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Climate change: The Ultimate Challenge for Economics. William D. Nordhaus delivered his Prize Lecture on 8 December 2018 at the Aula Magna, Stockholm University. He was introduced by Professor Per Krusell, member of the Economic Sciences Prize Committee.
- Interview
When it comes to climate change, 2018 Economic Sciences...
- Diploma
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- Banquet Speech
William D. Nordhaus’ speech at the Nobel Banquet, 10...
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The Sveriges Riksbank Prize in Economic Sciences in Memory...
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- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018
The Sveriges Riksbank Prize in Economic Sciences in Memory...
- William D. Nordhaus
William D. Nordhaus. The Sveriges Riksbank Prize in Economic...
- Biographical
Robert J. Nordhaus had joined the Tenth Mountain Division,...
- Interview
Romer’s work on the economics of knowledge (Nordhaus 2010); and the C-DICE or coalition-DICE model simulates the endogenous formation of coalitions for global climate-change policy (Nordhaus 2015).
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9. Dez. 2018 · Nobel Prize. 7.4K views 3 years ago. Climate Change: The Ultimate Challenge for Economics William D. Nordhaus delivered his lecture on 8 December 2018 at the Aula Magna, Stockholm...
- 33 Min.
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- Nobel Prize
- I. Climate Change as a Global Public Good
- A. Integrated-Assessment Modeling
- B. Mathematical Representation
- C. The Evolving Science of Climate Change
- II. Slowing Climate Change
- D. An Overview of IAM Results
- F. Carbon Pricing
- G. The Social Cost of Carbon
- H. The Conundrum of Discounting
- A. The Syndrome of Free-Riding
- B. Climate Clubs to Overcome Free-Riding
- C. Four Steps for Today
I begin with the fundamental problem posed by climate change—that it is a pub-lic good or externality. Such activities are ones whose costs or benefits spill outside the market and are not captured in market prices. These include positive spillovers like new knowledge and negative spillovers like pollution. The two key attributes of a public good a...
Many areas of the natural and social sciences involve complex systems that link together multiple physical or intellectual sectors. This is particularly true for envi-ronmental problems, which have deep roots in the natural sciences but also require social and policy sciences to solve in an effective and eficient manner. A good example, which will ...
My teacher, mentor, and coauthor Paul Samuelson—the first American Nobel laureate in economics—was responsible for the introduction of mathematics into economics. His view was that mathematics is necessary if we are to build coherent and consistent models of complex phenomena. That point was as much a part of my brain as the English language. Indee...
Clearly, global warming is getting a lot of attention today. And just as clearly, people disagree about whether it is real, whether it is important, and what it means for human societies. What should the non-specialist conclude about this debate? If climate change is real, how much does it matter? Where should our concerns about global warming rank...
Scientists have focused on three potential strategies to slow climate change. Plan A is “abatement,” or reducing emissions of CO2 and other GHGs primarily by reducing combustion of carbon fuels. Plan B is “carbon removal,” or removal of CO2 from the emissions stream or from the atmosphere. Plan C is “geoengineering,” or more precisely solar-radiati...
One of the features of IAMs is that they can project trends, assess policies, and calculate costs and benefits. Perhaps the most important advantage of integrated models is that they are internally consistent. That is, they keep track of the different stocks and flows of all variables so that nothing gets lost. For example, carbon stocks tomorrow a...
Economics points to one inconvenient truth about climate-change policy: for any policy to be effective, it must raise the market price of CO2 and other GHG emis-sions. Putting a price on emissions corrects for the underpricing of the externality in the marketplace. Prices can be raised by putting a regulatory limit on the amount of allowable emissi...
As mentioned above, one of the most amazing results of IAMs is the ability to calculate the optimal carbon price. This is now called the “social cost of carbon” or SCC. This concept represents the economic cost caused by an additional ton of carbon dioxide emissions precise definition, it is the(or more succinctly or its equivalent. In a more chang...
Controversies involving the discount rate have been central to global-warming models and policy for many years. The economic theory of discounting, which for many years was an obscure topic in public finance and project analysis, assumes great prominence in climate-change IAMs because of the long delays between investments in abatement and returns ...
Why have global policies on climate change been so ineffective compared to many other national policies (for pollution, public health, and water quality as examples)? Why have landmark agreements such as the Kyoto Protocol and the Paris Accord failed to make a dent on emissions trends? The reason is free-riding. This is the tendency for countries t...
In light of the failure of past agreements, it is easy to conclude that interna-tional cooperation is doomed to failure. This is the wrong conclusion. In spite of the obstacles of potential free-riding, nations have in fact overcome many trans-national conflicts and spillovers through international agreements. Countries enter into agreements becaus...
If climate change is the ultimate challenge, what steps can individuals and coun-tries take today? There is no simple answer to this complex phenomenon, but here are four specific goals to focus on.
William D. Nordhaus. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018. Born: 31 May 1941, Albuquerque, NM, USA. Affiliation at the time of the award: Yale University, New Haven, CT, USA. Prize motivation: “for integrating climate change into long-run macroeconomic analysis” Prize share: 1/2. Life.
8. Dez. 2018 · Climate Change: The Ultimate Challenge for Economics. William D. Nordhaus, Yale University. Nobel Lecture in Economic Sciences Stockholm University December 8, 2018.
Robert J. Nordhaus had joined the Tenth Mountain Division, troops on skis, and fought in the Italian campaign in World War II. When he returned to practice law in Albuquerque, he decided he needed to develop a ski area called La Madera (“the timber”) on the Sandia Mountains east of Albuquerque.
