In 1972 Nordhaus, along with fellow Yale economics professor James Tobin, published Is Growth Obsolete?,[19] an article that introduced the Measure of Economic Welfare (Index of Sustainable Economic Welfare) as the first attempt to develop environmental accounting.
Nordhaus has written on the economics of climate change. He is the developer of the DICE and RICE models, integrated assessment models of the interplay between economics, energy use, and climate change.
Samuelson Nordhaus Economics Pdf 14
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Nordhaus was awarded the Nobel Memorial Prize in Economic Sciences in 2018, which he shared with Paul Romer.[15] In detailing its reasons for giving the prize to Nordhaus, the Royal Swedish Academy of Sciences specifically recognized his efforts to develop "an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate. His model integrates theories and empirical results from physics, chemistry and economics. Nordhaus' model is now widely spread and is used to simulate how the economy and the climate co-evolve."[4]
Steve Keen, the heterodox economist, criticises the economics of climate change:"economists made their own predictions of damages, using three spurious methods: assuming that about 90% of GDP will be unaffected by climate change, because it happens indoors; using the relationship between temperature and GDP today as a proxy for the impact of global warming over time; and using surveys that diluted extreme warnings from scientists with optimistic expectations from economists."[41]
The verification of the acquired knowledge will be verified at the end of the course with a final examination, according to the procedures indicated in the specific field. However, during the course, in order to evaluate and guide the method of study, exercises and an intermediate test (on the microeconomics part) will be carried out.
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