Nicholas Stern, Baron Stern of Brentford facts for kids
Quick facts for kids
The Lord Stern of Brentford
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Stern in 2015
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| President of the British Academy | |
| In office 2013–2017 |
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| Preceded by | Adam Roberts |
| Succeeded by | David Cannadine |
| Chief Economist of the World Bank | |
| In office July 2000 – 2003 |
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| President | James Wolfensohn |
| Preceded by | Joseph Stiglitz |
| Succeeded by | François Bourguignon |
| Member of the House of Lords Lord Temporal |
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| Assumed office 10 December 2007 Life peerage |
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| Personal details | |
| Born |
Nicholas Herbert Stern
22 April 1946 Hammersmith, London, England |
| Political party | Crossbench |
| Education | Peterhouse, Cambridge (BA) Nuffield College, Oxford (MA, DPhil) |
| Known for | Stern Review (2006) |
| Awards | Fellow of the British Academy (1993) Blue Planet Prize (2009) Fellow of the Royal Society (2014) Member of the Order of the Companions of Honour (2017) |
| Scientific career | |
| Institutions | University of Oxford University of Warwick London School of Economics Collège de France British Academy |
| Thesis | Location and the Rate of Development: A Study in the Theory of Optimum Planning (1971) |
| Doctoral advisor | James Mirrlees |
Nicholas Herbert Stern, also known as Lord Stern of Brentford, is a famous British economist. He was born on April 22, 1946. He is known for his important work on climate change and the economy.
Lord Stern teaches economics at the London School of Economics (LSE). He also leads the Grantham Research Institute on Climate Change and the Environment. From 2013 to 2017, he was the President of the British Academy. He is a highly respected expert in his field.
Contents
Becoming an Economist
Nicholas Stern went to Latymer Upper School when he was younger. He then studied maths at Peterhouse, Cambridge and earned a degree in 1967.
In 1971, he got his PhD in economics from Nuffield College, Oxford. His research was about how countries grow their economies. His supervisor was James Mirrlees, who later won a Nobel Prize in Economics.
Stern's Career and Research
Early Career and Focus Areas
From 1970 to 1977, Stern taught at the University of Oxford. Later, he became an economics professor at the University of Warwick until 1987. He also taught at the London School of Economics.
He worked as the Chief Economist for the European Bank for Reconstruction and Development. His research often looked at how economies develop and grow. He also wrote books about countries like Kenya and the Green Revolution in India.
Working at the World Bank
From 2000 to 2003, Lord Stern was the Chief Economist at the World Bank. This is a big organization that helps countries around the world with their economies.
After that, he worked for the British government. He helped the Treasury, which manages the UK's money. He also led a team looking into the economics of climate change.
The Stern Review on Climate Change
The Stern Review Report on the Economics of Climate Change was a very important report. Nicholas Stern led the team that wrote it in 2006. The report explained that climate change is a huge problem for the world's economy.
Stern called climate change the "greatest market failure the world has seen." This means that the way markets work doesn't properly deal with the harm caused by greenhouse gas emissions. People who pollute don't pay for the damage they cause.
The report suggested ways to fix this. It recommended rules, carbon taxes, and carbon trading. These ideas help reduce the amount of greenhouse gas emissions. The review said that cutting these emissions would cost money, but it would be a manageable cost. It also stressed that acting quickly is very important to avoid the worst effects of climate change.
Many economists had different opinions about the Stern Review. Some supported it, while others found parts of it flawed. Stern himself later said he might have underestimated the risks of climate change.
One big discussion was about the discount rate he used. This rate helps compare costs and benefits that happen at different times. A lower discount rate makes future problems seem more urgent. Stern used a lower rate than many other studies, which made the future costs of climate change seem very high.
Stern's Work Today
Since 2007, Lord Stern has continued his important work. He became the first holder of the I. G. Patel Chair at the London School of Economics. He also became the Chair of the Grantham Research Institute on Climate Change and the Environment.
In 2009, he wrote a book called Blueprint for a Safer Planet. He also published The Global Deal, which looks at climate change from an economic point of view. This book explains how to have economic growth while dealing with climate change.
Lord Stern believes that eating less meat, like being a vegetarian, can help fight climate change.
In 2015, he helped create the Global Apollo Programme. This program asks rich countries to spend money on research. The goal is to make clean energy cheaper than coal power by 2025.
After the Paris Agreement in 2015, Stern was very hopeful. He said that tackling climate change could be even more powerful than the Industrial Revolution. He believes it's a chance to build a better future.
In 2021, Stern published new research. He argued that economists had not valued young lives enough when thinking about the climate crisis.
Awards and Honours
Nicholas Stern has received many awards for his work.
- In 1993, he became a Fellow of the British Academy.
- In 2004, he was made a Knight Bachelor for his services to economics.
- In 2007, he became a life peer, which means he was given the title Baron Stern of Brentford. This allowed him to sit in the House of Lords, which is part of the UK Parliament.
- In 2009, he won the Blue Planet Prize for his work on global environmental problems.
- In 2010, he received the BBVA Foundation Frontiers of Knowledge Award. This was for his report that changed how people talked about the economics of climate change.
- In 2014, he was elected a Fellow of the Royal Society (FRS). This recognized his work on the economics of climate change.
- In 2017, he was appointed a Member of the Order of the Companions of Honour. This is a special award for major contributions to society.
Personal Life
Nicholas Stern is the son of Bert and Marion Stern. His uncle was Donald Swann, who was part of the famous comedy duo Flanders and Swann. His brothers are Richard Stern and Brian E Stern, and his sister is Naomi Opalinska.
Works
Lord Stern has written several important books:
- A Strategy for Development, 2002
- The Economics of Climate Change: The Stern Review, 2007
- A Blueprint for a Safer Planet: How to Manage Climate Change and Create a New Era of Progress and Prosperity, 2009
- The Global Deal: Climate Change and the Creation of a New Era of Progress and Prosperity, 2009
- Why Are We Waiting? The Logic, Urgency, and Promise of Tackling Climate Change, 2015
