August 2002
ESRC research grant awarded to Dr Stephen Redding
Many congratulations to Dr Stephen Redding on receiving an ESRC small grant for his joint research with Helen Simpson (Institute for Fiscal Studies), Andrew Bernard (Tuck School of Business at Dartmouth), and Peter Schott (Yale School of Management) on 'Regional Wage Inequality in the UK: Evidence and Explanations.'
The extent to which incomes vary across regions within a country is of importance to firms choosing where to locate, workers deciding where to live, and potentially to governments deciding whether to engage in regional policy. Economic theory suggests two powerful mechanisms through which the wages of skilled and unskilled workers tend to be equalised across locations - goods trade and factor mobility. Within a country, goods markets are more highly integrated and labour is more mobile than they are across countries. Hence, if forces of wage equalization are empirically important, we should see them operating across regions within a country - particularly within a small and densely populated country such as the UK.
The proposed research uses a methodology for testing the equalization of absolute and relative wages that allows in a completely general way for unobserved variation in worker quality across regions and industries. Existing research by the authors will be extended over a longer time horizon and to discriminate between competing explanations for regional variation in quality-adjusted wages. In this way, the analysis proposes to shed light on the regional impact of the substantial structural changes that have occurred in the UK economy since the 1970s.
Dr Stephen Redding's research focuses on international trade, economic geography, and productivity growth.
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Placement of our PhD Job Market Candidates
Congratulations to the Department's PhD job market candidates who have successfully gained employment starting in Autumn 2002. Employment opportunities have been offered to all our candidates by renowned academic and non-academic institutions, worldwide. This clearly shows the high demand for individuals with competent and professional research skills that our vibrantly structured PhD programme provides.
A list of our candidates and their destinations is provided the PhD Job Market| pages. We wish all our candidates good luck in their future careers!
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July 2002
The Sir Richard Stone Lecture Series presented by Professor Danny Quah
In July 2002, Professor Danny Quah| of the Economics Department presented the 2002 Sir Richard Stone Lecture Series. Held at both the Bank of England and the National Institute of Economic and Social Research, the lectures were on the topic 'growth and distribution'.
The Sir Richard Stone Lecture Series is a joint initiative between NIESR and Cambridge University Press where the annual lectures are presented by the world's leading academic economists. Sir Richard Stone (1913-1991) was awarded the Nobel Prize in Economics in 1984 for his work on the development of systems of national accounts and had much of his research published by both NIESR and the Department of Applied Economics at Cambridge University.
Professor Quah's presentations described the dynamics of economic growth and income distribution as the most important forces consistently affecting the welfare of humanity. The lectures calibrated how economic growth is good for the poor and how inequality matters much less than does economic growth. Following the lectures a book is to be published by Cambridge University Press. For further in depth information on Professor Quah's research interests, please visit http://econ.lse.ac.uk/staff/dquah/
Additional information about the lecture series is available from the NIESR| pages.
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June 2002
EDP Annual Jamboree November 2002
The Economics Department at the LSE is hosting the annual EDP Jamboree this year at Dulwich College from Friday 1 November to Sunday 3 November 2002.
EDP students wishing to attend should complete the Student Registration Form. EDP Academic members of staff should complete the Academic Registration Form.
Since places are limited, applications should be submitted as soon as possible and no later than 14 September 2002.
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Professor Pissarides elected New British Academy Fellow
Congratulations are due to Professor Chris Pissarides| who has been elected a British Academy Fellow.
Election to the Fellowship of the British Academy is a prestigious recognition of both academic achievement and scholarly distinction. All Fellows have a published body of work with the main research fields being in the humanities or social sciences. The Academy aims to 'represent the interests of scholarship nationally and internationally; to give recognition to excellence; to promote and support advanced research; to further international collaboration and exchange; to promote public understanding of research and scholarship; to publish the results of research.'
Current members of the department who are Fellows of the British Academy are professors Besley, Goodhart, Hardman Moore, Nickell, Robinson, Stern, and Sutton.
Further information on the British Academy is available from the Academy|'s pages.
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Welcome to Professor Dilip Mookherjee, Boston University
The Department of Economics wishes to welcome Professor Dilip Mookherjee, Boston University, who is visiting STICERD from Monday 24 June until Friday 28 June.
Professor Mookherjee's main interests are economic theory and development. If you would like to have a chat, he'll be in room R522, on 020 7852 3568.
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Welcome to Professor Paul Krugman, Princeton University
The Department of Economics wishes to welcome Professor Paul Krugman (Princeton University) who is visiting both the LSE Research Laboratory and Economics Department. Professor Krugman will be with us until July 3rd and will be based in room R438.
On Monday 24th June, Professor Krugman will be give a lecture on 'America's New Fiscal Mess'. The lecture takes place in the Old Theatre and starts at 6.30pm.
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May 2002
Getting the Measure of the New Economy
Scepticism about the impact of new technology on UK productivity has gone too far and risks setting back efforts to improve Britain's economic performance, two prominent economists argue in a new report released today.
Getting the Measure of the New Economy is a new report from The Work Foundation's iSociety project. In it, Diane Coyle, Enlightenment Economics, and Professor Danny Quah|, London School of Economics and Political Science, argue that new technology is having a significant effect on the way the UK economy operates, even though belief in a new economy driven by new information and communication technologies has been tainted by the collapse of the IT bubble and the Enron fiasco.
The report, which took 32 UK-specific indicators to track the wider impact of technology upon consumers, business, and the macro-economy, argues that mounting doubt towards the 'new economy' is driven by a misplaced focus solely on productivity. Instead, the debate needs to balance concerns about productivity by examining the way in which consumers, and their use of new technologies, are radically changing the shape of the economy.
Coyle and Quah argue: "Consumer tastes are going to be the real engine of change, as they have been in all previous technological revolutions. It is from the experience of our daily lives that we understand that new technologies are having a profound impact in reshaping our economy and society."
Will Hutton, chief executive of the Work Foundation, said: "This report creates a new imperative for business to focus on changing patterns of consumption and the ways in which people use technology in unexpected ways."
For further information, please visit the LSE News and Media| pages.
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Economics Students in Monetary Policy Committee Bank of England Experiment
Over a hundred economics students participated in a Bank of England experiment based on a virtual Monetary Policy Committee.
Last autumn, students volunteered to take part in the experiment which involved playing a simple computer based monetary policy game sixteen times - four rounds as individual policy makers, eight rounds in a committee of 5 players and a further four individual rounds. The aim of the game and of the experiment was to examine whether decisions made by committees were superior to those of individuals. The Bank of England experiment was similar to Blinder and Morgan's test carried out with Princeton University students and used a simple macroeconomic model which represented the UK economy.
Points were scored according to the student's ability to keep inflation close to a pre-specified target and to minimise output fluctuations. The results provided impressive evidence that committee decisions were more successful than individual choices.
Professor Jackman|, Convener of the Economics Department, commented "The monetary policy game required the students to infer how the economy works in changing circumstances on the basis of limited information. I am very pleased that the Bank felt our students had the required skills for this task, and that the results have contributed to the successful design of monetary policy."
Further information on the Bank of England is available from their website|.
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Congratulations to Julia Giese on receiving the 2002 Goldman Sachs Global Leaders Award
The Department of Economics wishes to congratulate Julia Giese (2nd yr BSc Econ) on receiving a prestigious Goldman Sachs Global Leaders Award.
Julia, along with Henry Wigan of the Economic History Dept., was among 8 undergraduates from the UK selected to receive the prize by the Goldman Sachs Foundation and the Institute of International Education.
In total, 100 students from 17 countries have been recognised for their outstanding academic abilities and leadership achievements by these awards. Each student receives 2,000USD and will take part in award ceremonies where prominent leaders in the public, civic, and private sector will discuss the challenges of leadership in the 21st Century.
Further information is available from the Institute of International Education| pages.
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Professor Tim Besley receives a British Academy Research Readership
Congratulations are due to Professor Tim Besley| on receiving a Research Readership from the British Academy. This prestigious readership is awarded to Professor Besley for his research project entitled "The Architecture of Government: A Study in Comparative Political Economy" and is granted for the academic period 2002-2004.
Established by Royal Charter in 1902, the British Academy is renowned for its distinctive and accomplished Fellowship, which numbers in the region of 750 members. The current members of the department who are Fellows of the British Academy are Profs Besley, Goodhart, Hardman Moore, Nickell, Robinson, Stern, and Sutton. The Academy aims to ‘represent the interests of scholarship nationally and internationally; to give recognition to excellence; to promote and support advanced research; to further international collaboration and exchange; to promote public understanding of research and scholarship; to publish the results of research.’
Under the auspices of the Research Readership, Professor Besley’s project will bring together work in political economy and normative public economics. The objective of the research is to provide a framework for appraising piece-meal institutional reforms and their impact on economic policy making.
Professor Besley commented "This is an excellent opportunity to spend some time working intensively on a project away from day-to-day distractions."
Further information on the British Academy can be found at the Academy|'s pages.
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May 2002
Welcome to Professor George Mailath, STICERD distinguished visitor
The Department of Economics wishes to welcome Professor George Mailath (University of Pennsylvania) who will be visiting the department as a STICERD distinguished visitor. Professor Mailath will be with us until June 7th and will be based in room S479. If you are interested in speaking with him please contact him on extension 6652.
On Thursday 6th June, Professor Mailath will give a STICERD Economics Theory Seminar entitled 'Imperfect Monitoring and Impermanent Reputations'.
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Academics abroad
Professor Danny Quah| of the Economics Department spoke at a European Commission and Catalan Ministry of Science and Technology Conference in Barcelona on Policies, Institutions, and Citizens in the Knowledge Society, 06 - 07 May 2002.
In his presentation Professor Quah considered how intellectual assets will continue to become increasingly important---not only in science, engineering, and R&D, but also in many endconsumer-directed transactions. He described how intellectual property rights differ from property rights in general, and analysed how policies and institutions over such rights will matter for continued economic growth and prosperity.
More information is available from Danny Quah's pages|.
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Professor John Hardman Moore elected as Foreign Honorary Member of the American Academy of Arts and Sciences
The Department of Economics wishes to congratulate Professor John Hardman Moore| on his election as a Foreign Honorary Member of the American Academy of Arts and Sciences.
Founded in 1780, the Academy is an international learned society with a current membership of 3,700 American Fellows and 600 Foreign Honorary Members. Its membership includes more than 160 Nobel Prize laureates and 50 Pulitzer Prize winners.
Nominated and elected by current members of the Academy, Foreign Honorary Members are 'distinguished experts and intellectuals from outside the United States whose work complements the values of the American Academy'. Professor Hardman Moore is one of 30 eminent scientists, scholars, artists and public leaders to be elected to the class of 2002.
The annual Induction Ceremony for new Fellows and Foreign Honorary Members will take place at the Academy in Cambridge, Massachusetts on October 5th.
Further information can be found at the American Academy of Arts and Sciences|' website.
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Obituary - Professor Lord Peter Bauer, Emeritus Professor of Economics, died on 2nd May aged 86
Professor Lord Peter Bauer, who taught economics at the LSE from 1960 to 1983 and was made a life peer in 1982, died on 2nd May aged 86.
Lord Bauer was recently awarded the first Milton Friedman Prize for Advancing Liberty, in recognition of his pioneering work in the field of development economics. The prize is awarded biennially by the Cato Institute to an individual who has dedicated his life to the advancement of human freedom and was to have been presented to Lord Bauer on May 9th in Washington D.C., with Nobel Laureate Milton Friedman present at the ceremony. The presentation will go ahead but John Blundell, director of the London-based Institute of Economic Affairs will accept the award in lieu of Lord Bauer
Lord Bauer's commitment to challenging orthodox views was remarkably influential and, as a lone voice, he achieved a radical change in policy on development issues. On hearing of the Milton Friedman Prize, Meghnad Desai of the Economics Department said "Peter Bauer was a pioneer of what we now believe is the right policy for developing countries. His economics was based on first hand observation of the circumstances in which people in poor countries lived and managed their economic problems. His study of West African traders and the Malaysian rubber industry are classics. He was a lone but correct voice in telling us to rely on people's initiatives and the market, rather than top down intervention. I think the prize is superbly deserved".
Professor Lord Peter Bauer 6th November 1915 - 02 May 2002
Further information:
Financial Times obituary by Lord Harris of High Cross
The Cato Institute and the Milton Friedman Prize
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February 2002
Centre for Economic Performance:
"Economic Prospects for Central Asia"
Date: Thursday 28 February 2002
Time: 6.00pm
Venue: Old Theatre, Old Building
Speaker: Jean Lemierre
Chair: Professor Lord Layard
The EBRD has vigorously supported the countries of Central Asia and has become one of the most important investors in the region. With the military conflict at their borders, these countries now face the most serious economic challenges since they gained independence a decade ago. Jean Lemierre will review their economic prospects and the challenges they are facing.
Jean Lemierre is president of the European Bank for Reconstruction and Development (EBRD). Before joining the EBRD he was chairman of the European Economic and Financial Committee, director of France's Treasury, and head of the Internal Revenue Service.
Further information from the LSE Public Events| pages.
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December 2001
RAE Results 2001 - Economics Department
The RAE results for 2001 were published on 14 December 2001 with the Department of Economics awarded 5* for its quality of research (5* being the highest grade awarded). The Department is one of only 4 Economics Departments to receive top marks. The LSE has one of the largest economics departments in the UK, and all its staff were submitted. The results therefore show a high standard of excellence in research across the subject area.
The Convenor, Professor Richard Jackman|, commented: "I am delighted the RAE has confirmed LSE's reputation as the best research department in economics in the UK. LSE continues to attract outstanding young economists to the UK, and I am confident that we can maintain our position as one of the world's leading economics departments"
Details of the LSE's overall RAE results can be found at the News and Media| pages. For further information regarding the RAE, please visit their pages|.
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October 2001
STICERD and CASE Seminars
Ethnic Minorities and the Experience of Poverty
Date: Wednesday 24 October 2001
Time: 12.45pm - 2.00pm
Venue: STICERD Conference Room (R505) Lionel Robbins Building
Speaker: Lucinda Platt
Further information at the LSE Public Events| pages.
A Theory of Exclusion: Poverty, discrimination and cultural paradigms
Date: Wednesday 24 October 2001
Time: 4.30pm
Venue: STICERD Conference Room (R505) Lionel Robbins Building
Speaker: Sally Witcher, University of Edinburgh
Further information at the LSE Public Events| pages.
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News Archive
Click on the News Archive| to read the news of previous years.
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