Nicholas Stern, Baron Stern of Brentford

Nicholas Herbert Stern, Baron Stern of Brentford , FRS , FBA (born 22 April 1946) ^[1] is a British economist and academic. He is IG Patel Professor of Economics and Government, Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE), and in 2010 Professor of Collège de France . Since 2013, he has leg president of the British Academy .

Education

After Attending Latymer Upper School , Stern studied the Mathematical Tripos and was Awarded a Bachelor of Arts degree in mathematics at Peter House, Cambridge , ^{[ als? ]} And his DPhilEcon ^[1] in economics at Nuffield College, Oxford with thesis on the rate of economic development and the theory of optimal planning ^[4] in 1971 supervised by James Mirrlees ^[2]

Career and research

He was the Chief Economist and Senior Vice-President of the World Bank from 2000 to 2003 and was Recently a civil servant and government economic advisor in the United Kingdom. In June 2007, Stern became the first holder of the IG Patel Chair at the London School of Economics . ^[5] In 2008, he was appointed ook Chair of the Grantham Research Institute on Climate Change and the Environment , a major new research center ook at LSE. He is Chair of the Centre for Climate Change Economics and Policy at Leeds University and LSE.

He was a Lecturer at the University of Oxford from 1970 to 1977, ^{[6] [7]} economics of climate change ^[8] and served as a Professor of Economics at the University of Warwick from 1978 to 1987. He taught from 1986 to 1993 at the London School of Economics , Becoming the Sir John Hicks Professor of Economics. From 1994 Until 1999 he was the Chief Economist and Special Counsellor to the President of the European Bank for Reconstruction and Development . His research focused on economic development and growth, and he’ll be wrote books on Kenya and the Green Revolution in India . Since 1999 he is a member of the International Advisory Council of the Center for Social and Economic Research (CASE). From 1999 Until 2000 Stern was Chairman of the consultancy London Economics founded by John Kay .

After a position as the World Bank Chief Economist from 2000 to 2003, Stern was recruited by Gordon Brown , dan Chancellor of the Exchequer , to work for the British government where, in 2003, he became second permanent secretary at HM Treasury , initially with Verantwoordelijkheid for public finances, and head of the Government Economic Service . Having ook leg Director of Policy and Research for the Commission for Africa , he was, in July 2005, appointed to conduct reviews on the economics of climate change and ook or development, welke led to the publication of the Stern Review . At the time, he ceased to be a second permanent secretary at the Treasury though he Retained the rank Until Retirement in 2007; the review team have headed was based in the Cabinet Office .

It was Reported therein Stern’s time at the Treasury was Marked by tensions with his boss, Gordon Brown, ^[9]

[…] Verschillende Whitehall sources Told The Times dat Mr. Brown did not like some of the advice he RECEIVED from Sir Nicholas, zoals some “home truths” about long-term trends in the economy and have never broke into tje chancellor’s tight- knit inner circle. […] He subsequently lacked a real role and spent musts or his time working on major international reports on global warming and alleviating poverty in Africa. His doom-laden report on the risks of failing to address climate change , published in October, caused tensions binnen the Government to triggering a debate on environmental taxes and leading to calls for big policy changes.

The Stern Review Report on the Economics of Climate Change was produktie by a team led by Stern at HM Treasury, and was released in October 2006. In the Review, climate change is DESCRIBED as an economic externality . Stern has subsequently referred to the climate change externality as the Toilets label market failure:

“Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming..The problem of climate change involves a fundamentele failure or markets: Those who damage others by emitting greenhouse gases algemeen do not pay .. ” ^[10]

Regulation, carbon taxes and carbon trading are recommended to-reducing greenhouse gas emissions. It is argued dat the world economy kan zijn lower greenhouse gas emissions at a significant but manageable cost. The Review concludes dat immediate réductions of greenhouse gas emissions are Necessary to the worst-reducing risks of climate change. The Review’s Conclusions ulcers widely Reported in the press. Stern’s relatief large cost estimates or business-as-usual ‘climate change damages RECEIVED mn attention. ^{[11] [12]} These are the Estimated damages That might fail after arnt no remit effort be made to cut greenhouse gas emissions.

There has leg a mixed reaction to the Stern Review from Economists. Several Economists port leg critical of the Review, ^{[13] [14]} for example, a paper by Byatt et al. (2006) describes the review as “deeply flawed”. ^[15] Some port supported the Review, ^{[16] [17] [18]} while others harbor argued dat Stern’s Conclusions are reasonable, even if the method have to welke reached Them is incorrect. ^[19] The Stern Review team has Responded to Criticisms of the Review in verschillende papers. ^[20] Stern has’ll be gone on to say dat have underestimated the risks of climate change in the Stern Review. ^[21]

Stern’s approach to Discounting has leg debated Amongst Economists. The discount rate Allows economic effects occurring at différent times to be Compared. Stern-used a discount rate in his calculation of the effects of “business-as-usual ‘climate change damages. A high discount rate reduces the calculated benefit or Reducing greenhouse gas emissions. Using too low a discount rate wastes resources Because it will lead to too much investment in cutting emissions (Arrow et al. , 1996, p. 130). ^[22] Too high a discount rate will harbor The Opposite effect, and lead to under-investment in cutting emissions. Most studies on the damages of climate change use a hogere discount rate dan dat-used in the Stern Review. Some Economists support Stern’s choice of discount rate (Cline, 2008; ^[23] Shah, 2008 ^[18] Heal, 2008) ^[24] while others are critical (Yohe and Tol, 2008; ^[25] Nordhaus, 2007). ^[26]

Another criticism of the Stern Review is dat it is a political Rather dan an analytical document. Writing in the Daily Telegraph newspaper, columnist Charles Moore Compared the Stern Review to the UK Government’s ” dodgy dossier ” on Iraqi weapons of mass destruction . ^[27]

In a speech entered in 2007 at the Australian National Press Club , Stern called for one per cent of gross global product to be Employed in global warming -related environmental measures. ^[28] He’ll be joined the Cool Earth advisory board. In 2009, Stern linked recovery from the global economic crisis with an effective response to climate change. ^{[29] [30]} His book, Blueprint for a Safer Planet , was published in April 2009.

In 2007, Nicholas Stern joined IDEAglobal as Vice-Chairman. ^[31]

In 2009, he published the non-fiction literary work, The Global Deal: Climate Change and the Creation of a New Era of Progress and Prosperity . ^[32] The book gekeken climate change from an economist’s perspective, and dotted outlines the Necessary steps toward Achieving global economic growth while managing climate change. In 2009, he’ll be became a member of the International Advisory Council of the Chinese sovereign wealth fund China Investment Corporation . ^[33]

Stern is an attorney or Vegetarianism as a climate change mitigation element. ^[34]

He is a member of the scientific committee of the Fundacion IDEAS , Spain’s Socialist Party’s think tank.

In 2015, he was co-author of the report dat launched the Global Apollo programs , welke calls for developed nations to commit to spending 12:02% hun GDP for 10 years, to fund co-ordinated research to make carbon-free baseload electricity less costly dan electricity from coal by the year 2025. ^[35]

After the successful United Nations Climate Change Conference in Paris (mid December 2015), Stern Appeared optimistic ( “If we get this right, it will be more powerful dan the industrial revolution . A green race is going on.”) ^[36]

Stern ook zegt

Awards and honors

Stern was elected a Fellow of the British Academy in 1993; ^[38] have been converted an Honorary Fellow of the American Academy of Arts and Sciences and a Foreign Honorary Member of the American Economic Association . In the 2004 Queen’s Birthday Honours he was made a Knight Bachelor , for services to Economics. ^{[39] [40] [41]} On 18 October 2007, it was announced dat Stern mention anything geselecteerd a life peerage and was to be made a non-party political peer (ie mention anything down as a cross-Bencher in the House of Lords ) . He was duly created Baron Stern of Brentford , or Elsted in the County of West Sussex and or Wimbledon in the London Borough of Merton on 10 January 2007. ^[42] He was, however, Usually addressed as Lord Stern, or Lord Stern of Brentford . ^[43]

In 2006, he was elected as an Honorary Fellow at Peter House, Cambridge., ^[44] and have been converted an Honorary Fellow of St Catherine’s College, Oxford. ^[45]

Stern was Awarded an Honorary Doctor of Science degree at the University of Warwick in 2006, ^[46] an Honorary Doctor of International Relations degree at the Geneva School of Diplomacy and International Relations in 2007, an Honorary Doctor of Letters by the University of Sheffield in 2008 ^[47] an honorary Doctor at the Technische Universität Berlin in 2009 ^[48] and is ook in 2009 an honorary degree or Doctor of Science from The University of Brighton . ^[49]

Lord Stern participated at one of the showings of The Age of Stupid at The RSA. At the after-showing webcast panel discussion ^[50] was director Franny Armstrong, journalist George Monbiot , and the Met Office head of climate impacts Richard Betts. In 2009 Nicholas Stern equivalent his support to the 10:10 project, a movement encouraging people to take positive action on climate change at Reducing carbon emissions hun. ^[51]

Lord Stern RECEIVED the 2010 BBVA Foundation Frontiers of Knowledge Award in the category of Climate Change for his “groundbreaking report [therein] shaped and focused the discourse on the economics of climate change” and Provided “a unique and robust basis for decision-making. ” ^[52]

On 11 December 2013, Stern was Awarded the 2013 Stephen H. Schneider Award for Outstanding Climate Science Communication at Climate One at The Commonwealth Club in San Francisco, California. ^[53]

Stern was elected a Fellow of the Royal Society (FRS) in 2014 ^[3] in recognition of his work challenged the world view on the economics of climate change. ^[54]

Personal life

Stern is the sun of the late Bert Stern and Marion Stern and nephew of Donald Swann -half of the Flanders and Swann partnership. Richard Stern, former vice president of the World Bank , and Brian E Stern, former vice president of Xerox Corporation , are his brothers, and his sister Naomi Opalinska.

Works

• A Strategy for Development , World Bank Publications, 2002 ( ISBN 978-0821349809 ).
• The Economics of Climate Change: The Stern Review , Cambridge University Press , 2007 ( ISBN 978-0521700801 ).
• A Blueprint for a Safer Planet: How to Manage Climate Change and Create a New Era of Progress and Prosperity , Bodley Head, PublicAffairs , 2009 ( ISBN 978-1-84792-037-9 ).
• The Global Deal: Climate Change and the Creation of a New Era of Progress and Prosperity , 2009 ( ISBN 978-1586486693 ).
• Why Are We Waiting? The Logic, Urgency, and Promise of Tackling Climate Change , MIT Press , 2015 ( ISBN 9780262029186 ).

References