William D. Nordhaus

Stories

The affordability debate: Are things getting cheaper or more expensive?

As of May 2026: Original academic proponent of time-based price measurement

For decades, economists have argued over whether life is getting more affordable. A new analysis of Bureau of Labor Statistics data from 2000 to 2025 shows that while the Consumer Price Index rose 92.6%, average hourly wages climbed 131.1%.

Updated May 23

Notable Quotes

The signal contribution of economics is to recognize that climate change is a harmful unintended side effect of economic growth. The best remedy for such externalities is a pollution charge or what is now known as a carbon tax. (Nobel lecture, 2018)

from William Nordhaus, economist who put a price on carbon, dies at 85 · Updated Oct 31

"The conventional price of light has risen by a factor of about 1000 relative to the true price."

from The affordability debate: Are things getting cheaper or more expensive? · Updated May 23