LSE Works: Centre for Economic Performance
Where is Future Growth Going to Come From?
Speaker: Professor John Van Reenen, Director, Centre for Economic Performance, LSE
Overview: Where will the sources of new growth come from in the wake of the financial crisis and recession? What is the role of education, labour markets and government policy in supporting this growth?
The UK economy has been through the worst recession since the 1930s and more pain is set to come as the government’s austerity programme bites. With the economy contracting at the end of last year and Pfizer shutting down its main UK research lab (which created Viagra), the Chancellor is looking for the economic equivalent of Pfizer’s little blue pill to boost the UK economy – a ‘Plan V’.
That is the view of Professor John Van Reenen, director of the Centre for Economic Performance. In a public lecture at the LSE today, he will argue that we need both a Plan B as an alternative to the current austerity drive and a Plan V for long-term growth. Drawing on the latest research, he will show what UK policy-makers need to do to reboot and rebalance growth.
Innovation and management are at the heart of the UK’s longstanding productivity gap with other advanced countries. Although the UK is second only to the United States in science, our commercialisation of new ideas is poor. The UK also has a large number of badly managed firms, dragging down our performance. But as Professor Van Reenen will show, innovation and management quality can be boosted by smart reforms that increase competition and reform taxes.
The government’s current fiscal consolidation plans need a change of direction. But just as important are microeconomic policies, such as immigration rules, which are undermining one of the UK’s engines of future growth – higher education.
Listen to Podcast (mp3) - 40MB, approx 88 minutes long
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John Van Reenen has been professor of economics at LSE and the director of the Centre for Economic Performance, since October 2003.
Jonathan Haskel is a Professor of Economics at Imperial College Business School based in the Healthcare Management and Innovation and Enterprise Group.
LSE Works is a new series of public lectures, sponsored by SAGE publications, that will showcase some of the latest research by LSE's Research Centres. In each
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