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William Nordhaus and the costs of climate change

William Nordhaus of Yale University has been jointly awarded the 2018 Nobel Prize in Economic Sciences with Paul Romer for ‘integrating climate change into long-run macroeconomic analysis’. This column, written by a co-author and Yale colleague, outlines how his contributions have broadened the scope of economic analysis, shedding light on the causes and consequences of the unintended effects of human activity on the long-run trajectory of economic growth and wellbeing.
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