William D. North House

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William D. North House

William Dawbney "Bill" Nordhaus (born May 31, 1941 in Albuquerque , New Mexico ) is an American economist and recipient of the Alfred Nobel Memorial Prize for Economics 2018 . He is the Sterling Professor of Economics at Yale University .

life and work

His grandfather Max Nordhaus had moved from Paderborn to Albuquerque in 1883 to work for the prosperous company of Charles (Karl?) Ilfeld, a merchant who emigrated from Homburg in 1865 and who married Adele Nordhaus, a half-sister of Max, in New York in 1874 .

Nordhaus received his certificate from the Institut d'études politiques de Paris in 1962 and his bachelor's degree from Yale University in 1963 . In 1967 he received his Ph. D. from the Massachusetts Institute of Technology . He then went back to Yale, where he became Assistant Professor, Associate Professor in 1970 and Professor in 1973. In 1975 he published an article on his theory of the political business cycle , with which he made an important contribution to the New Political Economy . From 1979 to 1991 he was John Musser Professor, then A. Whitney Griswold Professor and since 2001 he has been Sterling Professor of Economics.

He was a member of the economic advisory board of US President Jimmy Carter and deals with topics such as ecology, energy, technical change, regulatory approaches and trends from an economic point of view.

In 2014, Nordhaus was President- Elect of the American Economic Association .

In 2018 he received the Nobel Prize in Economics together with Paul M. Romer . Nordhaus was honored for the "integration of climate change into long-term macroeconomic analysis".

In the context of the Iraq war , Nordhaus pointed out the negative economic effects of wars.

Climate economics

The economic study of climate change and market-oriented instruments of climate policy is a focus of his work.

Nordhaus argued in 1975 and 1977 that considerations and cost-benefit analyzes to limit global warming should be based on the natural range of fluctuations in the climate. A global warming of more than 2 or 3 ° C would reach a climatic condition that has not existed for hundreds of thousands of years. He thus provided one of the starting points for the formulation of the two-degree target for climate policy .

In 1979 Nordhaus presented one of the first Integrated Assessment Models (IAM) for the economic analysis of climate change. In it he combined energy conversion, emissions and CO 2 concentrations for the first time . In 1992 he presented the IAM DICE ( Dynamic Integrated Climate-Economy model ). The model has been continuously revised and expanded since then and is often referred to in other papers. The US Environmental Protection Agency uses DICE as one of three models to estimate social carbon costs - the CO 2 price that internalizes the cost of one tonne of carbon emitted .

His essay "An optimal transition path for controlling greenhouse gases" from 1992, in which he introduces DICE and uses this model to propose a CO 2 tax as an efficient instrument for climate policy, is one of the most cited articles in the study of market-based instruments of climate policy .

Works

  • Invention, Growth and Welfare. A Theoretical Treatment of Technological Change. MIT Press , 1969.
  • The Allocation of Energy Resources. In: Brookings Papers on Economic Activity. 1973.
  • The political business cycle. In: Review of Economic Studies. Volume 42, pp. 169-190, 1975.
  • with Wynne Godley and Kenneth Coutts: Industrial Pricing in the United Kingdom. Cambridge University Press , 1978.
  • The Efficient Use of Energy Resources. Yale University Press, 1979.
  • How Fast Should We Graze the Global Commons? American Economic Review 1982.
  • Robert E. Litan: Reforming Federal Regulation. Yale University Press, 1983.
  • with Paul A. Samuelson : Economics. The international standard work on macro and microeconomics. 3rd, updated edition, mi, Landsberg am Lech 2007, ISBN 978-3-636-03112-9 (The English original Economics has seen many editions since 1948.)
  • The cost of slowing climate change: A survey. Energy Journal, 1991
  • The DICE Model: background and structure of a Dynamic Integrated Climate-Economy Model of the Economics of Global Warming. Cowles Foundation For Research in Economics at Yale University Discussion Paper No. 1009, 1992.
  • Managing the Global Commons. The Economics of Climate Change. MIT Press, Cambridge, MA., 1994.
  • The Swedish Nuclear Dilemma. Energy and the Environment, Resources for the Future. Washington, DC, 1997.
  • with Joseph Boyer: Warming the World. Economic Models of Global Warming. MIT Press, Cambridge, Mass., 2000.
  • Modeling Induced Innovation in Climate-Change Policy In: Grübler, Nakicenovic et al. (Ed.): 2002 - Technological Change and the Environment.
  • William D. Nordhaus: A Question of Balance - Weighing the Options on Global Warming Policies . Yale University Press , 2008, ISBN 978-0-300-13748-4 .
  • The Climate Casino: Risk, Uncertainty, and Economics for a Warming World. Yale University Press, 2013.
  • A New Solution: The Climate Club "Climate Shock: The Economic Consequences of a Hotter Planet" Gernot Wagner and Martin Weitzman 4 June 2015 issue New York Review of Books

Honors

Memberships

Web links

Individual evidence

  1. ^ Past and Present Officers. aeaweb.org ( American Economic Association ), accessed October 21, 2015 .
  2. ^ The Nobel Prize [1] on Twitter
  3. ↑ https://www.zeit.de/2003/04/Ein_Krieg_ums_Oel_ist_oekonomischer_Unsinn/seite-2
  4. ^ Carlo C. Jaeger and Julia Jaeger: Three views of two degrees . In: Regional Environmental Change . tape March 11 , 2011, doi : 10.1007 / s10113-010-0190-9 .
  5. ^ Samuel Randalls: History of the 2 ° C climate target . In: WIREs Climate Change . tape 1 , no. 4 , 2010, doi : 10.1002 / wcc.62 .
  6. ^ WD Nordhaus: The efficient use of energy resources . Yale University Press, New Haven, CT 1979, ISBN 978-0-300-02284-1 .
  7. ↑ J. Weyant et al. a .: Integrated Assessment of Climate Change: An Overview and Comparison of Approaches and Results . In: Climate Change 1995: Economic and Social Dimensions - Contribution of Working Group III to the Second Assessment Report of the Intergovernmental Panel on Climate Change . 1995, Box 10.1 History of Integrated Assessment.
  8. ↑ Nordhaus: The Climate Casino. 2013.
  9. ↑ Interagency Working Group on Social Cost of Carbon, United States Government (Ed.): Technical Support Document: Social Cost of Carbon for Regulatory Impact Analysis Under Executive Order 12866 . February 2010, p. 5 ( epa.gov [PDF; 2.8 MB ]).
  10. ^ William D. Nordhaus: An Optimal Transition Path for Controlling Greenhouse Gases . In: Science . tape 258 , no. 5086 , November 20, 1992, p. 1315-1319 , doi : 10.1126 / science.258.5086.1315 .
  11. ^ Xiang-Yu Wang and Bao-Jun Tang: Review of comparative studies on market mechanisms for carbon emission reduction: a bibliometric analysis . In: Natural Hazards . 2018, doi : 10.1007 / s11069-018-3445-2 .
  12. ^ Paul Krugman : Gambling with Civilization. Review in: The New York Review of Books . Edition November 7, 2013, accessed October 23, 2013.
personal data
SURNAME Nordhaus, William D.
ALTERNATIVE NAMES North House, William Dawbney (full name); Nordhaus, Bill (nickname)
BRIEF DESCRIPTION American economist
DATE OF BIRTH May 31, 1941
PLACE OF BIRTH Albuquerque , New Mexico