Nicholas Stern

Nicholas Stern
Name	Nicholas Stern
Birth date	22 April 1946
Birth place	Hammersmith, London, England
Nationality	British
Field	Economics, Climate change
Institution	London School of Economics, University of Oxford, World Bank
Alma mater	University of Cambridge (BA), University of Oxford (DPhil)
Known for	Stern Review on the Economics of Climate Change
Awards	BBVA Foundation Frontiers of Knowledge Award, Leontief Prize

Nicholas Stern is a leading British economist whose work has fundamentally shaped the global understanding of the economic dimensions of climate change. He is best known for authoring the landmark 2006 Stern Review on the Economics of Climate Change, which argued for urgent, early investment in mitigation as a cost-effective strategy. His distinguished career spans academia at institutions like the London School of Economics and the University of Oxford, and high-level public service, including roles as Chief Economist at the World Bank and advisor to the UK Government.

Early life and education

Born in Hammersmith, London, he attended Haberdashers' Aske's Boys' School before studying mathematics at Peterhouse, Cambridge, graduating with a Bachelor of Arts degree. He then pursued a Doctor of Philosophy in economics at Nuffield College, Oxford, under the supervision of renowned economist James Mirrlees. His doctoral research focused on development economics, laying the groundwork for his future work on growth, inequality, and later, environmental sustainability. This academic foundation at two of the world's premier universities positioned him for a career at the intersection of economic theory and practical policy.

Academic career

Following his doctorate, he held teaching and research positions at several prestigious institutions. He served as a professor of economics at the University of Warwick and later at the London School of Economics, where he was appointed the first IG Patel Professor of Economics and Government. He also held a professorial fellowship at All Souls College, Oxford. His academic research initially concentrated on development economics, public economics, and tax reform, with significant contributions to the theory of optimal taxation and the economics of India. He later became the President of the British Academy, the UK's national academy for the humanities and social sciences.

Stern Review on the Economics of Climate Change

Commissioned by the UK Treasury under Chancellor Gordon Brown, the Stern Review on the Economics of Climate Change was published in 2006 and became a seminal document in environmental economics. The report famously framed climate change as "the greatest and widest-ranging market failure ever seen." It utilized integrated assessment models to argue that the costs of inaction—potentially losing 5-20% of global Gross Domestic Product annually—far outweighed the estimated 1% of GDP cost of ambitious mitigation efforts. The review's conclusions, advocating for strong, immediate policy action including carbon pricing, sparked intense global debate and influenced subsequent international climate negotiations, including the United Nations Framework Convention on Climate Change.

Public service and policy influence

His expertise has been sought by numerous governments and international organizations. He served as Chief Economist and Senior Vice-President at the World Bank from 2000 to 2003. Within the UK Government, he held the position of Head of the Government Economic Service and was a key advisor during the premiership of Tony Blair. He has also chaired the Grantham Research Institute on Climate Change and the Environment and served on the Committee on Climate Change, which advises the UK government on carbon budgets. His ongoing policy work focuses on promoting a "new growth story" centered on sustainable, inclusive development, influencing frameworks like the Paris Agreement.

Awards and recognition

His contributions to economics and climate policy have been widely honored. He is a Fellow of the British Academy and the Econometric Society. In 2010, he was awarded the prestigious BBVA Foundation Frontiers of Knowledge Award in the Climate Change category. He has also received the Leontief Prize for Advancing the Frontiers of Economic Thought from the Global Development and Environment Institute at Tufts University. He was knighted in the 2004 New Year Honours for services to economics and subsequently appointed a Companion of Honour in the 2017 Birthday Honours for his work on the economics of climate change.

Selected publications

His influential body of work includes the definitive report, *The Economics of Climate Change: The Stern Review* (2006). Other key books are *A Blueprint for a Safer Planet* (2009), which outlines a practical plan for tackling climate change and poverty, and *Why Are We Waiting? The Logic, Urgency, and Promise of Tackling Climate Change* (2015). He has also authored numerous academic papers in journals such as *The Economic Journal* and the *Review of Economic Studies*, covering topics from public finance and development theory to the economics of global warming and sustainable infrastructure investment.

Category:British economists Category:Climate change economists Category:Companions of Honour