take better account of environmental issues and technological progress — says this crisis can easily be averted through economic policy.