Sterling Professor Nordhaus Awarded Nobel Prize
The Institution for Social and Policy Studies extends a congratulation to Sterling Professor of Economics William Nordhaus on the announcement of his Noble Prize in Economic Science. Nordhaus is well known for his work on economics and climate change; he was the first to put a cost on polluting by proposing a government tax on carbon emissions. He shares the prize with Paul M Romer, an Economics Professor at New York University.
The announcement came yesterday after the United Nations issued a dire report on the effects of global climate change. The Nobel Prize committee said Nordhaus’ work is “the most efficient remedy for problems caused by greenhouse gases is a global scheme of universally imposed carbon taxes.”
Professor Nordhaus’ work to develop economic and scientific models (the DICE and RICE models) to determine the efficient path for coping with climate change is an example research that brings to bear innovative policy solutions. Nordhaus recently participated in an ISPS all-day convening on “A Fairer Future” where he was on a panel discussing research and policy making.