LSE CEP LSE
Centre for Economic Performance (CEP)

CEP in the News 2011


The Daily Telegraph
Why does Britain have more children in workless households than anywhere else in Europe? And what family policy should we have?

The graph below (and the data above) is from a brilliant book by Paul Gregg and Jonathan Wadsworth. The upper line shows the proportion of workless individuals. The darker lower line shows the proportion of households that are workless.

This article appeared in the Daily Telegraph on 19 December 2011 link to article

Related publications
The Labour Market in Winter: The State of Working Britain, Paul Gregg and Jonathan Wadsworth (eds), Oxford University Press, January 2011 Details

Related links
Paul Gregg webpage
Jonathan Wadsworth webpage
Labour Markets Programme webpage

The Guardian
The cause of this recession? Economic pundits ignoring history's voice

The Queen, reported the Daily Mail, was wearing a speckled cream suit and matching hat. Her Majesty was at the London School of Economics, listening to a professor, Luis Garicano talk about the credit crunch. "It's awful," she said suddenly. "Why did nobody see it coming?"

This article appeared in the Guardian on 15 December 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage


The Daily Telegraph
Skill shortages 'deter hirers'

A survey by the British Chambers of Commerce reveals that the majority of firms eager to create new jobs are "frustrated" by skills gaps and onerous regulation. A separate study by the LSE has warned that apprenticeship funding is "dysfunctional"

This article appeared in The Daily Telegraph on 14 December 2011 Link to article

Related publications
Apprenticeship Policy in England: Increasing Skills versus Boosting Young People's Job Prospects', Hilary Steedman, CEP Policy Analysis PA013, November 2011.
'Young People Without Qualifications: How 'Headline Numbers' Shape Policy and Aspiration', Hilary Steedman, article in CentrePiece Volume 16, Issue 2, October 2011

Related Links
Hilary Steedman webpage

Business Week
Cameron Can't Cut Britain Adrift From EU

Prime Minister David Cameron's decision to distance Britain from European efforts to save the euro isn't likely to make the U.K. more independent of the bloc. "Politically the U.K. has lost power and credibility, and its isolation weakens its future position almost certainly" said Joan Costa i Font, professor of political economy at the London School of Economics.

This article appeared on Bloomberg Businessweek on 14 December 2011. Link to article

Related Links
Joan Costa-i-Font webpage

Walesbusiness.org
Hearts + minds = more innovation

The research aims to develop a much clearer picture of what business leaders and top management teams can do to develop their organizations and become more innovative. A large-scale research project conducted by McKinsey & the London School of Economics, in 2007, suggested that the top 25% of manufacturers in Europe regularly adopted and implement contemporary management practices and processes.

Related publications
'Management Practice and Productivity: Why They Matter', Nick Bloom, Stephen Dorgan, John Dowdy and John Van Reenen, Summary Report, July 2007

Related links

Nick Bloom webpage
John Van Reenen webpage
Management Practises Project Materials
Productivity and Innovation Programme webpage


Urban Land Institute Europe
Cities: it's size, skills, and regulation (column by Paul Cheshire)

SERC’s Paul Cheshire has a new op-ed piece for Urban Land Institute Europe. ‘Cities: it’s size, skills, and regulation’ looks at the fundamental factors behind cities’ economic and social resilience. Read the piece here

This article appeared on Urban Land Institute Europe on 9 December 2011

Related Links
Paul Cheshire webpage
SERC webpage

New Statesman
Fragmentation or integration

Comment: Econometric studies at the LSE and the University of Bristol appear to demonstrate that hospital based competition has improved clinical quality more rapidly in hospitals that are subject to greater competition. The price of competition
By Carol Propper
Piece in The New Statesman’s supplement titled ‘Competition in a New Society: National Health’ The government’s resolve will have been buoyed by recent research by the LSE and the University of Bristol. These econometric studies appear to demonstrate that the hospitalbased competition introduced by the previous government (the patient choice initiative) improved clinical quality more rapidly in hospitals subject to greater competition. While the validity of this evidence has been contested by other academics, it has been cited by David Cameron to support a more hawkish competition policy

This article appreared in the New Statesmen on 9 December 2011 link to article

Related publications
‘Management in Healthcare: Why Good Practice Really Matters’ Report from McKinsey & Company and the Centre for Economic Performance, October 2010
‘Management practices in the NHS’ CentrePiece 14 (3), Winter 2010 http://cep.lse.ac.uk/CentrePiece/browse.asp?vol=14&issue=3) pages 16-19, by Nick Bloom, Carol Propper, Stephan Seiler and John Van Reenen

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The New Nation
Cycling industry gives UK £3bn boost

Cycling generates nearly £3bn a year for the UK economy, a report by the London School of Economics has found. The figure takes into account factors such as bicycle manufacturing, retail and cycle-related employment....

This article appeared in The New Nation on 5th December 2011 link to article

Related publications
The British Cycling Economy: Gross Cycling Product Report by Alexander Grous, for Sky and British Cycling

Related links
Alexander Grous webpage
Productivity and Innovation Programme webpage


Marketplace
Super committee fails, but US investment still best option

Tim Leunig of the London School of Economics says the U.S. is simply the best of a bad lot. The American economy is growing. It's certainly growing much faster than almost everywhere in Europe. So America has the great advantage that so long as everybody else messes up, it's still the best country you can put your money in.

This article appeared in Marketplace on the 5th December 2011 link to article

Related links
Tim Leunig webpage


Marketplace
Eurozone leaders meet in France

Professor Albrecht Ritschl of the London School of Economics says the Germans face a stark choice.
Albrecht Ritschl:They will indeed have to be the decision between accepting a probably softer eurozone, or thinking seriously about going it alone.

This article appeared in Marketplace on the 5th December 2011 link to article

Related links
Albrecht Ritschl webpage
Macro Programme webpage

Marketplace
Europe weighs greater fiscal consolidation

Of course, if the eurozone turned itself into a real fiscal union with all the member states guaranteeing each other's debt, that would stop the crisis in its tracks. But Tim Leunig of the London School of Economics says that's not going to happen.
Tim Leunig: Germany is not going to want to give huge amounts other people who it sees as feckless. But equally, other people are not going to want to be bossed about by Germany and told what they can and cannot spend their money on. This article was published in Marketplace on Sunday December 4, 2011. Link to article

Link to BBC News, Foreign student visa review call by UK advisory body 4th December 2009

Related Links

Tim Leunig webpage
Globalisation Programme webpage


Marketplace
German bonds auction flop raises alarm

Albrecht Ritschl: Now it turns out that the whole debt burden of southern Europe combined is quite a bit too big to be shouldered by the Germans.

This article appeared in Marketplace on December 3, 2011
Link to article

Related Links
Albrecht Ritschl webpage
Macro Programme webpage

Radio Free Europe
What if the Eurozone collapses?

Many experts believe that if the eurozone were to break apart it would be because richer members leave it rather than continue to try to bail out poorer ones. In fact, there are already some signs that the richer countries -- the so-called "core" or northern countries of the zone -- are already considering that option."They've discussed having a treaty amongst a smaller number of countries that would have a lot more fiscal coordination and a centralized treasury even, perhaps a eurobond at the end of it all, and I think that's the direction in which they are going to move," says Peter Boone, a senior visiting fellow at the London School of Economics.

This article appeared on Radio Free Europe on Friday December 2, 2011
Link to article.

Related links
Peter Boone webpage
Effective Intervention Programme webpage


DCSF.gov.uk
Michael Gove speaks to the Schools Network

Speech given by Michael Gove on December 1, 2011 in Birmingham
A few months ago, academics at the London School of Economics published a landmark assessment of the academies programme. They found three things. First, that 'Academy conversion generates... a significant improvement in pupil performance.' Second, that this improvement is not the result of academies scooping up middle-class pupils from nearby schools: the fact that more middle-class parents want to send their children to their local academy is a consequence of the school's success, not a cause. And thirdly, beyond raising standards for their own pupils, academies also tend to raise pupil performance in neighbouring schools.

This article appeared on the UK Department of Education website on Friday December 2, 2011
Link to article.

Related publications
"Changing School Autonomy: Academy Schools and their Introduction to England Education" Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper No.123, April 2011

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage


La Opinion de Murcia
Los deberes urgentes de Rajoy

"Hace falta urgentemente una reestructuración del sistema financiero que elimine la carga de la deuda inmobiliaria del pasado", sentencia Luis Garicano, profesor de la London School of Economics y miembro del llamado "grupo de los Cien" (economistas vinculados a la Fundación Fedea). ¿Cómo puede plantear el Gobierno de Rajoy esa limpieza? ¿Con qué coste para el erario público, tan escuálido en recursos y tan vigilado por los acreedores (inversores)? Garicano apuesta por la vía de crear un "banco malo".

This article appeared in La Opinion de Murcia on Friday December 2, 2011
Link to article.

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage


City AM
Demand for new laws to defeat unions

Demand for new laws to defeat unions: Prof Alan Manning from the Centre for Economic Performance at the LSE, said: "There are many areas of conflict between the public sector and government. They are unlikely to be resolved very soon."

This article appeared in City AM on December 1, 2011
Link to article.

Related links
Alan Manning webpage
Labour Markets Programme webpage


BBC Radio 2
Jeremy Vine show

Richard Layard was interviewd by Jeremy Vine about his research findings on Happiness and Wellbeing

This show was broadcast on BBC Radio 2 on December 2, 2011
Link to programme.

Related Links
Richard Layard webpage
Wellbeing Programme webpage
Happiness Research webpage

The Independent
Richard Layard: and so begins the strange era of feel-good politics

This is the beginning. We're heading toward a situation where we can make policy based not only on how it will affect our GDP, but on how it will affect the well-being of the people. It is a great thing that the Office for National Statistics is doing this as part of a wider exercise in which a population of 200,000 is being sampled over 12 months. The value lies not just in finding the average happiness of the nation, but in what causes people to be happy or unhappy. That will come out in later surveys.

This article appeared in The Independent on December 2, 2011
Link to article.

Related Publications
Happiness: Lessons from a New Science, Richard Layard. Penguin books, 2005
Details
Measuring Subjective Wellbeing for Public Policy’, Paul Dolan, Richard Layard, and Robert Metcalfe (2011), Office of National Statistics, February.

Related Links
Richard Layard webpage
Wellbeing Programme webpage
Happiness Research webpage

PrintWeek
Family-run firms are Britain's ''weak economic link

Professor John Van Reenen, director of the LSE’s Centre for Economic Performance, told The Telegraph that management quality was "highly linked" to productivity and profits, and that second- and third-generation firms typically had weaker management than peers run by hired hands.

This article appeared in the PrintWeek on December 1, 2011
Link to article

Related Publications

Related publications
Nick Bloom and John Van Reenen (2007) ‘Measuring and Explaining Management Practices across Firms and Countries’, Quarterly Journal of Economics 122(4): 1351-1408

‘Measuring and Explaining Management Practices Across Firms and Countries’, Nick Bloom and John Van Reenen, Centre for Economic Performance Discussion Paper No. 716, March 2006

Related Links
Productivity and Innovation Research Webpage
John Van Reenen webpage


The Daily Telegraph
Family-run firms 'holding back Britain's economy'

LSE academics surveyed 10,000 companies for the Business Department. Family firms should heed LSE's findings: many of our most successful private companies are family-run and they will be justifiably indignant at the London School of Economics' finding that ho hum management in family firms is holding the economy back.

This article appeared in the The Daily Telegraph on December 1, 2011
Link to article

Related Publications

‘Measuring and Explaining Management Practices Across Firms and Countries’, Nick Bloom and John Van Reenen, Centre for Economic Performance Discussion Paper No. 716, March 2006


Related Links
Productivity and Innovation Research Webpage
John Van Reenen webpage
Nick Bloom webpage


The Sydney Morning Herald
British youth locked out of jobs at alarming rate

According to research by the Centre for Economic Performance at the London School of Economics and Political Science, a 1-percentage point reduction in youth unemployment could have saved £2 million ($A3.2 million) in one year, by averting youth crime. On top of that it could have saved the British government £20 million a week in benefits.

This article appeared in the The Sydney Morning Herald on 25 November 2011 link to article

Related publications
‘Youth Unemployment’ Barbara Petrongolo and John Van Reenen, article in CentrePiece Volume 16, Issue 1, June 2011
'Jobs and youth unemployment: It’s bad, but not as bad as it may seem’ Barbara Petrongolo and John Van Reenen, Centre for Economic Performance Election Analysis, April 2010

BBC News
The rich: Exactly what does the terminology mean?

Prof John Van Reenen, director of the Centre for Economic Performance, says you need to be making more than £140000 a year to be among the top 1% of UK earners.

This article appeared on BBC News on 24 November 2011 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Research Economist Vacancy
LSE Spatial Economics Research Centre and Grantham Research Institute on Climate Change and the Environment

Salary: £31998- £38,737 pa. incl.
2 year post

The LSE Spatial Economics Research Centre and the Grantham Research Institute on Climate Change and the Environment seek a research economist to work on joint projects on the carbon footprint of the retail sector and the built environment, the role of land use planning and its interaction with policy and land markets. You will take significant responsibility for research design, day to day research management, identification and collection of relevant data and writing up the results of projects.

You will have a PhD, or a nearly completed PhD, in Economics or other quantitative social science discipline, together with excellent analytical and econometric skills, experience of working with large datasets and knowledge experience/ interest in the area of research. Opportunity will be made for you to coauthor papers and develop your own related research agenda.

Further details on the work of these centres can be found at:
http://www.spatialeconomics.ac.uk/ and http://www2.lse.ac.uk/GranthamInstitute/Home.aspx

To apply for this post please go to www.lse.ac.uk/JobsatLSE and select "Visit the ONLINE RECRUITMENT SYSTEM web page" If you have any queries about applying on the online system, please call 020 7955 6656 or email hr.jobs@lse.ac.uk quoting reference 1219700.
Closing Date: Sunday 18 December 2011

The Economist
Marathon machine

Big gains may arrive as firms find better ways to use new technologies. As a new paper by Tim Leunig and Joachim Voth explains, process innovations may be as valuable as inventions themselves.

This article appeared in The Economist on November 18, 2011
Link to article

Related Publications
Cotton and Cars: the Huge Gains from Process Innovation, Tim Leunig and Joachim Voth. Article in CentrePiece Volume 16, Issue 2, Autumn 2011
‘Spinning Welfare: the Gains from Process Innovation in Cotton and Car Production’, Tim Leunig and Joachim Voth, Centre for Economic Performance Discussion Paper No.1050, May 2011

Related Links
Tim Leunig webpage
Globalisation Programme webpage

Mainichi Daily News
For first time, nations mull Greek exit from euro

…the international financial system that could take decades to mend. Christopher Pissarides, a Nobel Prize-winning economist at the London School of Economics, said the changes in the global financial system over the past few decades mean it would be hard to prevent such a scenario from unfolding. "It could be the biggest bank run in history," he said.

This article appeared in the Mainichi Daily News on November 17, 2011
No working link to article.

Also in
Taiwan Times on November 16, 2011
For first time, nations mull Greek exit from euro

Related Links
Christopher Pissarides webpage
Macro Programme webpage

Periodista Digital
Para qué estudiar si saber más no se paga mejor?

La denuncia es de Luis Garicano, catedrático de Estrategia y Economía de la London School of Economics. En una entrevista publicada esta semana, Garicano pidió al futuro Gobierno... Translation: Is it possible to produce an educational reform that educates citizens and also useful for the economy? Intellectuals warn against the danger that universities will become “enterprises”. In an interview published this week, Luis Garicano urged the government, along with other drastic measures against the economic crisis, to give “absolute priority” to education reform.

This article appeared in Periodista Digital on November 17, 2011
Link to article

Related Links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Financial Times
Gloomy trend that began in the boom

Academics say ministers may be missing the real cause of youth unemployment by focusing on education and training rather than the benefits system. John Van Reenan, a professor at the London School of Economics, suggested it started rising in 2004 in large part because job centres shifted their focus from young people to single mothers and those on incapacity benefit. He found no obvious change in young people’s skills at that time that would have reversed a long-term drop in youth unemployment.

This article appeared in The Financial Times on 17 November 2011 link to article

Related publications
‘Youth Unemployment’ Barbara Petrongolo and John Van Reenen, article in CentrePiece Volume 16, Issue 1, June 2011
'Jobs and youth unemployment: It’s bad, but not as bad as it may seem’ Barbara Petrongolo and John Van Reenen, Centre for Economic Performance Election Analysis, April 2010

Related links
Barbara Petrongolo webpage
John Van Reenen webpage
Labour Markets Programme webpage

The Guardian
Germany's hardline attitude is making the situation in Europe worse

Germany's hardline attitude is making the situation in Europe worse
Economics professor at the LSE, Albrecht Ritschl, comments on Germany's reaction to the worsening euro crisis.

This article appeared in The Guardian on 8 November 2011 link to article

Related links

Albrecht Ritschl webpage
Macro Programme webpage


City AM
Pay may be earned

Research carried out by Brian Bell and John Van Reenen at the LSE has found that the performance of firms could explain between one-quarter and one-half of the rise in the gap between the pay of workers and chief executives.

This article appeared in City AM on 8 November 2011 link to article

Related publications

'Firm Performance and Wages: Evidence from Across the Corporate Hierarchy’, Brian Bell and John Van Reenen, Centre for Economic Performance Discussion Paper No.1088, November 2011

Related links

Brian Bell webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
ESRC Festival of Social Science Event:  ‘Top Pay in the UK’ on Friday 4 November 2011. Event Info and papers


The Lancet
In defence of our research on competition in England's National Health Service

Response from Zack Cooper, Stephen Gibbons, Nicholas Bloom and John Van Reenen et al to the comment published in October edition of the Lancet by Allyson Pollock and colleagues regarding CEP research on impact of competition on hospital management.

This article appeared in The Lancet on 8 November 2011 link to article

Related publications
‘The impact of competition on management quality: evidence from public hospitals’ Bloom N, Propper C, Seiler S and Van Reenan J., Centre for Economic Performance Discussion Paper No.983, May 2010.
‘Does hospital competition save lives? Evidence from the NHS patient choice reforms’ Cooper Z, Gibbons S, Jones S and McGuire A. The Economic Journal, August 2011; 121: F228–260.

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Management in the Healthcare Sector Research webpage

The Financial Times
Study challenges belief on executive pay

The pay of top executives rises when their company does well and falls when their company does badly, according to academic research, which challenges the suspicion that executive pay rises inexorably regardless of corporate performance. The study by Dr Bell and Professor John Van Reenen did not address the question of whether company performance would have been better or worse without incentive-based pay.

This article appeared in the Financial Times on November 4, 2011
Link to article

Related Publications
Firm Performance and Wages: Evidence from Across the Corporate Hierarchy, Brian Bell and John Van Reenen, Centre for Economic Performance Discussion Paper No.1088, November 2011

Related Links
Brian Bell webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
ESRC Festival of Social Science Event: ‘Top Pay in the UK’ on Friday 4 November 2011.
Details

The Guardian
Pay rises faster for executives than workers when companies perform well, study finds

Pay rises faster for executives than workers when companies perform well, study finds. But research from the LSE’s Centre for Economic Performance reveals that for chief executives, ‘pay cuts for failure are not as speedy as pay increases on the upside’.

This article appeared in The Guardian on November 4, 2011
Link to article

Related Publications
Firm Performance and Wages: Evidence from Across the Corporate Hierarchy, Brian Bell and John Van Reenen, Centre for Economic Performance Discussion Paper No.1088, November 2011

Related Links
Brian Bell webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
ESRC Festival of Social Science Event: ‘Top Pay in the UK’ on Friday 4 November 2011.
Details

Wall Street Journal (wsj blog)
Marriage moneyball

Many studies have found that married men earn more than their single peers, but whether they’re actually more productive is harder to answer. To settle the question, researchers looked to baseball. Source: “Productivity, Wages, and Marriage: The Case of Major League Baseball,” Francesca Cornaglia and Naomi E. Feldman, London School of Economics Centre for Economic Performance Working Paper (September).

This article appeared in The Wall Street Journal (wsj blog) on November 3, 2011
Link to article

Related Publications
Productivity, Wages and Marriage: The Case of Major League Baseball, Francesca Cornaglia and Naomi E. Feldman, Centre for Economic Performance Discussion Paper No.1081, September 2011

Related Links
Francesca Cornaglia webpage
Labour Markets webpage

The Times Higher Education
Postgraduate premium shows significant rise

In a discussion paper for the London School of Economics' Centre for Economic Performance, Stephen Machin, the centre's research director, and Joanne Lindley, senior lecturer in economics at the University of Surrey, report that the differential between the average wage earned by UK workers with a postgraduate degree and those with an undergraduate degree rose from 6 per cent in 1996 to 13 per cent in 2009.

This article appeared in The Times Higher Education on November 3, 2011
Link to article

Related Publications
The Boom in Postgraduate Education and its Impact on Wage Inequality, Joanne Lindley and Stephen Machin. Article in CentrePiece Volume 16, Issue 2, Autumn 2011

Related Links
Stephen Machin webpage
Education and Skills Programme webpage

BBC
Radio 2

Chris Pissarides interviewed on developments in Greece and the Eurozone.

This interview broadcast on BBC Radio 2 on November 3, 2011
No link available.

Related Links
Christopher Pissarides webpage
Macro Programme webpage

Marketplace (American Public Media)
Pigs do fly

Tim Leunig of the London School of Economics quoted as saying: “There's absolutely no blueprint. In fact, it's agreed that it will never happen. But sometimes things that will never happen, do happen.”

This article appeared in Marketplace (American Public Media) on November 3, 2011
Link to article

Related Links
Tim Leunig webpage
Globalisation Programme webpage

Daily Mail
Euro teetering on the edge as Greek government descends into chaos over rescue package vote

Greek-Cypriot Nobel economics laureate Professor Christopher Pissarides, of the London School of Economics, said: ‘Before 1974, when politicians were arguing and fighting, the military came in and said, “Come on now, let’s stop, there’s military rule until you sort it out”.

This article appeared in the Daily Mail on November 2, 2011
Link to article

Also in
This is Money Link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

The Guardian
In praise of...wellbeing surveys

As well as measuring inflation and milk output and (yesterday's indicator du jour) gross domestic product, the Office for National Statistics now wants to gauge Britons' wellbeing. Credit David Cameron and his talk of increasing general wellbeing; credit the greens for arguing that there must be more to running an economy than simply producing ever more stuff – or blame the financial crisis for proving yet again that not all economic activity is worthwhile. Whoever kicked it, the ball is certainly moving.Post a comment: What does Richard Layard think?

This article appeared in The Guardian on November 1, 2011
Link to article

Related Publications
'Measuring Subjective Wellbeing for Public Policy: Recommendations on Measures', Paul Dolan, Richard Layard and Robert Metcalfe, Centre for Economic Performance Special Paper No.23, March 2011
Happiness: Lessons from a New Science, Richard Layard. Penguin books, 2005
Details

Related Links
Richard Layard webpage
Wellbeing Programme webpage

Channel 4 News
Are you happy? The government wants to know

The questions are the latest part of a programme that was kick started last year by David Cameron, in an attempt to discover whether wellbeing in society can be judged by non-economic standards.

This article appeared on the Channel 4 News website on November 1, 2011
Link to article

Related Publications
'Measuring Subjective Wellbeing for Public Policy: Recommendations on Measures', Paul Dolan, Richard Layard and Robert Metcalfe, Centre for Economic Performance Special Paper No.23, March 2011

Related Links
Richard Layard webpage
Wellbeing Programme webpage

Channel 4 News
Government job figures 'over-optimistic'

Nick Clegg's announcement that 37,000 new jobs will be created by using £1bn from the regional growth fund may be over-optimistic, a leading economist tells Channel 4 News. Professor Henry Overman, from the London School of Economics, said the government's figures suggested each new job would cost just £4,700, which seemed low.

This article appeared on Channel 4 News online on October 31, 2011
Link to article

Related Links
Henry Overman webpage
SERC website
Globalisation Programme webpage

Die Welt
Arbeitsmarkt: Der britische Mindestlohn – Vorbild für Deutschland?

The British minimum wage – a model for Germany?
Konsens, dass der Mindestlohn keine negativen Effekte auf die Beschäftigungszahlen hatte, sagt Alan Manning, Arbeitsmarktexperte an der renommierten London School of Economics (LSE). Das hänge selbstverständlich...
Translation: 'All the doomsday predictions turned out to be unnecessary. “There’s been many years a political and scientific consensus that the minimum age had no megative effects ofn employment levels,” says Alan Manning, labor expert at the prestigious London School of Economics.'

This article appeared in Die Welt on October 31, 2011
Link to article

Related Publications
Big ideas: The UK’s National Minimum Wage, Alan Manning. Article in CentrePiece Volume 14, Issue 2, Autumn 2009
‘The Contribution of the Minimum Wage to U.S. Wage Inequality over Three Decades: A Reassessment’, David H. Autor, Alan Manning and Christopher L. Smith, Centre for Economic Performance Discussion Paper No.1025, November 2010

Related Links
Alan Manning webpage
Labour Markets Programme webpage

Wall Street Journal - 'Week in Ideas' blog
Criminology: home field disadvantage

As police keep order at London soccer matches, property crime in the same borough rises, new research finds, suggesting that criminals take advantage of the distraction. The study looked at fan attendance at games by nine London teams, from 1994 to 1997, plus hourly crime statistics over the same period, in the city's 32 boroughs. For every 10,000 fans above the average attendance of an away match, property crime in a borough fell 3%, suggesting some criminals left the borough to watch the game. But property crime rose 4% for every 10,000 extra people attending a home game.

This article appeared in Wall Street Journal 'Week in Ideas' blog link to article

Related publications
'Football Matches: the Effect on Crime' Olivier Marie. Article in CentrePiece Volume 16, Issue 2, Autumn 2011.
"Police and Thieves in the Stadium: Measuring the (Multiple) Effects of Football Matches on Crime," Olivier Marie, London School of Economics Centre for Economic Performance Discussion Paper No.1012, October 2010.

Related links
Olivier Marie webpage
Education and Skills Programme webpage

Bloomberg
Spanish Unemployment Rises to Highest in 15 Years, Undermining Recovery

Spain's Best Option Is to Create a `Bad Bank' Luis Garicano a professor at the London School of Economics, discusses Spain's economy and banking industry. He talks with Francine Lacqua on Bloomberg Television's "Countdown."

This article appeared on Bloomberg on 28 October 2011 link to article
See accompanying video link

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Cinco Dias
'El Gobierno debe subvencionar el empleo'

Pissarides developed his research on employment and growth in the London School of Economics. He received the Nobel Prize in economics last year for his research on the frictions in the functioning of markets. (translation)

This article appeared in Cinco Dias on 28 October 2011 link to article

Related links
Christopher Pissarides webpage
Christopher Pissarides CEP publications webpage
Macro Programme webpage

VoxEU.org
Political scandal and the value of connections: Insights from Britain and the US

This updated column, first published in October 2010, takes on new resonance following recent scandals in the UK surrounding allegations that lobby groups may have gained undue influence among senior politicians. The column investigates how much former US government officials cash in on their political connections when working as lobbyists. It finds that once the politician for whom they worked leaves office, lobbyists’ revenue falls 20% – suggesting that lobbyists are paid more for who they know than what they know.

This article appeared on VoxEU.org on 28 october 2011 link to article

Related publications
‘In brief: ‘Revolving door’ lobbyists’ Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, CentrePiece Vol 15, Issue 2, Autumn 2010
This article summarises 'Revolving Door Lobbyists' by Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, Centre for Economic Performance Discussion Paper No. 993, August 2010

Related links
Jordi Blanes I Vidal webpage
Mirko Draca webpage
Christian Fons-Rosen webpage
Productivity and Innovation Programme webpage

BBC ‘Newsnight'
Linda Yueh Interview

Linda Yueh interviewed, speaking on the Euro Zone seeking to be rescued by China.

This interview was broadcast on BBC ‘Newsnight' on 28 October 2011 link to interview

Related links
Linda Yueh webpage
Globalisation Programme webpage

ISC Daily News Summary
University students increasingly seeking second degrees to compete for top jobs

One degree is no longer enough to secure the best-paid jobs, according to research. Growing numbers of university students are staying on after their bachelors’ degrees to complete postgraduate masters and doctorate courses, said the study by the Centre for Economic Performance at the London School of Economics. Employers are increasingly seeking more highly qualified staff and typically pay workers with postgraduate courses 13 per cent more than those with first degrees only. Workers with degrees have traditionally been paid better than those without, but the research from Prof Stephen Machin of University College London and Joanne Lindley from the University of Surrey found a significant gap opening between employees with one degree and those with higher qualifications.

This article appeared in ISC Daily News Summary on 25 October 2011 link to article

Related publications

‘The Boom in Postgraduate Education and its impact on Wage Inequality’, Joanne Lindley and Stephen Machin. Article in CentrePiece Volume 16, Issue 2, Autumn 2011

Related links

Stephen Machin webpage
Centre for the Economics of Education website
Education and Skills Programme webpage



Health Policy Forum (Altarum Institute)
Our (limited) policy toolbox for slowing health care spending growth

In my last post, I examined the causes of health care spending growth and discussed the factors that underlie the variation in spending both overtime and across countries. In this post, I want to focus on the broad strategies available to slow the growth in health care spending. The goal of this post is not to advocate for one policy tool or another. Rather, it is to say what options are available to policymakers facing firm fiscal realities.

This column appeared on Health Policy Forum on 26 October 2011 link to article

Related Publications
‘In brief: Competition in the public sector: good for the goose, good for the gander?’ Zack Cooper. Article in CentrePiece, Volume 16 Issue 1, Summer 2011
‘The NHS White Paper: Evolution or Revolution’ Zack Cooper. Article in CentrePiece, Volume 15, Issue 2, Autumn 2010
‘Health: Higher Spending has Improved Quality but Productivity Must Increase’ Zack Cooper and Alistair McGuire, Centre for Economic Performance Election Analysis, May 2010

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
See summaries of key CEP research on NHS Policy download


Politics.co.uk
Lobbyists reap huge financial rewards for top political access

The Centre for Economic Policy (CEP) [sic] has researched the connections between lobbyists and politicians in the US and found that the most 'politically connected' lobbyists, those with the closest relationships to senators, suffered a 24% fall in revenues when 'their' senator left office. "You can use this figure as a benchmark value for being connected to a serving UK Cabinet minister", said study co-author, Mirko Draca.

This article appeared in the Politics.co.uk link to article

Related publications
‘In brief: ‘Revolving door’ lobbyists’ Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, CentrePiece Vol 15, Issue 2, Autumn 2010
This article summarises 'Revolving Door Lobbyists' by Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, Centre for Economic Performance Discussion Paper No. 993, August 2010.

Related links
Jordi Blanes I Vidal webpage
Mirko Draca webpage
Christian Fons-Rosen webpage
Productivity and Innovation Programme webpage

Evidence on NHS competition
Response to Allyson Pollock et al.

Recent evidence from the LSE has been widely cited as showing positive effects from choice and competition between hospitals in the NHS. A recent Lancet piece was highly critical of the LSE research (and a number of other papers that used a similar approach).

Read the authors response to these criticisms here

Regional Studies Prize for Henry Overman
For joint paper: 'Economic linkages across space'

SERC Director Henry Overman has been awarded the Best Paper in Regional Studies prize for 2011, for his paper 'Economic linkages across space', written with SERC colleagues Patricia Rice and Anthony J. Venables.

Download paper here

More information on the 2011 awards can be found on the Regional Studies Association website

ESRC
NHS Reform Bill: what the research says

Research from the Centre for Economic Performance (CEP) shows that competition, improved management and pay regulation are factors influencing the overall delivery of health services. The contentious issue of competition has been examined in the Working Paper ‘Does Hospital Competition Save Lives? Evidence from the English NHS’

This article appeared on the ESRC website on 11 October 2011 link to article

Related publications
‘Does Hospital Competition Save Lives? Evidence from the English NHS’ Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, LSE Health Working Paper 16/2010, January 2010

New research from SERC
Income inequality, decentralisation and regional development in Western Europe

Vassilis Tselios, Andrés Rodríguez-Pose, Andy Pike, John Tomaney and Gianpiero Torrisi
WP 2011/16

This paper deals with the relationship between decentralisation, regional economic development, and income inequality within regions. Using multiplicative interaction models and regionally aggregated microeconomic data for more than 100,000 individuals in the European Union (EU), it addresses two main questions. First, whether fiscal and political decentralisation in Western Europe has an effect on within regional interpersonal inequality. Second, whether this potential relationship is mediated by the level of economic development of the region. The results of the analysis show that greater fiscal decentralisation is associated with lower interpersonal income inequality, but as regional income rises, further decentralisation is connected to a lower decrease in inequality. This finding is robust to the measurement and definition of income inequality, as well as to the weighting of the spatial units by their population size. Link to article

New research from SERC
Spatial Frictions

Kristian Behrens, Giordano Mion, Yasusada Murata and Jens Südekum
CEPR DP8572

The world is replete with spatial frictions. Shipping goods across cities entails trade frictions. Commuting within cities causes urban frictions. How important are these frictions in shaping the spatial economy? We develop and quantify a novel framework to address this question at three different levels: Do spatial frictions matter for the city-size distribution? Do they affect individual city sizes? Do they contribute to the productivity advantage of large cities and the nature of competition in cities? The short answers are: no, yes, and it depends. Link to article

New research from SERC
Everybody needs good Neighbours? Evidence from students' outcomes in England

Stephen Gibbons, Olmo Silva, Felix Weinhardt
IZA DP No. 5980


We estimate the effect of neighbours’ characteristics and prior achievements on teenage students’ educational and behavioural outcomes using census data on several cohorts of secondary school students in England. Our research design is based on changes in neighbourhood composition caused explicitly by residential migration amongst students in our dataset. The longitudinal nature and detail of the data allows us to control for student unobserved characteristics, neighbourhood fixed effects and time trends, school-by-cohort fixed effects, as well as students’ observable attributes and prior attainments. The institutional setting also allows us to distinguish between neighbours who attend the same or different schools, and thus examine interactions between school and neighbourhood peers. Overall, our results provide evidence that peers in the neighbourhood have no effect on test scores, but have a small effect on behavioural outcomes, such as attitudes towards schooling and anti-social behaviour. Link to paper

The Economist
Honey, we shrunk the hospitals

A survey by the LSE, McKinsey and American health academics has found that larger hospitals enjoy superior outcomes in key areas and tended to be better managed.

This article appeared in The Economist on October 1, 2011
Link to article

Related Publications
Management in Healthcare: Why Good Practice Really Matters, Stephen Dorgan, Dennis Layton, Nicholas Bloom, Rebecca Homkes, Raffaella Sadun and John Van Reenen. Joint McKinsey & Co, CEP and LSE Report
‘The Impact of Competition on Management Quality: Evidence from Public Hospitals’, Nicholas Bloom, Carol Propper, Stephan Seiler and John Van Reenen, Centre for Economic Performance Discussion Paper No. 983, May 2010

Related Links
Nicholas Bloom webpage
Rebecca Homkes webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

LSE online
A safer way to save the eurozone proposed by European economists

A system of 'European Safe Bonds' run by a continent-wide debt agency could save the eurozone without the need for fiscal union argue two leading analysts from the London School of Economics and Political Science. Professors Luis Garicano and Dimitri Vayanos are among a group of academics from the Euro-nomics group who have today set out their proposal for the bonds which would be stable enough to survive even a debt default by one or more European countries.

This article appeared on LSE online on September 30, 2011
Link to article

Related Links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Euromoney
China won't bail out Greece

“[As opposed to supporting Greek investment], supporting multinational investment helps China to develop global firms as well as diversity their capital outflow, predominantly away from government debt such as US Treasuries”, says Linda Yueh, a fellow of economics at the University of Oxford.

This article appeared in Euromoney on September 30, 2011
Link to article

Related Links
Linda Yueh webpage
Globalisation Programme webpage

Times Higher Education
The Scholarly Web

Article highlights Alan Manning's post on the Impact of Social Sciences blog, which says that letters from groups of academics are 'rarely productive'.

This article appeared in the Times Higher Education on September 29, 2011
Link to article

Related Links
Alan Manning webpage
Labour Markets Programme webpage

A safer way to save the eurozone
Proposal by CEP Researcher Luis Garicano to save the Euro

A system of 'European Safe Bonds' run by a continent-wide debt agency could save the eurozone without the need for fiscal union argue two leading analysts from the London School of Economics and Political Science.

Professors Luis Garicano and Dimitri Vayanos are among a group of academics from the Euro-nomics group who have today set out their proposal for the bonds which would be stable enough to survive even a debt default by one or more European countries.

The group's open letter is published in today's (28 September 2011) Wall Street Journal and in El Pais in Spain.

Read more about the proposal on the LSE website

Full text of the letter and more details at the Euro-nomics site

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage


Grantham Research Institute - SERC Seminar
How Will European Cities Adapt to Climate Change?

Matthew E Khan
Institute of the Environment, the Department of Economics, and the Department of Public Policy, UCLA

Tuesday 20th September, 14.00-16.00 in S421, St Clements Building

Abstract
As world greenhouse gas emissions continue to rise, we have strong individual and collective incentives to adapt to the "known unknown" challenges that climate change will pose. Given free mobility of labor and capital within the European Union, urban economics offers some predictions concerning how the new risks and opportunities posed by climate change will affect the spatial distribution of economic activity within Europe. This talk will sketch a research agenda focused on the microeconomics of climate change adaptation with a special focus on the choices of optimizing households, firms and local governments.

Biography
Matthew E. Kahn is a Professor of Economics at UCLA. He holds a General Course degree from the LSE ('87) and a Ph.D. in Economics from the University of Chicago. He is the author of Green Cities: Urban Growth and the Environment (2006) and Climatopolis: How Our Cities Will Thrive in the Hotter Future (2010).

The Observer
Crime victims 'are being let down by the justice system'

Findings by charity Victim Support show that thousands of crime victims are let down by the justice system. The LSE has said that planned cuts to police numbers will cause a 6pc rise in crime.

This article appeared in The Observer on 11 September link to article

Related publications
‘Panic on the Streets of London: Police, Crime and the July 2005 Terror Attacks’ by Mirko Draca, Stephen Machin and Robert Witt American Economic Review, 101, August 2011, pp.2157-2181 link to article
‘Panic on the Streets of London: Police, Crime and the July 2005 Terror Attacks’, Mirko Draca, Steve Machin nd Robert Witt, Centre for Economic Performance Discussion Paper No.852, February 2008 link to article
‘Panic on the Streets of London’, in CentrePiece, Volume 11, Issue, 2, Autumn 2006 link to article

Related links
Mirko Draca webpage
Stephen Machin webpage
Labour Markets Programme webpage

The Economist
Lending a hand

In response to the economic downturn, Britain also took steps to keep younger people from spending long periods on the dole. The then Labour government set up the Young Person’s Guarantee, offering everyone aged 24 or under who had been out of work for six months a guaranteed job or a place in training, backed by a £1 billion fund. Those in work got paid, supposedly enough to make it feel like a “real” job; those in training received extra money on top of their benefits. Over its life the scheme supported around 100,000 young people. Paul Gregg and Richard Layard the two economists who devised it, believe that government should act as an “employer of last resort”, not just for the young but for anyone who is unemployed for a long period.

This article appeared in the Economicst on 10 September 2011 link to article

Related publication
‘A Job Guarantee’ Paul Gregg and Richard Layard, March 2009

Related links
Paul Gregg webpage
Labour Markets Programme webpage
Richard Layard webpage

The Financial Times
Debate over top tax rate is wider than footballers

Sir, My eminent fellow professors Alan Manning and Andrew Oswald (Letters, September 8) claim there is no evidence for the effects of high marginal tax rates on the economy. Prof Manning cites a study of footballers on their mobility and also argues that because wages are so much higher for the top 1 per cent the top tax rate does not matter; but of course whatever the level of wages changing the top tax rate produces an important change in net wages and the argument is a lot wider than mobility and footballers.

This article appeared in The Financial Times on 10 September 2011 link to article

Related links
Alan Manning webpage
Labour Markets Programme webpage
Alan Manning CEP publications webpage

The Economist
The jobless young: Left behind

Young people are hit particularly hard by the economic and emotional effects of unemployment, says Jonathan Wadsworth, a labour economist at the LSE.

This article appeared in The Economist on 10 September 2011 link to article

Related publications
‘The Role of Workers Flows in the Dynamics and Distribution of UK Unemployment’ Michael W L Elsby, Jennifer C Smith and Jonathan Wadsworth, Centre for Economic Performance Discussion paper No.1058, July 2011


Related links
Jonathan Wadsworth webpage
Labour Markets Programme webpage

MercadoContinuo
El FMI cree que puede haber una recesión inminente

"Europa vive una encrucijada histórica. Hemos llegado al límite de lo que se podía hacer sin cambios sustanciales. Mientras, llegan muy malas noticias de Grecia e Italia, que parece un país sin rumbo", asegura Luis Garicano, de la London School of Economics.

This article appeared in MercadoContinuo on 6 September 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Bloomberg Businessweek
Economies prove voters aren't careful on what's wished for

“The markets are pretty uncertain because they don’t know what’s going to happen with the fiscal situation,” said Nicholas Bloom, an associate professor at Stanford University in California who studies the effect uncertainty has on economies. “The solutions being offered by the Republicans and the Democrats are really pretty different and political power is so evenly balanced. A small thing could flip it either way.”

This article appeared in Bloomberg Businessweek on 6 September 2011 link to article

Related publications
‘In brief: The recession will be over sooner than you think’ in CentrePiece 13(3) Winter 2008/9, Nick Bloom and Max Floetotto
‘Uncertainty and the Dynamics of R&D’ Nicholas Bloom, Centre for Economic Performance Discussion Paper No.792, May 2007
‘Uncertainty and Investment Dynamics’ Nicholas Bloom, Stephen Bond and John Van Reenen, Centre for Economic Performance Discussion Paper No.739, August 2006
‘The Impact of Uncertainty Shocks: Firm Level Estimation and a 9/11 Simulation’ Nicholas Bloom, Centre for Economic Performance Discussion Paper No.718, March 2006

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Sky News
Jeff Randall Live

Christopher Pissarides comments on tax avoidance in the Greek economy.

This interview was broadcast on Sky News on 5 September 2011 (no link avaliable)

Related links
Christopher Pissarides webpage
Macro Programme webpage

LaPatilla.com
Contexto internacional del lunes 05 de septiembre de 2011

Europa vive una encrucijada histórica. Hemos llegado al límite de lo que se podía hacer sin cambios sustanciales. Mientras, llegan muy malas noticias de Grecia e Italia, que parece un país sin rumbo”, asegura Luis Garicano de la London School of Economics.

This article appeared in LaPatilla.com 5 September 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Sound Money
Head of IMF says governments need to spend

TIM LEUNIG: The American job numbers, for example, were terrible. Absolutely terrible. So there is good evidence things are going wrong. Unemployment will go up. More people will lose their homes. That really isn't what we want.

This article appeared on Sound Money on 5 September 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

El Pais
El FMI ve riesgo de otra recesión global

"Europa vive una encrucijada histórica. Hemos llegado al límite de lo que se podía hacer sin cambios sustanciales. Mientras, llegan muy malas noticias de Grecia e Italia, que parece un país sin rumbo", asegura Luis Garicano de la London School of Economics.

This article appeared on El Pais on 5 September 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Birmingham Press
Birmingham's Mayor gets on her bike

Almost a quarter of the UK population are now cyclists, according to a new report from the London School of Economics (LSE), which quantifies for the first time the full economic success story of the UK’s cycling sector.

This article appeared in The Birmingham Press on 4 September 2011 link to article

Related publications
The British Cycling Economy: ‘Gross Cycling Product Report’, by Alexander Grous, for Sky and British Cycling link to article

Related links
Alexander Grous webpage
Productivity and Innovation Programme webpage

imgriff.com
Glück: Action for Happiness

Lord Richard Layard will für mehr Glück kämpfen. Der Ökonomieprofessor der London School of Economics hat im Internet die Action for Happiness-Bewegung ins Leben gerufen.

This article appeared in imgriff.com on 1 September 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books link

Related Links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

Financial Times
Education: Lesson in progress

The last Labour government set up 203 academies, most of them failing schools that were closed down and reopened. They had fewer regulatory requirements than conventional schools. They are not required to follow national pay scales for teachers and have greater latitude over the curriculum. Crucially, alongside the extra freedoms, Labour also gave most of them new leadership as part of a push to turn them round. The improvements overall were remarkable. A paper published in April by Stephen Machin and James Vernoit both at the London School of Economics, reported “significant improvement in pupil performance”

This article appeared in the Finanical Times on 1 September 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’, Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011 link to article

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

Korea Herald
[Simon Johnson] Behind euro, a crisis unfolds in slow motion

The loss of liquidity for both banks and governments is just a symptom of an underlying malaise. Too much moral hazard crept into the European financial system and the run-up in debts was unsustainable. As I argued in a recent Peterson Institute for International Economics policy paper, written with Peter Boone a visiting fellow at the London School of Economics Europe must choose between restructuring debts in a systematic fashion or issuing a great deal of money, increasing the moral hazard and possibly creating significant inflation.

This article appeared in the Korea Herald on 29 August 2011 link to article

Related links
Peter Boone webpage
Effective Intervention Programme webpage

The Observer
We have nothing to fear except fear itself… and nothing to be sure of except uncertainty

One expert says we have another six weeks to go before the current panic abates. By then, anxiety will have done its work. But the collective panic attack that began sweeping through global exchanges in July is far from over. Nick Bloom of Stanford University in California calls these periodic market convulsions "uncertainty shocks". He's studied 16 of them – from the Cuban missile crisis, when the US and Russia were locked in nuclear standoff, to the near-collapse of the hedge fund Long-Term Capital Management in 1998, when a couple of Nobel prize winners with a whizzy computer model almost brought the world financial system down around their ears.

This article appeared in the Observer on 28 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Left foot forward
How likely is 10% unemployment?

As Paul Gregg and Jonathan Wadsworth highlighted in their review of the UK Labour market, the employment effects of the recession were dampened by the direct “non-orthodox” interventions by Labour in such policies as the Future Jobs Fund (Graph 1 shows the employment index through the last three recessions). As a result, at this point in the cycle, employment is 5.3 percentage points higher than under Conservative labour market policies.

This article appeared in Left foot forward on 23 August 2011 link to article

Related publications
The Labour Market Under New Labour: The State of Working Britain II, Edited by Richard Dickens, Paul Gregg and Jonathan Wadsworth, Palgrave McMillan, 2003, 314 pages link to publication

Related links
Paul Gregg webpage
Jonathan Wadsworth webpage
Labour Markets Programme webpage

The Guardian
Cycling worth £3bn a year for UK, report reveals

Cycling generates nearly £3bn a year for the UK economy, according to a report from the London School of Economics. The figure includes £51m in revenue for British manufacturers from the 3.7m cycles sold in 2010 – a rise of 28% on 2009. Dr Alexander Grous, of the LSE, who conducted the research, said: "The good news is that structural, economic, social and health factors seem finally to have created a true step-change in the UK's cycling scene."

This article appeared in The Guardian on August 21, 2011
Link to article

Related Publications
The British Cycling Economy:‘Gross Cycling Product Report’, by Alexander Grous, for Sky and British Cycling, August 2011

Related Links
Alexander Grous webpage
Productivity and Innovation Programme webpage

Also in:
The Times
Million more Britons get on their bikes
Metro
Cyclists keep wheels of industry turning with £2.9bn injection
The Sunday Times
On your bike, Britons, and pick the green and healthy route into work
The Independent
Cycling workers take fewer sick days a year
The Sun (23 August)
I love bikes

LaBolsa.com Noticias
Economía.- Garicano cree que Alemania comienza a valorar la posibilidad de emitir eurobonos

El catedrático de Economía y Estrategia de la London School of Economics, Luis Garicano ha afirmado que en los últimos días se ha experimentado un "cambio enorme" en la postura de Alemania ante la posible...

This article appeared in LaBolsa.com on 16 August 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Little basis to claims of rise in crime and moral failure
Financial Times

LSE academic Tim Leunig says there is no evidence that marriage tax breaks such as those being suggested by the Tory right, would encourage people to marry.

This article appeared in Financial Times on 16 August 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

Globe and Mail (Canada)
Why do British youth have time to riot?

But in a 2008 working paper, Stephen Nickell and Jumana Saleheen argue that immigration matters in some labour markets. Looking at 25 occupations in 11 regions of Britain over a 15-year period, they concluded that immigration depressed wages in lower-skill occupations. In the semi/unskilled services sector, for example, a 10-percentage-point rise in the proportion of immigrants was associated with a 5-per-cent reduction in pay. A more recent analysis by Jonathan Wadsworth reaches the same conclusion – immigration has had a small, negative effect on earnings and employment in low-skill jobs. Since Britain is part of the European Union, it is committed to allowing free movement of workers. The question is how any negative effects of immigration can be mitigated.

This article appeared in Globe and Mail (Canada) on 12 August link to article

Related publications
‘Immigration in the UK’ Stephen Nickell and Jumana Saleheen, Chapter 6 in The Labour Market in Winter: The State of Working Britain, Paul Gregg and Jonathan Wadsworth (editors), Oxford University Press, 2011
‘The Impact of Immigration on Occupational Wages: Evidence from Britain’ Stephen Nickell and Jumana Saleheen, Federal Reserve Bank of Boston Working Paper No.08-6, October 2008

Related links
Stephen Nickell webpage
Labour Markets Programme webpage
Stephen Nickell CEP publications webpage

Kuensel, Buhutan's National Newspaper
More objectivity required

... and Lord Richard Layard a British economist, discuss the historical and philosophical underpinnings of the role of happiness in the world. ...

This article appeared in Kuensel, Buhutan's National Newspaper on 12 August 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books link

Related Links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

Investors Chronicle
Nearly rational markets

Research by Klaus Adam of Mannheim University and Albert Marcet at the London School of Economics shows that even a small degree of irrationality by investors can produce volatility on stock markets.

This article appeared in the Investors Chronicle on 12 August 2011 (no link avaliable).

Related publications
‘Booms and Busts in Asset Prices’, Klaus Adam and Albert Marcet, Centre for Economic Performance Discussion Paper No.1059, July 2011 link to article
‘House Price Booms and the Current Account’, Klaus Adam, Pei Kuang and Albert Marcet, Centre for Economic Performance discussioin Paper No.1064, July 2011 link to article

Related links
Albert Marcet webpage
Macro Programme webpage

Irish Times
Only confidence evident in markets is that things will definitely get worse

According to Stanford economics professor Nicholas Bloom, a US recession is almost unavoidable. He studied 16 previous “uncertainty shocks” (events like the Cuban missile crisis and the 9/11 attacks) and concluded that “large short-run recessions” invariably result. “When people are uncertain about the future, they wait and do nothing,” Bloom cautioned.

This article appeared in the Irish Times on August 12, 2011
Link to article

Related Publications
In brief: The recession will be over sooner than you think, in CentrePiece 13(3) Winter 2008/9, Nick Bloom and Max Floetotto
‘Uncertainty and the Dynamics of R&D’, Nicholas Bloom, Centre for Economic Performance Discussion Paper No.792, May 2007
‘Uncertainty and Investment Dynamics’, Nicholas Bloom, Stephen Bond and John Van Reenen, Centre for Economic Performance Discussion Paper No.739, August 2006
‘The Impact of Uncertainty Shocks: Firm Level Estimation and a 9/11 Simulation’, Nicholas Bloom, Centre for Economic Performance Discussion Paper No.718, March 2006

Related Links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Southwest Florida Herald Tribune
Investors fret at costs if rescues are needed

In a widely circulated research paper published last month by the Peterson Institute for International Economics in Washington on the debt burden of Europe’s 90 biggest banks, the authors, Peter Boone and Simon Johnson, suggest that the euro zone’s banking crisis was more than a short-term liquidity problem — that it might, in the worst case, require some banks to be bailed out by their governments, adding to the governments’ own debt woes.

This article appeared in Southwest Florida Herald Tribune on 11 August 2011 link to article

Related links
Peter Boone webpage
Effective Intervention Programme webpage

SanCarlosPatch.com
Stock market roller coaster: what does it mean for San Carlos?

"It’s a bad sign for local government,” said Nick Bloom associate professor of economics at Stanford University. “This is now the second uncertainty shock and we only had one year of normal growth. Generally it’s going to make it harder to raise taxes and revenue which means more cutting, and a lot of these small cities have already made major cuts.”

This article appeared on SanCarlosPatch.com on 11 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

The Guardian
UK riots: political classes see what they want to see

At a conference on Wednesday on wellbeing, in the Himalayan kingdom of Bhutan, Lord Richard Layard opined that the British rioters were "unhappy". In case you didn't know, Layard is the author of a book called Happiness (a new edition is just out).

This article appeared in the Guardian on 10 August 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books details

Related Links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

Stanford News
Stanford economist predicts ‘large, short-run recession'

"Nobody knows what is going to happen next," says Nicholas Bloom. One thing is sure: "When people are uncertain about the future they wait and do nothing" – and that will lead to recession.

This article appeared in Stanford News on 10 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

The Economist
American idiocracy

After studying 10,000 firms in 20 countries, Nicholas Bloom of Stanford University and three other academics concluded that American firms are the world’s best managed, with German, Japanese and Swedish firms a short way behind and Chinese and Indian ones trailing badly.

This article appeared in The Economist on 10 August 2011 link to article

Related publications
Bloom, Nicholas and John Van Reenen. 2007. "Measuring and Explaining Management Practices across Firms and Countries" Quarterly Journal of Economics, 72(4), pp. 351
Centre for Economic Performance Discussion Paper No.1042, January 2011 link
Bloom, Nicholas, Christos Genakos, Raffaella Sadun and John Van Reenen "What Drives Good Management around the World?" CentrePiece Volume 12, Issue 2, Autumn 2007, pp. 12-17
Bloom, Nick; Stephen Dorgan; John Dowdy and John Van Reenen.2007 "Management Practice and Productivity: Why They Matter" In. London: London School of Economics

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage
Management Practice and Organisational Structure webpage

Wall Street Pit.com
A fresh surge in uncertainty

The potentially explosive combination of Eurozone debt contagion, vulnerable banking systems, and European and American political paralysis has pushed stock-market volatility to levels nearly as bad as the days following the 11 September 2001 terrorist attacks. Nobody knows what happens next. This column reviews research on 16 previous shocks and concludes that today’s uncertainty shock will create a short, sharp contraction in late 2011 of about 1% with a rebound coming in spring 2012.

This article appeared in 9 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Investment News
History in the making: when will the meltdown end?

The potentially explosive combination of Eurozone debt contagion, vulnerable banking systems, and European and American political paralysis has pushed stock-market volatility to levels nearly as bad as the days following the 11 September 2001 terrorist attacks. Nobody knows what happens next. This column reviews research on 16 previous shocks and concludes that today’s uncertainty shock will create a short, sharp contraction in late 2011 of about 1% with a rebound coming in spring 2012.

This article appeared in 9 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

VOX
The uncertainty shock from the debt disaster will cause a double-dip recession

The potentially explosive combination of Eurozone debt contagion, vulnerable banking systems, and European and American political paralysis has pushed stock-market volatility to levels nearly as bad as the days following the 11 September 2001 terrorist attacks. Nobody knows what happens next. This column reviews research on 16 previous shocks and concludes that today’s uncertainty shock will create a short, sharp contraction in late 2011 of about 1% with a rebound coming in spring 2012.

This article appeared in 9 August 2011 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Daily Telegraph
Markets turmoil and US downgrade: global reaction

Simon Johnson and Peter Boone included in roundup of reactions from analysts and commentators from around the world to threat of a global economic crisis.

This article appeared in the Daily Telegraph on 8 August 2011 link to article

Related links
Peter Boone webpage
Effective Intervention Programme webpage

ITV1 ''Daybreak''
Linda Yueh Interview

Linda Yueh interviewed, speaking on the US downgrade, euro crisis and market turmoil.

This interview was broadcast on Daybreak, ITV one on 8 August 2011 (no link available)

Also on
BBC Radio 5
Victoria Derbyshire programme link

El Pais
El BCE en su laberinto

Article co-written by Luis Garicano, Jesus Fernandez-Villaverde and Tano Santos

The debt crisis worsens and endangers the survival of the euro

This article appeared on El Pais on 7 August 2011 link to article

Also in
ON24 (online)
El Banco Central Europeo en su laberinto

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

BBC Radio Oxford
Phil Gayle show

Linda Yueh interviewed on on US jobs and market turmoil

This interview was broadcast on 5 August 2011 on BBC Radio Oxford link

Related Links
Linda Yueh webpage
Globalisation Programme webpage

BBC three counties
Zack Cooper Interview

Zack Cooper was interviewed on BBC Three Counties on 5 August 2011, discussing hospital funding (no link avaliable)

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy webpage
Summary of research papers on NHS reform webpage

Channel 4 News
Can positive U.S. job growth halt market slide?

"An increase of 200,000 would indicate that there is enough job growth to absorb labour market entrants, so a figure of that magnitude would be helpful,” Dr Linda Yueh, economics correspondent for Bloomberg TV and an Oxford University economics fellow, told Channel 4 News shortly before Friday's announcement.

This interview was broadcast on Channel 4 on 5 August 2011 link

Related links
Linda Yueh webpage
Globalisation Programme webpage

Financial Express
Column: India's manufacturing muddle

Nicholas Bloom also at Stanford, together with various co-authors, has recently documented that management practices in India are often weak, by measurable criteria, and with measurable consequences in terms of reduced financial success.

This article appeared in the Financial Express on 3 August 2011 link to article

Related publications
Bloom, Nicholas; Benn Eifert; Aprajit Mahajan; David McKenzie and John Roberts. "Does Management Matter? Evidence from India," Centre for Economic Performance Discussion Paper No.1042, January 2011 link

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage
Management Practice and Organisational Structure webpage

Sound Money
Eurozone debt crisis is back with a vengeance

Tim Leunig: The question is: do Germans want to guarantee Greek, Italian and Spanish debt? I don't see any evidence of that.

This article appeared in Sound Money on August 3, 2011
Link to article

Related Links
Tim Leunig webpage
Globalisation Programme webpage

ABC de Sevilla
la politica como agravante

…de la primera semana de octubre», indicó Garicano en declaraciones a Ep. A juicio del profesor de la London School of Economics (LSE) y miembro de Fedea, "la situación española es extremadamente preocupante..."

This article appeared in ABC de Sevilla on August 3, 2011
Link to article

Related Links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Also in
El Confidencial
Resistirá esto cuatro meses? La crisis de deuda vuelve a dejar en evidencia a Zapatero
…cuatro meses la interinidad política de un Ejecutivo ya amortizado? Para el economista Luis Garicano, profesor de la London School of Economics y director de la Cátedra Fedea-McKinsey, "las elecciones deberían...
Granada Digital
Expertos creen que las elecciones llegan tarde y prevén que la prima de riesgo siga en niveles récord


Channel 4 News
U.S. out of the woods on debt – but for how long?

Bloomberg TV's Economics Correspondent and a fellow in economics at Oxford University, Dr Linda Yueh said the crisis had "cast a light" on the fiscal challenges faced by the US, putting them in "stark relief".

This interview was broadcast on Channel 4 News on 2 August 2011 link to article

Related links
Linda Yueh webpage
Globalisation Programme webpage

Ideal Digital
Un alza histórico para la prima de riesgo

…es "muy preocupante y peligrosa" porque se no está acabando el tiempo. Para Luis Garicano, profesor de la London School of Economics, la solución pasaría porque el BCE empezara a comprar deuda pública española...

This article appeared in Ideal Digital on August 2, 2011
Link to article

Related Links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Also in
El Comercio Digial
La prima de riesgo se modera tras supercar lost 400 puntos
Finanzas.com
El riesgo soberano de España tumba un 2% al Ibex y enciende todas las alarmas


BBC TV
News at 9pm

Ethan Ilzetzki appeared on the evening news, talking about the vote on the US debt ceiling.

This interview was broadcast on the BBC News on August 2, 2011
[No link available]

Related Links
Ethan Ilzetzki webpage
Macro Programme webpage
Ethan Ilzetzki CEP publications webpage

BBC Radio Oxford
James Cannon show

Linda Yueh interviewed, speaking on the U.S. debt ceiling wrangles.

This interview was broadcast on BBC Radio Oxford on August 1, 2011
[No link available]

Related Links
Linda Yueh webpage
Globalisation Programme webpage

Also on
BBC Radio Wales
Good Morning Wales
[No link available.]

BBC Radio Oxford
James Cannon show

Linda Yueh interviewed, speaking on the U.S. debt ceiling wrangles.

This interview was broadcast on BBC Radio Oxford on August 1, 2011
[No link available]

Related Links
Linda Yueh webpage
Globalisation Programme webpage

Also on
BBC Radio Wales
Good Morning Wales
[No link available.]

CNN
Opinion: Debt deal no cause for celebration

Article by Ethan Ilzetzki on the US debt deal. He says raising the debt ceiling should have been a "no-brainer".

This article appeared on CNN on August 1, 2011
Link to article

Related Links
Ethan Ilzetzki webpage
Macro Programme webpage

Also in
Tuesday 2 August
CNNExpansion.com (Mexico)
Opinion: El acuerdo sobra la deuda no es de celebrar
Article by Ethan Ilzetzki
…es conferencista y profesor adjunto del Departamento de Economía y Asociado al Centro de Presentaciones Económicas de la London School of Economics. Se ha desempeñado en posiciones de políticas e investigación...

AllAfrica.com
Nigeria: In support of God's way (opinion)

Is there a link between this lack of spirituality and mental health? If we look at the statistics, depression is now the number one psychological disorder in the western world. In the UK, the average age of first onset of major depression is 25-29. Depression, anxiety and other forms of mental illness have taken over from unemployment as the greatest social problem in the UK. Around 15 percent of the population suffers from depression or anxiety, says Lord Layard, emeritus professor at the Centre for Economic Performance of the London School of Economics. "There are now more than one million mentally ill people," he writes in the British Medical Journal.

This article appeared in AllAfrica.com on August 1, 2011
Link to article

Related Publications
The Depression Report: A New Deal for Depression and Anxiety Disorders, the Centre for Economic Performance’s Mental Health Policy Group, June 2006
Happiness: Lessons from a New Science (2005), Richard Layard
Details

Related Links
Richard Layard webpage
Wellbeing Programme webpage

Huffington Post
Unemployment's human costs

Research by Paul Gregg and Emma Tominey of the London School of Economics indicates that youth who suffer periods of unemployment have a 13- to 21-percent decrease in earnings by the age of 41. Unemployment for many may continue to affect life chances.

This article appeared in the Huffington Post on August 1, 2011
Link to article

Related Publications
The wage scar from male youth unemployment, Paul Gregg and Emma Tominey, Labour Economics, 12 (2005)
Further information from the ESRC

Related Links
Paul Gregg webpage
Emma Tominey webpage
Labour Markets Programme webpage

British Medical Journal
Competition in healthcare can help to save lives, study concludes

Competition among hospitals in England led to a 7% fall in the number of deaths from acute myocardial infarction over three years, saving around 900 lives, a new study claims. Zach [sic] Cooper, a health economist working at the London School of Economics and one of the study’s authors, said, “Our study suggests that creating incentives for hospitals by introducing competition alongside providing patients with publicly available information can improve patient outcomes and save lives.

This article appeared in the British Medical Journal, August 1, 2011
Link to article

Related Publications
Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS, Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, The Economic Journal, 121, August 2011.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy
Summary of research papers on NHS reform

Vox
Happiness economics: can we have an economy of wellbeing?

About a decade ago, the government of Bhutan implemented Gross National Happiness as a measure instead of GNP. In 2008, the Sarkozy Commission, chaired by two Nobel Prize-winning economists, called for a worldwide effort to develop measures of wellbeing that went beyond those based on income (see Stiglitz et al. 2008). And while the commission was criticised by conservatives in the US as a left-wing attempt to make our economy “sclerotic” like France’s, the most recent effort to add wellbeing indicators to national statistics has come from the conservative Cameron regime in Great Britain. (See for example Dolan, Paul, Richard Layard, and Robert Metcalfe (2011), “Measuring Subjective Wellbeing for Public Policy”, Office of National Statistics, February 2011.)

This article appeared on Vox.com on 31 July link to article

Also in
Friday 5 August
ISN
Happiness economics: can we have an economy of wellbeing? link

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books link to article

Related Links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

The Lancet
Risky business: children at work

“We welcome data on these issues”, UNICEF's spokesperson Rebecca Fordham told The Lancet. Largely due to the need for very large datasets, Marco Manacorda, professor of economics at Queen Mary University, London, UK, adds that child labour is a topic that “hasn't been analysed as much as the general public would expect”.

This article appeared in the Lancet on 30 July 2011 link to article

Related links
Marco Manacorda webpage
Labour Markets Programme webpage
Marco Manacorda CEP publications webpage

The pursuit of happiness
Financial Times - Books

Happiness economics has been growing since Californian scholar Richard Easterlin kicked it off, in 1974, with an article entitled “Does economic growth improve the human lot?” – a question many economists then thought nonsense. Some still do. But the work of economists such as Richard Layard Andrew Oswald and Graham herself has eaten away at the scepticism and scorn, to the point where the happy science is now, Graham concludes, “seriously on the table, reflect[ing] what a parameter-shifting moment it is in economics and in policy debates more generally”

This article appeared in the Financial Times on 29 July 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books link

Handelsblatt
Heiraten macht Männer reich

Article on the paper co-written by Francesca Cornaglia and Naomi Feldman, "Productivity, Wages, and Marriage: The Case of Major League Baseball".

This article appeared in Handelsblatt on July 28, 2011
Link to article

Related Publications
‘Productivity, Wages, and Marriage: the Case of Major League Baseball’, Francesca Cornaglia and Naomi Feldman, IZA Discussion Paper No.5695, May 2011

Related Links
Francesca Cornaglia webpage
Labour Markets Programme webpage

The Guardian
Cost of NHS changes rising by GBP1m a day, official figures show

The paper, which was written by Dr Zack Cooper of the LSE and which was quoted by the prime minister last month, showed that where patients had more choice of hospitals they had lower death rates.

This article appeared in The Guardian on July 28, 2011
Link to article

Related Publications
Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS, Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, The Economic Journal, 121, August 2011.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy
Summary of research papers on NHS reform

The Daily Telegraph
NHS competition saves lives, study shows

An LSE study shows that 300 heart attack patients have been saved yearly due to competition being introduced to the NHS. Dr Zack Cooper of the LSE said there had been 'across the board' improvements.

This article appeared in the Daily Telegraph on July 28, 2011
Link to article

Related Publications
Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS, Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, The Economic Journal, 121, August 2011.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy
Summary of research papers on NHS reform

The Guardian
The ONS must stop providing lame excuses for poor growth

Tim Leunig writes for the Guardian:
The current obsession with ad hoc "special factors" to explain Britain's poor growth performance makes little sense to economists. The Office for National Statistics is right to suggest that record warm weather in April led us to spend less heating our homes. But if we spent less heating our homes, we had more money left over at the end of the month. The chances are that we spent the money left over on something else, so the energy sector's loss was another sector's gain. The net effect is going to be close to zero. This is true of just about every special factor that anyone comes up with.

This article appeared in The Guardian on July 27, 2011
Link to article

Related Links
Tim Leunig webpage
Globalisation Programme webpage

When you run a multinational as a family fiefdom, you can expect to get in a mess
The Observer

Heather Stewart comments on News Corporation's corporate structure. Research by John Van Reenen of the London School of Economics into how well businesses with different ownership structures are run is mentioned.

This article appeared in The Observer on 24 July 2011 link to article

CEP Policy Analysis ‘Inherited Family Firms and Management Practices: the Case for Modernising the UK’s Tax Inheritance’ by Nick Bloom
‘Measuring and Explaining Management Practices Across Firms and Countries’ by Nick Bloom and John Van Reenen
‘Why Do Management Practices Differ across Firms and Countries’ Nicholas Bloom and John Van Reenen, Journal of Economic Perspectives, Volume 24, Number 1, Winter 2010, Pages 203–224

Related links
Nicholas Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Financial Times
Staff at family businesses 'work longer hours'

Research has suggested that family-owned companies have the UK's most satisfied workforces. John van Reenen of the LSE recently accused family businesses of inefficiency due to poor management quality.

This article appeared in the Financial Times on July 19, 2011
Link to article

Related Publications
Are family-friendly workplace practices a valuable firm resource?, Nicholas Bloom, Tobias Kretschmer, and John Van Reenen. (April 2011). Strategic Management Journal, 32(4), pp343-367.
'Measuring and Explaining Management Practices Across Firms and Countries', Nicholas Bloom, Tobias Kretschmer and John Van Reenen, Centre for Economic Performance Discussion Paper No.716, March 2006

Related Links
Nicholas Bloom webpage
Tobias Kretschmer webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management Practices and Organisational Structure research webpage

Euro Weekly News
Gibraltar economy; small is beautiful

“Whether it is net debt of 25 per cent of Gross Domestic Product (GDP) or gross debt of 50 per cent of GDP, both of these figures are quite good and should not be a cause for concern,” Professor Albrecht Ritschl from the London School of Economics told Radio Gibralter.

This article appeared on Euro Weekly News on 18 July 2011 link to article

Related links
Albrecht Ritschl webpage
Macro Programme webpage
Albrecht Ritschl CEP publications webpage

L'Occidentale
La riforma dell'istruzione di Cameron: si all'efficienza no ai privilege

Una ricerca del Centre for the Economics of Education della London School of Economics ha dimostrato che le Accademie non solo innalzano gli standard dei loro studenti, ma la loro stessa esistenza ha un effetto positivo sulle scuole limitrofe.

This article appeared in L’Occidentale on 18 July 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’ Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

Sky News
''Murnaghan'' newspaper review

Linda Yueh on the programme, with Lord Faulkner and Sir Ming Campbell covering the News Corp scandal and the deepening euro crisis

This interview appeared on Sky News on 17 July 2011 (no link avaliable)

Linda Yueh webpage
Globalisation Programme webpage

Zaman (Turkey)
Seeing double at central banks

Central banks are now targeting liquidity, not just inflation. The credit boom of the past decade highlighted the inadequacy of focusing only on prices, and underscored the need for the monetary authority of a country (or group of countries in the case of the European Central Bank and the eurozone) to monitor the financial sector. Macroprudential regulation is the new term of art among central bankers, supplementing their well-established inflation-targeting regimes.

This article appeared in Zaman Turkey on 17 June 2011 link to article

Related links
Linda Yueh webpage
Globalisation Programme webpage

Benzinga Radio
Benzinga Radio: Bloomberg's Linda Yueh on Central Bank Policy - 'Seeing Double'

We spoke with Linda Yueh Bloomberg TV's economics correspondent, fellow at St. Edmund Hall at the University of Oxford and associate of the Globalization program at the London School of Economics' Center for Economic Performance on the changing nature of central bank policy in England and the rest of the developed world.

This article was broadcast on Benzinga Radio on 15 July 2011 link to article

Related Links
Linda Yueh webpage
Globalisation Programme webpage

Financial Times - video
Technology is squeezing the middle

The rich are getting richer and so are the poor. It is the workers in the middle who are feeling the pinch. Prof Alan Manning from the London School of Economics says technology is the main reason why middle ranking jobs are on the decline.

This video appeared on the Financial Times website on 15 July 2011 link

Related links
Alan Manning webpage
Labour Markets Programme webpage
Alan Manning CEP publications webpage

Ultimo Segundo
Escândalo enfraquece David Cameron

"Murdoch não parece bom no momento e se você estiver perto de alguém que parece fraco, vai parecer fraca", disse Tim Leunig historiador da London School of Economics. "Se Cameron quer parecer forte precisa tomar uma posição decisiva, proibindo todos os jornalistas da News International de participar de briefings do governo".

This article appeared in Ultimo Segundo on 13 July 2011 Link to article

Also in
Town Hall (USA) Cameron weakened by UK phone hacking scandal
AccessAtlanta (print) link
Springfield News Sun (print) link

Recruiter
Creating a new entry

According to the Centre for Economic Performance factors such as lower redundancy cost and the possession of fewer skills compared with older workers renders young employees increasingly susceptible to redundancy. The public sector is expected to lose 500,000 jobs in the next four years that’s the projection from the Office for Budget Responsibility.

This artilce appeared in The Recruiter on 13 July 2011 link to article

Related publications
‘Youth Unemployment’ Barbara Petrongolo and John Van Reenen. Article in CentrePiece Vol 16, Issue 1, Summer 2011

Related links
Barbara Petrongolo webpage
John Van Reenen webpage
Labour Markets Programme webpage

Gibralter Chronicle
GIB debt levels ‘not a cause for concern', says economic expert

A professor from the London School of Economics said Gibraltar’s economy was performing well and its current debt levels were not a cause for concern. Professor Albrecht Ritschl was asked by Radio Gibraltar to provide an independent assessment of the latest economic data presented in Parliament last week.

This article appeared in Gibralter Chronicle on 13 July 2011 link to article

Also in
MercoPress
Gibraltar’s current debt level makes Europeans “green with envy” link to article

Related links
Albrecht Ritschl webpage
Macro Programme webpage
Albrecht Ritschl CEP publications webpage

El Pais
El desastre en los mercados añade dificultades a Bankia y Banca Cívica

Luis Garicano profesor de la London School of Economics, cree que "es buena idea que continúen con la salida a Bolsa. Nada hace pensar que los próximos meses serán mejores. Su éxito ayudaría a que la economía española se separara de otras, pero hay que admitir que los tiempos son muy difíciles".

This article appeared in El Pais on 12 July 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Athens International Radio
Greece should not default unilaterally

The chances of a negotiated, orderly workout for Greek debts have increased now that Italy is the focus of attention, said Albrecht Ritschl, a professor of economic history at the London School of Economics.

This interview was broadcast on Athens International Radio on 11 June 2011 link

Related links
Albrecht Ritschl webpage
Macro Programme webpage
Albrecht Ritschl CEP publications webpage

Bloomberg BusinessWeek
The MBA advantage

Most management research has been case-study driven. Case studies are useful for teaching but can be very misleading for research. The example of Enron—a widely popular case-study subject in the early 2000s—highlights this. My colleagues and I—including researchers from Harvard, the London School of Economics, McKinsey & Co., and Stanford—decided to try to scientifically measure management practices across firms and countries. We developed an interview-based tool to evaluate management practices across four main areas: operations, monitoring, targets, and people management. A team of analysts scored managers’ responses from one (extremely poor) to five (best practice) across 18 dimensions. Over the last decade we used this tool to evaluate more than 10,000 firms across 20 countries.

This article appeared in Bloomberg BusinessWeek on 11 July 2011 link to article

Related links
Rebecca Homkes webpage
Productivity and Innovation Programme webpage
Management practices and organisational structures research webpage
Rebecca Homkes CEP publications webpage
Management Practices and Organisational Structures webpage

Gulf Times
Seeing double at central banks

Central banks are now targeting liquidity, not just inflation. The credit boom of the past decade highlighted the inadequacy of focusing only on prices, and underscored the need for the monetary authority of a country (or group of countries in the case of the European Central Bank and the eurozone) to monitor the financial sector. Macroprudential regulation is the new term of art among central bankers, supplementing their well-established inflation-targeting regimes. Linda Yueh is an associate of the Globalisation Programme of the Centre for Economic Performance at the London School of Economics and Political Science.

This article appeared in the Gulf Times on 11 July 2011 link to article

Also in
Korea Herald link
The Lagos Times link

Related links
Linda Yueh webpage
Globalisation Programme webpage

Bloomberg Businessweek
Strauss-Kahn Saga Exposes Flaws in Euro Debt-Crisis Management

“We’re entering a more critical phase because now the important decisions have to be made how the debt will be financed over the next three or four years,” said Christopher Pissarides, a Nobel Prize-winning economist who teaches at the London School of Economics. “So there is a lot more uncertainty in the market.”

This article appeared in Bloomberg Businessweek on 11 July 2011 link to article

Related Links
Chris Pissarides webpage
Macro Programme webpage

Forbes
Explaining the unemployment figures

Traditionally, such long spells of unemployment have been a rather un-American thing, being more common in Europe. Let Richard Layard explain:

But if you break down unemployment into shortterm (under a year) and long-term, you find that short-term unemployment is almost the same in Europe as in the U.S. – around 4% of the workforce. But in Europe there are another 4% who have been out of work for over a year, compared with almost none in the United States. The most obvious explanation for this is that in the U.S. unemployment benefits run out after 6 months, while in most of Europe they continue for many years or indefinitely.
That is indeed how it has traditionally been. Yet in this current recession the eligibility period for unemployment pay has been extended to 99 weeks across the US.


This article appeared in Forbes (blog) on 9 July 2011 link to article

Related publications
‘Welfare to Work and the New Deal’, Richard Layard, Centre for Economic Performance Occasional Paper No.15, January 2001 link to article

Related links
Richard Layard webpage
Wellbeing Programme webpage
Labour Market Programme webpage

Chief Executive
Why are American managers the best in the world?

After ten years, and a survey of 10,000 companies in 20 different countries, professors from Harvard Business School, Stanford, London School of Economics, and McKinsey & Company have concluded that companies in the United States have the most successful business managers.

This article appeared in Chief Executive on 8 July 2011 link to article

Related publications
Management Practice and Productivity Why they Matter, Nicholas Bloom, Stephen Dorgan, John Dowdy, Christos Genakos, Raffaella Sadun and John Van Reenen, published July 2007
Measuring and Explaining Management Practices Across Firms and Countries Nicholas Bloom and John Van Reenen, Centre for Economic Performance Discussion Paper No. 716, March 2006

Related Links
Nick Bloom webpage
Christos Genakos webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management practices and organisational structures research webpage

Business Insider
Seeing double at the world's central banks

Article by Linda Yueh University of Oxford, and an associate of the Globalization Program of the Center [sic] for Economic Performance talking about Macroprudential regulation is the new term of art among central bankers, supplementing their well-established inflation-targeting regimes. This shift in focus could radically change monetary policy, but for better or worse?

This article appeared in Business Insider on 7 July 2011 link to article

Related links
Linda Yueh webpage
Globalisation Programme webpage

Financial Times
Emerging investors cross new frontiers

China is leading the global recovery, says Linda Yueh an economist and director of the China Growth Centre at Oxford University. If it wants “to sustain its place and secure another golden era of growth it will have to open its economy,” she adds. She is cautious on the risks of investing when “so much reform is needed”, and advises investors to “go in a bit at a time”.

This article appeared in the Financial Times on 7 July 2011 link to article

Related links
Linda Yueh webpage
Globalisation Programme webpage

Bloomberg Businessweek
Trichet Says Policy ‘Accommodative' After ECB Raises Key Rate

Trichet met with Greek Finance Minister Evangelos Venizelos in Frankfurt today, according to the Finance Ministry in Athens. “We’re entering a more critical phase” and there’s “a lot of uncertainty in the market,” Christopher Pissarides, professor at the London School of Economics, told Bloomberg Television in an interview in Brussels yesterday. The ECB “can afford to wait a little longer, to make it easier for countries like Greece, Portugal and the periphery that are going deeper into a recession because of these debt problems.”

This article appeared in Bloomberg Business Week on 7 July 2011 link to article

Related Links
Christopher Pissarides webpage
Macro Programme webpage

Bloomberg Businessweek
Trichet fights a war on two fronts as rate increase looms

“We’re entering a more critical phase” and there’s “a lot of uncertainty in the market,” Christopher Pissarides professor at the London School of Economics, told Bloomberg Television in an interview in Brussels yesterday. The ECB “can afford to wait a little longer, to make it easier for countries like Greece, Portugal and the periphery that are going deeper into a recession because of these debt problems.”

This article appeared in Bloomberg Businessweek on 7 July link to article

Related links
Chris Pissarides webpage
Macro Programme webpage

Marketplace
Should the Europeans just let Greece default?

Greece's European partners are bailing it out, but insisting on budget cuts and tax hikes in return. That deepens the Greek recession and makes it even tougher for Greece to pay its debts. There is only one way out of this vicious circle, says Tim Leunig of the London School of Economics. TIM LEUNIG: To be honest, if I was Greece, I would get out of the Euro. I would default big time and would say to the rest of the world: 'We're sorry, we can't take any more pain. You're going to have to sort it out.'

This aricle appeared in Marketplace on 6 July 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

BBC (Web)
Euro faces reckoning

German anxiety about the billions of euros the EU is lending to keep ailing eurozone economies afloat is not just a political issue. Markus Kerber told the BBC the bail-outs were illegal because sound finance is written into the German constitution, wheras Albrecht Ritschl a German economic historian at the London School of Economics believes that "Germany is king when it comes to debt ... you're sitting in a glass house, so don't be arrogant about it".

This article appeared on the BBC website on 5 July 2011 link to article

Related links
Albrecht Ritschl webpage
Macro Programme webpage
Albrecht Ritschl CEP publications webpage

Financial Times
Smith's ‘hire Brits' call criticised

But labour market experts were puzzled by Mr Duncan Smith’s analysis. Jonathan Wadsworth professor of economics at London’s Royal Holloway, said most low-skilled migrants came from the EU, which the UK could not control, while the mostly skilled non-EU migrants – which government is capping – were not competing with the young unemployed.

This article appeared in the Financial Times on 1 July 2011 link to article

Related publications
CEP election analysis: ‘Immigration and the UK Labour Market: The Evidence from Economic Research’, by Jonathan Wadsworth April 2010 link

Related links
Jonathan Wadsworth webpage
Labour Markets Programme webpage
Jonathan Wadsworth CEP publications webpage

HRO Today
Middling performance

A more recent study by Guy Michaels, Ashwini Natraj and John Van Reenen of the London School of Economics (LSE) examined nine European countries, plus Japan and America, for almost exactly the same span as Autor and Dorn. The result? A strong and direct correlation between a country’s spend on IT services and development, on the one hand, and the drop in demand for middle-skilled labourers on the other.

This article appeared in HRO Today on 1 July 2011 link to article

Related publications
‘The Shrinking Middle: How New Technologies are Polarising the Labour Market’ Guy Michaels, Ashwini Natraj and John Van Reenen, in CentrePiece 15(2), Autumn 2010
‘Has ICT Polarized Skill Demand? Evidence from Eleven Countries over 25 Years’ Guy Michaels, Ashwini Natraj and John Van Reenen, Centre for Economic Performance Discussion Paper No. 987, June 2010

Related links
Guy Michaels webpage
Ashwini Natraj webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Spatial Economic Research Centre (SERC)/LSE and John D Wood and Co.
House Price and Inflation Expectations Survey

The second wave of the survey took place between June 8 and June 18, 2011. SERC wish to thank all those who participated to the house price expectations survey organised by Philippe Bracke (SERC) and real estate agent John D Wood & Co. The goal of the survey and resulting report was to measure house price expectations and improve our understanding of how these expectations are formed.

To see a first summary of results, click the following link:

http://personal.lse.ac.uk/bracke/LSE-JDW_June_2011.pdf

A more complete report of the survey findings will be made available to respondents who requested it.

Please contact Philippe Bracke (p.bracke@lse.ac.uk) for further information or comments.

This article was posted 30th June 2011


The Atlantic
'The Pursuit of Happiness': How Do Communities Make Us Happy?

Some scholars see the study of happiness as a branch of economics, or at least a critical examination of traditional macroeconomics. It is way beyond the scope of this blog post to discuss the academic aspects, but among the works that discuss but among the works that discuss it in detail are Happiness: Lessons from a New Science, by noted British economist Lord Richard Layard

This article appeared in The Atlantic on 29 July 2011 link to article

Related publications
Happiness: Lessons from a New Science, Richard Layard, Penguin, 2005 details

National Review
A follow-up on Ramesh's unions column

One good place to look for (non-ideological) insights into managerial practice and how it varies across economies is a 2010 paper by Nicholas Bloom and John Van Reenen in the Journal of Economic Perspectives on “Why Do Management Practices Differ across Firms and Countries?” (Actually, I recommend rooting around Bloom’s Google Scholar page in general.) Among other things, Bloom and Van Reenen find that the uses of incentive-based strategies and monitoring-based strategies vary across countries, depending on the nature of labor market regulation.

This article appeared in the National Review on 29 June 2011 link to article

Related publications
‘Why Do Management Practices Differ across Firms and Countries’ Nicholas Bloom and John Van Reenen, Journal of Economic Perspectives, Volume 24, Number 1, Winter 2010, Pages 203–224

Related links
Nick Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management Practices and Organisational Structures research webpage

MSN Prodigy
Nueva divisa

En el lado opuesto del argumento se ubica Tim Leunig profesor de Historia Económica de la London School of Economics (LSE), quien no vacila en señalar que estas monedas virtuales esencialmente...

This article appeared in MSN Prodigy on 29 June 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

Euro2day
The slow death of the middle income

In all developed economies, labour markets are centred around "great business or ugly business", says Professor Alan Manning of the Centre for Economic Performance at the London School of Economics, Between 1993 and 2006, the proportion of work in the "Medium" field declined, while the high and low employment increased. This conclusion is common in almost all advanced economies, regardless of economic characteristics and political culture

This article appeared in Euro2day on 28 June 2011 link to article

Related links
Alan Manning webpage
Labour Markets Programme webpage
Alan Manning CEP publications webpage

BostInnovation.com
Harvard Business School: American Managers Best in World [STUDY]

According to a survey conducted by Harvard Business School, London School of Economics, McKinsey, and Stanford found that American companies have the best management in the world. The study surveyed over 10,000 firms from 20 countries on 18 different criteria, including topics like operational management, people management, usage of modern techniques, performance review/monitoring and goal attainment. After creating a composite score for each country (based on the number of companies from said country), it was determined the United States had the best management in the world, followed Germany, Sweden then Japan.

This article appeared in BostInnovation.com on 28 June 2011 link to article

Related publications
Management Practice and Productivity: Why they Matter Nicholas Bloom, Stephen Dorgan, John Dowdy, Christos Genakos, Raffaella Sadun and John Van Reenen, published July 2007
‘Measuring and Explaining Management Practices Across Firms and Countries’ Nicholas Bloom and John Van Reenen, Centre for Economic Performance Discussion Paper No. 716, March 2006

Related links
Nick Bloom webpage
Rebecca Homkes webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management practices and organisational structures research webpage

Altarum Health Policy Forum (blog)
Learning From a Policy Mishap in the English NHS

The English National Health Service experience illustrates that coming up with the solution is vastly more difficult than identifying the problem and that there is no easy legislative solution. It illustrates that it’s not enough to worry about the technocratic details of health policy; timing, political calculations, and public sentiment matter greatly.

This article appeared in Altarum Health Policy Forum on 28 June 2011 link to article

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy webpage
Summary of research papers on NHS reform link

Informe21.com
Economía virtual: Bitcoins, los dos lados de ''la moneda del futuro''

En el lado opuesto del argumento se ubica Tim Leunig profesor de Historia Económica de la London School of Economics (LSE), quien no vacila en señalar que estas monedas virtuales esencialmente...

This article appeared in Informe21.com on 27 June 2011 link to article

Also in El Zocalo
Bitcoins, “la moneda del futuro” link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

The Financial Times
Spectre of stagnating incomes stalks globe

Exacerbating the rising income inequality has been a squeeze in the need for jobs demanding mid-range skills. Across advanced economies, the labour market is becoming polarised into “lovely jobs and lousy jobs”, says Alan Manning a professor at the Centre for Economic Performance at the London School of Economics. Between 1993 and 2006, the proportion of jobs with middling pay fell, while high- and low-paid employment rose. This finding was common across almost all advanced economies, regardless of their economic characteristics and political culture.

This article appeared in the Financial Times on 27 June 2011 link to article

Also in CNBC News Financial crisis: Specter [sic] of years of stagnating wages haunts the globe link

Related links
Alan Manning webpage
Labour Markets Programme webpage
Alan Manning CEP publications webpage

La Nueva España
Asturias no se arregla creando problemas artificiales

Un estudio científico de Luis Garicano y Vicente Cuñat, profesores de la London School of Economics, revela que la politización eleva la morosidad de este tipo de entidades...

This ariticle appeared in La Nueva España on 26 June 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

BBC Mundo
Bitcoins: los dos lados de ''la moneda del futuro''

En el lado opuesto del argumento se ubica Tim Leunig profesor de Historia Económica de la London School of Economics (LSE), quien no vacila en señalar que estas monedas virtuales esencialmente...

This article appeared in BBC Mundo on 26 June 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

The Mail
Britain has 'a long tail [...]

CentrePiece a publication of the London School of Economics, claims that Britain has 'a long tail of badly managed firms'

This article appeared in The Mail on 26 June 2011 (no link avaliable)

Related publications
"Big ideas: how competition improves management and productivity’ John Van Reenen. Article in CentrePiece 16(1), Summer 2011

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Sunday Telegraph
Competition, not enforced equality, is the way to drive up standards in schools

This was demonstrated in a recent piece of research carried out by Stephen Machin and James Vernoit at the Centre for the Economics of Education at the LSE. After studying all the secondary schools that converted to academies under the last government, as well as their neighbouring schools, they reached the following conclusion
Our results suggest that moving to a more autonomous school structure through academy conversion generates a … significant improvement in pupil performance and … significant improvements in the performance of pupils enrolled in neighbouring schools.

This article appeared in the Telegraph on 26 June 2011 link to article

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

The Guardian
Don't rubbish my research. Competition really does improve the NHS

Separate research by economists Bloom, Propper, Seiler and Van Reenen at Stanford, Imperial and the LSE's Centre for Economic Performance found competition led to improvements in hospital management which resulted in lower death rates, higher patient satisfaction and efficiency gains.

This article appeared in the Guardian on 24 June 2011 link to article

Related publications
‘In brief… Competition in the public sector: good for the goose, good for the gander?’, Zack Cooper, CentrePiece Volume 16, Issue 1, Summer 2011 link
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’, Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010 link

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy link
Summary of research papers on NHS reform link

The Evening Standard
Moving the poor out of town doesn't solve poverty

It has been an article of faith among socially-minded reformers since the days of Joseph Rowntree and Ebenezer Howard that "mixed communities" are a good thing and income segregation bad. Yet the evidence in favour of mixed-income neighbourhoods is weak. Poor children from rich neighbourhoods do not seem to do any better in life than those from poor neighbourhoods. LSE economists Paul Cheshire and Henry Overman argue that there might even be benefits for poor people living in poor neighbourhoods: shops are cheaper and public services tailored to them.

This article appeared in the Evening Stnadard on 24 June 2011 link to article

Related links
Henry Overman webpage
Paul Cheshire webpage
SERC webpage
Globalisation Programme webpage

The Times
Mr Hughes reports

A Sutton Trust report found that a pupil from an independent school was 22 times more likely to attend a top university than the pupil of a state school receiving free meals and six times more likely than a state school pupil. The article looks at some of the strategies which may be implemented to redress this balance in access, which will be the topic of White Paper currently being prepared by deputy Liberal Democrat leader Simon Hughes.

This article appeared in the Times on 6 July 2011 (no link avaliable)

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’ Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper No.123, April 2011

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

Newsroom Panama
What the papers say: Germany has to remember unpaid war debt to Greece

Albrecht Ritschl a professor at the London School of Economics, has slammed Germans for their hostile attitude to the near bankrupt Mediterranean country.

This article appeared in Newsroom Panama on 23 June 2011 link to article

Related Links
Albrecht Ritschl webpage
Macro Prgramme webpage

The Guardian
The cost of living: 1971 v today

UK consumers are now much better off than they were in 1971. Professor Alan Manning of the LSE says that people are better off now.

This article appeared in the Guardian on 20 June 2011 link to article

Related links
Alan Manning webpage
Labour Markets Programme webpage
Alan Manning CEP publications webpage

The Guardian
NHS reforms live blog – what's Cameron going to do with the health reforms?

When David Cameron earlier this month outlined his plans for the NHS reform he gave his whole-hearted backing for the idea of competition. Put simply: competition is one way we can make things work better for patients. This isn't ideological theory. A study published by the London School of Economics found hospitals in areas with more choice had lower death rates. Zack Cooper the LSE academic who did the work for the study, emails to say "the competition issue has gotten massively muddled" because of the Future Forum's report - which tries to pour cold water on the idea that competition can help. He emails to say: ‘Competition has become the whipping boy of this NHS reform debate. This is hugely unfortunate because competition is the engine that will drive progress and innovation in the NHS’.

This article appeared in the Guardian on 14 June 2011 link to article

Related publications:
‘In brief… Competition in the public sector: good for the goose, good for the gander?’, Zack Cooper, CentrePiece Volume 16, Issue 1, Summer 2011 link to aricle

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Further information on health economics and NHS policy link
Summary of research papers on NHS reform link

Al Jazeera
Is child labour the lesser of 2 evils?

In a new report issued on World Day Against Child Labour, the International Labour Organisation (ILO) has warned that a high number of children are still trapped in hazardous jobs. The international community says it hopes to eliminate the problem by 2016, but is that realistic? Is working, even in hazardous conditions, the lesser of two evils? Do children in poor countries have alternative options? Inside Story with presenter Folly Bah Thibault discusses with guests: Susan Gunn, the author of the ILO report on Child Labour in Hazardous Work from Geneva; Marco Manacorda an economics professor at Queen Mary College, University of London and a researcher at the Centre for Economic Performance at the London School of Economics; and Vandana Shiva, an ecologist and anti-poverty activist from New Delhi, India.

This article appeared on Al Jazeera on 13 June 2011 link to article

Related links
Marco Manacorda webpage
Labour Markets Programme webpage
Marco Manacorda CEP publications webpage

NHS REFORMS
CEP Research Evidence and Policy Recommendations

CEP has produced rigorous research evidence on the impact of hospital competition, pay regulation and management performance on quality, productivity and equity in the NHS. Policy needs to be informed by evidence. Below is a summary of some of the key research by CEP staff, which can inform the current NHS reform debate and should influence policy development in the NHS. CEP economists are available for interviews and discussions with the media.

Summary of evidence (see summaries of key research below):
  • NHS hospital competition can improve quality, lower death rates and improve productivity.

  • Hospital competition can improve hospital management.

  • The Labour government made huge progress in improving quality, reducing waiting times and raising patient satisfaction between 2000 and 2009.

  • Pay regulation has led to higher death rates across England.
Policy Implications:
  • Andrew Lansley's proposals had five flaws:
    1. The pace was too fast.
    2. Structural changes cost money; they don't save it.
    3. They introduced price competition, when they should have preserved strictly quality competition.
    4. They ignored the value of good management.
    5. They placed too much power in the hands of untested GP commissioners.

  • The NHS requires more hospital competition, not less to improve quality and productivity (See: In brief: Competition in the public sector: good for the goose, good for the gander?, Zack Cooper, June 2011, CentrePiece, Volume 16 Issue 1, Summer 2011);

  • The NHS needs to focus on creating financial incentives for hospitals and commissioners to raise performance.

  • The NHS needs to measure performance more aggressively and benchmark hospitals' quality.
KEY CENTRE FOR ECONOMIC PERFORMANCE CONTACTS ON HEALTH ECONOMICS AND NHS POLICY:

Dr. Zack Cooper
Tel : 077 258 98597 ; email: z.cooper@lse.ac.uk
Zack Cooper's Webpage

Professor John Van Reenen
email: j.vanreenen@lse.ac.uk
John Van Reenen's Webpage

Further information
See summaries of key CEP research on NHS Policy

Related Links:
In brief: Competition in the public sector: good for the goose, good for the gander?, June 2011, CentrePiece, Volume 16 Issue 1, Summer 2011
The NHS White Paper: Evolution or Revolution, Zack Cooper
Progress Made in the NHS from 2000-2010, Zack Cooper and Alistair McGuire


The Daily Mirror
Professor John Van Reenen on why a return to British industrial might is key to growth

We are often told that Labour were so busy throwing money down the public service drain that they let people get away with skiving off work and scrounging benefits. It should come as a shock to these doom-and-gloom merchants that BMW has just announced it will invest £500million on the new Mini and that Nissan is spending almost £200million on production of its next generation of cars in the UK.

This article appeared in the Daily Mirror on 10 June 2011 link to article

Related Links
John Van Reenen webpage
Productivity and Innovation Programme webpage


Financial Times
Spanish blame game over deficits hides dual culpability

An article on the Spanish economy repeats LSE professor Luis Garicano's remark that Greece constitutes only 3pc of the eurozone, but its bailout was followed by those of other members.

This article appeared in The Financial Times on 10 June 2011 link to article

Related links:
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Times
What is going on at the top?

LSE and Harvard Business School researchers have conducted a survey to find out what chief executives do all day. 60pc of time was taken up with meetings.

This article appeared in The Times on June 2, 2011
No link available to article.

Related Links
Raffaella Sadun webpage
Raffaella Sadun CEP publications webpage
Productivity and Innovation Programme webpage

Management Today
MT learning curve: general well-being

Go back to Aristotle and you will find him discussing the concept of eudaimonia - usually translated as 'flourishing'. This referred not so much to material success as spiritual contentment, being a good citizen, and living well. Today, Martin Seligman, the US academic, has popularised the idea of 'positive psychology', which in turn has encouraged the study of so-called 'happiness economics' by figures such as Andrew Oswald and (Lord) Richard Layard.

This article appeared in Management Today on June 1, 2011
Link to article

Related Links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

Bloomberg - BusinessWeek
Spanish ire against bankers spills over in city center protests

Many Spaniards, asked by the government to sacrifice living standards and years in retirement to help fix public finances, have been incensed by Spain bailing out savings banks that were crippled by bad loans linked to real estate, said Luis Garicano, a professor at the London School of Economics.

This article appeared in BusinessWeek on June 1, 2011
Link to article

Related Links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Enid News and Eagle (Oklahoma, USA)
Don't worry, be happy, regardless of dark news

A group of Brits have come up with what they think is a solution to widespread gloom. They call themselves Action for Happiness. Action for Happiness, they say, is a “mass movement for a happier society.” The group, which formed earlier this spring, says happiness is serious business. But business, they say, has nothing to do with it. The pursuit of wealth has not made us any happier, co-founder Richard Layard told MSNBC.

This article appeared in the Enid News & Eagle (Oklahoma, USA) on May 31, 2011
Link to article

Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

New York Times - Economix (blog)
Shared Capitalism

The term “shared capitalism” is a catchall for a variety of arrangements that businesses can make to share profits with a large number of employees, whether through stock ownership or incentive pay based on company performance. An important collection of essays edited by the economists Richard Freeman Joseph Blasi and Douglas Kruse and published last year by the National Bureau of Economic Research documents several crucial points: about half of all private-sector workers already have some kind of sharing arrangement with their employers; sharing tends to make employees happier, more productive and better off, as long as they do not take on too much risk by over-investing in the company they work for, and companies often benefit as well, showing improved performance along several different dimensions. A conference on share ownership and gain-sharing at the Centre for Economic Performance at the London School of Economics last week explored related themes, including macroeconomic implications.

This article appeared in the Economix blog, New York Times on 30 May 2011 link to article

Related links
NIESR, CEP & British Academy Workshop: ‘The Economics of Share Ownership and Incentive Pay: Findings and Policy Implications’ was held on Thursday 26 May 2011 link to details of the event
Alex Bryson webpage
Labour Markets Programme webpage

Canadian Business
It's 1 o'clock: do you know where your CEO is?

If your company’s CEO is attending too many private lunches and golf games, he could be wasting company resources. But he also could be making valuable business connections. Determining which scenario is more likely was the goal of a group of professors at the London School of Economics and Political Science, the European University Institute and the Harvard business school.

This article appeared in Canadian Business on May 30, 2011
Link to article

Related Links
Raffaella Sadun webpage
Raffaella Sadun CEP publications webpage
Productivity and Innovation Programme webpage

The Independent
John Rentoul: Children reap fruit of Labour's revolution

A study by Stephen Machin and James Vernoit at the London School of Economics found three things. First, that academy status tends to raise pupil performance. This had been pretty obvious from comparing the results of academies with those of their predecessor schools, but previous studies had not satisfied the test of statistical significance, partly because there have been so few academies open for long enough. Now there is no doubt. "Academy conversion generates... a significant improvement in pupil performance," the authors conclude.

This article appeared in the Independent on 29 May 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’, Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011 link to article

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

London Free Press (Canada)
What does it take to be happy?

"If we want a happier society, individuals have got to create more happiness in the world around them," says Lord Richard Layard co-founder of Action for Happiness.

This article appeared in the Independent on 28 May 2011 link to article

Related links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

Business Standard (India)
Shyamal Majumdar: 'Tata' to work ethic

When his comments on the work ethic of British workers and their unwillingness to work out of hours were widely reported, Ratan Tata quickly distanced himself from the row caused by his remarks. But a survey done by The Mail, London the following week suggested that Mr Tata may have unwittingly revealed an uncomfortable truth. An opinion that has been gaining ground is blaming the lazy work culture to generous unemployment benefits. A report by the Centre for Economic Performance said there are 2.6 million adults who claim the handout meant for the sick and incapable, with around 20 per cent thought to be fully able – but unwilling – to work. The report said it has long been recognised that generous unemployment benefits create moral hazard — workers are partly protected against the consequences of being unemployed, so they are less likely to work or search for jobs with the same intensity.

This article appeared in Business Standard (India) on 27 May 2011 link to article

Related Publications
‘European unemployment: how significant was a declining work ethic’ Jean-Baptiste Michau, in CentrePiece Volume 14, Issue 2, Autumn 2009
'Unemployment Insurance and Cultural Transmission: Theory and Application to European Unemployment’ Jean-Baptiste Michau, Centre for Economic Performance Discussion Paper No. 936, June 2009.

Related links
Jean-Baptiste Michau was a researcher with the Macro Programme at CEP

Telegraph
The revolution is under way – now Michael Gove must entrench it

A major report by the London School of Economics this week concluded that academies are improving standards in neighbouring schools: quality is contagious; competition drives up standards.

This article appeared in The Telegraph on 26 May 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’, Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011 link to article

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

The Independent
If you set up a school and it becomes a good school ??

Research by Stephen Machin and James Vernoit at the LSE has found that academy status tends to raise pupil performance; it tends to raise pupil performance in neighbouring schools, and it tends to raise the socio-economic quality of the academys intake.

This article appeared in the Independent on 26 May 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’, Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011 link to article

Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

Daily Mail
Patients suffer. Standards fall. So why is competition still such a dirty word in the NHS?

A Bristol University investigation showed that quality is higher in more competitive markets, while another study published by the London School of Economics found hospitals in areas with more choice had lower death rates.

This article appeared in the Daily Mail on 26 May 2011 link to article

Related publications
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’ Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Zack Cooper CEP publications webpage

The Times
Some healthy rivalry may be just the tonic we need

This article appeared in The Times on 26th May 2011 (no link availiable)

Related publications
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’, Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010
link to article

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Zack Cooper CEP publications webpage

BBC Radio 4
World at One

Zack Cooper discusses reforms to the NHS.

This interview was broadcast on 26 May 2011 (no link avaliable)

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage
Zack Cooper CEP publications webpage

The Huffington Post
The Economics of Unhappiness

Despite the burgeoning literature on happiness, and the contributions of prominent economists such as Richard Easterlin, Richard Layard and Andrew Oswald, the general response of the mainstream English-language literature in economics has been to shrug and leave questions of this kind to psychologists and marketers. However, there is some interesting discussion going on in Europe, and a couple of recently translated works might help to stir the debate.

This article appeared in the Huffington Post on 26 May 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books In this new (2011) edition of his landmark book, Richard Layard shows that there is a paradox at the heart of our lives. Most people want more income. Yet as societies become richer, they do not become happier.

Related links
Richard Layard webpage
Wellbeing Programme webpage

Asia Sentinel
Measuring national happiness

The current Economist magazine web debate series asks whether " new measures of economic and social progress are needed for the 21st-century economy" and invites readers to join the debate. Richard Layard Emeritus Professor of Economics at the London School of Economics, argues in the series that "Our future policies must be based on serious evidence about their effects. This applies to health care, education, family policy, social care, employment and welfare benefits. It is not enough to say ‘let democratic politicians decide' unless we provide them with the tools."

This article appeared in Asia Sentinel on 26 May 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books
In this new (2011) edition of his landmark book, Richard Layard shows that there is a paradox at the heart of our lives. Most people want more income. Yet as societies become richer, they do not become happier

Related links
Richard Layard webpage
Wellbeing Programme webpage

The Economist
Business and skills: Restraining training

The Confederation of British Industry says one of its member firms had to produce half a million documents to comply with regulations for its 1,500 apprentices. Hilary Steedman an expert on training at the London School of Economics, argues that it would be better simply to leave all training to be done by employers themselves.

This article appeared in The Economist on 26 May 2011 link to article

Related publications
Hilary Steedman CEP publications webpage

Related links
Hilary Steedman webpage
Education and Skills Programme webpage

Il Sole 24 Ore
Francoforte e il tabù della Grecia

Article on the Greek debt

This article appeared in Il Sole 24 Ore on 26 May 2011 link to article

Related links
Francesco Caselli webpage
Macro Programme webpage

Financial Times
A much maligned reform of hospitals is working

This is particularly ironic given the strong evidence now emerging that hospital competition not only works abroad, but also in the UK. Dr Zack Cooper of the London School of Economics and Professor Carol Propper of Imperial College have each produced studies showing that hospitals in more competitive areas performed better on quality and efficiency than those in less competitive ones. The LSE’s Centre for Economic Performance has shown that competition increases managerial quality in hospitals.

This article appeared in the Financial Times on 25 May 2011 link to article

Related Publications
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’
Zack Cooper, Steve Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010

‘In brief: Hospital performance: the impact of good management’ Stephen Dorgan, Dennis Layton, Nicholas Bloom, Rebecca Homkes, Raffaella Sadun and John Van Reenen, in CentrePiece Volume 15, Issue 3, Winter 2010-2011 CentrePiece 15 (3) Winter 2010-2011 pages: 8-9

‘Health: Higher Spending has Improved Quality, But Productivity Must Increase’ Zack Cooper and Alistair McGuire, April 2010, Centre for Economic Performance Election Analysis, April 2010

Related links
Nicholas Bloom webpage
Zack Cooper webpage
Rebecca Homkes webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management Practices and Organisational Structures research webpage
Public Sector Productivity research webpage

BNET- (the CBS interactive business network) – blog
Why paying ‘talent' a lot doesn't work

Positive psychologists like Martin Seligman and economists like Richard Layard keep proving that money doesn’t make people happy either.

This article appeared on BNET (the CBS interactive business network) – blog on 24 May 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books
In this new (2011) edition of his landmark book, Richard Layard shows that there is a paradox at the heart of our lives. Most people want more income. Yet as societies become richer, they do not become happier.

Related links
Richard Layard webpage
Wellbeing Programme webpage

Washington Post (with Bloomberg)
LSE's Garicano Says Spain 'Pretty Stable' for Most Part

Luis Garicano a professor at the London School of Economics, talks about the state of Spain's economy and housing market. Garicano speaks with Tom Keene on Bloomberg Television

This interview appeared on the Washington Post/Bloomberg website on 24 May 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Telegraph
The report every school reformer should read

Research by the London School of Economics has revealed that academy conversion does generate a significant improvement in pupil performance, but also leads to the institutions increasing the quality of their pupil intake.

This article appeared in the Daily Telegraph on 24 May 2011 link to article

Related publications
‘Changing School Autonomy: Academy Schools and their Introduction to England’s Education’ Stephen Machin and James Vernoit, Centre for the Economics of Education Discussion Paper NO.123, April 2011


Related links
Stephen Machin webpage
James Vernoit webpage
Centre for the Economics of Education webpage
Education and Skills Programme webpage

Il Capitale (Umano) (blog)
Il mito dell'epoca d'oro della scuola italiana

Un recente studio di Richard B. Freeman Stephen Machin e Martina Viarengo compara i sistemi scolastici di oltre 50 Paesi e la loro performance nella rilevazione TIMSS 2007 (apprendimenti in Matematica e Scienze a 13 anni) e smentisce la tesi per la quale sistemi scolastici di qualità siano inevitabilmente i più iniqui. Anzi, è vero il contrario: i paesi con i risultati migliori (punteggi più elevati) sono anche quelli che mostrano differenze più contenute tra ragazzi (dispersione dei punteggi minore).

This article appeared in Il Capitale (blog) on 23 May 2011 link to article

Related publications
‘Variation in Educational Outcomes and Policies Across Countries and of Schools within Countries' Richard B. Freeman, Stephen Machin and Martina Viargengo, Centre for the Economics of Education Discussion Paper No.117, August 2010


Related links
Richard B. Freeman webpage
Stephen Machin webpage
Martina Viarengo webpage
CEE webpage

The Guardian
Academy schools mean more competition for schools – but must dog eat dog?

The move to convert schools to academy status is underpinned by research, most recently a paper by Stephen Machin and James Vernoit of the London School of Economics, which found Labour's academies not only improved their own performance, but also raised standards in neighbouring schools.

The study found this beneficial effect happened even though high-achieving pupils started leaving neighbouring schools to attend academies.

They attribute this effect to "increased choice [and] competition and also ... the sharing of the academy school facilities and expertise with the wider community".

This article appeared in The Guardian on 23 May 2011 - link to article

Related publications:
Changing School Autonomy: Academy Schools and their Introduction to England's Education, Stephen Machin and James Vernoit, April 2011, Paper No' CEEDP0123

Academy schools: who benefits? Stephen Machin and James Vernoit, November 2010, CentrePiece Magazine : Paper No' CEPCP325

Related links:
Steve Machin's webpage
James Vernoit's webpage
Education and Skills Programme webpage


The Economist
Soft skills and society: Not just smart, but persistent as well

Their thinking has been informed by a classic paper published by Leon Feinstein of the London School of Economics which purports to show a disturbing trend: by the age of six-and-a-half, a child from a well-to-do family who was dim at the age of two outperforms a child who had been identified as bright but was raised in a down-at-heel family.

This article appeared in the Economist on 20 May 2011 link to article

Related links
CentrePiece Magazine Article: ‘Very Early Evidence’ Leon Feinstein, CentrePiece Vol. 8, Issue 2, Summer 2003 Full paper
CentrePiece 8 (2) Summer 2003 pages: 24-30
This article is based on 'Pre-school Educational Inequality? British Children in the 1970 Cohort' CEP Discussion Paper No 404
Leon Feinstein CEP publications webpage

The Economist
Where lucre is still filthy: Squeamishness about profitmaking is hampering the government's bid to reform the public services

Tony Blair let privately owned treatment centres provide specialist services within the NHS. His wider reforms were restricted by internal battles in the Labour Party; all the same, a recent report from the London School of Economics found that introducing competition among NHS hospitals in 2006 helped to reduce patient deaths.

This article appeared in the Economist on 20 May 2011 link to article

Related publications
‘Does hospital competition save lives? Evidence from the English NHS patients choice reforms’ Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, LSE Health, Working Paper No.16/2010, January 2010

Related links
Zack Cooper webpage
Zack Cooper CEP publications webpage
Productivity and Innovation Programme webpage

Wall Street Journal
Youth Rallies Set For Boost Ahead Of Weekend Polls

Luis Garicano a professor at the London School of Economics, said he's glad to see the Spanish youth "fed up with the political and economic situation," particularly in light of the "dramatic" youth unemployment levels in the country, which are above ...

This article appeared in the Wall Street Journey on 19 May 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

El Confidencial
Un economists al 15 M: fin de viviendas vacias, contrato unico y educacion global

…me quiero bajar”, el futuro de España será muy, muy negro. Luis Garicano es economista, profesor de la London School of Economics y director de la cátedra Fedea-McKinsey…

This article appeared in El Confidencial on Thursday 19 May link to article

Also in:
Una temporada en el infierno
La Spanish revolution y el futuro de España
Luis Garicano catedrático de Economía y Estrategia, en el Departamento de Empresas y Economia, en la influyente London School of Economics, escribe: -Queridos “indignaos”: me alegro muchísimo…
link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

New Book: Combatting Unemployment
IZA Prize in Labor Economics - by Richard Layard and Stephen J. Nickell

Combatting Unemployment is a collection of key papers from seminal labour economists Richard Layard and Stephen J. Nickell.

The authors received the IZA Prize in Labor Economics in 2008 for their path-breaking work on the relationship between labor market institutions and unemployment

Why is unemployment higher in some countries than others? Why does it fluctuate between decades? Why are some people at greater risk than others?

Layard and Nickell have worked on these issues for thirty years. Their famous model, first published in 1986, is now used throughout the world. It asserts that unemployment must be high enough to reduce the real wages for which workers settle to the level justified by productivity. So what affects 'wage push'? The authors showed early on that the key factors affecting 'wage push' are how unemployed workers are treated and how wages are negotiated. If unemployed people get benefits without being required to accept jobs, vacancies go unfilled and mass unemployment results. The solution is welfare-to-work policies like those now introduced in most parts of the world.

The authors have proposed these policies for the last twenty-five years in a series of key articles reproduced in this book. Their original analysis explains the subsequent movement of unemployment over the last two decades. They conclude the book with a new chapter on what should be done in the recession: no-one, they say, should be given unemployment benefit beyond a year, after which they should be offered work.

Book details:

Combatting Unemployment
IZA Prize in Labor Economics
Richard Layard and Stephen J. Nickell.
Edited by Werner Eichhorst and Klaus F. Zimmermann
OUP (May 2011)
ISBN 978-0-19-960978-9
£35.99

Purchase this book from the publisher


Globe and Mail
London's real estate market bounces back

Henry Overman the director of the Spatial Economics Research Centre at the London School of Economics, thinks the bank bailouts contributed to Londons bounce back. The nationalizations and other support measures saved the weak banks from almost certain destruction and helped the stronger ones muddle through the downturn.

This article appeared in the Globe and Mail on 9 May 2011 link to article

Also in
CTV News (Canada)
link to article

Related publications
How did London get away with it? link
Full paper link
CentrePiece 15 (3) Winter 2011 pages: 16-17 link
Further reading: Steve Gibbons, Henry Overman and Panu Pelkonen (2010) 'Wage Disparities in Britain: People or Place?', SERC Discussion Paper No.60 link

Related links
Henry Overman webpage
SERC website
Globalisation Programme webpage

BIG IDEAS
The impact of CEP's research on public policy and debate

The impact of CEP's research on public policy and debate is profound. This is clear from seeing how often our research is quoted in the media and by policy makers. But the influence of our research ideas is often harder to see in the daily news cycle, as often it enters the DNA of political discourse without reference back to the original work. In this series of "Big Ideas" we survey some of the ways in which CEP's research has had an impact and how this has happened.

Press inquiries should be directed to Romesh Vaitilingam (Tel: 07768-661095 Email: romesh@vaitilingam.com), or if unavailable, to Helen Durrant (Tel: 020 7955 7395 Email: h.durrant@lse.ac.uk)

Go to our Big Ideas website


HR Magazine
So what makes you so happy and engaged at work that Monday is a reasonably enticing prospect?

I should drop any attempt to associate pay at the top with performance. Indeed, my old friend Lord Richard Layard would go even further. Performance regimes and bonuses actually undermine performance, he argues. They accentuate the cash nexus. But most workers just want to do a job well and sending a signal you are going to incentivise and measure them just turns them off. They become disengaged and unhappy.

This article appeared in HR Magazine on 5 May 2011 link to article

Related links
Richard Layard webpage
Happiness Research webpage
Wellbeing Programme webpage

CEP Interview
Interview with John Van Reenen on a Plan V for Growth

View Video

Professor John Van Reenen discusses the UK's prospects for economic growth, including the important role of company management and the potential of higher education as a key national industry.

CEP Interview
Interview with Steve Machin of CEP on wage inequality in the UK since the 1970s.

View Video

Professor Stephen Machin discusses the dramatic rise in inequality in the UK over the past 30 years, including the impact of 'skill-based technological change' and the polarisation of the labour market.

The Young Fabian Blog
Finding a cure

…number of jobless young could reach 1 million. The prognosis for the economy is bleak. Research by the London School of Economics suggests that the average ‘NEET’ (young person Not in Employment, Education or Training) costs the state £97,000 over their lifetime. More importantly, there are shocking implications...

This article appeared on the Young Fabian Blog on 3 May 2011 link to article

Related Publications
The Cost of Exclusion: Counting the cost of youth disadvantage in the UK Sandra McNally and Shqiponja Telhaj. Joint CEP and Princes Trust Report, April 2007.

Related Links
Sandra McNally webpage
Shqiponja Telhaj webpage
Education and Skills Programme webpage

El Confidencial
¿Cómo de mala ha sido la EPA?

Nada es Gratis Samuel Bentolila es profesor de economía del CEMFI. Luis Garicano es economista, profesor de la London School of Economics y director de la cátedra Fedea-McKinsey.

This article appeared in El Confidencial on 1 May 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Independent
Happiness: Lessons from a New Science

Richard Layard's sometimes dogmatic and dismissive tone ("Some people think we should not talk about genes because it might give the impression that a person is foredoomed to happiness or misery when he is born... that conclusion would be absurd")

This article appeared in the Independent on 1 May 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005) Richard Layard, Penguin Books
In this new (2011) edition of his landmark book, Richard Layard shows that there is a paradox at the heart of our lives. Most people want more income. Yet as societies become richer, they do not become happier.

Related links
Richard Layard webpage
Wellbeing Programme webpage

This is Money
A vital force for growth

A report last year by the OECD found it is harder to climb the social ladder here than in the US, France, Italy, Germany, Spain, Canada and a clutch of Scandinavian countries. A previous study by the London School of Economics suggested social mobility had declined in the UK, and that people born in 1970 had less chance of escaping the circumstances into which they were born than in 1958.

This article appeared in This is Money on 30 April 2011 link to article

Related Publications
Report for the Sutton Trust Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin
Social Mobility in Britain: Low and Falling by Jo Blanden, Paul Gregg and Stephen Machin. Article appeared in CentrePiece, Volume 10, Issue 1, Spring 2005

Related links
Jo Blanden webpage
Steve Machin webpage
Alissa Goodman webpage
Education and Skills Programme webpage

Daily Mail
A vital force for growth

The Royal Wedding provides an extraordinary tale of social mobility - Prince William, the great-great-grandson of King George V, marrying Kate Middleton (now the Duchess of Cambridge), the great-great-granddaughter of a Durham miner. While the wedding has cheered post-credit crunch Britain, the country remains overall the least socially-mobile in Europe. A previous study by the London School of Economics suggested social mobility had declined in the UK, and that people born in 1970 had less chance of escaping the circumstances into which they were born than those born in 1958.

This article appeared in the Daily Mail on 29 April 2011 link to article

Related Publications
Report for the Sutton Trust Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin
Social Mobility in Britain: Low and Falling by Jo Blanden, Paul Gregg and Stephen Machin. Article appeared in CentrePiece, Volume 10, Issue 1, Spring 2005

Related links
Jo Blanden webpage
Steve Machin webpage
Alissa Goodman webpage
Education and Skills Programme webpage

Financial Times
Spain's regions urged to stick to deficit limits

Accumulated regional debt in Spain is a relatively small part of the national total, but it has doubled to more than €115bn ($169bn) in the past five years.
“The starting levels of debt are pretty low, but the deficits are worrying,” says Luis Garicano professor of economics and strategy at the London School of Economics. “It is hard to change the path of spending on the welfare state, on education and health.”

This article appeared in the Finanical Times on 27 April 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Financial Times
Analysis Review: Royal wedding and social mobility

John Van Reenen debates the issues with FT analysis editor Frederick Studemann, Robert Shrimsley, FT columnist, and Chris Cook, FT education correspondent.

This article appeared in the Financial Times on 27 April 2011 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Guardian
David Willets has got his maths badly wrong on tuition fees

As Peter Dolton an education economist at Royal Holloway University of London, puts it: "Don't underestimate the chaos there'll be over the next year or two." He predicts that there will be a slump in demand for the bottom-ranking 20 or 30 institutions, which will lead to them suffering "severe financial difficulties".

This article appeared in the Guardian on 26 April 2011 link to article

Related links
Peter Dolton webpage
Education and Skills Programme webpage
Peter Dolton publications webpage

Altarum Institute blog
Will hospital cost-shifting blunt the impact of medicare payment reform?

Ask any policy wonk to rattle off the most powerful ways to improve performance in the U.S. health care system and you’ll likely hear them mention payment reform. You’ll hear them talk about how the U.S. health care system has historically paid for quantity, not quality and these policy wonks will argue that successful health care reform must include introducing so-called pay-for-performance programs that link payments to outcomes.

This article appeared in Altarum Institute blog on 25 April 2011 link to article

Related links
Zack Cooper webpage
Zack Cooper CEP publications webpage
Productivity and Innovation Programme webpage

Harvard Business School - Working Knowledge
What CEOs do, and how they can do better

"Fundamentally, it's because no one knows what a CEO should do," says Harvard Business School professor Raffaella Sadun. "Most of the time it's difficult to codify the qualities of a good manager."

This article appeared in Harvard Business School, ‘Working Knowledge’ on 25 April 2011 link to article

Related publications
‘What Do CEOs Do?’ Oriana Bandiera, Luigi Guiso, Andrea Prat and Raffaella Sadun, Harvard Business School Working Papers, March 2011

Related links
Raffaella Sadun webpage
Productivity and Innovation Programme webpage
Raffaella Sadun CEP publications webpage

Financial Times
Britain: the fairy tale fantasy

“If the gap between success and failure is large, the middle class will fight hard to ensure their offspring do well,” says Paul Gregg from the Centre for Economic Performance at the London School of Economics. “They might be quite happy for a child to go off and become a potter if the price of that is not a big drop in living standards. If it is, they will do all they can to ensure their kids do not suffer downward mobility.”

This article appeared in the Financial Times on 25 April 2011 link to article

Related links
Paul Gregg webpage
Labour Markets Programme webpage
Paul Gregg CEP publications webpage

The Tribune
Debt, deficits and income inequality

But again, things are not quite as simple as they seem. Researchers at the London School of Economics have compared social mobility in eight advanced countries, and their data shows that the more equal countries have higher social mobility. In other words, the American Dream...

This article appeared in the Tribune on 21 April 2011 link to article

Related Publications
Report for the Sutton Trust Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin
Social Mobility in Britain: Low and Falling by Jo Blanden, Paul Gregg and Stephen Machin. Article appeared in CentrePiece Volume 10, Issue 1, Spring 2005


Related links
Jo Blanden webpage
Paul Gregg webpage
Steve Machin webpage
Alissa Goodman webpage
Education and Skills Programme webpage

CEP Publications:
Happiness: Lessons from a New Science (2nd Edition)

Happiness: Lessons from a New Science (2nd Edition)
Richard Layard

Happiness: Lessons from a New Science
Richard Layard
Penguin (18 April 2011)
ISBN 9780241952795

Synopsis: In this new edition of his landmark book, Richard Layard shows that there is a paradox at the heart of our lives. Most people want more income. Yet as societies become richer, they do not become happier. This is not just anecdotally true, it is the story told by countless pieces of scientific research. We now have sophisticated ways of measuring how happy people are, and all the evidence shows that on average people have grown no happier in the last fifty years, even as average incomes have more than doubled. In fact, the First World has more depression, more alcoholism and more crime than fifty years ago. This paradox is true of Britain, the United States, continental Europe, and Japan. What is going on? Now fully revised and updated to include developments since first publication, Layard answers his critics in what is still the key book in 'happiness studies'.

Purchase this book from the publisher

Press Release

Related Publications:
Measuring Subjective Well-Being for Public Policy (with P. Dolan and R. Metcalfe), Office for National Statistics, February 2011
The Greatest Happiness Principle: Its time has come”, Well-being: How to lead the good life and what government should do to help, (eds) S Griffiths and R Reeves, Social Market Foundation, July 2009

Related Links:
Richard Layard's webpage
LSE Publications: books page


Forbes
Are Family-Friendly Workplace Practices Worth Their Money? New Evidence

Fortunately, recently, professors Nick Bloom, Toby Kretschmer and John van Reenen (from Stanford, the University of Munich, and the London School of Economics) conducted an extensive study examining the effect of family-friendly practices on hard variables such as firm sales per employee and return on capital employed, using a large database of firms from the US, the UK, Germany, and France. What they found was intriguing and surprising, slightly disappointing, but also reassuring – and, yes, all at the same time.

This article appeared in Forbes magazine on 14 April 2011 link to article

Related publications
‘Work-Life Balance, Management Practices and Productivity’ Nick Bloom, Tobias Kretschmer and John Van Reenen, Anglo-German Foundation/CEP/ESRC/AIM Research Report, January 2006
‘Work-Life Balance: the Links with Management Practices and Productivity’ in CentrePiece 11(1) Summer 2006, Nick Bloom, Tobias Kretschmer, John Van Reenen


Related links
Nick Bloom webpage
Toby Kretschmer webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

El Economista México
Un experimento

…John Dowdy, de McKinsey & Company, y John Van Reenen del Centre for Economic Performance de la London School of Economics. Durante cinco años ellos desarrollaron, probaron y aplicaron un nuevo enfoque para medir la administración de las empresas. Examinaron las prácticas y el desempeño de más de...

This article appeared in El Economista México on 12 April 2011 link to article

Related publications
‘Management Practice & Productivity: Why They Matter’ Nick Blooom, Stephen Dorgan, John Dowdy and John Van Reenen, McKinsey and CEP Report, November 2007

Related links
Nick Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management and Productivity research publications webpage


Guardian
Action for Happiness movement launches with free hugs and love

"Despite the fact that we are getting richer, after 60 years we still haven't managed to produce a happier society," said Professor Richard Layard head of the wellbeing programme at the London School of Economics. "We are asking people for an individual commitment to aim to produce more happiness and less misery.

This article appeared in the Guardian on 12 April 2011 link to article

Related Links
Richard Layard webpage
Wellbeing webpage

The Daily Telegraph
Vickers' proposals will not be enough to cut risks in global banking

Ahead of the publication of the ICB interim report, Peter Boone visiting fellow at the LSE and Simon Johnson, former IMF chief economist, argue that for global banking to become safer the creditors of banks must share the losses when a bank fails and that there needs to be tougher equity capital requirements internationally, while reducing the incentive to accumulate debt.

This article appeared in the Daily Telegraph on 11 April 2011 link to article

Related links
Peter Boone webpage
Effective Intervention Programme webpage
Globalisation Programme webpage
Peter Boone publications webpage

Financial Times
The future of banking: is more regulation needed?

Peter Boone from the LSE argues that more regulation is needed to prevent the banking sector repeating the mistakes that led to the crisis in the system.

This article appeared in The Financial Times on 11 April 2011 link to article

Related links
Peter Boone webpage
Effective Intervention Programme webpage
Globalisation Programme webpage
Peter Boone publications webpage

Civil Society Media
New charity promotes mass movement for happiness

Action for Happiness aims to invoke a mass movement of people taking positive action to encourage happiness, in whatever way they can, at home, work or in the community. The action is founded by three influential thinkers: political commentator and historian Anthony Seldon; economist Lord Richard Layard and Young Foundation chief executive Geoff Mulgan who was director of policy under Tony Blair's government.

This article appeared in Civil Society Media on 7 April 2011 link to article

Related links
Richard Layard webpage
Action for Happiness webpage
Wellbeing Programme webpage

The New Republic blogs
Richard Branson's Secret: Talent or Skills?

…which leaves aspiring entrepreneurs asking: is entrepreneurship a natural or acquired ability? Innate, says Olmo Silva of the London School of Economics. In a study of Italian entrepreneurs, Silva found that entrepreneurs did "tend to be experienced in a wider variety of fields," and that each additional field an individual worked in increased the probability of becoming an entrepreneur by 15%

This article appeared in the New Republic blog on 7 April 2011 link to article

Related publications
Michelacci, Claudio and Silva, Olmo (2007) Why so many local entrepreneurs? Review of economics and statistics, 89 (4). pp. 615-633
Silva, Olmo (2007) The Jack-of-All-Trades entrepreneur: innate talent or acquired skill? Economics letters, 97 (2). pp. 118-123

Related links
Olmo Silva webpage
Education and Skills Programme webpage

Times Higher Education Supplement
Coalition eyes auction plan to push down fees

Ministers are looking closely at a proposal for allocating all university places in an auction, with the government judging bids according to which ones offer the best deals for the taxpayer. The plan, set to be published on 7 April in a report by Tim Leunig would establish the likely loss to the government of lending money to students at different institutions and on various courses.

This article appeared in the Times Higher Education Supplement on 7 April 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

Nvheter – Ukeavisen Ledelse
Ledelse har effect

…blant annet fordi ledelse er så komplekst og vanskelig å måle. Nick Bloom og John Van Reenen fra London School of Economics har imidlertid sammen med noen kolleger studert indiske tekstilfabrikker som opererer i samme marked, og de finner at fabrikker som begynte å drive etter såkalt «beste praksis»...


This aricle appeared in Nvheter – Ukeavisen Ledelse on 5 April 2011 link to article

Related links
Nick Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Management Organisation and Productivity webpage

The House Magazine
The Blindfold Supermarket Sweep

Reorganising the NHS may create headlines, but a better way to raise quality and lower costs is to focus on measuring performance, says Zack Cooper

This article appeared in House Magazine on 4 April 2011 (no link avaliable)

Related publications
‘The NHS White Paper: evolution or revolution?’ Zack Cooper, CentrePiece 15 (2) Autumn 2010
'Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS' Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No. 988, June 2010

Related Links
Zack Cooper webpage link
Productivity and Innovation webpage link

Financial Times
Alicante caja faces nationalisation after EUR2.8bn request

LSE professor Luis Garicano says Asturias savings bank Cajastur's rejection of a merger with a larger institution highlights the difficulties of attracting investors

This article appeared in the Financial Times on 4 April 2011 link to article

Related Links
Luis Garicano webpage
Productivity and Innovation webpage

El Nuevo Herald
ADOLFO RIVERO CARO: Libertad y felicidad

…en permanente cambio", señala. Pero otros economistas creen que hay poco que perder. Richard Layard economista de la London School of Economics, defiende que se haga un seguimiento de la felicidad "como un indicador básico del progreso de una sociedad". El intento del Reino Unido para medir el estado...

This article appeared in El Nuevo Herald on 2 April 2011 link to article

Related links
Richard Layard webpage
Wellbeing Programme webpage

BBC1
BBC Breakfast

Zack Cooper interviewed to discuss prescription charges in the NHS

This interview was broadcast on BBC Breakfast on 1 April 2011 (no link avaliable)

Also on:
BBC Radio 5 Live, Your Call

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

Harvard Crimson
Harvard Business School panellists examine health care flaws

Closing out the discussion, Raffaella Sadun an assistant professor at the Business School, revealed results from a recent study that analyzed the correlation between management performance and the quality of health care in a total of 19 countries. Using MBA students to interview hospital executives, the results revealed a very strong relationship between health care quality and management. Hospitals with higher scores had lower levels of mortality rates as well as higher profits.

This article appeared in Harvard Crimson on 1 April 2011 link to article

Related links
Raffaella Sadun webpage
Productivity and Innovation Programme webpage
Raffaella Sadun CEP publications webpage

Business Spectator
How did London get away with it?

First, relative to both other regions of the UK and to expectations, London appears to have got away with it. The over-representation of the professional occupations partly explains this. The bailout may explain why these occupations did even better in London.
Article by Henry Overman

This article appeared in Business Spectator on 1 April 2011 link to article

Related publications
How did London get away with it?’ Henry Overman, CentrePiece Vol 15, Issue 3, Winter 2010/2011
‘Wage Disparities in Britain: People or Place?’ Steve Gibbons, Henry Overman and Panu Pelkonen, SERC Discussion Paper No.60, October 2010


Related links
‘How did London get away with it? The recession and the north-south divide’
Lecture Details link
Henry Overman webpage
SERC website webpage

CEP Publications
The Labour Market in Winter: the state of working Britain 2010

Edited by Paul Gregg and Jonathan Wadsworth
Oxford University Press (January 2011)

This collection of essays, from leading economic experts on the UK labour market, provides an overview of the key issues concerning the performance of the labour market, and the policy issues surrounding it, with a focus on the recent recession and its aftermath. The book contains assessments of the effects of many policies introduced over the last 10 years in employment, education, and welfare More details

Purchase this book from Oxford University Press

BBC Radio 4
The Report

Tim Leunig was interviewed about regime donations

This interview was broadcast on BBC Radio 4 on 31 March 2011 (no link avaliable)

Related links
Tim Leunig webpage
Globalisation Programme webpage

Bloomberg
Linda Yueh interview

Linda Yueh reports on the outlook for the nationalization of Bank of Ireland Plc and Irish Life & Permanent Plc, the last of the country’s biggest lenders to escape state control

This interview was broadcast on Bloomberg on 30 March 2011 link to article

Related Links
Linda Yueh webpage
Globalisation webpage

Macau Hoje
Desenvolvimento económico já não traz felicidade

As palestras, dadas por Guy Mayraz investigador associado da London School of Economics começaram ontem e acabam hoje com incidência na temática bem-estar e casas públicas

This article appeared in Macau Hoje on 30 March 2011 link to article

Related Links
Guy Mayraz webpage
Wellbeing webpage

All Voices
Two Americans, British Citizen Win Nobel in Economics

[Chris] Pissarides a 62-year-old professor at the London School of Economics, said he received the news with "a mixture of surprise and happiness, general satisfaction."This prize is so great you don't believe that you will get it, even after you’ve got it,” he said, in a live telephone conference with the academy in Sweden.

This article appeared in All Voices on 29 March 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

Peterborough Today
Alternative care options are available for NHS patients in Peterborough

Recent research by the London School of Economics centre for economic performance suggests that NHS Choice has spurred competing hospitals to perform better.

This article appeared in Peterborough Today on 29 March 2011 link to article

Related publications
‘The NHS White Paper: evolution or revolution?’, Zack Cooper, CentrePiece 15 (2) Autumn 2010 'Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS', Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No. 988, June 2010 download

Related Links
Zack Cooper link to article
Productivity and Innovation webpage

Vox
How did London get away with it?

When the global crisis hit, many predicted that London would suffer more than other parts of the UK, given the city’s reliance on the financial services industry. This column explores how the UK capital’s economy suffered far less than the rest of the country. (Article by Henry Overman)

This article appeared in Vox.com on 29 March 2011 link to article

Related publications
How did London get away with it?’ Henry Overman, CentrePiece Vol 15, Issue 3, Winter 2010/2011
‘Wage Disparities in Britain: People or Place?’ Steve Gibbons, Henry Overman and Panu Pelkonen, SERC Discussion Paper No.60, October 2010

Related links
‘How did London get away with it? The recession and the north-south divide’
Lecture Details link
Henry Overman link
SERC website link

Wirtualna Polska
PILNE: Jest wniosek o odwoand#322;anie ministra finansów

Polish Finance Minister, Jan Vincent-Rostowski was a lecturer at the UCL School of Slavonic and East European Studies, University of London, he also worked in the Centre for Economic Performance London School of Economics and Political Science ( LSE). Byl doradca wicepremiera i ministra finansów Leszka Balcerowicza, a w latach 1997-2001 kierowal Rada Polityki Makroekonomicznej w Ministerstwie Finansów. Od 2002 do 2004...

This article appeared on Wirtualna Polska on 28 March 2011 link to article

Related links
Jan Vincent Rostowski CEP Publications webpage

Guardian
Spain's economy isn't like Portugal's

Albert Marcet article discussing how, despite its neighbour’s economic crisis, there are no reasons to fear Madrid will default on its debt.

This article appeared in the Guardian on 27 March 2011 link to article

Related links
Albert Marcet webpage
Macro Programme webpage

Handelsblatt
Was modernes Management bringt

…auch den Grundprinzipien des modernen Managements folgen. Nick Bloom (Stanford University) und John van Reenen Professor an der London School of Economics, haben gemeinsam mit der Unternehmensberatung McKinsey ein Verfahren entwickelt, mit dem man Management-Praktiken messen kann. Danach haben die Forscher 4 000 Manager in zwölf Länden interviewt. Dabei...

This article appeared in Handelsblatt on 26 March 2011 (no link avaliable)

Related publications
‘Management Practice and Productivity’ Nick Bloom, Stephen Dorgan, John Dowdy, Christos Genakos, Raffaella Sadun and John Van Reenen, July 2007
‘Management Practices Across Firms and Nations’ Nick Bloom, Stephen Dorgan, John Dowdy, Tom Rippin and John Van Reenen, June 2005


Related links
Nick Bloom webpage
Christos Genakos webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Economist
Marx, Mervyn or Mario?

Blog asking what is causing the decline in living standards. The LSE's John Van Reenen says that privations has led to a decline in labour's share of wealth.

This article appeared in the Economist on 26 March 2011 link to article

Related publications
‘In Brief: Can Pay Regulation Kill?’ John Van Reenen, CentrePiece Vol 13, Issue 1, Spring 2008 link to article
‘Can Pay Regulation Kill? Panel Data Evidence on the Effect of Labour Markets on Hospital Performance’ Emma Hall, Carol Propper and John Van Reenen, Centre for Economic Performance Discussion Paper No.843, January 2008

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Wall Street Journal
Happy? Statisticians Aren't Buying It

But other economists see little downside in the efforts. Richard Layard an economist at the London School of Economics, is an advocate of trying to track happiness as "a basic measure of the progress of a society." Its subjectivity isn't a problem, in his view: "The most important things in life are subjective."

This article appeared in the Wall Street Journal on 25 March 2011 link to article

Related publications
Happiness: Lessons from a New Science, Richard Layard Details

HL-live
Forum Arbeitsmarkt: Transparenz hilft

- von Angebot und Nachfrage verbessern. Dale Mortensen von der Northwestern University in Illinois und Christopher Pissarides von der London School of Economics wendeten in den 80er Jahren die Theorie systematisch auf den Arbeitsmarkt an. Sie zeigten unter anderem, dass Arbeitslosigkeit die Folge ist, wenn die Suche nach Stellen und..

This article appeared in Forum Arbeitsmarkt: Transparenz hilft on 25 March 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

Guardian
How London is bouncing back from the recession

A couple of months ago, Henry Overman, professor of economic geography at the LSE, gave a lecture titled How Did London Get Away With It? His answer came down to the kind of jobs that Londoners tend to have. The capital has the lion's share of financial services, and those industries came out of the meltdown in far healthier shape than expected. It also has lots of managerial and professional workers, and they've also done better than expected.

This article appeared in the Guardian on March 22, 2011
Link to article

Related Publications
How Did London Get Away With It?, Henry Overman. Article in CentrePiece Volume 15, Issue 3, Winter 2010/2011
'Wage Disparities in Britain: People or Place?', Stephen Gibbons, Henry Overman and Panu Pelkonen, SERC Discussion Paper No.60, October 2010
Slides for SERC and LSE London lecture How Did London Get Away With It? The Recession and the North-South Divide' given on 20 January 2011

Related Links
Henry Overman webpage
Spatial Economics Research Centre (SERC) webpage
Globalisation Programme webpage

BBC Radio 4
The search for growth

John Van Reenen appeared on the programme in which the BBC's Economics Editor, Stephanie Flanders, concludes her search for growth in Britain's economy.

This interview was broadcast on BBC Radio 4 on 22 March 2011 link

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Evening Standard
Foundations are shaky for coalition's bid to revitalise building

Comment regarding building policies expected in the budget. It is mentioned that the LSE's Tim Leunig was the one who formulated the proposal to increase housebuilding, believing councils must have the power to make owners sell.

This article appeared in the Evening Standard on 21 March 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

This is Surrey Today
‘Budget cuts will increase schools gap' say Mole Valley headteachers

LEVEL PLAYING FIELD? Head teachers have warned Government cuts could widen the gap between private and state schools Dr Jo Blanden a University of Surrey expert on social mobility, agreed the cuts could lead to "more divisions" and fewer opportunities for state school pupils.

This article appeared in This is Surrey Today on 21 March 2011 link to article

Related links
Jo Blanden webpage
Jo Blanden publications webpage
Education and Skills Programme webpage

Financial News
Cajas race to raise capital requirements

According to Luis Garicano a professor at the London School of Economics, a caja sale advertisement might read: “On sale: minority stake in a systemic entity in Southern Europe, with only national exposure, mainly in the over-inflated real-estate market. The investor must inject capital and let the powers that be continue managing the company as they please.”

This article appeared in the Financial News on 21 March 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Financial Times
UK economy: In search of shoots

Professor John Van Reenen of the LSE says it is important for ministers to put in place the broad conditions for growth, but that a proactive approach might also work.

This article appeared in the Finanical Times on 21 March 2011 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage



El Pais
Moody's contra el Banco de España

Pero en este pulso los economistas consultados disparan contra Moody's: para Luis Garicano de la London School of Economics, "la arrogante pereza que supone no esperar a que el saque sus números (no sea que haya que estudiarse los datos antes de opinar) es incomprensible en...

This article appeared in El Pais on 20 March 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Financial Times
White-collar state workers face triple hits

In the past 20 years the impact of technology has eliminated many clerical and back-office jobs in financial services in much the same way that automation revolutionised manufacturing in the 1980s. Such mid-ranking occupations fell by more than 10 percentage points as a share of the labour market between 1993 and 2006. In contrast, demand has been rising for what Maarten Goos and Alan Manning of the London School of Economics have termed “lousy” low income jobs, such as cleaning, retail and restaurant work, and “lovely” high-income employment. The reality is that public sector employees who find themselves looking for work might have to settle for much lower-grade private sector employment, given the difficulty of gaining qualifications and starting professional employment mid-career. Professor Stephen Machin of University College London, said that the middling occupations had “hollowed out, as the jobs that could be replaced by automation have been lost. There is relatively little that any government can do about this in the long term: the best policy is to keep improving the skills of the workforce through education and training.” Professor John van Reenen director of the Centre for Economic Performance at the London School of Economics, agreed that would be the right approach for those already educated to A-level or equivalent but said that the weak labour market prospects for middle-income employees made it more difficult now to argue that those not yet educated to that level should seek to attain it.

This article appeared in the Financial Times on 20 March 2011 link to article

Related publications
‘Lousy and Lovely Jobs: the Rising Polarisation of Work in Britain’, Maarten Goos and Alan Manning, Centre for Economic Performance Discussion Paper No.604, December 2003
link to article
Stephen Machin publications webpage
John Van Reenen publications webpage

Related links
Maarten Goos webpage
Stephen Machin webpage
Alan Manning webpage
John Van Reenen webpage
Labour Markets Programme webpage
Productivity and Innovation Programme webpage


Property Week
Make Cable's land auctions compulsory, says economist

Business secretary Vince Cable’s idea of land auctions should be made compulsory, says the man who proposed the system to boost the low rate of housebuilding in the UK. Timothy Leunig a reader in economic history at the London School of Economics, said the only way to make developers go through this process and encourage councils to grant planning permission is to make it mandatory.

This article appeared on Property Week on 18 March 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

Street Insider
2010 Nobel Laureate in Economic Sciences Professor Christopher Pissarides to Speak at UC Rusal Presidents Forum at Hkust

UC RUSAL (SEHK: 486), the world's largest aluminium producer, and Hong Kong University of Science and Technology (HKUST) are pleased to announce details of the second edition of UC RUSAL President's Forum organized under the auspices of the HKUST Institute for Advanced Study. The 2010 Nobel Laureate in Economic Sciences, Professor Christopher Pissarides will be the guest speaker of the Forum on Monday, 21 March 2011. Professor Pissarides is a Norman Sosnow Chair in Economics at the London School of Economics and Political Science, and the Marfin-Laiki Chair in European Studies at the University of Cyprus. He specializes in the economics of unemployment, labor market theory, labor market...

This article appeared in Street Insider on 18 March 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

CNBC
How the Revolving Door Works on Capitol Hill

…staff lose about a quarter of their income, according to a new study from three economists at the London School of Economics. “Lobbyists with experience in the office of a US Senator suffer a 24% drop in generated revenue when that Senator leaves office. The effect is immediate, discontinuous...

This article appeared in CNBC on 18 March 2011 link to article

Related publications
‘In brief: ‘Revolving door’ lobbyists’, Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, CentrePiece Vol 15, Issue 2, Autumn 2010 download
This article summarises 'Revolving Door Lobbyists' by Jordi Blanes I Vidal, Mirko Draca and Christian Fons-Rosen, Centre for Economic Performance Discussion Paper No. 993, August 2010 link to article


Related links
Jordi Blanes I Vidal webpage
Mirko Draca webpage
Christian Fons-Rosen webpage
Productivity and Innovation Programme webpage

Strategy and Business
How Information and Communication Technologies Affect Decision Making

Distinct Effects of Information Technology and Communication Technology on Firm Organization Authors: Nicholas Bloom (Stanford University), Luis Garicano ( London School of Economics), Raffaella Sadun (Harvard University), and John Van Reenen ( London School of Economics) Publisher: Harvard Business School, Working Paper No. 11-023
The researchers analyzed data about organizational structure, collected in 2006 by the London School of Economics, on more than 1,000 firms in France, Germany, Italy, Poland, Portugal, Sweden, the United Kingdom, and the United States. As part of the study, hundreds of 45-minute interviews were conducted with plant managers in an effort to gauge the autonomy of supervisors and their workers.

This article appeared in Stratergy and Business on 18 March 2011 link to article

Related publications
‘The Distinct Effects of Information Technology and Communicationi Technology on Firm Organisation’, Nick Bloom, Luis Garicano, Raffaella Sadun and John Van Reenen, Centre for Economic Performance Discussion Paper No.927, May 2009 link to article

Related links
Nick Bloom webpage
Luis Garicano webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

BNet
Study: How CEOs Really Spend their Time

According to research from four professors - Oriana Bandiera and Andrea Prat, of the London School of Economics, Luigi Guiso of European University Institute, and Raffaella Sadun of Harvard University – at those companies, CEOs spend much more time on activities that are personally beneficial to them.

This article appeared in BNet on 18 March link to article

Raffaella Sadun webpage
Raffaella Sadun publications webpage
Productivity and Innovation Programme webpage

The Telegraph
Why the Japanese behave better than Westerners

High social capital leads to higher levels of trust, which manifests itself in more orderly behaviour and lower crime rates. Richard Layard author of Happiness, says: “Crime rates are high when there is geographical mobility. Indeed, the best predictor of crime in a community is the number of people each person knows within 15 minutes of their home: the more they know, the lower the crime rate.”

This article appeared in The Telegraph on 18 March 2011 link to article

Related publications
Happiness: Lessons from a New Science, Richard Layard details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness Research webpage

The Mail on Sunday
In Gunners' sights

Eran Yashiv has penned an article explaining 'the economics of elite football clubs' for the latest issue of CentrePiece a journal of the London School of Economics

This article appeared in The Mail on Sunday on 17 March 2011 (no link avaliable)

Related publications
‘In brief: Unequal shares: the economics of elite football clubs’, Eran Yashiv, in CentrePiece Vol 15, Issue 3, Winter 2010/2011 download

Related links
Eran Yashiv webpage
Macro Programme webpage

The Daily Telegraph
Data show new high for youth joblessness; Jobless young figure hits all-time record

According to the Chartered Institute of Personnel and Development, current youth unemployment rates are lower than in the 1992 recession, when looking at the proportion of the entire youth population and excluding those in full-time education. ; The Centre for Economic Performance also warned the number of under-25s out of work, although at a "stunning" volume, can be expected given that they generally have fewer skills than older workers and lower redundancy costs. ; The Work Foundation disputed this, however. Ian Brinkley, a director at the think-tank , said: "The prospects for 2011 are not encouraging as the expected large-scale job losses in the public sector have still to feed through. Meanwhile, the rise in unemployment has been largely felt by the young, increasing numbers of whom are becoming long-term unemployed - a clear warning of big problems to come."

This aritcle appeared in the Daily Telegraph on 17 March 2011 (no link avalible)

Related links
Barbara Petrongolo webpage
John Van Reenen webpage
Labour Markets Programme webpage
Productivity and Innovation Programme webpage

Wiwo.de (Handelsblatt)
Experimente in Indien Was modernes Management bringt

Nick Bloom (Stanford University) und John van Reenen Professor an der London School of Economics, haben gemeinsam mit der Unternehmensberatung McKinsey ein Verfahren entwickelt, mit dem man Management-Praktiken messen kann. Danach haben die Forscher 4 000 Manager in zwölf Länden interviewt. Dabei zeigte sich: Zwischen dem Indikator für die Qualität der Unternehmensführung und Kennziffern für die Produktivität der Unternehmen zeigt sich ein sehr enger Zusammenhang.

This article appeared on Wiwo.de (Handelsblatt) on 17 March 2011 link to article

Also in Yahoo!German link to article

Related links
Nick Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Productivity and Innovation Discussion Papers webpage
Management Practices and Organisational Structures Research webpage

Public Finance Magazine
Public sector workforce shrank by 132,000 last year

John Van Reenen and Barbara Petrongolo of the Centre for Economic Performance at the London School of Economics urged the chancellor to reverse his decision to abolish the Education Maintenance Allowance in next week’s Budget. They said he should also commit to an expanded apprenticeship programme and slow down the pace of the cuts.

This article appeared in Public Finance Magazine on 16 March 2011 link to article

Relevant publications
‘Jobs and Youth Unemployment: It’s bad but not as bad as you may think’, CEP Election Analysis, Barbara Petrongolo and John Van Reenen, April 2010 link

Relevant links
Barbara Petrongolo webpage
John Van Reenen webpage
Labour Markets Programme webpage
Productivity & Innovation Programme webpage

The Guardian
Use the budget to save the EMA

John Van Reenen Professor of Economics at the LSE, is one of the signatories of a letter condemning government plans to abolish the EMA, a scheme developed to help and encourage students from poorer backgrounds to stay on in education.

This article appeared in the Guardian on 16 February 2011 link to article

Relevant links
John Van Reenen webpage
Productivity & Innovation Programme webpage

BBC News
Mind the pay gap

The reasons for Britain's income inequality over recent decades has been set out in a new academic paper by Stephen Machin director of the Centre for Economic Performance and a member of the Low Pay Commission.

This article appeared on the BBC News website on 16 March 2011 link to article

Related publications
‘In brief: Economic inequality in the UK’, CentrePiece Volume 14, Issue 3, Winter 2009/2010 link

Related links
Stephen Machin webpage
Labour Markets Programme webpage
Centre for the Economics of Education webpage

TalkTalk
A lost generation – the future for Britain's young

Jobless young are also receiving less help in their job search than they used to. In around 2004 the government shifted its focus away from helping them in favour of other unemployed groups, such as lone parents and the disabled, London School of Economics researchers wrote in a briefing last year. "The timing does make one suspect that this may have been a cause (of rising youth unemployment)," they said...

This article appeared on the TalkTalk website on 15 March 2011 link to article

Relevant publications
‘Jobs and Youth Unemployment: It’s bad but not as bad as you may think’, CEP Election Analysis, Barbara Petrongolo and John Van Reenen, April 2010 link to article

Relevant links
Barbara Petrongolo webpage
John Van Reenen webpage
Labour Markets Programme webpage
Productivity & Innovation Programme webpage

Ziarul Financiar
Nobel laureate for Economics: Reform labour market unless you want to end up like Spain

British-Cypriot professor Christopher Pissarides says unless Romania wants to end up in a similar position to Spain, where youth unemployment is 43%, it needs to make the labour market more flexible by using temporary employment contracts. He got the Nobel Prize for Economic Science along with economists Peter A. Diamond and Dale T. Mortensen for "Markets with Search Frictions" last year.

Thi article appeared in Ziarul Financiar on 14 March 2011 link to article

Related links
Chris Pissarides webpage
Chris Pissarides publications webpage
Macro Programme webpage

Progress online
International social democracy

Working with the grain of the market, public policy can achieve progressive goals. For example, in my previous role as Shadow Work and Pensions Secretary, I made a speech to Demos citing the work of the economists Paul Gregg and Jonathan Wadsworth on what happened in international labour markets during the recession. They found that in Britain it was the combined effects of the right action by the authorities - low interest rates, fiscal stimulus and support for business - with the right action by employers - keeping people on wherever they could - that meant that the last recession did not see unemployment soaring to the same degree as in its predecessors.

This article appeared in Progress Online on 14 March 2011 link to article

Related publications
‘Jobs in the Recession’ in CentrePiece Vol 15, Issue 2, Summer 2010 download
‘The UK Labour Market and the 2008-2009 Recession’ by Paul Gregg and Jonathan Wadsworth, Centre for Economic Performance Occasional Paper No. 25, June 2010 download

Related links
Jonathan Wadsworth webpage
Labour Markets Programme webpage


Financial Times
'Land auctions' plan to stimulate growth

It is mentioned that Ed Davey and the LSE's Tim Leunig had in 2007 made a proposal in relation to gaps in land pricing.

This article appeared in the Financial Times on the 14 March 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

Reuters
Data junkie Savouri helps Toscafund recovery

Trusting in hard numbers rather than the forecasts of company managements is key for Toscafund chief economist Savvas Savouri, as he helps one of the UK's best-known hedge fund firms recover from a tough credit crisis. will have the ammo to smoke them out of their script.” It was at the London School of Economics, where he took his undergraduate degree and later a doctorate, that Savouri developed his fascination with data, working with the likes of Stephen Nickell Sushil Wadhwani and and Charles Bean, who all later served on the Bank of England's Monetary Policy Committee.

This article appeared on Reuters on 8 march 2011 link to article

Related links
Charlie Bean CEP publications
Stephen Nickell CEP publications
Sushil Wadhwani CEP publications

Financial Times
U-turn on NHS pricing welcomed

Leading health economists, who had warned it could lead to a “race to the bottom” that could damage the quality of care, praised the move.

This article appeared in the Financial Times on 4 March 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

MBA, South Korea
Linda Yueh interview

Linda Yueh appeared on MBA, a terrestrial channel in South Korea, commenting on gold and global currencies at a conference in Seoul

This interview was broadcast on 3 March 2011 (no link avaliable)

Related Links
Linda Yueh webpage
Globalisation webpage

About My Area.com
Stop HS2 Delighted By Economic Case Inquiry For HS2

When he was giving evidence to the Transport Select committee, Prof Henry Overman said that many projects are promoted on the grounds that they will be transformational, but in actuality, many of these claims do not materialise.

This article appeared on About My Area.com on 3 March 2011 link to article

Related Links
Henry Overman webpage
SERC webpage
Globalisation webpage

Health Service Journal
Government Amends Health Bill

Price competition has been widely decried by everyone from Sir David to the London School of Economics although the flexibility to use tariff as a maximum has already been used by commissioners locally to agree a lower rate for some procedures.

This article appeared in the Health Service Journal on 3 March 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

The Guardian
Health bill changed to stop price war

Health economists say the government should be "congratulated for listening". Zack Cooper a health economist at the London School of Economics had warned that price competition "would be a retrograde step because in healthcare you cannot easily link outcome and quality of care to price in the short term. It takes a long time to work out that relationship. The international evidence is that it does not work."

This article appeared in the Guardian on 3 March 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

Nightwaves
Richard Layard

Richard Layard appeared on Nightwaves, discussing Pascal Bruckne’s latest book Perpetual Euphoria On the Duty to be Happy and whether the pursuit of happiness is making us unhappy.

This interview was broadcast on BBC Radio Four on 2 March 2011 link

Related Links
Richard Layard webpage
Wellbeing Programme webpage
Happiness Research webpage

Columbia Spectator
Bargaining for equality

Nick Bloom argues that by taking away the right to collectively bargain in Wisconsin, Governor Walker is increasing inequality.

This article appeared in the Columbia Spectator on 1 March 2011 link to article

Related Links
Nick Bloom webpage
Productivity and Innovation webpage

The Guardian
Nicholson expects companies will run more NHS hospitals

But Zack Cooper an economist at the LSE, has argued that introducing choice to the NHS in England has improved outcomes for patients, particularly the poorest…

This article appeared in the Guardian on 25 February 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

BBC Radio Scotland
Good Morning Scotland

Richard Layard appeared on BBC Radio Scotland to discuss measuring happiness

This interveiw was broacast on 24 February 2011 link

Related Links
Richard Layard webpage
Wellbeing Programme webpage
Happiness Research webpage

BBC Scotland
Good Morning Scotland

Richard Layard discusses the report on happiness.

This interview took place on BBC Radio Scotland's Good Morning Scotland programme on February 24, 2011
Link to programme (available to download until March 3, 2011).

Related Links
Richard Layard's webpage
CEP Wellbeing Programme webpage

The Guardian
Treating NHS hospitals with competition and closures

Patients in England, especially the poorest, have benefited from choice and competition according to LSE economist Zack Cooper

This article appeared in The Guardian on 23 February 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

The Guardian
Treating NHS hospitals with competition and closures

Treating NHS hospitals with competition and closures.
Patients in England, especiallly the poorest, have benefited from choice and competition according to LSE economist Zack Cooper.

This article appeared in The Guardian on 23 February, 2011
Link to article.

Related Publications
Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS, Zack Cooper, Steve Gibbons, Simon Jones, Alistair McGuire, June 2010, Paper No' CEPDP0988

Related Links
Zack Cooper's webpage

Altarum Health Policy Forum -blog
Are There Alternatives to a Mandate? Yes, But They Create More Problems Than They Solve

These days, the most hotly contested element of the health care reform law is the mandate that requires every American to purchase insurance coverage come 2014……..
Columnist Zack Cooper is a health economist working at the Centre for Economic Performance at the London School of Economics

This article appeared on Altarum Health Policy Forum on 22nd February 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

The Sunday Times
Ministers in bid to force lower university fees

Universities could be forced to bid in a government-led "auction" for the right to offer degree places, as part of an emergency scheme being considered by ministers to keep tuition fees under control. Under a scheme devised by Tim Leunig an economist at the London School of Economics, virtually all places could be distributed according to a formula that took into account demand for courses, their price tag and the earning prospects of their graduates.

This aritlce appeared in the Sunday Times on 20 February 2011 (No link)

Related links
Tim Leunig webpage
Globalisation Programme webpage

Channel 4
Dispatches

Dr Zack Cooper comments on monopolies in the NHS as part of a program about the quality of hospital food.

This interview was broadcast on Dispatches on Channel 4 on 21 February 2011 link to programme

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage

The Financial News
Little blue pill

The director of the Centre for Economic Performance, a London School of Economics-based research centre, said in a public lecture last week that with the UK economy contracting at the end of last year and more recent news that Pfizer is to shut its main research lab in the UK, the country needs not only a Plan B as an alternative to its austerity drive, but also a Plan V.

This article was published in the Financial News, 21 February 2011
Read the full article

Related links
John Van Reenen webpage Productivity and Innovation Programme webpage


Sky News
Live Desk

Professor John Van Reenen, LSE, commented on Liverpool announcing how it plans to save £91 million.

This interview was broadcast on 17 February 2011(no link avaliable)

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Times Higher Education Supplement
Quit the quotas: only competitive tension will keep fees down

Market discipline must be introduced to ensure that universities deliver the best deal for students and taxpayers, argues Tim Leunig

This article appeared in Times Higher Education Supplement on 17 February 2011 link to article

Related links
Tim Leunig webpage
Globalisation Programme webpage

med-kolleg Medizin Machrichten
Wirtschaftlich erfolgreiche Krankenhäuser bieten die bessere Patientenversorgung / Neue McKinsey - Studie ''Management in Healthcare'': Wirtschaftlichkeit kein Widerspruch zu guter Versorgung

Wichels die Studienergebnisse zusammen. Für die Untersuchung befragte McKinsey gemeinsam mit dem Center for Economic Performance (CEP) der London School of Economics Managerund Führungskräfte in 1.200 Krankenhäusern in sieben Ländern (Deutschland, USA, Kanada, Schweden, Großbritannien, Italien und Frankreich). In Deutschland wurden 130 Krankenhäuser analysiert. Auf wissenschaftlicher Basis wurde...

This article appeared in med-kolleg Medizin Machrichten on 16 February 2011 link to article

Also in
Tiroler Tageszeitung (no link avaliable)
Kma-online link
OTS link
Nupepa link

Related publications
‘Management in Healthcare: Why good practice really matters’, McKinsey & Company and CEP, October 2010 link

Related links
Nick Bloom webpage
Rebecca Homkes webpage
Raffaella Sadun webpage
John Van Reenen webpage
Management research webpage
Productivity and Innovation Programme webpage

The Rice Standard
Gateway to the Nobel Prize: an interview with Christopher Pissarides

As a Rice student currently studying at London School of Economics, I was lucky enough to engage in a conversation with Professor Pissarides through the School of Social Sciences International Ambassadorship program. During the 30-minute interview, Professor Pissarides shared his experience with economics studies, research on unemployment, and receiving the Nobel Prize.

This article appeared in the Rice Standard on 15 February 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

Guardian
China looks for inner richness

Although China has become the world's second-largest economy, its domestic markets need reform for its citizens' sake.

This article appeared in the Guardian on 14 February 2011 link to article

Related links
Linda Yueh webpage
Globalisation Programme webpage

Providence Journal
Matthew Lynn: 'Austerity' means the rich get richer

London, by far the richest region of the UK, came through the recession in better shape than the rest of the country, says Henry Overman, the director of the Spatial Economics Research Center at the London School of Economics. "It's simply not a middle-class recession and a greater representation of the middle class is in the southeast of England," he said last month.

This article appeared in Providence Journal on 14 February 2011 link to article

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC webpage webpage
Henry Overman CEP publications webpage

News - matia.gr
Ilzetzki says US budget must address long-term costs

Ethan Ilzetzki a lecturer at the London School of Economics, talks about the proposed fiscal 2012 budget that Barack Obama will present today as his administration and Congress negotiate boosting the $14.3 trillion debt ceiling.

This article appeared in News - matia.gr on 14 February 2011 link to article

Related links
Ethan Ilzetzki webpage
Macro Programme webpage

Guardian
George MacKerron: 'I can measure how happy you are - and why'

George MacKerron is the inventor of Mappiness, an iPhone app that collates information from thousands of people to find out when, where and why we are at our happiest. I found myself increasingly interested in environmental issues. Then a friend sent me some of Richard Layard's [an LSE economist's] lectures in happiness economics, and I thought that it would be interesting to put these two areas together and explore the effect of people's natural environment on their wellbeing.

This article appeared in the Guardian on 13 February 2011 link to article

Related publications
‘Happiness: Lessons from a New Science’, Richard Layard, Penguin, 2005 details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Sydney Morning Herald
The rich get richer and the disunited kingdom is all the poorer for it

London, by far the richest region of the UK, came through the recession in better shape than the rest of the country, says Henry Overman, the director of the Spatial Economics Research Center at the London School of Economics. "It's simply not a middle-class recession and a greater representation of the middle class is in the southeast of England," he said last month.

This article appeared in the Sydney Morning Herald link to article

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC webpage
Henry Overman CEP publications webpage

Nigeria Guardian
Goal-setting, key to success

[Christopher] Pissarides, a Briton is professor of economics at the London School of Economics. He is also a fellow of the Centre for Economic Performance at LSE and of the Economic Policy Research.

This article appeared in the Nigerian Guardian on 12 February 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

Guardian
Government to create extra 100,000 apprenticeships

Apprenticeships and vocational training schemes are increasingly being promoted by business leaders and politicians from all sides as a cost-effective way to address skills shortages in several UK industry sectors. Despite this, a recent report by the Centre for Economic Performance found there are only 11 apprenticeships for every 1,000 workers in the UK. Historically such schemes have been beset by high dropout rates, with low rates of pay among the main contributing factors.

This article appeared in the Guardian on 7 February 2011 link to article

Related publications
‘The State of Apprenticeship in 2010’. A CEP Special Report for the Apprenticeship Ambassadors Network by Hilary Steedman.
download report


Related links
Hilary Steedman webpage
Hilary Steedman publications webpage
Education and Skills Programme webpage

BBC 1
South East Today

Tim Leunig interviewed on economic prospects for the SE after Pfizer closure.

This interveiw appeared on South East today on 7 February 2011 (no link avaliable)

Related links
Tim Leunig webpage
Globalisation Programme webpage

Business Week
Rich get richer when government tout austerity: Matthew Lynn

London, by far the wealthiest region of the U.K., came through the recession in better shape than the rest of the country, according to Henry Overman, the director of the Spatial Economics Research Centre at the London School of Economics.

This article appeared in Business Week on 7 February 2011 link to article

Related links
Henry Overman webpage
SERC webpages
Henry Overman publications webpage

NHS Confederation
No patient left behind? Will (more) choice-based reforms avoid the inverse information law?

Dr Zack Cooper of the Centre for Economic Performance at LSE outlined his recent evaluation of hospital competition and how this impacts health inequalities.

This article appeared on the NHS Confederation website on 3 February 2011 link to article

Related Links
Zack Cooper webpage
Productivity and Innovation webpage

CentrePiece Magazine
The NHS White Paper: evolution or revolution?

In the first of a new series of CentrePiece articles analysing policy innovations by the coalition government, Zack Cooper assesses the plans for healthcare reform in the light of recent CEP research.

This article appeared in the Centre for Economic Performance magazine CentrePiece Volume 15, Issue 2, Autumn 2010
Link to article

Related Publications
'Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS', Centre for Economic Performance Discussion Paper No. 988, by Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, June 2010.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage

The Sunday Telegraph
Can't work or won't work?

Is the reality that Britain's record rate of youth unemployment is not down to the lack of jobs - it is due to the fact that British young people will not take the jobs that are available? "You have to be very careful with that argument," cautions Dr Jonathan Wadsworth an economist at the London School of Economics.

This article appeared in The Sunday Telegraph on 23 January 2011 link to article

Related links
Jonathan Wadsworth webpage
Labour Markets Programme webpage
Jonathan Wadsworth publications webpage

BBC News
Why is social mobility still such a problem?

According to 2005 research from the London School of Economics there was an overall decline in social mobility in the UK between 1958 and 1970.

This article appeared on bbcnews. com on 22 January 2011 link to article

Related links
Stephen Machin webpage
Richard Murphy webpage
Jo Blanden webpage
CEE webpage webpage

Financial Mirror
Pissarides talks about Nobel theory at the University of Cyprus

Cypriot Economics Nobel Prize laureate, Christopher Pissarides, gave a lecture Thursday evening at the University of Cyprus in Nicosia in the presence of President of the Republic of Cyprus Demetris

This article appeared in the Financial Mirror on 22 January 2011 link to article

Related links
Christopher Pissarides webpage
Macro Programme webpage

Manchester Wired
Why is Social Mobility Still Such a Problem?

Getting the best start in life for people who come from a poor background has always been a difficult issue for politicians. This week a government-commissioned report identified a cycle of “dysfunction and under-achievement” – and the need to tackle it.... According to 2005 research from the London School of Economics there was an overall decline in social mobility in the UK between 1958-1970. The people who moved forward during this period were from the middle classes, the researchers concluded.

This article appeared in Manchester Wired on 22 January 2011 link to article

Related publications
‘Increasing University Income from home and overseas students: what impact for social mobility’, Stephen Machin and Richard Murphy, CEP Report for Sutton Trust, September 2010 link
‘Recent trends in intergenerational mobility: will the downward trend continue?’ Jo Blanden and Stephen Machin, CentrePiece vol 13(2), Autumn 2008.
Report for the Sutton Trust Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin
Social Mobility in Britain: Low and Falling by Jo Blanden, Paul Gregg and Stephen Machin. Article appeared in CentrePiece, Vol.10, Issue 1 Spring 2005
Article appeared in CentrePiece, Vol.10, Issue 1 Spring 2005


Related links
Stephen Machin webpage
Richard Murphy webpage
Jo Blanden webpage
Education and Skills Programme webpage
Centre for the Economics of Education webpage

Progress Magazine
Social mobility: where next?

Liz Kendall shares her thoughts in a speech to last night's De Montfort Distinguished Lecture Series on social mobility in Britain and how to ensure it can be boosted in difficult times. "Before I go on to talk about the future, how has social mobility changed in Britain’s recent past? During the last Parliament, the LSE’s Centre for Economic Performance published research which found that children born to poor families in Britain are less likely to break free from their backgrounds and fulfil their potential than in the past."

This article was published in Progress magazine on 21 January 2011 link to article

Related publications
‘Increasing University Income from home and overseas students: what impact for social mobility’ Stephen Machin and Richard Murphy, CEP Report for Sutton Trust, September 2010
Report for the Sutton Trust: Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin. Article appeared in CentrePiece, Vol.10, Issue 1 Spring 2005 link to article

Related links
Stephen Machin webpage
Richard Murphy webpage
Education and Skills Programme webpage
Centre for the Economics of Education webpage


The Guardian
Cutting the young adrift

As youth unemployment soars, the coalition will regret scrapping the EMA and the Future Jobs Fund. Professor John Van Reenen of the London School of Economics, who commissioned the IFS research, argues: "The UK has a serious problem of many young people leaving school early, especially bright kids from low-income families. Rigorous quantitative evaluations of the EMA have shown that it is an education policy that has significantly improved staying-on rates."

This article appeared in the Guardian on 21 January 2011 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Economist
A great burden for Zapatero to bear

The Spanish prime minister has become a reluctant convert to reform—but maybe too little, too late Now the unions and government want a grand pact, including employers and opposition parties, to back reforms. The employers have shown willing. The unions still hope to water things down. “My fear is that with the pact he will sell this reform out,” says Luis Garicano of the London School of Economics.

This article appeared in The Economicst on 20 January 2011 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

TechEye
Open sauce is more expensive than proprietary

Two academics have penned a book which claims that the Open Sauce movement is based on a lie that its systems are less expensive than buying software. Harvard Business School professor Josh Lerner and Mark Schankerman from the London School of Economics have just released their tome "The Comingled Code", Lerner and Schankerman apparently asked a lot of questions, from how much open-source software a firm has implemented to whether governments should mandate the use of such programs.

This article was published in Tech Eye on 20 January 2011 link to article

Related publications
The Comingled Code: Open Source and Economic Development by Josh Lerner and Mark Schankerman, MIT Press, December 2010 More details

Related links
Mark Schankerman webpage
Productivity and Innovation Programme webpage

Financial Times
Cameron's NHS reform is no health revolution

A comment article analysing the coalition government’s NHS reforms. In the article, it says: Quote: "The commissioner-provider split, payment-by-results, and more choice and competition: all were developed under Mr Blair, and are now being extended by the coalition. The evidence suggests they are working. Research by Zack Cooper at the London School of Economics, and (independently) Carol Propper at Bristol University, shows hospital competition improving quality of services."

This article appeared in the Financial Times on January 20, 2011
Link to article and subscribe

Related Publications
The NHS White Paper: evolution or revolution?, Zack Cooper, November 2010. In CentrePiece 15 (2) Autumn 2010 pages: 14-17
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’, Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010
Can Pay Regulation Kill? Panel Data Evidence on the Effect of Labour Markets on Hospital Performance, Carol Propper and John Van Reenen, Journal of Political Economy, Vol. 118, no. 2
Non-Technical Report: Can pay regulation kill? Evidence from English hospital trusts, Carol Propper and John Van Reenen, Journal of Political Economy, Vol. 118, No. 2, 2010.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage

BBC Radio 4
Moral Maze Programme

Richard Layard appeared on the programme discussing measuring well-being.

This interview was broadcast on the BBC Radio 4 programme, Moral Maze on January 19, 2011
Link to broadcast.

Related links
Richard Layard webpage
Wellbeing Programme webpage
Richard Layard publications webpage

BBC Radio Kent
Breakfast

Reference to LSE research on price competition in the NHS.

This broadcast featured on the BBC Radio Kent 'Breakfast' show on January 19, 2011
[No link to broadcast.]

Related publications
The NHS White Paper: evolution or revolution?, Zack Cooper, November 2010. In CentrePiece 15 (2) Autumn 2010 pages: 14-17
‘Does Hospital Competition Improve Efficiency? An Analysis of the Recent Market-Based Reforms to the English NHS’, Zack Cooper, Stephen Gibbons, Simon Jones and Alistair McGuire, Centre for Economic Performance Discussion Paper No.988, June 2010
Can Pay Regulation Kill? Panel Data Evidence on the Effect of Labour Markets on Hospital Performance, Carol Propper and John Van Reenen, Journal of Political Economy, Vol. 118, no. 2
Non-Technical Report: Can pay regulation kill? Evidence from English hospital trusts, Carol Propper and John Van Reenen, Journal of Political Economy, Vol. 118, No. 2, 2010.

Related Links
Zack Cooper webpage
Productivity and Innovation Programme webpage

BBC News Tonight
Tonight

Zack Cooper on the programme, to talk about David Cameron's Speech and the NHS Reforms. This programme was broadcast on January 17, 2011
[No link to the programme is available.]

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage

Times and Transcript (New Brunswick, Canada)
Happiness is ‘the right of everyone'

British PM wants citizens to be more content with their lives The Center [sic] for Economic Performance at the London School of Economics, according to the news reports, has dismissed any notion that material prosperity alone is the key to increasing the feeling of well-being.

This article appeared in Times and Transcript (Canada) on 8 January 2011 link to article

Related publications
Happiness: Lessons from a New Science (2005), Richard Layard details

NPR - Morning Edition
A theme park, an airport and the next banking crisis

At the center of Spain's banking crisis are regional banks called cajas de ahorros. More than half of Spanish banking deposits are in cajas. And they're not run by bankers, but by local politicians and priests. The Spanish government decided that the way to lead the banks back from the brink was for the healthier cajas to merge with the sicker ones. The total number of cajas needed to fall from 46 to 12, the government said. In some cases, that hasn’t happened. In northwestern Spain, two cajas merged, and there are still two people doing every job, according to Luis Garicano. Two general directors, two finance heads.

This article appeared in NPR, Morning Edition on 7 January 2011. Link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Financial Times
Hospital price competition 'a retrograde step'

LSE health economist Zack Cooper feels that Andrew Lansley's proposed allowance of price competition for the treatment of NHS patients between public and private hospitals constitutes a 'retrograde step'.

This article appeared in the Financial Times on 6 January 2011 link to article

Related links
Zack Cooper webpage
Productivity and Innovation Programme webpage

Pharmiweb.com
Patent box confirmed

John Van Reenen of the London School of Economics also argues that the scheme is poorly targeted and in a recent article in the Financial Times he urged the Chancellor to abolish the scheme in favour of increased investment in higher education. As with most things in economics, only time will tell.

This article appeared on Pharmiweb.com on 6 January 2011 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage