William Nordhaus, a renowned economist from Yale University who won the Nobel Prize in 2018 for his work on climate change economics, has passed away at the age of 85. His contributions to the field greatly shaped the understanding of economic implications of climate change, particularly through the DICE model.

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William Nordhaus, Sterling Professor of Economics at Yale University, passed away on October 30 at the age of 85 after a battle with glioblastoma. Renowned for his pioneering integration of climate change into macroeconomic analysis, Nordhaus was awarded the Nobel Prize in Economics in 2018. The news was announced in a press release from Yale University.

A Yale graduate from the class of 1963, Nordhaus dedicated over five decades to teaching and shaping future economists at the university. His research focused on the relationship between carbon emissions and economic growth, and he developed the influential Dynamic Integrated Climate-Economy (DICE) model, which helps estimate the economic costs of climate change and the efficacy of carbon pricing.

Nordhaus served in several administrative roles including university provost, influencing Yale's financial strategy during challenging times. He was instrumental in establishing Yale's internal carbon charge system, positioning the university as a leader in carbon pricing initiatives.

His academic journey began with studies at Yale before furthering his education at MIT, where he was mentored by Nobel laureates. Throughout his career, Nordhaus published numerous articles, books, and contributed to the standard economics textbook, “Economics.”

His commitment to academia was matched by his dedication to public service, including roles such as member of the Congressional Budget Office Panel of Economic Experts and other significant economic advisory positions. 

Richard Levin, Nordhaus’s student, friend, and colleague for over 50 years, described Nordhaus as "an economist and as a university citizen [who] pursued the truth with rigor and purpose", adding: “His devotion to Yale and his determined effort to understand the economics of climate change were two sides of the same coin. He wanted to perfect the institution he loved, and he wanted to spare humanity the avoidable harm of uncontrolled global warming.”

William Nordhaus is survived by his wife, Barbara, and three children. 

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Read the full press release: news.yale.edu