LSE CEP LSE
Centre for Economic Performance (CEP)

CEP in the News 2013


Business Spectator
Tough choices for a troubled euro

Article by Christopher Pissarides
One of the most exciting things about working at the London School of Economics is that we get to hear some of the world's top thinkers and policymakers. One occasion that I recall vividly is the visit of two great Europeans - Valerie Giscard d'Estaing and Helmut Schmidt. Europe had already completed the single market, the Berlin wall had fallen and the European Union was preparing to embrace new members and adopt a single currency.

This article was published online by Business Spectator on December 17, 2013
Link to article here

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

Bloomberg BusinessWeek
European citizens' initiative defends education spending

Education an investment: "Economic crises come and go but young people get just one chance to learn the skills that will get them a job and help them embark on a successful career," said the Nobel Laureate Economist, Christopher Pissarides, Regius Professor of Economics at the London School of Economics. "Cutting down on education investments because of a temporary economic crisis is short-sighted. It could destroy the lives of a whole generation of young people. Education spending is an investment in our future and should not be part of the government's fiscal balance."

This article appeared in Bloomberg BusinessWeek on 16th December 2013. Link to article here

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

Reuters UK (web)
JP Morgan, other employers move to cover costly autism therapies

The lifetime costs of treating one person with autism could top $2.3 million, according to 2012 research from the University of Pennsylvania and the London School of Economics. Given the expense, it is no surprise that insurers have had to be prodded to cover many autism treatments.

This article was published by Reuters on December 16, 2013
Link to article here

Related links
Martin Knapp webpage
Wellbeing Programme webpage

Daily Mail
Older people feel less fatigued by their daily activities than teenagers, study finds

Pensioners feel less tired than younger people, a new U.S. study has found. Researchers found 15 to 24-year-olds - the youngest people in their study - said they felt the most fatigued of all during daily activities.The difference between the two age groups was almost one full point on a scale of 0 to 6, with 6 representing 'very tired'. 'It's a big effect,' Laura Kudrna said. She and her colleague, Paul Dolan, conducted the study at the London School of Economics and Political Science.

This article appeared in the Daily Mail on 15 December 2013. Link to article here

Related links
Paul Dolan webpage
Wellbeing Programme webpage

The Economist
The Polish Paradox

Parts of England and Wales with many east European migrants have seen a drop in property crime and no increase in violence, according to researchers at the LSE and University College London. Recorded crime and anti-social behaviour in Corby has fallen by more than half since 2006; in the rest of England and Wales it is down by about a third. The proportion of the town's residents worrying about anti-social behaviour has plummeted from 56 percent to just 8 percent.

This article was published by The Economist on December 14, 2013
Link to article here

Related publications
Crime and Immigration: Evidence from Large Immigrant Waves by Brian Bell, Francesco Fasani and Stephen Machin, The Review of Economics & Statistics, October 2013, 95(4): 1278-1290
'Crime and Immigration: Evidence from Large Immigrant Waves', Brian Bell, Stephen Machin and Francesco Fasani, Centre for Economic Performance Discussion Paper No.984, June 2010

Related links
Brian Bell webpage
Stephen Machin webpage
Labour Markets Programme webpage

City A.M.
Nobel winner calls for euro to reform or die

NOBEL Prize-winning economist Sir Christopher Pissarides yesterday called on policymakers to dismantle the euro if they are not willing to take the radical steps necessary to bring the currency union to health. Despite being an early advocate for the Eurozone, Pissarides said that national governments should commit to a major fiscal stimulus and abandon austere budgets, or scrap the monetary project entirely.

This article was published by City A.M. on December 13, 2013
Link to article here

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


The Economist
The Economist explains - blog: 'how does immigration affect crime?'

BRITONS are anxiously awaiting the new year and the arrival, many fear, of tens of thousands of Bulgarians and Romanians who will be allowed free access to Britain and other European Union countries from January 1st. Much of that fear is based on the idea that among those coming will be scores of criminals. Nigel Farage, leader of the UK Independence Party, a British political party campaigning for the country's withdrawal from the EU, says Britain is facing a ''Romanian crime wave''. Does immigration push up crime rates?

The evidence suggests it is less simple than Mr Farage might imply.

The article was published on The Economist's 'The Economist Explains' blog on December 12, 2013
Link to article here

Related publications
Crime and Immigration: Evidence from Large Immigrant Waves by Brian Bell, Francesco Fasani and Stephen Machin, The Review of Economics & Statistics, October 2013, 95(4): 1278-1290
'Crime and Immigration: Evidence from Large Immigrant Waves', Brian Bell, Stephen Machin and Francesco Fasani, Centre for Economic Performance Discussion Paper No.984, June 2010

Related links
Brian Bell webpage
Stephen Machin webpage
Labour Markets Programme webpage

Daily Express
Scrap the single currency as it is costing jobs, says former europhile

Sir Christopher Pissarides, who was awarded the Nobel Prize in economics in 2010, believes the euro is destroying jobs and, if it cannot be overhauled, should be axed as soon as possible. The Professor at the London School of Economics (LSE) is the latest high profile figure to issue a warning over the Euro. In a lecture this evening at the LSE, Sir Christopher is expected to say: ''We will get nowhere plodding along with the current line of ad hoc decision-making and inconsistent debt-relief policies. The policies pursued now to steady the euro are costing Europe jobs and they are creating a lost generation of educated young people. This is not what the founding fathers promised.''

This article was published in the Daily Express online on December 12, 2013
Link to article here

See also
Yahoo! UK and Ireland
Dismantle the euro, says Nobel-winning economist who once backed currency union

Cyprus Mail
Pissarides: reform the euro or dismantle it

Yahoo! France Finance
Le Prix Nobel d'economie qui aimait l'euro et qui le voit maintenant entre train de detruire l'Europe

Wall Street Italia
Premio Nobel: ''Via dall'euro al piu presto''

Kathimerini.com.cy
Link to article here

Voria.gr
Pissarides: the euro creates a lost generation and divides Europe
The position that the euro creates a lost generation of unemployed youth will express the Nobel laureate economist Christopher Pissarides, in a speech at London School of Economics, according to the Daily Mail. The European currency ''create a lost generation of unemployed young people and is divisive for Europe'', notes Mr. Pissarides urging officials to take action to ''restore the credibility of the euro in international markets and to regain confidence once had among the nations of Europe''.
Link to article here


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

Times Higher Education
Out of the blue, into the red?

In a recent book, Browne and Beyond, Gill Wyness, a researcher at the London School of Economics, speculates that removing the cap would result in an escalation of what we have already seen among the mini-league of elite institutions under AAB/ABB. Students would ''trade up'' as their grades permit, with each rank of institutions taking students from the rank below, she writes. This would continue until excess demand was absorbed.

This article was published by the Times Higher Education on December 12, 2013
Link to article here

Related links
Gill Wyness webpage
Education and Skills Programme webpage
Gill Wyness CEP publications webpage

Daily Mail
Abandon the euro, says Nobel winner

One of the world's leading economists will today admit he was wrong to back the creation of the euro - and call for it to be dismantled. Sir Christopher Pissarides, who won the Nobel Prize for economics in 2010, was once a passionate believer in the benefits of the single currency. But in an extraordinary change of heart, today he will warn the euro is creating a 'lost generation' of unemployed youngsters and is 'dividing Europe'.

This article was published by the Daily Mail on December 12, 2013
Link to article here

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

The Daily Telegraph
Dismantle the euro, says Nobel Prize winner

Sir Christopher Pissarides, who won the Nobel Prize for economics in 2010, will today suggest that the euro should be dismantled. In a speech at the London School of Economics, the Cypriot-British economist will say the single currency is creating a ''lost generation'' of unemployed youngsters. ''The euro should either be dismantled in an orderly way or the leading members should do the necessary as fast as possible to make it growth and employment-friendly.''

This article was published by The Daily Telegraph on December 12, 2013
Link to article here

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

Reuters UK
Older people may be less tired: study

''It's a big effect'', Laura Kudrna told Reuters Health. She and her colleague, Paul Dolan, conducted the study at the London School of Economics and Political Science. The link between increasing age and decreasing fatigue held steady when they factored in how much people slept, how many children they had, whether they were employed and their general health.

This article was published online by Reuters UK on December 11, 2013
Link to article here

See also
GlobalPost
Older people may be less tired: study

Yahoo! News
Older people may be less tired: study

Chicago Tribune
Older people may be less tired: study

Orlando Sentinel
Older people may be less tired: study

Related links
Paul Dolan webpage
Wellbeing Programme webpage

The Daily Telegraph
To revive annual pay rises, the Coalition needs a supply-side revolution

This is extremely important data, first revealed in a groundbreaking paper by Joao Paulo Pessoa and John Van Reenen of the London School of Economics. But whereas labour's share of GDP has remained constant, pension costs and employers' national insurance (inevitably borne by workers, not businesses) have gobbled up a much greater share of total compensation, increasing from 13pc to 17pc since 2002, and leaving much less for actual wages and salaries.

This article was published in The Daily Telegraph on December 11, 2013
Link to article here

Related publications
Wage growth and productivity growth: the myth and reality of 'decoupling', Joao Paulo Pessoa and John Van Reenen. Article in CentrePiece Volume 18, Issue 2, Autumn 2013
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Daily Telegraph
Pay rises are making a comeback - here's how we make sure they stay

Greedy capitalists are sometimes also blamed for falling wages. That is nonsense. In many other countries capital has grabbed a greater share of the economic pie in recent years. However, this has not happened in the UK, a vitally important but almost entirely overlooked fact. Over the past quarter of a century, the share of GDP going to employees in wages, salaries, pension contributions, benefits and social costs has remained roughly the same. It has averaged 54pc of GDP and varied from 51pc in 1996 to 56pc in 1991. When including the self-employed, the share has also remained constant, averaging 59pc (in a 57pc to 61pc range). This is extremely important data, first revealed in a ground-breaking paper by João Paulo Pessoa and John Van Reenen of the London School of Economics.

The article was published in the Daily Telegraph on December 10, 2013
Link to article here

Related publications
Wage growth and productivity growth: the myth and reality of 'decoupling', Joao Paulo Pessoa and John Van Reenen. Article in CentrePiece Volume 18, Issue 2, Autumn 2013
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Yahoo! UK and Ireland
Pay rises are making a comeback - here's how we make sure they stay

Greedy capitalists are sometimes also blamed for falling wages. That is nonsense. In many other countries capital has grabbed a greater share of the economic pie in recent years. However, this has not happened in the UK, a vitally important but almost entirely overlooked fact. Over the past quarter of a century, the share of GDP going to employees in wages, salaries, pension contributions, benefits and social costs has remained roughly the same. It has averaged 54pc of GDP and varied from 51pc in 1996 to 56pc in 1991. When including the self-employed, the share has also remained constant, averaging 59pc (in a 57pc to 61pc range). This is extremely important data, first revealed in a ground-breaking paper by Joao Paulo Pessoa and John Van Reenen of the London School of Economics.

This article was published online by Yahoo! UK and Ireland on December 10, 2013
Link to article here

Related publications
Wage growth and productivity growth: the myth and reality of 'decoupling', Joao Paulo Pessoa and John Van Reenen. Article in CentrePiece Volume 18, Issue 2, Autumn 2013
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

guardian.co.uk (web)
The seven housing problems that most affect your happiness

What change to your home would make you happiest? Most people would say more space - yet people dramatically overestimate the effect more space in their homes will have on their overall happiness, research from Hact has found. The study was conducted by Hact and Daniel Fujiwara from the London School of Economics, who helped establish the government's approach to measuring wellbeing. The findings shows the impact housing problems have on people's overall life happiness - not just their happiness with their home, so provide a far broader look at the impact of housing conditions on individuals and communities.

This article was published online by guardian.com on December 10, 2013
Link to article here

Related links
Daniel Fujiwara webpage
Wellbeing Programme webpage

BBC (web)
Ego-boosts 'drive up boys' results'

Boys are much more likely than girls to be influenced by where they stand in ability in school, research suggests. A study from the London School of Economics indicates being seen as a high flyer in primary school, regardless of actual ability, can be a strong motivator for boys' performance in secondary school. ''Boys were four times more affected by being top of the class than girls.'' The study was based on results of more than two million pupils in England. The research, from Richard Murphy and Felix Weinhardt, examined how much pupils might be affected by comparisons with others in primary school and how these perceptions might become a factor in raising or lowering confidence.

This article was published online by BBC News on December 10, 2013
Link to article here

See also
UK Wired News
Boys 'improve in school from feeling top of class'

Related publications
In brief...Top of the class, Richard Murphy and Felix Weinhardt. Article in CentrePiece Volume 18, Issue 2, Autumn 2013
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No. 1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage


MidiaNews
30 caminhos para ser feliz

Da Grecia Antiga aos estudos científicos e livros de auto-ajuda contemporaneos, conheca a historia da felicidade e veja propostas praticas para encontrar a realizacao Do ponto de vista do economista britanico e autor ''A Ciencia da Felicidade'', Richard Layard, a velha maxima se comprova: dinheiro nao traz felicidade. Tomando como exemplo países que tiveram maior renda nos ultimos anos, o crescimento economico nao seguido do aumento da felicidade de seus habitantes.

This article was printed online by MidiaNews (Spain) on December 4, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage
Richard Layard CEP publications webpage

City A.M.
Taxes and pension contributions are squeezing workers' pay

A separate paper by Joao Paulo Pessoa and John Van Reenen which examines changes in compensation, earnings and productivity over the last four decades also ''found no evidence of net decoupling in the UK over the 1972-2010 period as a whole''.

This article was published in City A.M. on December 3, 2013
Link to article here

Related publications
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Zeit online
''Ohne Fairness kanndas System nicht uberleben''

Der Brite Alan Manning erforscht seit mehr als 30 Jahren, wie Arbeitsmarkte funktionieren. Er sagt: Es ist die Zeit gekommen, fur mehr Gerechtigkeit zu sorgen.
The system cannot survive without fairness
The Briton Alan Manning has researched for more than 30 years, how labour markets work. He says: it is time to provide greater fairness.

This article was published online by Zeit.de on December 3, 2013
Link to article here

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

Financial Times
UK's families are benefiting from recovery, Treasury says

The importance of legacy pensions in hitting current employees' net income was also found in a similar study last year by Joao Paulo Pessoa and John Van Reenen of the Centre for Economic Performance at the LSE. ''Contributions to pension schemes are the major component behind this disparity'', they said.

This article was published in the Financial Times on December 2, 2013
Link to article here

Related publications
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Nottingham Post
Best schools are good for property prices

The link between popular locations for housing and the best schools has long been acknowledged...But does this increase in desirability lead to an increase in house prices? A series of studies have been undertaken by the Centre for Economic Performance (CEP) at the London School of Economics and Political Science (LSE) and, they believe that people are prepared to pay the price for a good state school.

This article was published in The Nottingham Post on November 28, 2013
Link to article here

Related publications
Big ideas - Valuing schooling through house prices, Steve Gibbons. Article in CentrePiece Volume 17 Issue 2, Autumn 2012
Housing valuations of school performance, Sandra Black and Stephen Machin, in Handbook of the Economics of Education, Volume 3 edited by Eric Hanushek, Stephen Machin and Ludger Woessmann, North Holland, 2010, pp.485-519.
Valuing English primary schools (2003) Stephen Gibbons and Stephen Machin, in Journal of Urban Economics 53: 197-210
'Valuing primary schools', Stephen Gibbons and Stephen Machin, Centre for the Economics of Education Discussion Paper No.15, August 2001
'Valuing school quality using boundary discontinuities', Stephen Gibbons, Stephen Machin and Olmo Silva, Centre for the Economics of Education Discussion Paper No.132, January 2012
'Houses and schools: valuation of school quality through the housing market', Stephen Machin, Centre for Economic Performance Occasional Paper No.29, May 2011

Related links
Stephen Gibbons webpage
Stephen Machin webpage
Olmo Silva webpage
Education and Skills Programme webpage
Centre for the Economics of Education website

CFO
Holding on for tomorrow

In a 2007 paper, Nick Bloom of Stanford University, Stephen Bond of Oxford and John Van Reenen of the London School of Economics showed one means of avoiding this 'reverse causality'. They took data for a sample of 672 British manufacturing firms between 1972 and 1991, and turned to stock-price volatility as their measure of uncertainty. When looking at investment in a given year, they use previous years' uncertainty in their analysis. The logic is that past uncertainty tends to predict current uncertainty pretty well: there is more doubt about some firms than others. But historic volatility cannot be influenced by a firm's current investment decisions, making it a clean measure. The analysis reveals that as uncertainty rises, firms cut investment rates and respond less to investment opportunities.

This article was published online by CFO.com on November 25, 2013
Link to article here

Related publications
'Uncertainty and Investment Dynamics', Nick Bloom, Stephen Bond and John Van Reenen, Centre for Economic Performance Discussion Paper No.739, August 2006

Download zipped data files associated with this paper.
Uncertainty and Company Investment Dynamics: Empirical Evidence for UK firms, Nick Bloom Steve Bond and John Van Reenen, Review of Economic Studies (2007) 74, 391-415

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

Times Higher Education
Education policy and research are linked in online

An online network aims to bring policymakers together with academics studying higher education, potentially stimulating new research on neglected areas such as the effectiveness of access spending. The ''Economics of Higher Education'' network, which officially launched on 20 November, is being led by two London School of Economics academics, with sponsorship from Universities UK and the Economic and Social Research Council. One of the academics behind the project, Gill Wyness, research officer at the LSE's Centre for Economic Performance, said it was ''not always easy'' for researchers and policymakers to connect, and that better links could ''spark off ideas for research''. She argued that there was a lack of research on important areas such as the ''impact of tuition fees on participation''. Another area of weakness was research on the effectiveness of the widening access measures chosen by universities in their agreements with the Office for Fair Access, added Dr Wyness, who will work on the network with her LSE colleague Richard Murphy, a research economist at the Centre for Economic Performance.

This article was published in The Times Higher Education on November 21, 2013
Link to article here

Related links
Richard Murphy webpage
Gill Wyness webpage
Education and Skills Programme webpage
The Economics of Higher Education network webpage

Guardian
Research will create policy that encourages local economic growth

LSE what works centre and the government will together drive evidence to the heart of policymaking. Article by Henry Overman
What can policy do to increase local economic growth? This question continues to perplex and challenge policymakers and academics. In a period where government is faced with slow growth and is considering how best to devolve power, the question has assumed increased importance. Careful research and evaluation are crucial to answering it. Understanding and assessing evidence is not always easy for policymakers facing the day-to-day challenge of delivering better economic outcomes for their communities. This is where the recently established what works centre for local economic growth comes in. The centre, a collaboration between the LSE, the Centre for Cities and Arup, will review policy areas such as employment, skills, housing and regeneration and will provide policymakers with the evidence and insights they need to design and deliver services that will drive local economic growth and employment.

This article was published by the Guardian on November 21, 2013
Link to article here

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

The Pak Banker (Pakistan)
Who's recovery is this? And who will reap the benefits?

The standout question is what will happen to wages and unemployment in the recovery. And here economists are divided. Some, like the Bank of England, expect productivity to bounce back and with it pay: companies will get more out of their existing workforce as demand picks up, enabling wages to climb while unemployment gently falls. Others see it differently. They point out that, despite the recovery, productivity remains on the floor and with it wages. Leading economists such as Professors Paul Gregg and Steve Machin suggest we can trace a key part of the explanation for what has recently happened to wages to the stagnation of the early 2000s. It was around this time that a given level of unemployment started to have a more powerful, chilling effect on earnings than was the case in the past.

The article was published online by Pak Banker (Pakistan) on November 21, 2013
Link to article here

Related publications
The Labour Market in Winter: the State of Working Britain, Paul Gregg and Jonathan Wadsworth (Eds), Oxford University Press, January 2011 Details
Jobs in the recession, Paul Gregg and Jonathan Wadsworth. Article in CentrePiece, Volume 15 Issue 1, Summer 2010.
'The UK Labour Market and the 2008 - 2009 Recession', Paul Gregg and Jonathan Wadsworth, CEP Occasional Paper No.25, June 2010
'Inequality and opportunity: the return of a neglected debate', Stephen Machin and John Van Reenen, US Election Analysis No.4, October 2012

Related links
Steve Machin webpage
Paul Gregg CEP publications webpage
Labour Markets Programme webpage
Education and Skills Programme webpage

The Times
Should the Church end 'pay or pray'?

For ambitious - and even atheist - parents, faith schools are still the best alternative to private schools. Is it time for a crackdown?
Faith-based academies have boomed and it is important to note that these are generally new secondary schools in more deprived areas that admit far fewer children based on faith. This is why the Bishop of Oxford was yesterday keen to emphasise that church secondaries are not socially divisive compared with the national average, although if you compare the intake of church secondaries to their local areas the figures show that they still take 13 per cent fewer children eligible for free school meals than other state schools. For primaries, the segregation is more marked. In 2011 Olmo Silva from the London School of Economics examined all 11,000 state primaries in England and found that children at church school were more likely to have English as a first language and be white and were less likely to have special educational needs or be eligible for free school meals.

This article was published in The Times on November 20, 2013
Link to article here

Related publications
'Faith Primary Schools: Better Schools or Better Pupils?', Stephen Gibbons and Olmo Silva, Centre for the Economics of Education Discussion Paper No.72, November 2006
In brief: Faith Primary Schools: Better Schools or Better Pupils?, Stephen Gibbons and Olmo Silva. Article in CentrePiece Volume 12, Issue 1, Summer 2007
'School Structure, School Autonomy and the Tail', Stephen Machin and Olmo Silva, Centre for Economic Performance Special Paper No. 29, March 2013

Related links
Olmo Silva webpage
Education and Skills Programme webpage
SERC website

Daily Telegraph
HS2 is bad value, and that's a fact

HS2 is poor value for money compared with other transport plans, and may well be poor value for money compared with alternatives that address exactly the same set of problems.

This article was published in the Daily Telegraph on November 16, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related Links
Henry Overman webpage
SERC Programme website

Financial Times
Fall in jobless rate underscores pace of revival

Low- and high-skilled jobs have expanded while middle-skilled jobs have fallen as a share of employment, according to a report by the Resolution Foundation thinktank and London School of Economics. This phenomenon, sometimes called the ''hourglass effect'', is causing concern because a decline in mid-range jobs such as administration and semi-skilled manufacturing may be forcing more people into low-paid work.

This article was published in the Financial Times on November 14, 2013
Link to article here

Related publications
A Polarising Crisis? The changing shape of the UK and US labour markets from 2008 to 2012, James Plunkett and Joao Paulo Pessoa, Resolution Foundation, November 2013
'Decoupling of Wage Growth and Productivity Growth? Myth and Reality', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Discussion Paper No.1246, October 2013

Related links
Joao Paulo Pessoa webpage
Productivity and Innovation Programme webpage

BBC Radio 2 - Today Programme
Lord Heseltine: HS2 can 'regenerate' areas

Lord Heseltine has come out fighting in favour of the HS2 high speed rail project. In a speech on Tuesday, the former Conservative Cabinet minister said supporting HS2 is as much an act of faith as a reliance on figures, and the UK ''must consider carefully the cost of not acting'' over HS2. Professor Henry Overman, a former member of the HS2 analytical challenge panel, believes ''on the balance of the evidence we've got available to us, HS2 remains not particularly good value for money compared to other transport projects.''

The interview was broadcast on BBC Radio 2's Today Programme on November 12, 2013
Link to piece here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

City AM
The Greenbelt sacred cow: It pens in the poor for no environmental gain

Article by Paul Cheshire
While research I did in the 1980s showed that there was a small but measurable value of Greenbelts for people who lived near them, recent research by colleagues at the London School of Economics, using data on more than 1m house transactions, showed this had gone.

Thsi article was published in City AM on November 11, 2013
Link to article here

Related publications
SERC blog - Should we build on the Green Belt?, Henry Overman, 29 June 2013

Related links
Paul Cheshire webpage
SERC website

Guardian
Come on people, play the game!

The last government's happiness tsar, LSE economist Richard Layard, recommended cognitive behavioural therapy to reduce the cost to the NHS of depression. Where do you stand on happiness-enhancing CBT? ''Playing games can contribute to making you happy, perhaps even without therapy.''

This article was published in the Guardian on November 9, 2013
Link to article here

Related publications
How Mental Illness Loses out in the NHSA, Mental Health Policy Group, June 2012
The Depression Report. A New Deal for Depression and Anxiety Disorders, The Centre for Economic Performance's Mental Health Policy Group, June 2006

Related links
Richard Layard webpage
Wellbeing Programme webpage
Mental Health research webpage

Financial Times
Labour asked for detail on 'living standards' talk

These trends worry economists and a broad consensus is supportive of a focus on living standards rather than GDP. The London School of Economics growth commission this year, for example, stated that ''prosperity is strengthened when everyone has the capacity to participate effectively in the economy and the benefits of growth are widely shared''.

This article was published in the Financial Times on November 9, 2013
Link to article here

Related publications
Investing for Prosperity. A Manifesto for Growth (2013) T. Besley and J. Van Reenen (eds), LSE Academic Publishing in partnership with London Publishing Partnership.
Details
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Times of India
Low-cost initiatives help cut neonatal mortality

HYDERABAD: Neonatal mortality can be reduced substantially through low-cost healthcare interventions, experts said after a new study conducted in the state showed that 24.6 percent of babies, who would probably not have lived for more than a month, were saved through basic life-saving techniques. Dr Peter Boone, executive chair, effective intervention at the Centre for Economic Performance, London School of Economics, and co-author, described the intervention as strongly justified in rural areas. ''It is of potential use in other rural settings with similar economic and educational circumstances, similar neonatal mortality profiles, and the existence of some private health provision'', he said.

This article was published by The Times of India on November 9, 2013
Link to article here

Related links
Peter Boone webpage
Effective Intervention Programme website

Centre for Policy Studies blog
Down with the 'living wage'

Even if the employer decided not to cut back on jobs or hours in the event of a living wage imposition, would this be such a benevolent economic outcome? The other alternatives in the event of unchanged productivity are to pass on the costs in the form of higher prices to customers, or to eat into the profit margin of the company. In fact, evidence from Jonathan Wadsworth for the LSE's Centre for Economic Performance suggests that the minimum wage has led to faster than average price rises in sectors where minimum wage workers operated (like fast food, domestic and hotel services). Likewise, if profit margins being squeezed contributes to a cut in investment, then this itself has consequences for economic growth.

The article was published online on the Centre for Policy Studies blog site on November 8, 2013
Link to article here

Related publications
Should we abolish the minimum wage?, Jonathan Wadsworth, LSE Research and Expertise, March 2012
Employment, Inequality and the UK National Minimum Wage over the Medium-Term, Peter Dolton, Chiara Rosazza-Bondibene and Jonathan Wadsworth, Centre for Economic Performance Discussion Paper No.1007, October 2010
'Did the National Minimum Wage Affect UK Prices?', Jonathan Wadsworth, Centre for Economic Performance Discussion Paper No.947, August 2009

Related Links
Jonathan Wadsworth webpage
Labour Markets Programme webpage

Employee Benefits.co.uk
Buyer's Guide to occupational health

Return-on-investment figures are hard to come by, but this is changing. The London School of Economics put together an independent report, 'The Value of Rude Health', for the Royal Mail Group.

This article was published online on Employee Benefits.co.uk on November 7, 2013
Link to article here

Related publications
'The Value of 'Rude Health': Employees' Well Being, Absence and Workplace Performance', David Marsden and Simone Moriconi, Centre for Economic Performance Discussion Paper No.919, April 2009

Related links
David Marsden webpage
Labour Markets Programme webpage

BBC Radio 4
World Tonight

Nicholas Oulton took part in a debate with Charles Seaford of the NEF.

The debate was broadcast on BBC Radio 4's the World Tonight on November 6, 2013
No link available.

Related links
Nicholas Oulton webpage
Productivity and Innovation Programme webpage

Yahoo! France Finance
Pourquoi les Italiens placent leur pargne dans la dette de leur pays

INTERVIEW Les bons du tresor proposes par l'Etat italien a ses citoyens ont trouve preneurs en moins de 2 jours. Explications de Gianmarco Ottaviano, Professeur d'economie a la London School of Economics. Le Tresor italien n'a eu aucun mal a placer ses BTP (Buoni del Tresoro Poliannali) aupres des epargnants italiens. Comment expliquez-vous ce succes qui fait suite a quatre autres emissions comparables?
Why the Italians put their savings in their country's debt [Translation]
INTERVIEW of Treasury bills offered by the Italian State to its citizens have found takers in less than 2 days. Explanations of Gianmarco Ottaviano, Professor of Economics at the London School of Economics. The Italian Treasury had no trouble placing his BTP (Buoni del Tresoro Poliannali) with Italian savers. How do you explain this success which follows four other comparable emissions?

This article was published online by Yahoo! France Finance on November 6, 2013
Link to article here

Related links
Gianmarco Ottaviano webpage
Globalisation Programme webpage
Gianmarco Ottaviano CEP publications webpage

Financial Times
KPMG defends key HS2 report

However, concerns about the KPMG report, surfaced when the FT revealed misgivings about it among some of the government's own advisers. Dan Graham, a professor of statistical modelling at Imperial College London, told the committee of MPs on Tuesday ''I don't think the statistical work is reliable''. Henry Overman, professor of economic geography at the London School of Economics and a former adviser on HS2, went further. ''They [KPMG] apply this procedure which is essentially made up, which provides them with an estimate. It is something that really shouldn't be done in a situation where we are trying to inform public debate using statistical analysis.'' Prof Overman said he thought the £15bn estimate could be overstated by a factor of six to eight.

This article was published by the Financial Times online on November 6, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

Mail online UK (web)
15bn boost from HS2 is a sham, MPs are told

Calculations used by ministers to justify the controversial £50billion high-speed rail scheme were 'essentially made up', a former Government adviser told Treasury watchdogs yesterday. Professor Henry Overman was one of a number of academics giving testimony to MPs which undermined the ministerial case for the 351-mile HS2 line from London to Birmingham and the North. Government-commissioned accountants denied 'cherrypicking' figures to over-egg the benefits of the scheme. But Professor Overman, who specialises in economic geography at the London School of Economics, said he had resigned from the Government's high-speed rail advisory panel after believing its role had changed from giving independent advice to actively promoting the controversial project.

This article was published online by mail online UK on November 6, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

i (the paper for today)
GBP15bn HS2 benefit has no 'statistical basis', MPs told

''I don't think the statistical work [in the KPMG report] is reliable. There are problems with the numbers they have generated.'' Henry Overman, professor of economic geography at the London School of Economics, said that there was ''no statistical basis'' for the KPMG £15bn annual benefit figure.

The article was published in i (the paper for today) on November 6, 2013
[No link available]

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

City AM
Experts pour cold water on HS2 benefits

£15bn a year for the British economy, and Treasury select committee chair Andrew Tyrie said afterwards that the claim ''has no firm statistical foundation''. Henry Overman, a professor at the London School of Economics who formerly advised the government on HS2, said KPMG, which provided the forecast, ''applied this procedure which is essentially made up''.

This article was published in City AM on November 6, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

The Daily Telegraph
HS2 benefits are made up, MPs told

The £50billion HS2 scheme were ''essentially made up'' a former member of Whitehall's high speed rail advisory panel has told MPs. Henry Overman, professor of economic geography at the London School of Economics said he had quit the panel after he felt its role changed from providing independent advice to promoting the project.

This article was published in The Daily Telegraph on November 6, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

Les Echos
Dflation, saison 2

Ensuite, meme s'ils pouvaient preter au tout-venant, il est loin d'etre sur que le tout-venant veuille emprunter. On ne fait pas boire un ane qui n'a pas soif. Deux economistes de la London School of Economics, qui ont publie recemment une etude (1) sur l'efficacite comparee de la politique monetaire en temps d'expansion et de recession aux Etats-Unis, le montrent clairement: si des taux d'interet en augmentation freinent l'activite, des taux diminues ne la relancent pas. Il faut alors agir par d'autres instruments que la politique monetaire classique.
Deflation, season 2 [Translation]
Then, even if they could lend to the run, it is far from sure that the ungraded wants to borrow. We do not drink a donkey who is not thirsty. Two economists at the London School of Economics, who published recently a study (1) on the effectiveness of monetary policy in times of expansion and recession in the United States, compared clearly demonstrate: If rising interest rates slow activity, reduced rates will not revive. We must then act by other instruments than policy monetary classic.

This article was published in Les Echos on November 5, 2013
Link to article here

Related publications
Pushing On a String: US Monetary Policy is Less Powerful in Recessions, Silvana Tenreyro and Gregory Thwaites, Centre for Economic Performance Discussion Paper No.1218, May 2013

Related links
Silvana Tenreyro webpage
Macro Programme webpage

Businessgreen.com
Sir David King calls on business leaders to embrace 'drivers for change'

Former chief scientist urges businesses to challenge impression that low carbon transition is a 'hair shirts and sandals' programme
King argued these drivers should manifest themselves through new technologies and changed behaviours. In particular, he highlighted the campaign he recently launched alongside Lord Richard Layard for a Sun Power Programme, modelled on the Apollo programme that would accelerate and co-ordinate research and development efforts to make solar power cost competitive with fossil fuels. ''The aim is to target funding at any blockage points that are stopping the solar power becoming cheaper than fossil fuels'', he explained. ''Solar is already cheaper in many off grid communities... But the question is how do we make it cheaper everywhere? One of the main blockage points is energy storage. At the moment energy storage R&D is the Cinderella of the energy industry. If we can overcome that challenge we can make solar the standard choice for energy generation.''

The article was published by Businessgreen.com on November 5, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

LSE Politics and Policy blog
Social mobility matters, and government can affect the mechanisms which promote it

In response to arguments that the 'social mobility problem' has been overstated and that social mobility as a policy aim is futile, Jo Blanden reviews research that her and colleagues have conducted into intergenerational mobility in the UK. She argues that there is good evidence that relative intergenerational income mobility declined over time in the UK and that governments can indeed affect the mechanisms which can promote social mobility. To do so they must take a close look at the overall shape of society.

The piece was published by LSE politics and policy blog on November 4, 2013
Link to blog here

Related publications
Blanden, J., A. Goodman, P.Gregg and S.Machin (2004) ''Changes in Intergenerational Mobility in Britain'' in Corak, M. (ed.) Generational Income Inequality in North American and Europe, Cambridge University Press. Details.
Social Mobility in Britain: Low and Falling, Jo Blanden, Paul Gregg and Stephen Machin. Article in CentrePiece Volume 10, Issue 1, Spring 2005
Intergenerational Mobility in Europe and North America by Jo Blanden, Paul Gregg and Stephen Machin - a report supported by the Sutton Trust, April 2005
This paper has been published as: Jo Blanden, Paul Gregg and Stephen Machin, 'Educational Inequality and Intergenerational Mobility' in Stephen Machin and Anna Vignoles (eds.) What's the Good of Education? The Economics of Education in the UK, Princeton University Press, 2005. Details.

Related links
Jo Blanden webpage
Stephen Machin webpage
Education and Skills Programme webpage

The Sunday Business Post (Ireland)
Siptu proposes apprenticeship system for young people

The Department of Education is understood to have established the review group because it was concerned about a significant collapse in employer demand for apprentices, particularly in construction-related trades. Statistics reported by this newspaper in May showed a massive fall-off in the number of new apprentice registrations supplied by troubled state training agency F ¡s, which was replaced last week by Solas, a new further education and training authority. The review group, headed by Labour Court chairman Kevin Duffy, is consulting widely with training providers, trade unions and employer representatives. It is focusing on work-based learning and establishing a closer alignment of the apprenticeship system with the current needs of the labour market. The review group also includes Dr Hilary Steedman, a senior research fellow from the Centre for Economic Performance at the London School of Economics, and Dr Tony Dundon, head of management discipline at the School of Business and Economics in NUI Galway. The group also contains representatives from industry, Ibec and Ictu.

The article was published in The Sunday Business Post on November 3, 2013
[Subscription needed to view the article]

Related links
Hilary Steedman webpage
Education and Skills Programme webpage
Hilary Steedman CEP publications webpage

Los Angeles Times
How much are we willing to pay for the pursuit of happiness?

As Radcliff put it in a CNN op-ed: ''The 'nanny state' works.'' Statistics bear him out. In the 2013 World Happiness Report, published by the UN and compiled by Jeffrey D. Sachs of Columbia University and colleagues from the London School of Economics and the University of British Columbia, four of the top five rankings are occupied by Denmark, Norway, Switzerland, the Netherlands and Sweden, all countries with strong social programs. The U.S. ranks 17th, suggesting that Americans are happy, just not as happy as they could be. Where the U.S. tends to fall short of the leaders is in measurements of social support, ''freedom to make life choices'', healthy life expectancy and perceptions of corruption.

This article was published in the LA Times on November 3, 2013
Link to article here

Also in
6 November 2013
Denver Post
Hiltzik: How much are we willing to pay for the pursuit of happiness?

Related publications
World Happiness Report 2013, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Japan Times
Can Japanese really be such cold sushi in the sack?

The Well-being Program at the London School of Economics' Center for Economic Performance rates ''making love'' as the activity that makes us happiest. So, with Japan scoring low on both frequency and satisfaction, it wouldn't bode well for its national Happiness Index - if it had one - or for the welfare of the nation as a whole.

This article was published in the Japan Times on November 2, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Times Higher Education
Rich-poor higher education gap 'wider than in 1963'

Increasing the number of poorer students in higher education has not proved to be the ''great social leveller'' that it was expected to be in the Robbins era. That was the argument set out by Anna Vignoles, professor of education at the University of Cambridge, at a conference to mark the 50th anniversary of the Robbins report held at the London School of Economics on 22 October. Lord Robbins was head of the economics department at the LSE at the time his report was published.

The article was published in The Times Higher Education on October 31, 2013
Link to article here

Related links
Anna Vignoles webpage
Education and Skills Programme webpage
Centre for the Economics of Education website
Anna Vignoles CEP publications webpage

The Daily Telegraph
Delay school until age seven, says Williams

The ''Too Much, Too Soon'' campaign - launched by the Save Childhood Movement - had previously been backed by 130 figures such as Sir Al Aynsley-Green, the former children's commissioner for England; Lord Layard, director of the Well-being Programme at the London School of Economics; Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England.

The article was published in The Daily Telegraph on October 30, 2013
Link to article here

Link to original letter published in the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Lancashire Telegraph
Warning of mixed ability classes

TEACHING mixed ability groups could damage the confidence of pupils who believe they are in the bottom half of their class, a study suggests. Researchers from the London School of Economics claim that children who achieved high grades in primary school, then perform better in secondary school not simply because they are smart but because their previous success in class had boosted their confidence. Richard Murphy and Felix Weinhardt analysed test data of more than two million pupils in England and carried out a survey on the confidence of 15,000 young people.

This article was published by the Lancashire Telegraph on October 29, 2013
Link to article here

Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

Local Government Chronicle
The RSA has named the members of its 'City Growth Commission'

Businessmen and economists - including LGC columnist Professor Tony Travers - appointed commissioners for city growth in push for devolution post 2015 election. The RSA has named the members of its 'City Growth Commission', including John Van Reenen Director of the Centre for Economic Performance at the London School of Economics. The commission will report in the summer of 2014 with the aim of influencing the 2015 election manifestos of all parties.

The announcement was published in the Local Government Chronice on October 28, 2013
No link available.

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

guardian.co.uk (web)
Student loans: what would Robbins do?

Article by Gill Wyness
Ever tried filling out a student loan form? A simpler system would benefit students as much as better advice, says Gill Wyness, researcher in education policy at the London School of Economics.

This article was published by guardian.co.uk online on October 28, 2013
Link to article here

Related links
Gill Wyness webpage
Education and Skills Programme webpage
Gill Wyness CEP publications webpage

The Augusta Chronicle (Georgia, USA)
Common sense points the way to real economic recovery

THESE FEATURES of private investment risk are at alarmingly high levels. But it is gratifying when independent researchers - economists Scott Baker and Nicholas Bloom of Stanford University and Steven Davis of the University of Chicago - confirm our predictions. They developed a statistical measure of public policy uncertainty, which shows that such uncertainty in mid-2011 was more than twice its average of the past quarter-century, consistent with our forecasts (see William Galston, The Wall Street Journal, Sept. 28). Public policy uncertainty is crucially related to business uncertainty.

This article was published in The Augusta Chronicle (Georgia, USA) on October 26, 2013
Link to article here

Related publications
'Economic Recovery and Policy Uncertainty', Scott R. Baker, Nick Bloom, Steven J. Davis and John Van Reenen, Centre for Economic Performance USA Election Analysis No.2, October 2012
Policy uncertainty: a new indicator, Scott R. Baker, Nicholas Bloom and Steven J. Davis CentrePiece 16 (3) Winter 2012.

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

People Management online
The 7.45 question: Should you pay the living wage?

''Investment banks [key early adopters of the wage] don't have that many minimum wage employee''s, says Alan Manning, professor of economics at the London School of Economics. ''The cost of complying is just a rather good lunch to them.''

This article was published online by cipd.co.uk on October 25, 2013
Link to article here

Related links
Alan Manning webpage
Labour Markets Programme webpage
Community Programme webpage

ILOTV
Hilary Steedman: Apprenticeships and productivity of small and medium-sized enterprises

Hilary Steedman, a Research Associate at the Centre for Economic Performance at the London School of Economics talks about how apprenticeships can help small and medium-sized enterprises (SME) improve their productivity, and their importance for young employees, both women and men.

The item was first broadcast on ILOTV on October 24, 2013
Link to item here

Related links
Hilary Steedman webpage
Education and Skills Programme webpage
Hilary Steedman CEP publications webpage

Research Centre Launch
What Works Centre for Local Economic Growth

A ground-breaking new project that will analyse and showcase the policies that can help to drive local economic growth has been launched at a national event with Kris Hopkins MP, Minister for Local Growth, Michael Fallon MP, Minister for Business, and Joanna Killian, Chief Executive of Essex County Council.

The What Works Centre for Local Economic Growth, a partnership between LSE, Centre for Cities and Arup, will put evaluations of the policies that matter to growth - skills, regeneration, housing and employment - under the spotlight to give local decision makers the evidence they need about which policies work. It will improve evaluation standards so that we can learn more about what policies are most effective and where, and it will work with local partners to set up a series of demonstrator projects to show how effective evaluation can work in practice.

Professor Henry Overman, Director of the Centre, said: "The evidence base covering local growth policy areas like skills, housing and employment is huge and this can be overwhelming for policymakers. The What Works Centre for Local Economic Growth will help local decision makers use the available evidence to make better informed decisions about which policies are most likely to drive local growth and where."

Read full story on LSE news webpage


LSE Politics and Policy blog
Long-term unemployment: there is no easy fix

The Great Recession has brought with it a significant increase in the long-term unemployed. This is especially concerning as long-term unemployment has detrimental effects on the individuals involved, affecting mental and physical well-being. Concerns about the consequences of long-term unemployment and existing policy evaluations provide a useful framework to evaluate the strategy proposed by George Osborne to tackle long-term unemployment in the UK, writes Barbara Petrongolo.

The article was published online on the LSE Politics and Policy blog on October 22, 2013
Link to article here

Related links
Barbara Petrongolo webpage
Labour Markets Programme webpage
Barbara Petrongolo CEP publications webpage

MSN UK (Web)
Cities 'could lose 220m' over HS2

Professor Henry Overman from the London School of Economics - formerly an expert adviser to HS2 Ltd - told the BBC it was obvious that, as some cities, towns and regions reap the benefits of being better connected.

This article appeared on MSN UK (Web) on October 19, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

BBC web
High-speed rail 'losers' revealed

...to Birmingham and to Manchester and Leeds. The Department for Transport say ultimately the line would reduce journey times to Edinburgh and Glasgow by an hour. Professor Henry Overman from the London School of Economics - formerly an expert adviser to HS2 Ltd - told the BBC it was obvious that, as some cities, towns and regions reap the benefits of being better connected, other places away from the line will pay a price.

This news article appeared on the BBC news website on October 19, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

The Daily Telegraph
How it pays to be in the catchment area

...children to expensive public schools in the area, such as New Hall School, with fees of up to £5,800 per term. Research supports Pratt: ''a study published by the London School of Economics last year shows that good results do push up house prices.''

This article was published in The Daily Telegraph on October 19, 2013
[No link available]

Related publications
Big ideas: Valuing Schooling through House Prices, Steve Gibbons. Article in CentrePiece Vol 17, Issue 2, Autumn 2012
'Houses and Schools: Valuation of School Quality through the Housing Market'. EALE 2010 Presidential Address. Stephen Machin, Centre for Economic Performance Occasional Paper No.29, May 2011

Related links
Steve Gibbons webpage
Stephen Machin webapge
Education and Skills Programme webpage

The Sunday Express (Scotland)
Scots lose out in HS2 rail bonanza

Professor Henry Overman from the London School of Economics - formerly an expert adviser to HS2 Ltd - told Newsnight it was obvious that, as some cities, towns and regions reap the benefits of being better connected, other places away from the line will pay a price.

The article was published in The Sunday Express (Scotland) on October 19, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

The Daily Telegraph
Towns not on HS2 line will lose out

Henry Overman, professor in economic geography at the London School of Economics, told BBC's Newsnight: ''If you are on the line, you get a productivity improvement.''

This article was published in The Daily Telegraph on October 19, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

Lebanon Daily Star
U.S. may join 1933 Germany in default pantheon

Reneging on its debt obligations would make the U.S. the first major Western government to default since Nazi Germany 80 years ago. Germany, staggering under the weight of 132 billion gold marks in war reparations and not permitted to export to the victors' markets, was a serial defaulter from 1922, according to Albrecht Ritschl, a professor of economic history at the London School of Economics. That forced the country to borrow to pay its creditors, in what Ritschl calls a Ponzi scheme. ''Reparations were at the heart of the issue in the interwar years'', Ritschl said in a telephone interview. ''The big question is why anyone lent a dime to Germany with those hanging over them. The assumption must have been that reparations would eventually go away.''

The article was published in the Lebanon Daily Star on October 15, 2013
Link to article here

See also
HotNews.md
SUA ar putea deveni prima tara occidentala care intra in default dupa Germania nazista in 1933
Albrecht Ritschl, profesor de istorie a economiei la London School of Economics. Daca o companie care nu-si poate plati datoriile intra in faliment, este divizata, vanduta unui competitor sau se restructureaza, default-ul unei...
Link to article here

Monday 14 October
Gandul.info
SUA ar putea deveni prima tara occidentala care intra in default dupa Germania nazista in 1933
...din 1922, a declarat Albrecht Ritschl, profesor de istorie a economiei la London School of Economics. Daca o companie care nu-si poate plati datoriile intra in faliment, este divizata, vanduta unui competitor sau se restructureaza, default-ul unei...
Link to article here

Related publications
The German Transfer Problem, 1920-1933: A Sovereign Debt Perspective, Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1155, July 2012
Reparations, Deficits, and Debt Default: the Great Depression in Germany, Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1149, June 2012

Related links
Albrecht Ritschl webpage
Macro Programme webpage

Yam (China)
Later business success from confidence in early years

According to a study by the London School of Economics, the loss of confidence due to low class rank can have serious long-term implications for students.

This article was published by Yam (China) on October 15, 2013
Link to article here

Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

El Mundo
Luis Garicano: De la crisis se sale con reforma institucional

A committee of the House of Lords this week heard Luis Garicano explain the current crisis and in particular the situation of Spanish banks. The professor from the London School of Economics said that the financial system will not be a problem next year, with the start of a single European supervisor. But his view of the country remains critical: without institutional reforms to address corruption and separatism, Spain cannot emerge from the crisis.

This article was published in El Mundo on October 15, 2013
Link to article here

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Veja online
Nobel de Economia premia trs americanos

Three Americans awarded the Nobel Prize for Economics
Article looking at past winners of the Nobel Prize for Economics cites Peter A. Diamond (Massachusetts Institute of Technology (MIT), Dale T. Mortensen (American economist at Northwestern, United States, and University of Aarhus, Denmark) and Christopher A. Pissarides (Economist from Cyprus who is a Professor of Economics at the London School of Economics and Political Science in the United Kingdom). Their work gave a method of analysis of markets that explains policies and regulatory standards of employment and wages.

The article was published by Veja online (Brazil) on October 15, 2013
Link to article here

Related links
Christopher Pissarides webpage
Macro Programme webpage

Les Echos
Economie: Dix ans de Nobel d'conomie

...demploi de la Northwestern University. Christopher Pissarides, 62 ans, de la London School of Economics, est connu, quant a lui, pour ses travaux sur la croissance et lemploi. Pierre de Gasquet...
10 Years of Nobel Prize in Economics
Monday was announced the winner of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in economics. This gave an opportunity for Les Echos to look back on the winners of the last thirteen years...In 2010 Peter Diamond (USA), Dale Mortensen (USA) and Christopher Pissarides (Cyprus/UK) received the award. Their work aims to explain how high unemployment can sometimes persist despite a job offer widely available.

This article was published in Les Echos on October 14, 2013
Link to article here

Related links
Christopher Pissarides webpage
Macro Programme webpage

Radio Free Europe/Radio Liberty
What would be the impact on the global economy if Washington defaulted?

Among the first to feel the impact would be foreign countries, institutions, and market funds that have bought U.S. Treasury bills as a safe way to keep money and earn interest. ''If there were an outright default on Treasury [bill] obligations, there is no doubt that would create huge chaos in financial markets'', says Ethan Ilzetzki, a professor of economics at the London School of Economics. ''For one thing, these assets are used as reserves by many private banks, by many central banks, and if their value suddenly plummeted it is hard to fathom the exact implications of that.''

This article was published online by Radio Free Europe/Radio Liberty on October 14, 2013
Link to article here

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

Bloomberg
U.S. risks joining 1933 Germany to King Edward III in pantheon of defaults

Germany, staggering under the weight of 132 billion gold marks in war reparations and not permitted to export to the victors' markets, was a serial defaulter from 1922, according to Albrecht Ritschl, a professor of economic history at the London School of Economics. That forced the country to borrow to pay its creditors, in what Ritschl calls a Ponzi scheme. ''Reparations were at the heart of the issue in the interwar years'', Ritschl said in a telephone interview. ''The big question is why anyone lent a dime to Germany with those hanging over them. The assumption must have been that reparations would eventually go away.''

The article was published online by Bloomberg on October 14, 2013
Link to article here

Related publications
'The German Transfer Problem, 1920-1933: A Sovereign Debt Perspective', Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1155 July 2012
'Reparations, Deficits, and Debt Default: the Great Depression in Germany', Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1149, June 2012

Related links
Albrecht Ritschl webpage
Macro Programme webpage

The Sydney Morning Herald
Telecommuting has missed the bus

Telecommuting hasn't lived up to the hype. The Australian Work and Life Index survey published last year by the University of South Australia's Centre for Work + Life found just 16 per cent of employees worked at home on a regular basis. The 2011 census, which used a different methodology to measure telecommuting, found only about 4 per cent of non-farm workers said they worked from home. There's little evidence the proportion of workers with a formal agreement with their employer is growing substantially. This is surprising considering the results of a study on telecommuting by Stanford University economists Nicholas Bloom, James Liang, John Roberts and Zhichun Jenny Ying. They investigated a work-from-home experiment by a large Chinese travel agency, which allowed a portion of their 16,000 employees to telecommute. Home working led to a 13 per cent improvement in performance.

This article was published in The Sydney Morning Herald on October 13, 2013
Link to article here

See also
The Age
Telecommuting has missed the bus

Related publications
Does Working from Home Work? Evidence from a Chinese Experiment, Nicholas Bloom, James Liang, John Roberts and Zhichun Jenny Ying, Centre for Economic Performance Discussion Paper No.1194, March 2013

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

ABS-CBN News
Who will win Nobel prize for economics?

''Not all of economic research that was awarded the Nobel is applicable by policy-makers'', said Jan Haeggstroem, chief economist at Swedish lender Handelsbanken. ''Or it is for very specific problems, like the research on the functioning of markets.'' He was referring to 2012 laureates Lloyd Shapley of UCLA and Stanford's Alvin Roth, who studied theories of supply and demand in a theoretical marriage market. While their models can predict the optimal matches among small groups of men and women, they have little to say about creating jobs for millions or keeping inflation down. Government leaders interested in more conventional issues are more likely to read works by 2010 laureates Peter Diamond of the Massachusetts Institute of Technology, Dale Mortensen of Northwestern University and Christopher Pissarides of the London School of Economics.

The article was published online by ABS-CBN News on October 13, 2013
Link to article here

See also
Economic Times
Nobel economists: Masters of theory, if not of practice

Related links
Christopher Pissarides webpage
Macro Programme webpage

The Economist
The struggle continues

Time is running out to avert an unnecessary disaster
''The fact that we are here today to debate raising America's debt limit is a sign of leadership failure.'' So said a young senator from Illinois in 2006. He went on to explain that he would vote against raising the debt ceiling (the legal limit on how much the government may borrow), because America's rising debt was a hidden domestic enemy that robbed cities of investment, children of schools and old people of their pensions.
Figure - Stormy seas: Economic policy uncertainty index - sourced from Scott Baker, Nicholas Bloom and Steven J. Davis, PolicyUncertainty.com

The article was published in The Economist on October 12, 2013
Link to article here

Related publications
Economic Recovery and Policy Uncertainty, Scott R. Baker, Nick Bloom, Steven J. Davis and John Van Reenen, Centre for Economic Performance USA Election Analysis No.2, October 2012
Policy uncertainty: a new indicator, Scott R. Baker, Nicholas Bloom and Steven J. Davis CentrePiece 16 (3) Winter 2012.

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

The Sutton Trust - blog
The lost generation

Blog by Lee Elliot Major (Director of Development and Policy for The Sutton Trust)
The Sutton Trust's seminal study in 2005 by top economists at the LSE catapulted the problem of low and declining social mobility in Britain into a major public and political debate that continues to this day. It found that mobility was lower for the generation born in 1970 compared with that born in 1958. Children who grew up in poorer homes in the 1970s were even more likely than the previous generation to end up poor as adults. And when compared with other developed nations, the UK alongside the US were bottom of the mobility rankings. We had become a less mobile society.

This blog article was posted online on October 11, 2013
Link to article here

Related publications
'Intergenerational Mobility in Europe and North America. A Report Supported by the Sutton Trust', Jo Blanden, Paul Gregg and Stephen Machin, Centre for Economic Performance Special Report, April 2005

Related links
Jo Blanden webpage
Stephen Machin webpage
Education and Skills Programme webpage

La Repubblica
Pre-World War I evoked in post-crisis markets: cutting research

Monetary policy is more potent in expansions than in recessions. So say economists Silvana Tenreyro and Gregory Thwaites, who examined the effects of Federal Reserve decision-making from 1969 to 2008.

This article was published in La Repubblica on October 11, 2013
Link to article here

See also
Bloomberg
Pre-World War I integration lives in post-crisis markets: cutting research


Related publications
'Pushing On a String: US Monetary Policy is Less Powerful in Recessions', Silvana Tenreyro and Gregory Thwaites, Centre for Economic Performance Discussion Paper No.1218, May 2013

Related links
Silvana Tenreyro webpage
Macro Programme webpage

Irish Times
Better management at helm is key to growth

There is a growing body of evidence, built up by economists on both sides of the Atlantic, that suggests management quality varies wildly between countries, within countries and within similar industries. And that all of this matter hugely for the economy as a whole. In particular, John Van Reenen of the LSE and Nicholas Bloom of Stanford, with others, have been working for the last decade on studying 10,000 organisations across 20 countries. They have identified factors common to well-managed firms - and those that are common to weakly managed enterprises. Countries that score highly on measures of management quality typically have high productivity growth - and high economic growth. The researchers have several interesting ideas about what can be done to boost management quality.

This article was published in the Irish Times on October 11, 2013
Link to article here

Related publications
Management Practices Across Firms and Countries, Nicholas Bloom, Christos Genakos, Raffaella Sadun and John Van Reenen, Centre for Economic Performance Discussion Paper No.1109, December 2011

Related links
Nicholas Bloom webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
World Management Survey Research webpage

The Times
A debilitating problem that is still medicine's poor relation

However there is a long way to go before the charities compete with the likes of Cancer Research with its £480 million annual turnover. The London School of Economics sums it up: ''The undertreatment of people with crippling mental illness is the most glaring cause of health inequality in our country.''

This article was published in The Times on October 11, 2013
[No link available, subscription needed to access the 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
How Mental Illness Loses Out in the NHS. A Report by the Centre for Economic Performance's Mental Health Policy Group, June 2012

Related links
Richard Layard webpage
Wellbeing Programme webpage

World Bank
News - Making growth happen: implementing policies for competitive industries

Conference announcement, October 16-17 at Preston Auditorium World Bank Washington, DC
With job creation at center stage of global debates and new approaches to increase productivity and create jobs needed now, this Conference, organized by the Competitive Industries Global Practice at the World Bank. A number of senior World Bank Group clients and recognized international thought leaders will attend the Conference sharing their experiences and views. Eminent academics, such as Nicholas Bloom, Ha-Joon Chang, JP Faguet, Mushtaq Khan, Mariana Mazzucato, Rohini Pande, John Van Reenen, Charles Sabel, and Liu Xielin will share their latest thinking.

The article was published online by the World Bank on October 11, 2013
Link to article here

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

Yorkshire Post
Speed may not be all as rail experts remain divided over staying on track

Professor Richard Layard from the London School of Economics and Political Science has done pioneering research into what really makes us happy. In his landmark book Happiness: Lessons from a New Science, he argues that it's not wealth, possessions and extravagant lifestyles that make us happy. It's more the strength of relationships, friends and family, supportive communities, security and a feeling of contributing to society. Long distance travel is not on the list. Perhaps more important, could a world in which mobility becomes ever greater, still give us the things that apparently really matter? ''Some people might place a question mark over whether ever increasing movement makes sense'', notes Prof Layard.

This article was published in The Yorkshire Post on October 10, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science, Richard Layard, Penguin, 2nd Edition, 2011.
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Time
London's tale of two cities: inequality worsens in Europe's booming metropolis

In London, Europe's fastest growing city, the problem is made uniquely more acute by the constraints of its metropolitan green belt - an inviolable stretch of green land that rings the city, designed to prevent urban sprawl. Paul Cheshire, professor Emeritus of economic geography at the London School of Economics, describes it as ''a peculiarly English form of exclusionary zoning'' and argues in a piece for the news website the Conversation that it is in part to blame for the housing crisis.

This article was published in Time on October 9, 2013
Link to article here

Related links
Paul Cheshire webpage
SERC website

Motherboard
Two scientists have a scheme to run the planet on solar power

Our dark and dirty world is on carbon overload, yet we're pumping the stuff out as if we were still in those heady oblivious days of the early industrial revolution. Coal, oil, and gas still juice our frantically expanding civilization. Meanwhile, the world's scientists are officially 95 percent certain that our heavy carbon diet is the root cause of the fast-rising temperatures of recent decades, and that we're on track to get a lot warmer still. You get it: catastrophe looms, unless we find another way to run our great tangle of mechanical stuff. It's imperative. So, two UK scientists, David King and Richard Layard, have a proposal: Launch an international ''sunpower programme'' that calls on nations around the globe to pool their resources and fasttrack solar power research and deployment.

This article was published by Motherboard on October 7, 2013
Link to article here


Related links
Richard Layard webpage
Wellbeing Programme webpage

Renew Economy
Solar must supply 25% of global energy by 2030, scientists say

Hard on the heels of the latest UN report on climate change, two UK scientists have proposed an ambitious plan to tackle the problem it graphically describes. Their solution? A massive and urgent international program to increase the world's production of solar energy - to 10 percent of total global energy supply by 2025, and to 25 percent by 2030. The scientists, David King and Richard Layard, say their proposal - which they call a Sunpower Program - should within little more than a decade be producing solar electricity which costs less than fossil fuel power.

This article was published online by Renew Economy on October 8, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Guardian
Mixed verdict on Carney's first 100 days

''Forward guidance is an attempt to persuade the markets that interest rates are not immediately going to go up'', says John Van Reenen, director of the Centre for Economic Performance at the London School of Economics. ''It's one more tool in the toolbox.''

This article was published in the Guardian on October 8, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

El Confidencial
Espana protg a los trabajadores...

...la que recuerda que crecoi muy unido. Pero al profesor de la London School of Economics y premio Nobel de Economia en 2010 por su trabajo sobre el mercado de trabajo, le cambia el gesto cuando...
Spain protects workers too much and needs a single contract
Interview with Professor Christopher Pissarides
The professor at the London School of Economics and Nobel laureate in economics in 2010 for his work on the labor market, changes his gesture when he talks about the management of the crisis by European leaders. Es el mismo malestar que mostro durante su participacion en el debate sobre el estado de la Union, organizado por el think tank Friends of Europe. It's the same malaise that showed while participating in the debate on the State of the Union, organized by the Friends of Europe think tank.

The article was published in El Confidencial.com on October 7, 2013
Link to article here

See also
Equipos and Talentos
Segun Pissarides, Nobel de Economia, Espana protege a los trabajadores en exceso

Related links
Christopher Pissarides webpage
Macro Programme webpage

Business Day (New Zealand)
Turbulent waters ahead for Meridian

Last week, Sir David King, a former UK government chief scientific adviser, and leading UK economist Lord Richard Layard urged governments to back a global initiative to ensure solar electricity generates at least 10 per cent of the world's total energy supply by 2025, and 25 per cent by 2030.

This article was published in Business Day (New Zealand) on October 6, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Climate Central
Sun 'must supply 10 percent of energy by 2025'

Hard on the heels of the latest UN report on climate change, two UK scientists have proposed an ambitious plan to tackle the problem it graphically describes. The scientists, David King and Richard Layard, say their proposal – which they call a Sunpower Program - should within little more than a decade be producing solar electricity which costs less than fossil fuel power.

This article was published in Climate Central on October 6, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Livemint
The right ingredients for entrepreneurship

Academics at Haas School of Business, University of California at Berkeley, and the London School of Economics' Department of Management, have been studying the traits that are common to successful entrepreneurs. Their research finding for the right ingredients: ''illicit tendencies'', coupled with intelligence and a few other factors (helps if mum went to college).

This article was published online on Livemint on October 2, 2013
Link to article here

Related publications
'Smart and Illicit: Who becomes an entrepreneur and does it pay?', Ross Levine and Yona Rubinstein, Centre for Economic Performance Discussion Paper No.1237, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Community Programme webpage

The Independent
Economic focus: Does anyone think Help to Buy is a good idea?

JOHN VAN REENEN London School of Economics - The Help to Buy scheme is exactly the wrong sort of policy to pursue. The London School of Economics Growth Commission has highlighted our long-standing inadequate infrastructure which holds back growth.

This article was published in The Independent on October 1, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Conversation
Over here and over productive: let's welcome foreign owners

Article by John Van Reenen
The proportion of UK-quoted shares owned by overseas investors passed the 50% mark for the first time last week. Predictably there was much wringing of hands about the decline of British business and short-termism of UK investors. But the fact is that the growth in foreign ownership is something to be welcomed, not feared. First and foremost, it is a sign of confidence in the long-run prospects of the economy. Despite the policy mistakes over premature austerity in the last few years, the underlying fundamentals of the UK economy are strong. As pointed out by the LSE Growth Commission the stable rule of law, flexible labour markets and good competitive conditions are attractive to international investors.

This article was published online by The Conversation on September 30, 2013
Link to article here

Related publications
The Impact of Alternative Paths of Fiscal Consolidation on Output and Employment in the UK, Nitika Bagaria, Dawn Holland, Jonathan Portes and John Van Reenen. Article in VOX, 14 August 2012.
Executive Summary, LSE Growth Commission Report, January 2013
Investing for Prosperity: Skills, Infrastructure and Innovation, Report of the LSE Growth Commission, January 2013
LSE Growth Commission book – Investing for Prosperity – A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013
Details
Purchase details here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission webpage

Quartz
High-achieving students are better off in worse schools

There is an assumption that children perform better among highly achieving peers. High class achievement might be thought to indicate better teaching, or to induce academic competition between students. However, new research counters (pdf) this common assumption. Felix Weinhardt and Richard Murphy, from the Center for Economic Performance at the London School of Economics, analyzed administrative data of over 2.3 million British schoolchildren. This data was used to assess how primary school rank affected later exam results. Pupils were compared on leaving primary school at KS2 (age 11) and at secondary school KS3 (age 14).

This article was published by Quartz.com on September 26, 2013
Link to article here


Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

Public Finance Magazine
Shovel ready?

According to the influential World Economic Forum report on global competitiveness, Britain has fallen from 24th to 28th in the world for the quality of its infrastructure. While it is difficult to see which events over the past 12 months actually merit such a league table collapse, the fact that the world's seventh-largest economy is perceived to have worse infrastructure than South Korea, Malaysia and the Bahamas is a valid cause for political attention. A cacophony of voices is calling for something to be done, and there is an increasingly prominent view that some form of independent office is required - a body that can, to a degree, take the inevitable volatility of politics out of national infrastructure planning and delivery. The idea was introduced in the summer in a report by the London School of Economics Growth Commission, a mixture of academics and industry grandees, which called for the establishment of a statutory Infrastructure Strategy Board. The aim was to provide independent, expert advice on infrastructure to parliament, and to lay the foundation for cross-party consensus on long-term investment policy.

This article was published in Public Finance on September 26, 2013
Link to article here

Related publications
LSE Growth Commission book - Investing for Prosperity: A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013 Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Expansin
Botn dice que la unin bancaria fortalecer Europa

El presidente de Banco Santander afirmo ayer, en el acto de entrega del premio German Bernacer al economista britanico Nicholas Bloom, que la union bancaria ''sera crucial para el crecimiento y la estabilidad de Europa'' -
Botin said that the banking union will strengthen Europe
The President of Banco Santander said yesterday, in the Act of awarding the German Bernacer Prize for Promoting Economic Research in Europe to the British Economist Nicholas Bloom, the Banking Union ''will be crucial for growth and stability in Europe''.

The article was published in Expansion on September 25, 2013
Link to article here

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

i (The paper for today)
Letters

STANLEY LUCKHURST READING What schools are for
The LSE study rightly warns parents to be wary of primary school ranking, but more significantly exposes the folly of ranking children at all at such young ages...

The letter was printed in i (the paper for today) on September 25, 2013
[No link available]

Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

The Daily Telegraph
There's much more to life than being top of the class

With a sharp yank on the tail of every Tiger parent, researchers at the London School of Economics claimed this week that children might do better at a ''worse school'' than an academic one. Far from encouraging less intelligent pupils to achieve, being surrounded by ferociously intellectual classmates can destroy their confidence - whereas being top of the year in a school with lower standards can boost self-esteem and performance.

This article was published in The Daily Telegraph on September 25, 2013
Link to article here

Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

affrs vrlden (Sweden)
'Ider driver tillvxt'

Business breakfast with John Van Reenen, professor at the London School of Economics
The Wallenberg Foundation has flown in the British Professor John Van Reenen from Harvard, where he is a guest researcher, to lecture at a symposium in Stockholm.
''I think many economists underestimate how important management is'', said John Van Reenen. During the last eight years he has, together with academics and representatives from business circles, measured productivity for over 10,000 organizations and companies, with at most 200 people. The study is global and several Swedish companies have been included in the study.

This article was published in affars varlden (Sweden) on September 24, 2013
Link to article here

Related publications
'Management Practices Across Firms and Countries', Nicholas Bloom, Christos Genakos, Raffaella Sadun and John Van Reenen, Centre for Economic Performance Discussion Paper No.1109, December 2011

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage
World Management Survey Research webpage

The Independent
The HS2 shambles reveals how politics can't cope with planning

Here, then, is something that is an opportunity for Mr Balls. He could have made much more of it in his conference speech. Because I don't think that business really minds whether a Labour government, or a Coalition government or a Conservative government carries out a greatly increased investment in a range of infrastructure projects extending much wider than HS2. We are talking here of investment in energy supply, high-speed broadband, a water sewerage and flood defence system, airport capacity in the southeast and road congestion. A group of economists whom I imagine the shadow Chancellor respects, the LSE Growth Commission, have done a lot of thinking about the issues.

This article was published in The Independent on September 24, 2013
Link to article here

Related publications
LSE Growth Commission book - Investing for Prosperity: A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013 Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Guardian
Confidence, not peer pressure, is key to success at school, say researchers

A paper, from two academics at the London School of Economics' Centre for Economic Performance, claims that pupils who rank higher in primary school perform better in secondary school not simply because they are smarter but because their previous success inspires confidence.

This article was published in the Guardian on September 21, 2013
Link to article here

Related publications
'The Importance of Rank Position', Richard Murphy and Felix Weinhardt, Centre for Economic Performance Discussion Paper No.1241, September 2013

Related links
Richard Murphy webpage
Felix Weinhardt webpage
Education and Skills Programme webpage

Daily Mail
I love my friends more than my man

Recently, researchers at the London School of Economics, who had spent three years recording the ebb and flow of 50,000 people's moods, revealed that most were far happier when with their friends than they were with their partners. In fact, the LSE research suggests that only the company of work colleagues and clients depresses people more than those supposed to be their nearest and dearest.

This article was published by the Daily Mail on September 16, 2013
Link to article here

See also
The Sun
Make every Minute count!
Researchers at the London School of Economics found that people's happiness levels rose by more than eight per cent when they were with their friends.
[No link available.]

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Time magazine online
Poll: 50 is the 'perfect' age

In an online poll, the market research firm Harris Interactive asked 2,242 adults, ''If you could skip time and live forever in good health at a particular age, what age would you like to live at?'' Based on an average of all responses, those surveyed said the ideal age is 50. Over the summer, a larger survey of 23,161 participants conducted by the Center for Economic Performance at the London School of Economics reported 23 and 64 are the best ages, arguing happiness levels decline after the early twenties, pick up again in the mid-fifties, and fall again after 75.

The article was published in Time magazine online on September 16, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

The Sunday Telegraph
HS2 will clog up the rail system, warns freight expert

Henry Overman, professor of economic geography at the London School of Economics, described the KPMG report as ''technically wrong'' in parts of analysis and ''possibly out by orders of magnitude'' in its results. ''I can imagine why the Government rushed this report out but it would appear to add very little, if anything, to the debate'', he said.

The article was published in The Sunday Telegraph on September 15, 2013
Link to article here

Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

Vox
Language barriers? The impact of non-native English speakers in the classroom

Are children who are non-native speakers making education worse for native speakers? Presenting new research on England, this column by Charlotte Geay, Sandra McNally and Shqiponja Telhaj uses two different research strategies showing that there are, in fact, no spillover effects. These results support other recent studies on the subject. The growing proportion of non-native English speakers in primary schools should not be a cause for concern.

This article was published by Vox online on September 14, 2013
Link to article here

Related publications
In brief: Language barriers? The impact of non-native English speakers in the classroom, Charlotte Geay, Sandra McNally and Shqiponja Telhaj. Article in CentrePiece Volume 17, Issue 1, Spring 2012
'Non-native Speakers of English in the Classroom: What are the Effects on Pupil Performance?', Charlotte Geay, Sandra McNally and Shqiponja Telhaj, Centre for the Economics of Education Discussion Paper No.137, March 2012

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

Times Live South Africa
'Too much, too soon'

Early education in the UK is a case of ''too much, too soon'', a collective calling itself the Save Childhood Movement states.

This article was published by Times Live South Africa on September 13, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

New Zealand Herald
Let kids play, says group

Formal schooling in Britain should be delayed until the age of 6 or 7 because early education is causing ''profound damage'' to children, an influential lobby of almost 130 experts warns. Traditional lessons should be put on hold for up to two years amid fears that successive governments have promoted a ''too much, too soon'' culture in schools and nurseries, it is claimed.

This article was published in the New Zealand Herald on September 13, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

New Age Bangladesh
Start schooling later than age five: experts

The Save Childhood Movement is campaigning for a major overhaul of early education, including a possible delay to the formal school starting age.

This article was published by New Age Bangladesh on September 13, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Financial Times magazine
What makes life sag in the middle?

What is the explanation for midlife ennui? Elliot Jaques, a psychologist often credited with coining the term ''midlife crisis'', attributed it to the ''adult encounter with the conception of life to be lived in the setting of an approaching personal death''. But that is not the only explanation. A new working paper by Hannes Schwandt of Princeton University proposes an intriguing possibility: the gloom of middle-age is what happens when high expectations are dashed. Using data from a large survey of Germans, Schwandt contrasts how, for example, a 25-year-old expects to feel at 30, with how she actually feels when 30 comes along. The pattern is striking: young people have vastly inflated expectations of their lives five years on. Expectations ebb as the years go by, although it is not until their early sixties that people start being pleasantly surprised by how life has turned out, relative to expectations five years previously.

This article was published in the Financial Times magazine on September 13, 2013
Link to article here

See also
Tuesday 17 September

Express.be (Belgium)
De psychologie achter de midlife crisis
Economen zoals Tim Harford die het menselijk geluk bestuderen zijn zich al langer bewust van het U-vormig gelukspatroon van het leven. Als tiener, jongvolwassene en senior zijn we gelukkiger dan op middelbare leeftijd – een fenomeen dat veel aandacht krijgt in de media en in de populaire cultuur.
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

The Daily Telegraph
Should I send her to school or off to play Pooh Sticks?

Yet if the Save Childhood Movement is to believed, my daughter would be far better in a more ''developmentally appropriate'' setting. In a letter to this newspaper, a group of almost 130 respected experts, including academics, teachers, authors and charity leaders, have called on Michael Gove, the Education Secretary, to instigate a fundamental shake-up of national policies on early education, which he has rejected as ''misguided'' dumbing down. Signatories include Prof Sir Al Aynsley-Green, the former Children's Commissioner for England; Lord Layard, director of the Well-Being Programme at the London School of Economics; and Catherine Prisk, director of Play England, who agree that children should start a formal education later than they do now.

The article was published in The Daily Telegraph on September 13, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Society Guardian
Early schooling damaging children's wellbeing, say experts

More than 100 teachers, writers and academics have said the government's early years education policies are damaging children's health and wellbeing. The education specialists have written to the secretary of state, Michael Gove, to demand that children be allowed to learn through play instead of being prepared for formal lessons at such an early age. Signed by 127 senior figures including Lord Layard, director of the well-being programme at the London School of Economics, and Sir Al Aynsley-Green, the former children's commissioner for England, the letter in the Telegraph says ''current research does not support an early start to testing and quasi-formal teaching, but provides considerable evidence to challenge it''. It says: ''Very few countries have a school starting age as young as four, as we do in England. Children who enter school at six or seven after several years of high-quality nursery education consistently achieve better educational results as well as higher levels of wellbeing.''

This article was published in Society Guardian on September 12, 2013
Link to article here

See also
Argentina Star
Early schooling damaging childrens wellbeing say experts

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Evening Standard
Start school at six or seven, says expert panel branded 'misguided' by Gove

More than 120 experts, from academia, teaching, literature and charities, have suggested that adopting a system in line with Scandinavian countries would provide children with ''crucial opportunity for children to be children''. In a letter to the Telegraph they call for changes to a system that they say ''focuses too early on formal lessons from the age of four or five when children should be allowed to play instead''. Sir Al Aynsley-Green, the former Children's Commissioner for England and one of the letter's signatories, told the paper ''If you look at a country like Finland, children don't start formal, fullscale education until they are seven.'' Other signatories of the letter include Lord Layard, director of the Well-Being Programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England.

The article was published in The Evening Standard on September 12, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

The Independent (online)
Children should not start school until age six or seven, experts warn

Children should not start formal school lessons until they are six or seven because of the ''profound damage'' the current education system is causing, a group of experts has warned. In a letter to the Telegraph they call for changes to a system that they say focuses too early on formal lessons and the Three Rs from the age of four or five when children should be allowed to play instead. Sir Al Aynsley-Green, the former Children's Commissioner for England and one of the letter's signatories, told the paper ''If you look at a country like Finland, children don't start formal, full-scale education until they are seven.'' Other signatories of the letter include Lord Layard, director of the Well-Being Programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England.

This article was published by The Independent on September 12, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Toronto Star online
Material gain won't fix unhappy planet: Goar

The United Nations has released its World Happiness Report, making the case for a more sophisticated definition of national success.

This article was published by the Toronto Star online on September 12, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Guardian - blog
Are London campuses a good or bad thing for UK universities?

More UK universities are setting up shop in the capital, reports Gill Wyness - is this healthy competition or centralised power?

The blog article was published in the Guardian on September 12, 2013
Link to article here

Related links
Gill Wyness webpage
Education and Skills Programme webpage

Capital Radio
Children 'start school too young': Experts

Children should start school at the age of six or seven because of the ''profound damage'' the current education system is causing, a group of experts has warned.

The news item was featured on Capital Radio on September 12, 2013
Link to news item here

See also
Yorkshire Coast Radio
Children 'Start School Too Young': Experts

Real Radio Scotland
Children 'Start School Too Young'

Sun fm103.4
Children 'Start School Too Young': Experts

Wessex FM
Children 'Start School Too Young': Experts

96.4 Eagle Radio
Children 'Start School Too Young': Experts

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Children 'Start School Too Young': Experts

Classic FM
Children 'Start School Too Young': Experts

TalkTalk
School 'should start at 6 or 7'

96.9Vikingfm
Children 'Start School Too Young': Experts

Heart Radio
Children 'Start School Too Young': Experts


Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Sky News (web)
Children 'start school too young': Experts

In a letter to The Daily Telegraph, experts call for changes to a system that they say focuses too early on formal lessons and the Three Rs from the age of four or five, when children should be allowed to play instead. Sir Al Aynsley-Green, the former children's commissioner for England and one of the letter's signatories, told the paper ''If you look at a country like Finland, children don't start formal, full-scale education until they are seven. These extra few years, in my view, provide a crucial opportunity, when supported by well-trained, well-paid and highly-educated staff, for children to be children.'' Other signatories of the letter include Lord Layard, the director of the Well-Being Programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England.

The feature was broadcast by Sky News on September 12, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

The Times
Early-years schooling 'is damaging'

The letter, sent to The Daily Telegraph, has 127 signatories, including Sir Al Aynsley-Green, the former Children's Commissioner for England, Lord Layard, director of the Wellbeing programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at the University of Cambridge, and Catherine Prisk, director of Play England. It says children who enter...

The article was published in The Times on September 12, 2013
No link available, subscription needed.

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

BBC Radio 4
Today programme

Coverage of Lord Layard's letter to the Telegraph on schooling - ''Children start school too young'' experts say.

The item was broadcast on the BBC's Today Programme on September 12, 2013
[No link available.]

Also on
LBC
News

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

BBC News
School should start 'above age five'

Children should not start formal school lessons until the age of six or seven, a group of educationalists has said. In a letter to the Daily Telegraph, they said early schooling was causing ''profound damage'' to children. The experts, including academics and teachers, said there should be more emphasis in the curriculum on learning through play.

The article was published by BBC News on September 12, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

The Daily Telegraph
Start school at seven, say experts

Formal schooling should be delayed until the age of six or seven because early education is causing ''profound damage'' to children, an influential lobby of almost 130 experts warns.The letter - signed by 127 senior figures including Sir Al Aynsley-Green, the former Children's Commissioner for England, Lord Layard, director of the Well-Being Programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England - suggests that children should actually be allowed to start formal education later to give them more time to develop.

The article was published in The Daily Telegraph on September 12, 2013
Link to article here

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

TradeArabia (business news information)
UAE tops GCC in 'happiness index'

The UEA has topped Gulf states by positioning itself 14th globally in the World Happiness Report 2013 published by the United Nations Sustainable Development Solutions Network. The report was edited by University of British Columbia...and London School of Economics' Centre for Economic Performance well-being programme director Lord Richard Layard ...

This article was printed by TradeArabia on September 11, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Scottish Daily Express
School 'should start at 6 or 7'

An early focus on play should be introduced as part of a fundamental overhaul of the system that would bring it more into line with Scandinavian countries, according to 127 experts from academia, teaching, literature and charities. In a letter to the Telegraph they call for changes to a system that they say focuses too early on formal lessons and the Three Rs from the age of four or five when children should be allowed to play instead. Sir Al Aynsley-Green, the former Children's Commissioner for England and one of the letter's signatories, told the paper: ''If you look at a country like Finland, children don't start formal, full-scale education until they are seven. These extra few years, in my view, provide a crucial opportunity, when supported by well-trained, well-paid and highly-educated staff, for children to be children.'' Other signatories of the letter include Lord Layard, director of the WellBeing Programme at the London School of Economics, Dr David Whitebread, senior lecturer in psychology of education at Cambridge University, and Catherine Prisk, director of Play England.

This article was published in the Scottish Daily Express on September 11, 2013
Link to article here

See also
September 12, 2013
Northamptonshire Telegraph
School 'should start at 6 or 7'

Fulham & Hammersmith Chronicle
World & UK News: School 'should start at 6 or 7'

Oxford Times
School 'should start at 6 or 7'

Uttoxeter News
School 'should start at 6 or 7'

Hertfordshire Advertiser
School 'should start at 6 or 7'

Daily Gazette
School 'should start at 6 or 7'

Link to original letter to the Daily Telegraph here

Related links
Richard Layard webpage
Wellbeing Programme webpage

The Independent
Alastair Campbell interview: 'Britain is a problem-drinking country. It's time we woke up to it'

The cut and thrust of the political communications battle still burns within, all the more so when he refers to strategic mistakes made by Labour in what he says is not doing enough to stand up to ''lies over the economy'', citing the LSE Growth Commission Report which concluded that the UK by 2010 had an economic success story to tell, despite the recession. ''The Tories did not inherit a mess, as they constantly put it. The Labour party just has to do a better job of combatting that line. Ed has to focus on the issues he wants to focus on. He's decided the union link is one of them, fair enough. But I think that for the public its always about the economy and public services.''

The article was published by The Independent on September 11, 2013
Link to the article here

Related publications
LSE Growth Commission book - Investing for Prosperity: A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013
Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Daily Telegraph
The government should stop intervening in early education

Letter: Earlier starts to formal learning can affect the health and wellbeing of young children. Letter signed by Wendy Ellyatt Chief executive, Save Childhood Movement Professor Sir Al Aynsley-Green Children's Commissioner for England (2005-2010), Professor Lord Richard Layard Director, Well-Being Programme, London School of Economics and 124 others.

The letter was published in The Daily Telegraph on September 11, 2013
Link to letter here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Times of Oman
Oman among happiest countries in the world

Oman ranks among the top 25 list of the ''happy countries'' in the world. The Sultanate has been ranked 23rd among 156 nations and second in the Gulf region in the World Happiness Report 2013 released yesterday. The report was edited by Professor John F. Helliwell of the University of British Columbia and the Canadian Institute for Advanced Research; Lord Richard Layard, Director of the Well-Being Programme at LSE's Centre for Economic Performance; and Professor Jeffrey D. Sachs, Director of the Earth Institute at Columbia University, Director of the SDSN, and Special Adviser to the UN Secretary General.

The article was published in The Times of Oman on September 10, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Huffington Post UK
The happiest country in the world is ...1.3k

Released Monday, the 2013 World Happiness Report ranks the happiest countries around the globe, with Denmark, Norway and Switzerland leading the pack. Among North American countries, Canada took sixth place, while Mexico (16) slightly outranked the U.S. (17). The report is the second of its kind released by a coalition of researchers including John F. Helliwell of the University of British Columbia and Canadian Institute for Advanced Research, the London School of Economics's Richard Layard and Jeffrey D. Sachs, director of Columbia University's Earth Institute. The team drew upon Gallup World Poll data from the the past three years to rank the 156 countries on aspects such as healthy life expectancy, freedom to make life choices and social support.

This article appeared in The Huffington Post UK on September 10, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Financial Times
Foreign players in the property game

For Henry Overman, a professor of economic geography at the London School of Economics, there is a simple explanation for London's house prices: ''you just need to do the maths.'' ''In the [2011] census the population went up by 4m but we built 1.4m homes in a decade'', he says, adding that the trend was seen outside London where there were far fewer foreign buyers. ''In southern Manchester, property prices are pretty high relative to incomes, which is put down to a supply constraint and domestic demand ... prices are high in most successful places in Britain.''

This article was published in the Financial Times on September 10, 2013
Link to article here

Related links
Henry Overman webpage
SERC website
Henry Overman CEP publications webpage

3 WRCB-TV (Chattanooga, TN)
Report calls on policy makers to make happiness a key measure and target of development

As heads of state get ready for the United Nations General Assembly in two weeks, the second World Happiness Report further strengthens the case that well-being is a critical component of economic and social development. The report is published by the UN Sustainable Development Solutions Network (SDSN), under the auspices of UN Secretary General Ban Ki-Moon, and was launched at an international workshop on September 8. The landmark Report, authored by leading experts in economics, psychology, survey analysis, and national statistics, describes how measurements of well-being can be used effectively to assess the progress of nations. The Report is edited by John F. Helliwell, Professor, University of British Columbia, and Senior Fellow and Program Co-Director at CIFAR (the Canadian Institute for Advanced Research); Lord Richard Layard, Director of the Well-Being Programme at the London School of Economics and Political Science's Centre for Economic Performance; and Professor Jeffrey D. Sachs, Director of the Earth Institute at Columbia University, Director of the SDSN, and Special Advisor to the UN Secretary General.

The news item was broadcast by 3 WRCBTV on September 9, 2013
Link to item here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details


Related links
Richard Layard webpage
Wellbeing Programme webpage

CBC Ottawa
Canada ranks 6th in global happiness survey

Canada has some of the happiest people on the planet because of long life expectancy, high average income and robust social ties, according to a survey sponsored by the United Nations in which Canada ranked sixth. The report, coedited by John Helliwell with Jeffrey Sachs, a professor of development and health policy at Columbia University in New York, and London School of Economics professor emeritus Richard Layard, suggests more countries use citizen happiness as a measure of progress, citing the South Asian kingdom of Bhutan, which has developed a Gross National Happiness Index and aims above all to maximize it.

The news item was broadcast by CBC Canada on September 9, 2013
Link to item here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details


Related links
Richard Layard webpage
Wellbeing Programme webpage

Huffington Post UK
Improving wellbeing should be a global priority - De Mark Williamson blog

Whether we're aiming to alleviate poverty in Africa, end conflict in Syria or reduce stress in US workplaces, the fundamental reason we care about these things is that they are bad for human wellbeing. They cause suffering and pain. Similarly, if we're aiming to boost economic activity, reform our education system or cut public sector spending, we should only do so if we believe this will ultimately be good for people's wellbeing. Wellbeing provides a common lens through which we can look at the many challenges and opportunities in our world and decide on our collective priorities. This is the central idea behind a groundbreaking report published today - the World Happiness Report. Launched in the midst of a major debate about what the world's Sustainable Development Goals (SDGs) should be for 2015-2030, the report argues that people's 'subjective wellbeing' - their self-reported sense of happiness with life - should be a central measure of progress for every nation. It is a substantial piece of work edited by, among others, the influential development economist Jeff Sachs.

The article was published by the Huffington Post UK on September 9, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details


Related links
Richard Layard webpage
Wellbeing Programme webpage

Economonitor.com - blog
No more Plan B: growth kills the fiscal stimulus debate in the UK

Infrastructure spending is needed. But as Sir John Armitt pointed out last week, echoing the LSE Growth Commission, it is for the long-term, and should be taken out of short-term political decisions by establishing an infrastructure commission. It is not a short-term fiscal fix. Given the experience of government with big projects, it can be a great way of wasting money for limited economic benefit.

The article was published online by Economonitor.com on September 9, 2013
Link to article here

Related publications
LSE Growth Commission book - Investing for Prosperity – A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013
Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

E Science News
Report calls on policy makers to make happiness a key measure and target of development

The landmark Report, authored by leading experts in economics, psychology, survey analysis, and national statistics, describes how measurements of well-being can be used effectively to assess the progress of nations. The Report is edited by John F. Helliwell, Professor, University of British Columbia, and Senior Fellow and Program Co-Director at CIFAR (the Canadian Institute for Advanced Research); Lord Richard Layard, Director of the Well-Being Programme at the London School of Economics and Political Science's Centre for Economic Performance; and Professor Jeffrey D. Sachs, Director of the Earth Institute at Columbia University, Director of the SDSN, and Special Advisor to the UN Secretary General.

The article was published online by E Science News on September 9, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Live Trading News
UN ranks Denmark the happiest country in the world

Released Monday, the 2013 World Happiness Report ranks the happiest countries on the planet, with Denmark, Norway and Switzerland head up the listing. In North America, Canada took 6th place, Mexico 16th , and the US came in 17th. The report is the 2nd of its kind released by a coalition of researchers including John F. Helliwell of the University of British Columbia and Canadian Institute for Advanced Research, the London School of Economics's Richard Layard and Jeffrey D. Sachs, director of Columbia University's Earth Institute.

This article appeared online in Live Trading News on September 9, 2013
Link to article here

Related publications
'World Happiness Report 2013', John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), 2nd Report from the Earth Institute, Columbia University, September 2013
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Civil Service World
Review calls for an independent infrastructure commission

An independent national infrastructure commission should be set up to evaluate the UK's long-term infrastructure needs, according to a report published today by Sir John Armitt, former chairman of the Olympic Delivery Authority and ex-chief executive of Network Rail. Armitt's proposals have the backing from the London School of Economics Growth Commission as well as the Institute of Civil Engineering.

This article was published by Civil Service World magazine on September 5, 2013
Link to article here

Related publications
LSE Growth Commission book - Investing for Prosperity: A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013
Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Tutor2u.net - blog
Tim Harford - The undercover economist strikes back!

A few weeks ago, I was relaxing in the departure lounge of Auckland airport waiting for a delayed flight when I overheard a robust conversation between two fellow travellers dissecting the recent books of Tim Harford. One of them wondered when Tim's writing would next hit the airport bookshelves? In my holdall I was carrying a prepublication version of The Undercover Economist Strikes Back: How to Run or Ruin an Economy and, after several minutes, I could contain myself no longer. ''Don't worry'' I interrupted ''a new book from Tim is out soon and it is all about macroeconomics.''... We touch base with the important research from Nick Bloom and John Van Reenen on the impact that management quality has on productivity, competitiveness and growth. And reading this book, we understand better the significance of psychology (from Robert Shiller) and search incentives (from Chris Pissarides) in shaping the choices and behaviours of million of people in product and labour markets.

This article was published online by Tutor2u.net blog on August 28, 2013
Link to article here

Related links
Nicholas Bloom webpage
Christopher Pissarides webpage
John Van Reenen webpage
World Management Survey Research webpage
Macro Programme webpage
Productivity and Innovation Programme webpage

ESRC Press Release
Scottish pupils' performance focus on Edinburgh Seminar

How well Scotland's school pupils perform in comparison to their peers across the rest of the UK is the focus of a seminar this coming Wednesday (28 August), hosted by University of Edinburgh. The seminar is part of the Economic and Social Research Council (ESRC)'s Future of the UK and Scotland activities, which aim to inform the referendum debate and policymaking, whatever the outcome.

Speakers at the event include: Dr Gill Wyness, Centre for Economic Performance, London School of Economics, Professor David Raffe, Centre for Educational Sociology, University of Edinburgh, Dr Bill Maxwell, Chief Executive, Education Scotland, and Kate Davidson, SWAP-East.

A briefing paper written by Dr Gill Wyness can be downloaded here.

For more details of the event, see here.

Related publications
Education in Scotland: performance in a devolved policy area, Stephen Machin, Sandra McNally and Gill Wyness. Article in CentrePiece Volume 18, Issue 1, Summer 2013
'Education in a Devolved Scotland A Quantitative Analysis. A Report to the Economic and Social Research Council', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

Valuewalk.com
Five out-of-office ways to invigorate your career this fall

Even if you are not heading back to school, fall can be a great time to energize your career. Here are five ways you can boost your job performance and your overall career satisfaction - and they all involve new beginnings.
Sources: Layard, Richard. Centre for Economic Performance at the London School of Economics. Happiness: Lessons from a New Science. Penguin Press, 2005

This article was published online by Valuewalk.com on August 27, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science. Richard Layard, Penguin Press, 2nd edition, 2011
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy webpage

BBC Radio 4
Today programme

Native English-speaking children in primary schools with a high proportion of non-native English speaking children perform just as well as schools where most children are native English-speakers, according from a report in the Journal of the Royal Economic Society. Sue Seifert, former head teacher of Montem Primary School in Islington, and Chris McGovern, from the Campaign for Real Education, discuss whether the findings are accurate.

The article was broadcast at 08:31 on Radio 4's the Today programme on August 27, 2013
Link to programme here

Related publications
In brief: Language barriers? The impact of non-native English speakers in the classroom, Charlotte Geay, Sandra McNally and Shqiponja Telhaj. Article in CentrePiece Volume 17, Issue 1, Spring 2012
'Non-native speakers of English in the classroom: what are the effects on pupil performance?', Charlotte Geay, Sandra McNally and Shqiponja Telhaj, Centre for the Economics of Education Discussion Paper No.137, March 2012

Related links
Sandra McNally webpage
Shqiponja Telhaj webpage
Centre for the Economics of Education (CEE) website
Education and Skills Programme webpage

Huffington Post UK
Immigrant children are positive influence on British-born pupils

Academics have scotched fears that non English-speaking children hold back British-born youngsters in the classroom. In fact, in some cases, immigrants were helping drive up standards, the London School of Economics team found. There have been fears that British-born children were being held back because teachers had to help kids who were struggling with a language barrier. However, after examining exam results in different primary schools, the LSE said: ''The growing proportion of non-native English speakers in primary schools should not be a cause for concern: this trend is not detrimental to the educational attainment of native English speakers.''

This article was published by The Huffington Post UK on August 27, 2013
Link to article here

Related publications
In brief: Language barriers? The impact of non-native English speakers in the classroom, Charlotte Geay, Sandra McNally and Shqiponja Telhaj. Article in CentrePiece Volume 17, Issue 1, Spring 2012
'Non-native speakers of English in the classroom: what are the effects on pupil performance?', Charlotte Geay, Sandra McNally and Shqiponja Telhaj, Centre for the Economics of Education Discussion Paper No.137, March 2012

Related links
Sandra McNally webpage
Shqiponja Telhaj webpage
Centre for the Economics of Education (CEE) website
Education and Skills Programme webpage

BBC Radio 4 PM Programme
News

Henry Overman discussed HS2.

The news item was aired on BBC Radio 4 News on August 27, 2013


Related publications
HS2: assessing the costs and benefits, Henry Overman. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

BBC Radio 4
News

Albrecht Ritschl was interviewed to discusses international finance.

Related links
Albrecht Ritschl webpage
Macro Programme webpage

The Observer
Real recovery needs an overhaul of the investment machine

It could also do worse than pinch a few ideas from the LSE's excellent Growth Commission report, and promise to depoliticise national infrastructure decisions and beef up education for poorer kids. All of these would help to build a more solid, sustainable business model.

This article was published in The Observer on August 25, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Link to Report here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Daily Telegraph
R.I.P. the middle class?

Michael Boehm, an academic at the London School of Economics and author of a paper on job polarisation, says that technology and ''offshoring'' mean that "the average American income has not increased since the 1980s".

The article was published in The Daily Telegraph on August 24, 2013
[No link available]

Related publications
'Has Job Polarization Squeezed the Middle Class? Evidence from the Allocation of Talents', Michael J. Boehm, Centre for Economic Performance Discussion Paper No.1215, May 2013

Related links
Michael Boehm webpage
Labour Markets Programme webpage

Moneycontrol.com
The correlation between money and happiness

Does a higher income make people happier? The jury is still out on this. Between the two polar studies, several researchers tried to bring money and happiness together by establishing a threshold till which they hold hands before parting ways. For instance, in 2003, British economist Richard Layard set $15,000 as the point beyond which money does not fetch happiness. In his 2005 work, Layard reset the point at $20,000 a year.

This article was published by Moneycontrol.com on August 22,2013
Link to article here

Related publications
Happiness: Lessons from a New Science, Richard Layard, 2nd edition, Penguin, April 2011
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy webpage

Essex Chronicle
Catchment is king...

Thanks to some research published last year by the Centre for Economic Performance at the London School of Economics, the link between schools and house prices is now a proven fact rather than merely the stuff of anecdote and dinner-table chatter.

The article was published in the Essex Chronicle on August 22, 2013
[No link available]

Related publications
Big ideas valuing schooling through house prices, Steve Gibbons. Article in CentrePiece Volume 17, Issue 2, Autumn 2012
'Houses and Schools Valuation of School Quality through the Housing Market', Stephen Machin, Centre for Economic Performance Occasional Paper No.29, May 2011

Related links
Steve Gibbons webpage
Stephen Machin webpage
Education and Skills Programme webpage

Spectator
The strange death of the British middle class

Michael Boehm, an academic at the London School of Economics and author of a paper on job polarisation, says that technology and ''offshoring'' mean that ''the average American income has not increased since the 1980s, and Britain is similar''. His conclusion: ''The middle class is shrinking, in terms of jobs and wages''.

This article was published in The Spectator on August 22, 2013
Link to article here

Related publications
Has Job Polarization Squeezed the Middle Class? Evidence from the Allocation of Talents, Michael J. Boehm, Centre for Economic Performance Discussion Paper No.1215, May 2013

Related links
Michael Boehm webpage
Labour Markets Programme webpage

business.hr
Cameron je iznevjerio radne ljude koji placaju najvecu cijenu drize

S takvim stavom slazu se i neki ekonomski strucnjaci, medu ostalima i profesor John Van Reenen iz Centra za ekonomsko djelovanje sa slavnog britanskog ekonomskog fakulteta Londonske ekonomske skole, koji za pad realnih placa kaze: ''Rijec je o sokantnom fenomenu, jer se tako nesto nije događalo do sada u prijasnjim poslijeratnim recesijama. Sve je ovo posljedica slabog rasta, odnosno pada BDP-a, te nacionalnih prihoda, koji je za 3,5 posto manji nego sto je bio prije izbijanja sadasnje krize. Laburisticka stranka ima potpuno pravo kada tvrdi da bi situacija bila sasvim drukcija da je vlada vodila drukciju politiku. Da ona 2010. godine nije znacajno ogranicila investicije sada bi biljezili rast i visi zivotn standard.''
Cameron has failed the working people who pay the highest price crisis
With that attitude, agree and some economic experts, including Professor John Van Reenen of the Centre for economic performance with the famous British Faculty of Economics London School of Economics, who for the decline in real wages says: ''This is a shocking phenomenon, because it is something happened so far in the previous post-war recessions. All this is a result of weak growth or decline of GDP and national income, which is 3.5 percent lower than it was before the outbreak of the current crisis. Labour Party has every right when he argues that the situation would be quite different if the government took a different policy. Yeah she 2010th year did not significantly limit the investment now to record growth and higher living standards.''

The article was published by business.hr on August 21, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Guardian
Warwick policy lab to use Birmingham as 'testing ground' for ideas

'What works' is not new from deliverology and the 'third way' through the Blair years to the what works centres. In Birmingham we have, for example, worked closely with Lord Heseltine following his ''no stone unturned'' report on economic growth. Lord Adonis is undertaking similar analysis for the Labour party. And, most recently, a new 'what works' centre on local economic growth has been announced which will be led by professor Henry Overman at the LSE.

This article was published in the Guardian on August 20, 2013
Link to article here

Related links
Henry Overman webpage
SERC website
Globalisation Programme webpage

Alastair Campbell blog
The mess we inherited - some facts with which to fight the Tory big lies

I am indebted to Professor Vernon Bogdanor, who among other things was David Cameron's tutor at Oxford, for drawing my attention to a recent report by the LSE Growth Commission. Anyone who looks at the mix of academics, business leaders, economists and banking experts on the Commission will be unable to dismiss them as Labour stooges. Professor Bogdanor had read my recent blog suggesting Labour need to do more to rebut the Tory attack on the so-called 'mess we inherited', and so thought I would be interested in the Growth Commission's overwhelmingly positive view of the economic performance of the Labour government between 1997-2010 - and, in particular, between 2007-10. Indeed I am.

The piece appeared on Alastair Campbell's blog on August 19, 2013
Link to blog here

Related publications
LSE Growth Commission book - Investing for Prosperity: A manifesto for growth, Tim Besley and John Van Reenen (Eds), LSE publication, September 2013
Details
Purchase details here
LSE Growth Commission Report - Investing for Prosperity Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

GeekWire
A path to entrepreneurship: Smoking pot, skipping school and being a smart white dude

Here comes some additional research about the psychological makeup and demographics of entrepreneurs, based on real science rather than my day-to-day dealings. The research - conducted by Ross Levine, an economist at the University of California, Berkeley, and Yona Rubinstein, a professor at the London School of Economics - offers a fascinating look at what makes up an entrepreneur.

This article was published online by GeekWire on August 19, 2013
Link to article here

Related publications
'Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?', Ross Levine and Yona Rubinstein, Centre for Economic Performance Discussion Paper No.1237, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Communities Programme webpage

The Week Magazine
Does more sex lead to higher wages?

Recent study from researchers at the University of California, Berkeley, and the London School of Economics showed that people who broke the rules as teens were more likely to become higher-earning.

This article was published in The Week Magazine on August 19, 2013
Link to article here

Related publications
'Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?', Ross Levine and Yona Rubinstein, Centre for Economic Performance Discussion Paper No.1237, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Communities Programme webpage

GeekWire
A path to entrepreneurship: Smoking pot, skipping school and being a smart white dude

Now, here comes some additional research about the psychological makeup and demographics of entrepreneurs, based on real science rather than my day-to-day dealings. The research - conducted by Ross Levine, an economist at the University of California, Berkeley, and Yona Rubinstein, a professor at the London School of Economics - offers a fascinating look at what makes up an entrepreneur.

This article was published online by GeekWire on August 19, 2013
Link to article here

Related links
Yona Rubinstein webpage Labour Markets Programme webpage
Communities Programme webpage

Wall Street Journal
The bad-boy entrepreneur

Those are the surprising findings of a new working paper by economists at the University of California at Berkeley and the London School of Economics.

This article was published in The Wall Street Journal on August 17, 2013
Link to article here


Related publications
'Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?', Ross Levine and Yona Rubinstein, Centre for Economic Performance Discussion Paper No.1237, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Communities Programme webpage

Financial Times
The west desperately needs more madcap schemes

Willingness to invest in the future is a powerful indicator of a business's optimism or of a country's. By this measure, the US is in trouble: recent McKinsey Global Institute research suggests it is underinvesting in infrastructure to the tune of 1 percentage point of gross domestic product. The LSE Growth Commission, an independent panel of experts, said much the same about the UK; anyone regularly using Britain's creaky, costly rail network will agree.

This article was published in the Financial Times on August 17, 2013
Link to article here

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Atlantic Monthly
Entrepreneurship: the ultimate white privilege?

Ross Levine, an economist at the University of California, Berkeley, and Yona Rubinstein, a professor at the London School of Economics, have released a fascinating working paper exploring the demographics, personality traits, and earnings of entrepreneurs.

This article was published in the Atlantic Monthly on August 16, 2013
Link to article here

Related publications
'Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?', Ross Levine and Yona Rubinstein, Centre for Economic Performance Discussion Paper No.1237, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Communities Programme webpage

The Scotsman
Alex Massie: Students can't all be above average

These test results, however, mask vast internal inequalities. As Gill Wyness, an education researcher at the London School of Economics, observed this week, the richest quarter of Scottish pupils performed at a level comparable with the average score in high-achieving Hong Kong but the poorest quartile's results were on a par with low-achieving Turkey. The Scottish government's own analysis of the 2009 Pisa tests concluded that ''while socio-economic status is as likely as in other countries to affect students, the effect it has is likely to be greater than in other countries''. Which is another way of saying that it is better to be poor in other countries than it is to be poor in Scotland.

This article was published in The Scotsman on August 16, 2013
Link to article here

See also
Friday 9 August
Spectator Blogs - Alex Massie
Scotland's disgraceful educational apartheid
Still, the educational divides in this country should be a front-page scandal. As I wrote in yesterday's Scotsman: These test results, however, mask vast internal inequalities. As Gill Wyness, an education researcher at the London School of Economics, observed this week, the richest quarter of Scottish pupils performed at a level comparable with the average score in high-achieving Hong Kong but the poorest quartile's results were on a par with low-achieving Turkey. The Scottish government's own analysis of the 2009 Pisa tests concluded that ''while socio-economic status is as likely as in other countries to affect students, the effect it has is likely to be greater than in other countries''. Which is another way of saying that it is better to be poor in other countries than it is to be poor in Scotland.
Link to article here

Related publications
'Education in a Devolved Scotland: A Quantitative Analysis', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013
Education in Scotland: performance in a devolved policy area, Stephen Machin, Sandra McNally and Gill Wyness.
Article in CentrePiece Volume 18, Issue 1, Summer 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

The Scotsman
Education 'has failed to improve with devolution'

Academics at the London School of Economics (LSE) said that while the Scottish system remains on a par with those elsewhere in the UK, it has not progressed at the same rate as the English system since 1999. The authors of the report note that the performance of the education system is one of the questions that voters may consider in the run-up to next year's independence referendum. Written by Stephen Machin and Sandra McNally, of LSE's Centre for Economic Performance, the report states: ''Our analysis of national statistics showed that Scotland's performance has been very stable over time whilst, in contrast, England's performance has been increasing.''

This article was published by The Scotsman on August 15, 2013
Link to article here

Related publications
Education in Scotland: performance in a devolved policy area, Stephen Machin, Sandra McNally and Gill Wyness. Article in CentrePiece Volume 18, Issue 1, Summer 2013
'Education in a Devolved Scotland A Quantitative Analysis. A Report to the Economic and Social Research Council', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

The Daily Telegraph
Here's how to avoid thousands in tax - don't buy a house

An LSE study of the most recent duty ''holiday'' found that a 1 per cent cut in the tax increased the number of transactions by 20 per cent. Most of those extra transactions were genuine, not just people moving a month or two earlier or later due to the temporary tax break.

This article was published in The Daily Telegraph on August 15, 2013
Link to article here

Related publications
'The Effect of the UK Stamp Duty Land Tax on Household Mobility', Christian A. L. Hilber and Teemu Lyytikainen, SERC Discussion Paper No.115, July 2012

Related links
Christian A. L. Hilber webpage
Teemu Lyytikainen webpage
SERC website

Mail online UK (web)
Bad boys make good entrepreneurs: Risk taking behaviour combined with intelligence is the secret to making millions

But the latest study suggests that there is one distinct type of entrepreneur who is likely to be more successful that others - and much of this success is down to their background and character traits. The study, conducted by U.C. Berkeley's Ross Levine and Yona Rubinstein of the London School of Economics, divided the entrepreneurs into two groups: those with limited liability incorporated businesses and those who are unincorporated.

This story was published in The Daily Mail online on August 13, 2013
Link to article here

Related publications
'Smart and Illicit: Who becomes an entrepreneur and does it pay?', Ross Levine and Yona Rubinstein, NBER Working Paper No. 19276, August 2013.

Related links
Yona Rubinstein webpage
Labour Markets programme webpage
Communities Programme webpage

Forbes India - Magazine
The correlation between money and happiness

Money and happiness have been married and divorced umpteen times by economists. A recent study by University of Michigan professors Betsey Stevenson and Justin Wolfers united moolah and mirth after Richard Easterlin, an economist and professor at the University of South Carolina, separated them in 1974. While the Easterlin Paradox stated that rise in income does not necessarily increase happiness, the new research refutes it by proving that the higher the income or the GDP (Gross Domestic Product), the more happy the person or the country is. No conditions apply. Between the two polar studies, several researchers tried to bring money and happiness together by establishing a threshold till which they hold hands before parting ways. For instance, in 2003, British economist Richard Layard set $15,000 as the point beyond which money does not fetch happiness. In his 2005 work, Layard reset the point at $20,000 a year.

This article was published by Forbes India on August 12, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science, Richard Layard, 2nd edition, Penguin, April 2011
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy webpage

Sverigesradio.se
Sveriges extrema skolmarknad oroar forskare

The Swedish school system is unique in the world with its harsh competition, large choice and for-profit private schools. Last week brought together the elite of international research at the free school selection and market principles in the school of the Royal Swedish Academy of Sciences in Stockholm... Participants: Henry m. Levin, professor of education administration at Teachers College at Columbia University, New York. Sabrina Harris, master student from the United States, currently at the University of Stockholm, Patrik Scheinin, a professor of behavioral science at the University of Helsinki. Sandra McNally, a professor of Economics at the London School of economics.

The item was broadcast on SverigesRadio.se on August12, 2013
Link to item here

Related links
Sandra McNally webpage
Education and Skills Programme webpage

The Daily Mirror
British workers suffer one of biggest falls in real wages in Europe

Economics commentator Professor John Van Reenen yesterday described the wages dip in the UK since the first of George Osborne's austerity budgets as ''stunning''.

This article was published in The Daily Mirror on August 12, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation programme webpage

PressTV
Rate of wages drop in UK has been only better than Greece, Portugal and the Netherlands

Figures by the British parliament's Library show workers' salaries have nosedived by 5.5 percent since 2010. While Britain is now competing with the worst-performing European economies in terms of wages, its two main EU rivals Germany and France have seen real wage increases. The situation is so catastrophic that Professor John Van Reenen, of the London School of Economics said the ''stunning'' fall in real wages has not been seen even in previous postwar recessions in Britain.

This article was broadcast on Press TV on August 11, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Rai.it
I lavoratori britannici hanno subito uno dei pi grandi crolli dei salari reali in Europa

Il professor John Van Reenen, direttore del Centre for Economic Performance della London School of Economics - interrogato dall'Independent - ha descritto la caduta dei salari reali nel Regno Unito come ''stupefacente: non era mai accaduto prima, dalla recessione dal dopoguerra in qua''. Secondo lui ''tutto si tiene'': una performance cosi negativa sarebbe il riflesso di una crescita debole e della caduta del PIL, che e sotto di 3,5 punti rispetto all'epoca precedente alla crisi finanziaria.
British workers have suffered one of the biggest meltdowns of real wages in Europe
Professor John Van Reenen, Director of the Centre for Economic Performance at the London School of Economics - questioned by Independent - he described the fall of real wages in the United Kingdom as ''amazing it had never happened before, the post-war recession in here.'' According to him, ''all held'': a performance so negative would be a reflection of weak growth and fall of GDP, which is down 3.5 points compared to the previous period of the financial crisis.

This article was published online by Rai.it on August 11, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Daily Telegraph
Put hated stamp duty to a worthy cause

But does it really distort behaviour? A fascinating but little-noticed research paper published last year by the Spatial Economics Research Centre, part of the London School of Economics, provides an interesting take. The study showed that raising stamp duty from 1pc to 3pc reduced household mobility by around 40pc, so the tax is not just on house buyers but also on businesses.

This article was published by The Daily Telegraph on August 10, 2013
Link to article here

Related publications
'The Effect of the UK Stamp Duty Land Tax on Household Mobility', Christian A. L. Hilber and Teemu Lyytikainen, SERC Discussion Paper No.115, July 2012

Related links
Christian A. L. Hilber webpage
Teemu Lyytikainen webpage
SERC website

The Sun - Scotland
Lesson Failure

THE London School of Economics says Scotland may be better off tackling inequalities in education if it becomes independent. Granting more say to politicians is not the answer.

This article was published in The Sun -Scotland on August 9, 2013
[subscription only]

Related publications
'Education in a Devolved Scotland: A Quantitative Analysis', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013
Education in Scotland: performance in a devolved policy area, Stephen Machin, Sandra McNally and Gill Wyness.
Article in CentrePiece Volume 18, Issue 1, Summer 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

Dagbladet (Norway)
En gate ingen vil lose

Eller ta arbeidslivet. Politikerne bekymrer seg for at dagens velferdsniva trues av manglende arbeidskraft. Vi vet at flere uforetrygdes pa grunn av psykiske lidelser, og at det er en kraftig okning i sykefraværet for lettere psykiske lidelser. Okonomen Richard Layard har for lengst vist at lett tilgjengelig psykologisk behandling er selvfinansierende, ikke minst fordi folk kommer tilbake i arbeid.
A puzzle noone will solve
Or take the world of work. Politicians worry that the current level is threatened by a lack of welfare workers. We know that more uføretrygdes because of mental illness, and that there is a sharp increase in sick leave for easier mental disorders. The economist Richard Layard has long since proven that readily available psychological treatment is self-sustaining, not least because people are going back to work.

This article was published by Dagbladet on August 8, 2013
Link to article here

Related Publications
The Depression Report: A New Deal for Depression and Anxiety Disorders by Richard Layard. June 2006

Related links
Richard Layard webpage
Wellbeing Programme webpage
Mental health research webpage

Metro
Purpose or pleasure? Why the pursuit of happiness matters to our genes

Paul Dolan, professor of behavioural science at the London School of Economics, has carried out several pieces of research on happiness and is writing a book on the subject. He insists it's not really natural for us to go around asking if our lives have meaning.

This article was published in Metro on August 8, 2013
Link to article here

Related links
Paul Dolan webpage
Wellbeing Programme webpage

Daily News Sun
Minimum wage causes maximum frustration

There are two sides to the minimum-wage debate. One says it prices low-skill workers out of the jobs market. That's what Econ 101 tells us should happen, and it explains Wal-Mart's experience in D.C. The other side says these stories are anecdotal, that there's little evidence of employment falling when minimum wages are increased... Two economists from the London School of Economics looked at different data and used a different statistical technique to show that, indeed, raising the minimum wage does reduce employment, particularly among teenagers.

This article was published in the Daily News Sun on August 7, 2013
Link to article here

Related publications
'The Employment Effects of the October 2003 Increase in the National Minimum Wage', Richard Dickens and Mirko Draca, Centre for economic Performance Discussion Paper No.693, June 2005

Related links
Mirko Draca webpage
Labour Markets Programme webpage

Daily Democrat (USA)
The age(s) of happiness

Get this:Happiness among human beings peaks at age 23, tanks at 55, then peaks again at 69. So says a study by the Center for Economic Performance at the London School of Economics, as reported by the U.K.'s Daily Mail newspaper.

This article was published by the Daily Democrat (USA) on August 5, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age Ushape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

Tayside and Fife Courier
Scottish education could help tackle education inequalities

Educational inequality is ''a huge problem that devolution has been unable to solve''... Scotland ''is unable to raise taxes or alter many other aspects of fiscal policy, which somewhat limits the level and distribution of spending on education'', according to a blog by LSE economist Stephen Machin and education researchers Sandra McNally and Gill Wyness.

This article was published in the Tayside and Fife Courier on August 5, 2013
Link to article here

Related publications
'Education in a Devolved Scotland: A Quantitative Analysis', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

Guardian Higher Education Network blog
Scottish education: why don't the sums add up?

Gill Wyness asks how Scottish higher education participation rates are so high when inequality of school attainment is rife.

This blog piece by Gill Wyness was published in the Guardian on August 5, 2013
Link to article here

Related publications
'Education in a Devolved Scotland: A Quantitative Analysis', Stephen Machin, Sandra McNally and Gill Wyness, Centre for Economic Performance Special Paper No.30, May 2013

Related links
Stephen Machin webpage
Sandra McNally webpage
Gill Wyness webpage
Education and Skills Programme webpage

The Daily Telegraph
Backing for bulk solar power

In an article co-written with Lord (Richard) Layard, the former founder director of the LSE Centre for Economic Performance, Professor Sir David King calls for an international drive to ''enable bulk electricity to be produced more cheaply by solar energy than by any fossil fuel''.

This article was published in The Daily Telegraph on August 3, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

pvtech
G20 should use solar to solve 'world's greatest problem'

A former UK chief scientific adviser has called on all G20 countries to solve ''world's greatest problem'' of climate change by developing low-cost solar energy. Writing in the Financial Times, former UK chief scientific adviser, Sir David King, and the former founder-director of the London School of Economics' Centre for Economic Performance, Richard Layard, identify solar technology as mankind's most plausible solution to climate change.

This article was published in pvtech online on August 2, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

businessGreen
David King: The world needs a 'moon landing' for solar energy

Former chief scientist calls for carbon tax to fund research into low-cost renewable energy
Writing in the Financial Times today, Sir David King and co-author Richard Layard, the former founder-director of the London School of Economics' Centre for Economic Performance, warn a collective scientific effort of similar proportions to putting a man on the moon is needed to tackle climate change.

This article was published online by businessGreen on August 2, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Financial Times
We need a new Apollo mission to harness the sun's power

Failure to solve this problem will affect every nation upon earth. The writers are, respectively, the former UK chief scientific adviser and the former founder-director of the LSE Centre for Economic Performance.

This article was published in the Financial Times on August 2, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage

Times Higher Education
Spain grapples with reform of stagnant system

''Spain has thrown a lot of money at research'', observes Luis Garicano, professor of economics and strategy at the London School of Economics.

This article was published in the Times Higher Education on August 1, 2013
Link to article here

See also
Thursday 1 August
Inside Higher Ed
Austerity in Spain
Spain has thrown a lot of money at research, observes Luis Garicano, professor of economics and strategy at the London School of Economics and a member ...
Link to article here



Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

IVillage UK
What's the happiest age? It might surprise you!

If you think turning 40 will bum you out, just wait until you hit your mid-50s - that's when regrets over unrealised goals really kick in. But don't worry, some of your happiest years are still ahead of you. According to a new study at the Centre for Economic Performance at the London School of Economics, there's not one, but two times in our lives when we're at the height of joy and satisfaction. One is already likely behind you, but the other is still a ways off on the horizon.

This article was published online by IVillage UK on July 31, 2013
Link to article here

Also in
Evenimentul Zilei
Care sunt varstele la care atingem cel mai inalt nivel de fericire
Un studiu recent realizat de Center for Economic Performance de la London School of Economics efectuat pe un numar de 23.161 de participanti, cu varste cuprinse in intervalul 17-85 de ani, a identificat cele doua varfuri de satisfactie din viata oamenilor.
Link to article here
The Bemidji Pioneer (Minnesota, USA)
Tom Purcell: Age(s) of happiness
Get this: Happiness among human beings peaks at age 23, tanks at 55, then peaks again at 69. So says a study by the Center for Economic Performance at the London School of Economics, as reported by the U.K.'s Daily Mail newspaper.
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage


National Journal - Washington DC
Women lobbyists may be worth more

While it's no secret that men outnumber women in Washingtons lobbying corps, individual lobbying contracts held by women are worth more on average than those held by men, according to an analysis of lobbying disclosures by LegiStorm. To determine the gender of lobbyists, LegiStorm analyzed lobbying registrations and used a computer algorithm that assigns gender based on names that have been determined to be gender-specific. On the surface, the analysis indicated that women lobbyists outperform men in bringing in higher-valued contracts or better-paying clients. There are several potential explanations for the difference. One is that women hold fewer contracts than men, which means a smaller pool of contracts from which to calculate an average. Another is sometimes called the 'rainmaker effect', which holds that some male lobbyists may have greater leverage and spread their work across more contracts than female lobbyists do, says Mirko Draca, a labor economist specializing in the political labor market at the London School of Economics and the University of Warwick. If that's the case, individual contracts held by men may not be worth as much as those held by women, but an individual male lobbyist may be pulling in more money in total.

This article was printed in the National Journal (Washington DC) on July 31, 2013
Link to article here

Related publications
The returns to lobbying, Jordi Blanes i Vidal, Mirko Draca and Christian Fons-Rosen. Article in CentrePiece Volume 16, Issue 3, Winter 2012
In brief: 'Revolving door' lobbyists, Jordi Blanes i Vidal, Mirko Draca and Christian Fons-Rosen. Article in CentrePiece Volume 15, Issue 2, Autumn 2010
‘Revolving Door Lobbyists’, 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

The Daily Telegraph
Generation of women opt out of workforce

A study by Alan Manning of the Centre for Economic Performance suggests that the latest group of women of child bearing age are rejecting the pattern followed by previous generations ''The main message is that the youngest generations of women are not working any more than slightly older women, so female labour market progress has stalled'', he told The Sunday Times.

This article was published in the Daily Telegraph on July 29, 2013
Link to article here

Related links
Newspaper articles based on charts Prof Manning showed in a lecture for the royal statistical society in 2010. Details
Alan Manning webpage
Communities Programme webpage

Forbes
President Obama rejects the Easterlin paradox

One way of reading part of this New York Times interview with President Obama is that he's implicitly rejecting the Easterlin Paradox. This paradox is the idea that richer countries and richer people aren't any happier than poorer ones so why bother with all that striving for economic growth? But here Obama is indeed rejecting that idea for he's saying that while growth itself might not make us happier the things that growth eases do indeed do so. However, if greater wealth doesn't make people happier, if we also assume that the greatest happiness is our goal (which it is, maximising utility is indeed what economics thinks the goal is), then we can just tax away because we don't care about that future economic growth. For it's not going to make people any happier anyway, while redistribution today will indeed make at least those who collect the redistribution happier. There really are people making this argument, my old professor, Richard Layard for one.

This article was published by Forbes on July 28, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy webpage

Mail online
Baby before looking for work: Percentage of young women with jobs falls for the first time in generations

The percentage of young women in the workplace has fallen for the first time in three generations, as the female drive for equality apparently comes to an end. Around 70 per cent of women born between 1985 and 1994 have a job by the time they are 23 or 24 - down marginally on the decade beforehand. It is the first time in the post-war period that female employment has gone into decline, according to a study by Alan Manning of the Centre for Economic Performance at the London School of Economics.

This article was published in the Mail online on July 28, 2013
Link to article here

Related links
Newspaper articles based on charts Prof Manning showed in a lecture for the royal statistical society in 2010. Details
Alan Manning webpage
Communities Programme webpage

The Sunday Times
Baby first, job later for young women

10 years earlier, after several decades in which female employment rates were on a rising trend, according to research by Alan Manning of the Centre for Economic Performance at the London School of Economics. ''The main message is that the youngest generations of women are not working any more than slightly older women, so female labour market progress has stalled'', he said.

This article appeared in The Sunday Times on July 28, 2013
[Subscription necessary to view the article.]

Related links
Newspaper articles based on charts Prof Manning showed in a lecture for the royal statistical society in 2010. Details
Alan Manning webpage
Communities Programme webpage

Huffington Post (Quebec, Canada)
L'argent fait-il le bonheur

Richard Layard, professeur emerite de la London School of Economics et specialiste reconnu de l' ''economie du bonheur'', est arrive a des conclusions semblables pour ce qui est de la capacite des augmentations de revenus a accroitre la satisfaction des individus. Cette capacite diminue au fur et a mesure que le revenu augmente. Il en deduit que les transferts sociaux sont justifies puisque les riches perdent moins de satisfaction a etre taxes d'un montant x que les pauvres n'en gagnent a recevoir le meme montant en prestations sociales. Le professeur Layard croit aussi que le sentiment de bonheur des individus est influence par des facteurs tels que les comparaisons sociales et donc le sentiment de reussite ou d'accomplissement.
Money makes happiness?
Richard Layard, an Emeritus Professor of the London School of Economics and a specialist recognized the "economy of happiness", came to similar conclusions with regard to the capacity of the revenue increases to increase the satisfaction of individuals. This ability decreases as income increases. He deduced that social transfers are justified because the rich lose less satisfaction to be taxed amount x that the poor earn to receive the same amount in social benefits. Professor Layard also believes that the feeling of happiness of individuals is influenced by such factors as social comparisons and therefore the feeling of success and accomplishment.

This article was published in the Huffington Post (Quebec, Canada) on July 27, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science, Richard Layard, 2nd edition, Penguin, April 2011
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy webpage

The Financial Times
Class worrier

The research, conducted for the charity by the Centre for Economic Performance (CEP) at the London School of Economics, found that ''intergenerational mobility fell markedly over time in Britain, with there being less mobility for a cohort of people born in 1970 compared to a cohort born in 1958.''

This article was published in the Financial Times on July 27, 2013
Link to article here

Related Publications
Joint Sutton Trust and CEP report by by Jo Blanden, Paul Gregg and Stephen Machin,titled Intergenerational Mobility in Europe and North America
Changes in Intergenerational Mobility in Britain by Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin, Centre for the Economics of Education Discussion Paper No.26, June 2002
Article by Jo Blanden, Paul Gregg and Stephen Machin in CentrePiece, Volume 10, Issue 1, Spring 2005 titled Social Mobility in Britain: Low and Falling

Related Links
Jo Blanden webpage
Stephen Machin webpage
Education and Skills Programme webpage

Time Magazine online
Study: 23 and 69 are the happiest ages

Just when you thought 33 was the new 20, a recent study indicates that the ages at which we're most satisfied are in fact 23 and 69, giving us not one but two stages of life to relish. The study that identified those two pinnacle satisfaction periods, conducted by the Center for Economic Performance at the London School of Economics, involved a massive number of participants: 23,161 people, ranging in age from 17 to 85.

This article was published in Time Magazine online on July 22, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

The Observer
Ignore the hype: Britain's recovery' is a fantasy that hides our weakness

The LSE Growth Commission's proposal for an interlocking system of infrastructure strategy board, infrastructure bank and independent planning commission is a good starting point. The housing market needs root and branch reform. Above all, there has to be a sense of mobilisation.

This article was published in The Observer on July 21, 2013
Link to article here

Related publications
Investing for Prosperity: Skills, Infrastructure and Innovation, LSE Growth Commission Report, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage

The Australian
The age of our content

IF YOU are turning 23 or 69 this year, relish it. Research suggests you are unlikely to feel this content again. A paper to be published this week by the Centre for Economic Performance at the London School of Economics reveals that these are the peak years for feeling satisfied.

This article was published in The Australian on July 21, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

Daily Mail
I CAN get satisfaction! We're at our happiest aged 23 and 69... but mid-50s is the worst time for regrets

Researchers have revealed that life satisfaction peaks at 23 and 69. People in their early twenties overestimate their future life satisfaction by an average of around 10 per cent, before the disappointments of life kick in. They face decades of declining expectation before hitting their lowest point in their mid-fifties, when regrets over unrealised dreams are at their greatest. Satisfaction levels finally start to rise again after 55 and peak once more at 69, according to a study by the Centre for Economic Performance at the London School of Economics.

This article was published in the Daily Mail on July 21, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

The Sunday Times
She's 23, he's 69 - and so satisfied

A paper to be published this week by the Centre for Economic Performance at the London School of Economics reveals that these are the peak years for feeling satisfied. By contrast, people in their mid-fifties are the least content.

The article was published in The Sunday Times on July 21, 2013
Link to article here

Related publications
'Unmet Aspirations as an Explanation for the Age U-shape in Human Wellbeing', Hannes Schwandt, Centre for Economic Performance Discussion Paper No.1229, July 2013

Related links
Hannes Schwandt webpage
Wellbeing Programme webpage

The Sunday Times
It's the middle class's empty quarter

A recent study from the Spatial Economics Research Centre at the London School of Economics points out that, in many countries, the second-largest city is half the size of the largest and the third-largest is a third of the size.

This article was published in The Sunday Times on July 21, 2013
Link to article here

Related publications
The economic future of British cities, Henry Overman. Article in CentrePiece Volume 18, Issue 1, Summer 2013

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

Policy Network
Adonis Growth Review

It is now over eight months since Michael Heseltine published his report 'No Stone Unturned In Pursuit of Growth'. Yet his radical proposals remain largely unimplemented. Growth is still weak and elusive; unemployment, particularly youth unemployment, is high; and real wages are falling, putting an unprecedented squeeze on living standards. This review, supported by Policy Network and IPPR, will make policy recommendations for a modern growth and industrial strategy to promote more and better jobs. Over the next few months as part of a regional call for evidence, Lord Adonis will be touring the country to hear the views of local businesses, colleges and universities taking into account the diverse challenges to innovation and growth faced by the different regions. The report will also draw on compelling recent reviews including: the Heseltine Report, the Kay Review of Equity Markets and Long-term Decision-making; the LSE Growth Commission Report; the Cox report on short-termism, and the forthcoming reports of the Armitt Review of Infrastructure and the Husbands Review of Vocational Education and Skills.

This article was published by the Policy Network on July 10, 2013
Link to article here

Related publications
Investing for Prosperity: Skills, Infrastructure and Innovation, LSE Growth Commission Report, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage

Co.design
The surefire way to be happier at work: chat with your coworkers

According to a new study by Alex Bryson and George MacKerron, published through the Centre for Economic Performance at the London School of Economics and Political Science, of all the things we choose to do at work (other than work!), it's casually interacting with our colleagues that makes us happiest.

This article was published by Co.design on July 10, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Washington Post
Obama: I remember when I first saw ''Star Wars''

Here are five things we're reading/watching today:
that a study out of the Centre for Economic Performance at the London School of Economics and Political Science was conducted using a smartphone app. Cleaning the house and waiting on line were more pleasant than work, according to the study's findings.

This article was published in the Washington Post on July 10, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Wall Street Journal
Work makes people miserable

Being out of work causes unhappiness - but apparently, so does working. The findings which were published by the Centre for Economic Performance at the London School of Economics and Political Science, are based on a project conducted by Alex Bryson and George MacKerron.

This article was published in the Wall Street Journal on July 10, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Mail online
State schools cost parents 40,000 a child: Extra-curricular activities, transport and breakfast clubs see costs add up

Research by the London School of Economics last year found parents could save themselves around £26,000 during primary years alone by avoiding fees at independent schools and moving to areas with top state schools.

This article was published by the Mail online on July 10, 2013
Link to article here

Related publications
Big ideas: valuing schooling through house prices by Steve Gibbons. Article in CentrePiece Volume 17, Issue 2, Autumn 2012

Related links
Steve Gibbons webpage
Education and Skills Programme webpage

MSN UK
Happiness: the 10 secrets of male happiness

Mappiness pings users - of which there are more than 50,000 - at random times to ask them what they're doing and how they're feeling.

This article was published on MSN UK on July 8, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Periodico am
Optan por esqueletos

Pero la sociedad pide lo que algunos quieren que pida, opinan otros expertos. "La demanda viene determinada por lo que es moda. Y lo que es moda es resultado del papel de los trend setters (creadores de tendencias), que eligen lo que se produce y marcan un estandar. Los demas, nos ajustamos o no", arguye Joan Costa-Font, profesor de Economia Politica de la London School of Economics y coautor de un estudio que concluyo que la presion social es determinante para explicar la anorexia, o lo que es lo mismo, que las modelos escualidas influyen en los casos de trastornos alimentarios.
Optan by skeletons
But society asks what some want to ask, say other experts. "The demand is determined by what is fashionable. And what is fashionable is the result of the role of the trend setters (creators of trends), who choose what occurs and set a standard. Others, we adjust or not", argues Joan Costa-Font, Professor of economic policy at the London School of Economics and co-author of a study that concluded that social pressure is crucial to explain the anorexia, or what is the same, that the endless models influence in cases of eating disorders.

This article appeared in Periódico am on July 7, 2013
Link to article here

Related links
Joan Costa-Font webpage
Wellbeing Programme webpage

El Pais
Educacion: cambiarlo todo para que todo siga igual

Article by Jesus Fernandez-Villaverde and Luis Garicano
…de FEDEA. Luis Garicano es catedratico de Economia y Estrategia en la London School of Economics y miembro de FEDEA. Uno de los rituales mas castizos de nuestra democracia es la enesima reforma educativa (siete en 35 anos: 1980, 1985, 1992, 1995, 2002, 2006 y 2013). La ceremonia comienza con una propuesta de ley del partido mayoritario elaborada sin consenso con la oposicion. Tras ella, se sigue con la pelea sobre la clase de religion y se culmina con el tira y afloja sobre las competencias autonomicas. De lo que casi no se habla es del contenido de la educacion: ¿que y como deben aprender los estudiantes para ser capaces de competir en el mundo en el que creceran?
Education: change everything so that everything remains the same
One of the most traditional rituals of our democracy is the umpteenth educational reform (seven in 35 years: 1980, 1985, 1992, 1995, 2002, 2006 and 2013). The ceremony begins with a bill of the majority party made without consensus with the opposition. Behind it, continues with the fight over religion class and culminates with the Strip tug-of-war over regional competencies. What is hardly talked about is the content of education: what and how students must learn to be able to compete in the world which will grow?

This article was published in El Pais on July 7, 2013
Link to article here

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Turkiyegazetesi
FED YAKIN ZAMANDA PARASAL GENand#304;and#350;LEMEDEN IKMAYACAK

The Fed Is Also Close To Tears Out Of Monetary Expansion [Translated from Turkish]
London School of Economics and Political Science, Center for Economic Performance Director, Prof. John Van Reenen is currently available to support the Fed's exit strategy data of the data stated. Prof Van Reenen said, "The FEDS desire monetary expansion. Unfortunately what to do when a lot of the markets react to the FED? Currently in the United States, the economic recovery is not strong enough to reduce unemployment, and is weak. The FED's monetary expansion, I don't expect to happen any time soon, especially in the current climate."

The article was published by Turkiyegazetesi on July 6, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Irish Examiner
Why we should worry about the middle class

If you are worried about the Western middle class - and we all should be - you may have started to have some doubts about the virtues of flexible labour markets. ...a recent paper by Joao Paulo Pessoa and John Van Reenen, both of the Centre for Economic Performance at the London School of Economics, makes such fascinating reading. The pair set out to unravel the two big mysteries about Britain's economic performance in the past five years.

This article was published in the Irish Examiner on July 6, 2013
Link to article here

Related publications
'The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Special Paper No.31, June 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

BBC 2 England
UK National

Discussion re 2012 LSE survey on lack of mental health support services for children.

The discussion was broadcast on BBC 2 England on July 5, 2013
[No link available.]

Also on
BBC Wales
[No link available]

Related publications
'How Mental Illness Loses Out in the NHS. A Report by the Centre for Economic Performances Mental Health Policy Group', Centre for Economic Performance Special Paper No.26, June 2012

Related links
Richard Layard webpage
Wellbeing Programme webpage

L'Indro
Regno Unito: 2015-16, tagli per 11.5 miliardi

"Alla base della spending review - spiega John Van Reenen, Professore di economia alla London School of Economics - vi e il fatto inesorabile che la spesa pubblica non e mai calata dal 2010. Nonostante i tagli ai vari dipartimenti, i costi delle pensioni e del welfare sono aumentati esponenzialmente. Negli ultimi due anni, il deficit e stato fisso intorno ai 120 miliardi di sterline, perche la crescita economica del paese e stata estremamente deludente: il PIL e ancora inferiore del 2,6 per cent rispetto a prima della crisi: si tratta della peggior ripresa economica in oltre un secolo."
United Kingdom: 2015-16, to 11.5 billion cuts
"At the base of the spending review, explains John Van Reenen, Professor of Economics at the London School of Economics – there is the inexorable fact that Government spending has never fallen from 2010. Despite the cuts in various departments, the costs of pensions and welfare have risen exponentially. Over the past two years, the deficit has been fixed at around 120 billion pounds, because the country's economic growth has been extremely disappointing: the GDP is still 2.6 per cent lower than before the crisis: this is the worst economic recovery in a century."

This article was published by L'Indro on July 5, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

BBC Radio 4
UK National

Professor Luis Garicano discussing Spain's financial woes.

This interview was broadcast on the BBC Radio 4 programme UK National on July 4, 2013
[No link to broadcast]

See also
BBC World Service
BBC Wales

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The New York Times - Economix
An economic primer for spies

Article by Peter Boone and Simon Johnson
Following the disclosure that American Intelligence services has bugged the communications of European diplomats stationed in Washington, the authors say the goal seems to involve capturing some kind of economic secrets. They offer a brief primer on where the intelligence services should focus their attention in the economic realm.

This article appeared in The New York Times's Economix blog on July 4, 2013
Link to article here

Related links
Peter Boone webpage
Effective Intervention Programme webpage

San Francisco Weekly News
Outside the gates: Unions versus big tech

Security guards for Google and Apple don't get the legendary benefits offered by the tech giants. The union is trying to change that, but the guards aren't playing along and the tech companies are oblivious...
...Competition also keeps costs down. If SIS (Security Industry Specialists Inc.) were beholden to union demands, then it might have to throw more money at its workforce: The security company would no longer have the flexibility to underbid its competitors. Since Apple and Google's bottom line is economic, rather than altruistic, they'd logically just switch to another contractor, says [Nicholas] Bloom.

This article was published in the San Francisco Weekly News on July 3, 2013
Link to article here

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

The Bobby D Show
10 things that put you in a better mood...and eight that make it worse

Researchers at the London School of Economics asked people to keep track of what MOOD they were in, using a smartphone app. Here are the 10 activities that improve your mood the MOST:...

This article was broadcast on the Bobby D (radio) Show on July 3, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Economico
Choque de gesto

Management shock [Translated from Portuguese]
Reinforced this conviction to know the results of the research work of teachers Nicholas Bloom (Stanford), Raffaella Sadun (Harvard) and John van Reenen (London School of Economics). These three scholars have examined the management practices of 8000 companies in 20 countries ("Management practices across firms and countries" and related work). The results are significant for both Portugal and Brazil.

This article was published by Economico on July 2, 2013
Link to article here

Related publications
'Management Practices Across Firms and Countries', Nicholas Bloom, Christos Genakos, Raffaella Sadun and John Van Reenen, Centre for Economic Performance Discussion Paper No.1109, December 2011

Related links
Nicholas Bloom webpage
Christos Genakos webpage
Raffaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Gulf Today
Chrystia Freeland: Mysteries of the middle class

...a recent paper by Joao Paulo Pessoa and John Van Reenen, both of the Center for Economic Performance at the London School of Economics, makes such fascinating reading. Van Reenen and Pessoa set out to unravel the two big mysteries about Britain's economic performance over the past five years. The backdrop to both is the devastation that Britain, with its oversize banking sector, suffered in the wake of the 2008 financial crisis.

This article appeared in Gulf Today on July 2, 2013
Link to article here

See also
Gulf News
Flexible labour market does impact productivity
Link to article here

Related publications
The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?, Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Special Paper No.31, June 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

International Herald Tribune
Nobel laureates urge reform of international monetary system

Christopher Pissarides, a 2010 Nobel laureate who teaches at the London School of Economics, is the chairman of Cyprus's national council for economic policy. He said that, for the euro zone countries, a single banking regime and a single fiscal regime are needed.

This article was published in the International Herald Tribune on July 2, 2013
Link to article here

Related links
Christopher Pissarides webpage
Macro Programme webpage

El Pais
A moda prefere os esqueletos

...ajustamos o no, arguye Joan Costa-Font, profesor de Economa Poltica de la London School of Economics y coautor de un estudio que concluyo que la presion social es determinante para explicar...
Fashion prefers you as skeletons
...we adjust or not!, argues Joan Costa-Font, Professor of economic policy at the London School of Economics and co-author of a study that concluded that social pressure is crucial to explain the anorexia...

This article appeared in El Pais on July 1, 2013
Link to article here

See also
Sunday 7 July
Periodico am
Optan por esqueletos
Link to article here

Related links
Joan Costa-Font webpage
Wellbeing Programme webpage

IOL (South Africa)
Happiness is not spending time with family

They say there's no greater happiness than having children. But if research is to be believed, the truth is rather less optimistic. Spending time with your nearest and dearest makes us far less happy than being with our friends, according to a survey. In fact, researchers found only the company of work colleagues and clients is more depressing. Researchers at the London School of Economics collated data from smartphone users who used an app to log their levels of happiness over a three-year period.

This article was published in IOL (South Africa) on July 1, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Huffington Post
Revealed: what really makes you happy

Researchers at the London School of Economics pulled together data from smartphone users who used an app called 'Mappiness' to log their levels of happiness over three years. According to the study as reported by The Daily Mail, the activity that made us most happy was sex, and interestingly, money is definitely not the key to happiness. Those who earned under £12,000 were happier than those who earned more.

This article was published by the Huffington Post on July 1, 2013
Link to article here

strong>Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

BBC Radio Surrey
UK regional radio

LSE report on Mappiness app.

The report was broadcast on BBC Radio Surrey on July 1, 2013
[No link available.]

Also on
BBC London 94.9

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

Daily Mail
Happiness is ... not being with family

Spending time with your nearest and dearest makes us far less happy than being with our friends, according to a survey. In fact, researchers found only the company of work colleagues and clients is more depressing. Researchers at the London School of Economics collated data from smartphone users who used an app to log their levels of happiness over a three-year period.

This article appeared in the Daily Mail on 1 July 2013 link to article

Related publications
Are you happy while you work? Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
Are you happy while you work? Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187 February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

The Herald Scotland
My secret to happiness? Read all about it

According to a survey from the London School of Economics (LSE), in which 50,000 people were observed over almost three years via an app which gauges mood, reading is one of the UK's least favourite occupations. Sex and intimacy, unsurprisingly, are in first place. But reading - not, to my mind, merely an enjoyable pastime but a necessity only one notch below breathing - falls so low on the measure of pleasure that it sits in the category called "What makes us least happy".

This article appeared in the Herald on 1 July 2013 link to article

Related publications
Are you happy while you work? Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187 February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage


Metro
What makes us happy? Sex, apparently - but not being ill

Researchers used data from tens of thousands of smartphone users who logged their state of mind on an app called Mappiness to find out what makes us happy or not. The team from the London School of Economics compiled an index and top of what makes us happy is intimacy or sex followed by theatre, dance or a concert. Cultural activity also comes in third in the form going to exhibitions, museums or libraries. Sport and exercise is fourth followed by gardening or tending an allotment. Being sick in bed is makes us the most miserable, followed by work, caring for other adults, admin or sorting out our finances, and being stuck in the scourge of modern work, the meeting.

This article was published in the Metro on June 30, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

The Sunday Times
Unhappy? You must be ill - or at work

Using data collected from tens of thousands of smart-phone users who logged their levels of wellbeing via an app, researchers from the London School of Economics (LSE) found paid work ranked lower than any other activity except being ill in bed.

This article appeared in the Sunday Times on 30 June 2013 (no link available)

Related publications
Are you happy while you work? Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
Are you happy while you work? Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187 February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

The New York Times
Canadian steps in to lead Bank of England

A charismatic new governor might yet persuade more Bank of England policy makers to stoke the stimulus. But even if he does, when it comes to reviving the dormant British economy, a central banker's powers are limited, said John Van Reenen director of the Center for Economic Performance at the London School of Economics. "His hands are tied," Mr. Van Reenen said. "Until we really get our banking system in order, and until we get demand going again by increasing infrastructure spending, there's only so much he can do."

This article appeared in The New York Times on 30 June 2013 link to article

See also
The International Herald Tribune
Tall order even for a banking hero; Healing British economy may require more than any one man can deliver

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Nation (Pakistan)
Two big mysteries

...some economists, who once championed flexible labour markets without reservation, like Daron Acemoglu of the Massachusetts Institute of Technology, have begun to have second thoughts. Acemoglu does not doubt the positive economic effects of flexible labour markets, but he has begun to be concerned about their political and distributional consequences. They might help the economy grow overall, but they may also be contributing to the hollowing out of the middle class by weakening its political bargaining power. That is why a recent paper by Joao Paulo Pessoa and John Van Reenen, both of the Centre for Economic Performance at the London School of Economics, makes such fascinating reading. They set out to unravel the two big mysteries about Britain's economic performance over the past five years. The backdrop to both is the devastation that Britain, with its oversize banking sector, suffered in the wake of the 2008 financial crisis. "The big story in the UK is that the economy has shrunk by 2.5 percent since the pre-crisis period", Van Reenen said. "That is the longest depressed economy in this country for more than a hundred years." Britain's dismal economic performance certainly helps to explain the grimness of British politics at the moment, and the growing appeal of the nationalist fringe. But the story becomes more mysterious when you start investigating what is happening inside the country's shrunken economy.

This article was published in The Nation (Pakistan) on June 29, 2013
Link to article here

See also
Friday 28 June
Reuters
Mysteries of the middle-class
Link to article here
Thursday 27 June
Yahoo! Finance
Mysteries of the middle class: Chrystia Freeland
Link to article here

Related publications
The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?, Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Special Paper No.31, June 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Financial Times
Mark Carney: the new broom

After a brief stint with Goldman Sachs, Carney became a graduate student at Oxford university, where he completed his MPhil and subsequently a DPhil in only two years. His 1995 thesis, entitled "The Dynamic Advantage of Competition", attacks the idea of offering "national champions" looser domestic competition rules in the name of greater national "competitiveness". Dr Meg Meyer, his doctoral supervisor, remembers him as exceptionally versatile. "It was very impressive to see how he got to grips with new approaches and new tools," she says. As for attacks on national champions, a policy already unfashionable and something of a "straw man" according to professor John van Reenen of the London School of Economics, Meyer conceded Carney "took some liberties" with the motivation of the thesis, although the substance, she insists, was not behind the times.

This article appeared in the Finanical Times on 29 June 2013 link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Times
The real cost of a rise in visa fees

What worries John van Reenen, director of the London School of Economics's Centre for Economic Performance, is that in its drive to push down the flow of people, the UK is repelling the people it needs most....

This article appeared in the Times on 29 June 2013 (no link available)

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Reuters
Chrystia Freeland blog: Mysteries of the middle class

John Van Reenen and Joao Paulo Pessoa set out to unravel the two big mysteries about Britain's economic performance over the past five years. The backdrop to both is the devastation that Britain, with its oversize banking sector, suffered in the wake of the 2008 financial crisis.

The article was published by Reuters on June 28, 2013
Link to article here

Related publications
'The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?', Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Special Paper No.31, June 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Investors Chronicle
The curse of cheap money

UK productivity has been stagnant for years; GDP per worker is lower now than it was at the start of 2007. Could it be that the global savings glut of the 00s is partly to blame for this? That is the question posed in a new paper by Luca Fornaro and Gianluca Benigno, two economists at the LSE.

This article was published in the Investors Chronicle on June 28, 2013
Link to article here

Related publications
'The Financial Resource Curse', Luca Fornaro and Gianluca Benigno, Centre for Economic Performance Discussion Paper No. 1217, May 2013

Related links
Gianluca Benigno webpage
Globalisation Programme webpage

Financial Times
In pursuit of happiness after four decades, new research is challenging the received wisdom about the link between money and wellbeing

Over the past decade, Easterlin's core premise has been expanded upon by research in other fields. In Happiness: Lessons from a New Science, Richard Layard, a professor at the London School of Economics, proposed seven areas that could explain the paradox, and that should be the focus of policy makers - family relationships, friends, employment, financial situation, health, personal freedom and "personal values".

This article appeared in the Financial Times on June 28, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science, Richard Layard, 2nd Edition, April 2011, Penguin
Details

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy Research webpage

Financial Times
In pursuit of happiness

Over the past decade, Easterlin's core premise has been expanded upon by research in other fields. In Happiness: Lessons from a New Science, Richard Layard, a professor at the London School of Economics, proposed seven areas that could explain the paradox, and that should be the focus of policy makers - family relationships, friends, employment, financial situation, health, personal freedom and personal values. Layard does not dismiss money - and as a labour economist stresses the misery caused by unemployment - but the Easterlin paradox is an important assumption behind his work. And while much of this is intuitive, happiness research implies a scope of analysis and a response that is alien to most governments.

This article was published in the Financial Times on June 27, 2013
Link to article here

Related publications
Happiness: Lessons from a New Science by Richard Layard. Penguin, 2nd edition, April 2011.
Details.

Related links
Richard Layard webpage
Wellbeing Programme webpage

BBC News - Business
How big are the government's infrastructure plans?

The planning uncertainty caused by short-sighted government policy has been cited by a London School of Economics study as the main impediment to infrastructure investment.

This article was published online by BBC News - Business on June 27, 2013
Link to article here

Related publications
Investing for Prosperity: Skills, Infrastructure and Innovation, LSE Growth Commission Report, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Macro Programme webpage
Productivity and Innovation Programme webpage

Bloomberg Businessweek
No 1997 Asian crisis return as China trembles: cutting research

People may not be happy while they work
That's the finding of a study cited in the latest edition of CentrePiece, the magazine of the London-based Centre for Economic Performance at the London School of Economics. Using smartphone technology, Alex Bryson of the National Institute of Economic Research and the University of Sussex's George MacKerron were able to tap information on well-being in real time. That differs from previous happiness studies which typically ask people how they feel in retrospect.

The article was published in Bloomberg's Businessweek on June 27, 2013
Link to article here

Related publications
Are you happy while you work?, Alex Bryson and George MacKerron. Article in CentrePiece Volume 18, Issue 1 Summer 2013
'Are you happy while you work?', Alex Bryson and George MacKerron, Centre for Economic Performance Discussion Paper No.1187, February 2013

Related links
Alex Bryson webpage
Labour Markets Programme webpage

The Globe and Mail (Toronto, Canada)
Thatcher's legacy offers lessons of labour pain, and gain

One of the legacies of Thatcherism can be seen in an unusual aspect of the British economy during the past five years, which is how unemployment has remained relatively moderate (currently at 7.8 per cent) during a period of severe recession followed by weak recovery. "Over the past five years there have been wage cuts in real terms, which was not the case in the late 1970s and early 1980s, and part of the reason for this is that the trade unions are weaker today", says John Van Reenen, director of the Centre for Economic Performance at the London School of Economics. "Whereas in 1979 two-thirds of British workers had their wages set by trade unions, today the figure is less than a quarter, and heavily concentrated in the public sector."

This article was published in The Globe and Mail (Toronto, Canada) on June 27, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The New York Times
When labor is flexible, and paid less

In theory, flexible labor markets should make our economies more productive, and all of us richer, by making it easier for people to do the work the economy needs, and to stop doing the work it doesn't. A recent paper by Joao Paulo Pessoa and John Van Reenen, both of the Center for Economic Performance at the London School of Economics, makes such fascinating reading. Mr. Van Reenen and Mr. Pessoa set out to unravel the two big mysteries about Britain's economic performance over the past five years. "The backdrop to both is the devastation that Britain, with its oversize banking sector, suffered in the wake of the 2008 financial crisis. The big story in the U.K. is that the economy has shrunk by 2.5 percent since the pre-crisis period", Mr. Van Reenen told me. "That's the longest depressed economy in this country for more than a hundred years."

This article was published in The New York Times on June 27, 2013
Link to article here

See also
The Globe and Mail (Toronto, Canada)
The darker side of flexible labour markets
Link to article here

Related publications
The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?, Joao Paulo Pessoa and John Van Reenen, Centre for Economic Performance Special Paper No.31, June 2013

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Independent
Let's go mad for Manchester - and beyond

Now some work by the LSE suggests that the problem is not that London is too big, but rather that Britain's other cities are too small. Professor Henry Overman, director of its Spatial Economics Research Centre has concluded that we should allow successful provincial cities such as Manchester to grow even faster by loosening planning controls and improving education and other services there.

This article appeared in the Independent on 26 July 2013 link to article

Related publications
The Economic Future of British Cities, Henry Overman. Article in CentrePiece Volume 18, Issue 1, Summer 2013 link to article

Related links
Henry Overman webpage
Globalisation Programme webpage
SERC website

The Independent
Increasing deficit cuts right through the Chancellor's spin on Britain's economy

Article by David Blanchflower
Also last week, a couple of my good friends, a present professor at the London School of Economics and a former one, received richly deserved knighthoods - Nobel laureate in economics Chris Pissarides and the chairman of the Migration Advisory Committee and external examiner on my PhD thesis, David Metcalf. This is two for the good guys.

This article was published in the Independent on June 24, 2013
Link to article here

Related links
David Metcalf webpage
Chris Pissarides webpage
Labour Markets Programme webpage
Macro Programme webpage

The Sunday Times
Desperate Cypriots hit back at Brussels 'blackmail'

"The president is trying to conform to their requests to avoid forcing their hand to a second memorandum", he said. He claimed a second bailout was not being discussed. "You can't say it won't happen because we didn't think this haircut was a possibility. It's something at the back of our minds but nobody mentions it." [Christopher] Pissarides, a professor at the London School of Economics, has his cash stashed in the Bank of Cyprus. "My statement says they have taken 40 per cent and frozen everything up to 90 per cent. Only 10 per cent is available." He is in Cyprus for the next few months to chair a committee that will look into how the banking sector should be operating.

This article was published in The Sunday Times on June 23, 2013
[No link available.]

Related links
Chris Pissarides webpage
Macro Programme webpage

The Times
Minimum wage to be tested against new challenges

Professor Sir George Bain, who was the first chair of the Low Pay Commission, will oversee a wide-reaching analysis of the wage, sponsored by the Resolution Foundation, the think-tank set up by Clive Cowdery, the insurance entrepreneur. He will be joined in his work, which is set to complete by the beginning of next year, by James Plunkett, the foundation's director of policy and development, Alan Manning, Professor of Economics at the London School of Economics, and Nicola Smith, the head of economic and social affairs for the TUC.

This article was published in The Times on June 21, 2013
Subscription necessary to download.

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

guardian.co.uk - Higher Education Network blog
University admissions: can contextual data open doors to poorer students?

Without students achieving the right combination of subjects and grades, it's hard to see how using contextual information would solve the problem and ensure fairness, argues Gill Wyness.

The article was published in the guardian.co.uk Higher Education Network blog on June 20, 2013
Link to article here

Related links
Gill Wyness webpage
Education and Skills Programme webpage

Washington Post (Wonkblog)
Britain is doing well on employment despite a crummy economy. Why?

Two economists at the London School of Economics, Joao Paulo Pessoa and John Van Reenen found that total factor productivity, which measures how well the economy is converting capital and workers' labor into economic output, has actually been faring better in the United Kingdom during this recession compared with past ones:

This article appeared on the Washington Post website on 16 June 2013 link to article

Related publications
The UK Productivity and Jobs Puzzle: Does the Answer Lie in Labour Market Flexibility?, Joao Paulo Pessoa and John Van Reenen, CEP Special Paper No.31, June 2013 link

Related links
Joao Paulo Pessoa webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Financial Times
Knights Bachelor

List of Knights Bachelor honours. "John Robert Hills, professor of social policy, London School of Economics. Professor Christopher Pissarides, school professor of economics and political science, London School of Economics both awarded Knighthoods."

This article appeared in the Financial Times on 15 June 2013 link to article

Related links
David Metcalf webpage
Labour Markets Programme webpage
Christopher Pissarides webpage
Macro Programme webpage

The Huffington Post
The happiness tipping post

In 2003, London School of Economics Professor Richard Layard founded the Wellbeing Program after giving a series of public lectures titled Happiness: Has Social Science a Clue? The publication of his book Happiness: Lessons from a New Science soon followed and set the stage for a major upswing in interest in "happiness economics."

This article appeared in the Huffington Post on 6 June 2013 link to article

Related publications
Happiness: Lessons from a New Science, Richard Layard, Penguin Publication, 2nd edition, 2011 Details

Related links
Richard Layard webpage
Wellbeing Programme webpage

Reuters
Experts offer Merkel tips on how to cheer up the Germans

"Happiness experts" from all over the world offered Germany's Angela Merkel tips on Wednesday on how to cheer up her citizens, often stereotyped as prosperous worriers who view their glasses as half empty rather than half full. A forum on "What Matters to People - Wellbeing and Progress" heard from speakers whose common theme was that economic success alone does not bring happiness. British economist Richard Layard editor of the World Happiness Report, said the main factor making people miserable was mental illness, and that only a third of Germans with anxiety or depression got treatment.

This article appeared in Reuters on 5 June 2013 link to article

Related publications
The Depression Report: A New Deal for Depression and Anxiety Disorders. Report from the Centre for Economic Performance's Mental Health Policy Group, 2006 link to report

Related links
Richard Layard webpage
Mental Health Policy Group webpage
Wellbeing Programme webpage

International Business Times Economy
Battle for women in the boardroom masks fight for equal pay

If critics want to be logically hardcore, surely if we strip away all the variables, such as experience and performance, and back to a basic level of measurement of qualifications, then why is there a depressingly large gulf in graduate pay for men and women? The report by the Centre for Economic Performance (CEP) shows that there is a substantial gender split when it comes to a difference in degree grades and the effect is has on graduates' first pay cheques.

This article apperaed in International Business Times on 5 June 2013 link to article

Related publications
A Question of Degree: The Effects of Degree Class on Labor Market Outcomes Andy Feng and Georg Graetz, Centre for Economic Performance Discussion Paper No.1221, May 2013.

Related links
Andy Feng webpage
Georg Graetz webpage
Labour Markets Programme webpage
Productivity and Innovation Programme webpage

Financial Times
Fall in joblessness fails to prove Spain's case for economic revival

But my sense is they will only do the reforms that are impossible to avoid and where there is strong pressure from the EU, said Luis Garicano of the London School of Economics. Both private sector economists and academics have warned of the danger of complacency, arguing the government must not succumb to reform fatigue.

This article appeared in Financial Times on 5 June 2013 link to article

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

Daily Telegraph
Don't blame the pushy middle-class parents for the lack of social mobility

Then there is the issue of what has happened to social mobility over the past 50 years. Most participants in this debate take as their starting point a famous study conducted by Jo Blanden, Stephen Machin and Paul Gregg, three economists at the LSE, that discovered that children born in the bottom income quartile in 1958 had a higher chance of making it out than those born in 1970.

This article appeared in the Daily Telegraph on 4 June 2013 link to article

Related Publications
Joint Sutton Trust and CEP report by by Jo Blanden, Paul Gregg and Stephen Machin,titled Intergenerational Mobility in Europe and North America
Changes in Intergenerational Mobility in Britain by Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin, June 2002 Paper No' CEEDP0026
Article by Jo Blanden, Paul Gregg and Stephen Machin in CentrePiece, Spring 2005 titled Social Mobility in Britain: Low and Falling

Related Links
Jo Blanden's webpage
Stephen Machin's webpage

Financial Times
Brum belittled

A warning about heavy-handed efforts to redirect activity can be taken from an extract from a history of Birmingham republished by Henry Overman of London School of Economics, on his blog.

This article appeared in the Financial Times on 4 June 2013 link to article

Related publications
Booming Birmingham and the Need for Rebalancing Henry Overman, SERC blog, 28 May 2013


Related links
Henry Overman webpage
Globalisation Programme webpage
Henry Overman CEP publications webpage
SERC website website

BBC Radio 4
Today Programme

What's the best way to get people to reduce the amount of energy they use in their homes? Behavioural Economist Robert Metcalfe explains the research he has been conducting on the subject for the Centre for Economic Performance at the London School of Economics.

This interview was broadcast on Radio 4 on 1 June 2013 (link no longer available)

Related Publications
Neighbors, Knowledge, and Nuggets: Two Natural Field Experiments on the Role of Incentives on Energy Conservation Paul Dolan, Robert Metcalfe, June 2013 Paper No' CEPDP1222

Related Links
Paul Dolan webpage

Financial Times
We should worry about the revolving door for jobs

"Being able to put your case to a policy maker is a great source of advantage and that is what the clients buy. It does not mean they will succeed every time but it is far better than nothing," says Jordi Blanes i Vidal a lecturer at the London School of Economics, and one of the study's authors. I doubt corruption is involved, in the sense of cash changing hands for public contracts. The UK civil service and US public bodies are not like tax and customs ministries in China, which party officials blatantly join to make money.

This article appeared in the Financial Times on 30 May 2013 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

The Australian - Business with the Wall Street Journal
forget what gurus say: money does buy happiness

Despite economic growth, happiness in the West has not grown in the last 50 years, British happiness guru Richard Layard said a decade ago. This argument is useful for proponents of highly progressive income tax: a flat rate of income tax, while simple and likely to promote more rapid economic growth, is not fair because high earners don't "need" their incomes as much as others.

This article was printed in The Australian on May 16, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy Research webpage

The Conversation
Should we really be boasting about the British jobs market?

By John Van Reenen
The UK jobs figures released yesterday by the Office for National Statistics tell a sorry tale. Almost five years since the crisis started, these figures show we have 2.52 million people unemployed - that's 7.8% of the labour force - and the numbers for the first quarter of 2013 are up by 15,000 from the last quarter of 2012.

The article was published by The Conversation on May 16, 2013
Link to article here

Related publications
British Politics and Policy blog at LSE: Jobs, wages and poor growth
John Van Reenen, May 15 2013

Related links
JohnVan Reenen webpage
Productivity and Innovation Programme webpage

Capital Times
Dalai Lama, other leading thinkers say emotional health key to solving world's problems

The morning session focused on "global health and sustainable well-being". The most enthusiastic audience response followed remarks by Dr. Don Berwick, a former Obama administration official and one of the nation's leading authorities on health care quality, and Richard Layard, an emeritus professor of economics at the London School of Economics and a member of the House of Lords. Both made strong pitches for greater investment in the treatment of mental illness, saying there's a huge demand for psychological treatment, yet our current system rations it. Ninety percent of people with diabetes receive treatment, compared with only one-third of those with mental illnesses, Layard said.

This article was published by Capital Times on May 16, 2013
Link to article here

Related publications
How Mental Health Loses Out in the NHS: A report by the Centre for Economic Performance's Mental Health Policy Group, June 2012

Related links
Richard Layard webpage
Wellbeing Programme webpage
Mental Health Policy Group webpage

Guardian
Why is unemployment not higher? Lousy wages

In the worst recovery for over a century, the collapse in wages lets firms keep on labour. Low demand is the real problem
Article by John Van Reenen
So much for the "green shoots" of recovery that the Bank of England signalled on Wednesday when the outgoing governor, Sir Mervyn King, predicted modest higher economic growth this year. The UK jobs figures released on the same day by the Office for National Statistics tell a sorry tale. Almost five years since the crisis started, we have 2.52 million people unemployed - that's 7.8% of the labour force - and the numbers for the first quarter of 2013 are up by 15,000 from the last quarter of 2012.

This article was published in The Guardian on May 16, 2013
Link to article here

Also in
Malaysia Sun
Why is unemployment not higher? Lousy wages


Related publications
British Politics and Policy blog at LSE: Jobs, wages and poor growth
John Van Reenen, May 15 2013

Related links
JohnVan Reenen webpage
Productivity and Innovation Programme webpage

The Times
Joblessness on the up as incomes are squeezed

The number of people in full-time employment increased by 10,000 to 21.68 million in the three months to March, while those working part-time fell 53,000 to 8.03 million. The number of self-employed people fell by 42,000 to 4.18 million. John Van Reenen, of the London School of Economics, said that the fact that more people were in work today than before the crisis began in 2008 was "misleading" as the numbers were boosted by the rising adult population.

This article was published in The Times on May 16, 2013
No link available.

Related publications
British Politics and Policy blog at LSE: Jobs, wages and poor growth
John Van Reenen, May 15 2013

Related links
JohnVan Reenen webpage
Productivity and Innovation Programme webpage

ESRC - press release
Researchers celebrated for outstanding impact

The Economic and Social Research Council (ESRC) has rewarded researchers for their outstanding economic and social impact in the first Celebrating Impact Prize. The winners and runners up were announced at the awards ceremony held at Church House in Westminster, London on 14 May by BBC broadcaster and former economics editor, Evan Davis. The applications were judged by a panel of experts from business, academia and the public sector. The shortlisted entrants were invited to attend an interview, with a user of their research, to further demonstrate to the panel their role in achieving outstanding research impact. There were six categories in the prize.... Second place was awarded to:... Mr Richard Murphy, London School of Economics, for Outstanding Early Career Impact.

The press release was published on the ESRC news website on May 15, 2013
Link to the release here

Related links
Richard Murphy webpage
Education and Skills Programme webpage
Richard Murphy CEP publications webpage

Economist blog free exchange economics
The need for a targeted lending scheme in the euro area

By Michael McMahon
The Free Exchange column makes a strong case in support of view that there is something wrong with provision of credit to small and medium enterprises (SMEs) in the euro area. I agree. However I would go further than suggesting that lending support targeted at the SME sector, as the UK's funding for lending scheme (FLS) does, is something the ECB could consider; I believe such targeted lending is something that the ECB must adopt, and sooner rather than later.

This article was published by the Economist blog - free exchange on May 15, 2013
Link to article here

Related links
Michael McMahon webpage
Macro Programme webpage
Michael McMahon CEP publications webpage

OUP blog (Oxford University Press's Academic Insights for the Thinking World)
The classification of mental illness

According to the UK Centre for Economic Performance, mental illness accounts for nearly half of all ill health in the under 65s. But this begs the question: what is mental illness? How can we judge whether our thoughts and feelings are healthy or harmful? What criteria should we use?

This article was published on the OUP blog (Oxford University Press) on May 15, 2013
Link to article here

Related publications
How Mental Health Loses Out in the NHS: A report by the Centre for Economic Performance's Mental Health Policy Group, June 2012

Related links
Richard Layard webpage
Wellbeing Programme webpage
Mental Health Policy Group webpage

Wired.com
What Marissa Mayer doesn't (and does) get about white-collar work

Stanford economist Nicholas Bloom took employees at a huge Chinese travel agency and randomly assigned some to work from home while others worked in the office. Sure enough, in terms of sheer amount of work, the stay-at-homes did 13 percent more overall. Bloom's previous studies found that firms with policies that allowed remote work were more productive in general than the companies that didn't have such policies in place.

This article was published by Wired.com on May 15, 2013
Link to article here

Related publications
'Does Working from Home Work? Evidence from a Chinese Experiment', Nicholas Bloom, James Liang, John Roberts and Zhichun Jenny Ying, Centre for Economic Performance Discussion Paper No.1194, March 2013

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

eWallstreeter - Outside the Box
Why China doesn't need the world

Commentary: Nationalism and self-reliance could shut out trading partners
Chinese resentment at the destruction of the value of its savings is increasing. In an opinion piece published in June 2012 in The Financial Times, Jin Liqun, chairman of the supervisory board at the China Investment Corporation, the nation's sovereign wealth fund, writing with Keyu Jin, assistant professor at the London School of Economics, answered criticism of China's response to the European debt crisis: "From the outset of the crisis", they wrote, "China has responded positively and firmly to Europe's appeal for support. But it should be received as an important and responsible stakeholder, not as an outside creditor relegated to lower levels of seniority in moments of urgency. It should be treated equally with the European Central Bank in the event of any debt restructuring".

This article was published by eWallstreeter - Outside the Box on May 14, 2013
Link to article here

Related links
Keyu Jin webpage
Globalisation Programme webpage
Macro Programme webpage

Financial Times
Chinese lessons for Yahoo's boss

Although that particular form of indolence known as "working from home" is out of fashion at Yahoo, where Ms Mayer has told staff to work from the office, it is getting its first tentative trials in China. One local government in Shanghai is trying to promote the concept by working with Ctrip, China's largest, Nasdaq-listed travel agency. Ctrip told local Chinese news that it had lowered its usual requirements for age and appearance, and focused more on honesty and responsibility when deciding which employees should be allowed to work without coming to the office. The company's CEO, James Liang, wrote up Ctrip's nine-month experiment in home-working with Stanford University professor Nicholas Bloom, concluding that performance increased dramatically and attrition fell sharply - while the company saved about $2,000 per employee per year worked at home.

This article was published in the Financial Times on May 14, 2013
Link to article here

Related publications
'Does Working from Home Work? Evidence from a Chinese Experiment', Nicholas Bloom, James Liang, John Roberts and Zhichun Jenny Ying, Centre for Economic Performance Discussion Paper No.1194, March 2013

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Guardian
How would UK higher education fare if Britain left the EU?

Students might benefit in the short term but we risk falling standards and increased taxpayer costs, says Gill Wyness
What impact would leaving the EU have on the UK's higher education sector? Research suggests a departure could lead to declining quality and standards in UK universities, and could actually increase higher education costs to the taxpayer.

This article was published in The Guardian on May 14, 2013
Link to article here

Related links
Gill Wyness webpage
Education and Skills Programme webpage
Gill Wyness publications webpage

BBC World Service
Business Edition with Tanya Beckett

Professor Albrecht Ritschl was interviewed from Berlin about World War 2 reparations.

The interview was broadcast by the BBC World Service on May 13, 2013

Related publications
'Reparations, Deficits, and Debt Default: the Great Depression in Germany', Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1149, June 2012

Related links
Albrecht Ritschl webpage
Macro Programme webpage

Huffington Post
Richard Layard: Why we should put mental health first

This post by Richard Layard is part of a series produced by The Huffington Post, the University of Wisconsin-Madison's Center for Investigating Healthy Minds and the Global Health Institute in conjunction with the Change your Mind, Change the World 2013 conference. This series of dialogues on global health, sustainable well-being and science & happiness will feature his Holiness, the Dalai Lama, and other thought leaders.
"If you had a billion dollars to make the world a better place, how would you spend it?" My answer is always the same. I would spend it on modern evidence-based psychological therapy for people with depression and crippling anxiety, and for children with disordered conduct. Why? First, this is a truly massive problem which wrecks the lives of over one in 10 people worldwide. In rich countries, it is the biggest single cause of misery, accounting for more misery than physical illness does - and much more than is caused by poverty or unemployment.

This article was published by the Huffington Post on May 13, 2013
Link to article here

Related publications
'How Mental Illness Loses Out in the NHS'. A report by the Centre for Economic Performance's Mental Health Policy Group. Published June 18, 2012.
Details
Download the report here
'The Depression Report: A New Deal for Depression and Anxiety Disorders'. Report from the Centre for Economic Performance's Mental Health Policy Group, 2006
link to report here

Related links
Richard Layard webpage
Mental Health Policy Group webpage
Wellbeing Programme webpage

Forbes.com
Money does buy happiness, says new study

A number of scholars, including London School of Economics Professor Richard Layard, argued that once people had enough to meet their basic needs, somewhere between $8,000 and $25,000 or the equivalent of that in various spots around the world, happiness leveled out. Though Layard didn't dispute that within a country, billionaires tended to enjoy their riches and demonstrate more happiness than their less-fortunate counterparts who were, say, single mothers working as home health aides, he believed that if you averaged out income in a given country, there was a satiation point, beyond which the country could not achieve greater nationwide happiness.

This article was printed by Forbes.com on May 10, 2013
Link to article here

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy Research webpage

See also
Saturday 11 May
South China News (translate)
The more money, the more you are happy
Richard Layard, professor at the London School of Economics follow-up study concluded that the per capita income is more than $15,000, higher average income and cannot guarantee more happiness.

Evening Standard
Time to unblock the growth path

It should not be as difficult as we seem to make it. A working group at the London School of Economics pointed out a few months ago that growth is neither about the size of the state or about deregulation. It is about whether the state is smart in the way it regulates and spends. We need well-designed policies to support growth and we need an institutional framework that delivers good policy.

This article appeared in the Evening Standard on May 9, 2013
Link to article here

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Financial Times
What is the best way of innovating for social change?

Better-managed organisations of all sorts achieve their objectives more effectively. In a for-profit context this has been compellingly illustrated by a Stanford-World Bank study where a "managment makeover" was randomly assigned to a subgroup of Indian textile manufacturers - the cost of paying Accenture to improve management quality quickly paid for itself. One of the study's authors, Nick Bloom, has been collaborating with researchers at Harvard and the London School of Economics to examine - albeit through observation rather than direct intervention - whether management also improves the functioning of schools and hospitals.

This article appeared in the Financial Times on 5 May 2013 link to article

Related publications
In brief: Improving management in India, Nick Bloom. Article in CentrePiece Volume 15, Issue 3, Winter 2010/2011 link to article
Does Management Matter? Evidence from India by Nicholas Bloom, Benn Eifert, Aprajit Mahajan, David McKenzie and John Roberts, CEP Discussion Paper No. 1042, January 2011 link to article

The Sunday Times
Bad luck, your rich neighbour really is happier than you

Economists, most notably Lord Layard a professor at the London School of Economics and David Cameron's happiness guru, have developed Easterlin's work to argue that money does make people happier but there is a relatively low "saturation point".

This article appeared in The Sunday Times on 5 May 2013 link to article

Related publications
Happiness Lessons from a new science, Richard Layard, Penguin books, 2nd Edition, 2011 Information
Download Annex

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness and Public Policy research webpage

Japan Times
Immigration shows no impact on UK violence

Crime in British neighborhoods that have experienced mass immigration from Eastern Europe over the last 10 years has fallen significantly, according to research that challenges a widely held view over the impact of foreigners in the United Kingdom. Brian Bell, a research fellow at the LSE, said: "The view that foreigners commit more crime is not true. The truth is that immigrants are just like natives, if they have a good job and a good income they don't commit crime".

This article was published in the Japan Times on May 4, 2013
Link to article here

Related publications
'Immigrant Enclaves and Crime', Brian Bell and Stephen Machin, Centre for Economic Performance Discussion Paper No. 1104, December 2011

Related links
Brian Bell webpage
Stephen Machin webpage
Labour Markets Programme webpage

The Economist
French business - Hollande's charm offensive

A change of heart or a chat-up line?
But John Van Reenen, the head of the Centre for Economic Performance at the London School of Economics and co-author of a recent study on French business, points out that they do little to tackle the biggest obstacle for small firms that want to grow: namely, "the tsunami of labour-market regulation that comes down on your head the minute you employ more than 49 people."

This article was published in The Economist on May 3, 2013
Link to article here

Related publications
'Firm Size Distortions and the Productivity Distribution: Evidence from France', Luis Garicano, Claire Lelarge and John Van Reenen, Centre for Economic Performance Discussion Paper No.1128, March 2012

Related links
Luis Garicano webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Zoom News
La receta de Alemania contra el paro jevenil no sirve para Espaa

...la relacion entre empresario y aprendiz", apunta Hilary Steedman, investigadora de la London School of Economics. En el mejor de los supuestos, la formacion dual es una experiencia adaptable a las realidades de otros países europeos. Pero incluso..
Dual training allows Germany to reduce youth unemployment crisis
Experts say it is a difficult scheme exportable to other countries... There is also a cultural and historical dimension dual training not to ignore. And is that "for more than a century, governments in which there is this learning, such as Austria, Germany and Switzerland have sought to balance the relationship between employer and apprentice", says Hilary Steedman, a researcher at the London School of Economics.

This article was published by Zoom News on May 1, 2013
Link to article here
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Related publications
The State of Apprenticeship in 2010: International Comparisons - Australia, Austria, England, France, Germany, Ireland, Sweden, Switzerland. A Report for the Apprenticeship Ambassadors Network by Hilary Steedman, CEP Special Report No.22, September 2010

Related links
Hilary Steedman webpage
Education and Skills Programme webpage

Bloomberg - Business Week
China on slower, but stable growth path

Dr. Keyu Jin, lecturer in economics at London School of Economics, talks with Mark Barton about the slowdown in the Chinese economy and how much of it is the work of the Chinese government. She speaks on Bloomberg...

The article was published by Bloomberg Business Week on May 1, 2013
Link to article here

Related links
Keyu Jin webpage
Globalisation Programme webpage

BBC (web)
Getting used to a slower pace of growth in China

In addition, my research with John Van Reenen of the London School of Economics shows that JVs (joint ventures) are 23% more productive on average than other firms. Those which had a technology transfer agreement that directly transferred advanced know-how from the foreign partner to the Chinese firm were 73% more productive. Since 15% of all firms were JVs during the 2000s, economic growth would have been 0.43% slower each year if China didn't have those more productive joint ventures.

This article was published on the BBC website on May 1, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Wall Street Pit
Did the Euro kill governance in the periphery?

Article by Jesus Fernandez-Villaverde, Luis Garicano and Tano Santos
By the end of the 1990s, under the incentive of Eurozone entry, most peripheral European countries were busy undertaking structural reforms and putting their fiscal houses in order. This column argues that the arrival of the euro, and the subsequent interest-rate convergence, loosened a tide of cheap money that reversed the incentives for further reforms. As a result, by the end of the euro's first decade, the institutions and governance in the Eurozone periphery were in worse shape than they were at the start of the decade.

The article was published in the Wall Street Pit online on April 30, 2013
Link to article here

Related links
Luis Garicano webpage
Claudia Steinwender webpage
Productivity and Innovation Programme webpage

The Observer
New research shows that crime doesn't rise in high immigration areas - it falls

Experts from the London School of Economics set out to examine if the common assertion that immigrants cause crime was corroborated by statistics, after noting a "paucity of credible empirical evidence" to support the claim. Places that had attracted large numbers of eastern European immigrants enjoyed a "significant fall in property crime", a category of offence that also includes theft and shoplifting. The report, to be published later this year in Harvard University's Review of Economics and Statistics, also found that the relationship between the arrival of thousands of foreigners and levels of violence was "close to zero and insignificant". Brian Bell, a research fellow at the London School of Economics, said: "The view that foreigners commit more crime is not true. The truth is that immigrants are just like natives: if they have a good job and a good income they don't commit crime."

This article appeared in The Observer on 28 April 2013 link to article

Related publications
"Immigrant Enclaves and Crime", Brian Bell and Stephen Machin, Centre for Economic Performance Discussion Paper No. 1104, December 2011

Related links
Brian Bell webpage
Stephen Machin webpage
Community Programme webpage
Labour Markets Programme webpage

The Sunday Times
Osborne's growth strategy 'chaotic'

GEORGE OSBORNE will come under renewed attack over his growth strategy this week, with one leading economist describing the Treasury's investment plans as "chaotic". The influential London School of Economics Growth Commission will call for a new approach to investment in Britain's energy and transport networks. Government plans, it says, are beset by "procrastination and instability".

This article appeared in the Sunday Times on 28 April 2013 (no link available)

Related publications
LSE Growth Commission Report - "Investing for Prosperity: Skills, Infrastructure and Innovation", by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 link to report

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Social Europe Journal
The UK economy in three charts

How can an annualised growth rate of 1.2%, in an economy that pre-crisis had a trend growth rate above 2%, and at the bottom of a deep depression, be described as good news! If you think I'm biased, read John Van Reenen.

This article was published by Social Europe Journal on April 26, 2013
Link to article here

Related publications
British Politics and Policy blog at LSE: No triple dip does not mean a good recovery
John Van Reenen, April 25 2013

Related links
JohnVan Reenen webpage
Productivity and Innovation Programme webpage

Policy Network
Immigration and social housing

Reform of social housing might not only be of economic interest to the left. It could also be of benefit in tackling xenophobia and anti-immigrant sentiment.

This article was published by Policy Network on April 25, 2013
Link to article here

Related links
Alan Manning webpage
Community Programme webpage
Labour Markets Programme webpage

Financial Times
Relative progress came in spite of low investment

Letter from Professor Tim Besley and Professor John Van Reenen LSE: Sir, David Sawers (Letters, April 18) takes issue with Martin Wolf and the LSE Growth Commission, who argue that low capital investment is a major cause of the UK's poor economic performance. Although he supports our call for more road building and better road pricing, he opposes other reforms to unlock infrastructure spending...

This article appeared on 23 April 2013 link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

CEP Press Release
Making sense of falling UK crime: Evidence from economic research

Research findings from a series of studies by the Centre for Economic Performance shed light on the UK's 'riddle of peacefulness', indicated by recent figures that show a substantial fall in rates of murder and violent crime.

Details of the research from CEP were released on April 23, 2013

Related publications
Reducing Crime: More Police, More Prisons or More Pay? by Olivier Marie. Centre for Economic Performance Policy Analysis No.12, July 2010
Panic on the Streets of London: Police, Crime and the July 2005 Terror Attacks by Mirko Draca, Stephen Machin and Robert Witt, Centre for Economic Performance Discussion Paper No.852, February 2008
Video for: Panic on the Streets of London. Download video

Related links
Mirko Draca webpage
Olivier Marie webpage
Productivity and Innovation Programme webpage
Community Programme webpage

Financial Times
Britain should not go back to the future

Today's British economy is the legacy of Margaret Thatcher. The governments that succeeded her did not change the broad lines of her policies. John Major privatised the railways. Labour lightly regulated the City of London and made the Bank of England independent. When it did reverse direction - such as with the introduction of the minimum wage the measures - were carefully calibrated. So how should we judge Thatcher's legacy? The UK economy has registered at least four clear successes since 1979, notes Professor John Van Reenen of the London School of Economics.

This article was published in the Financial Times on April 11, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

VOX
Mrs Thatcher's economic legacy

Article by John Van Reenen
Margaret Thatcher's economic legacy lives on. This column provides a markedly balanced assessment of her mistakes and achievements. Most pressingly, Thatcherism left the UK failing to properly think about long-run investment, especially in infrastructure, in the skills of those at the lower end of the ability distribution and in innovation. The UK is addressing some of these problems, but this failure to invest in prosperity is the main challenge we face as a nation over the next 50 years.

The article was published online by VOX on April 11, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

LSE British Politics and Policy blog
The economic legacy of Mrs. Thatcher is a mixed bag

John Van Reenen analyses the economic legacy of Margaret Thatcher. In the late 1970s, when the UK was behind other developed nations in terms of material wellbeing, her supply side policies spurred economic revival. There is a substantial body of evidence suggesting that a range of important policy changes initiated by her underpinned these economic gains. Nevertheless, there are many important economic and social failures that are part of the Thatcher legacy.

This blog article was posted online on April 10, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The New Yorker
The economic case for and against Thatcherism

Another way of saying a society is classless is to say it exhibits a lot of social mobility. But studies show that since Mrs. Thatcher came to power, in 1979, social mobility has gone down rather than up. Far from becoming more classless, Britain has gotten even more class bound. Some of the progress that was made during the post-war years has been reversed. The seminal paper in this area was published about ten years ago by four British economists (Jo Blanden, Stephen Machin, Alissa Goodman, and Paul Gregg) who analyzed the incomes of one group of Britons born in 1958 (the pre-Thatcher cohort) and one born in 1970 (the post-Thatcher cohort). Specifically, the researchers looked at how closely correlated each person's income was with the income of their parents. If the correlation co-efficient is high, it means economic status is passed down the generations, which is happens in a class-ridden society. Here is the conclusion of the study: "Even though these cohorts are only twelve years different in age we see sharp falls in cross-generation mobility of economic status between the cohorts. The economic status of the 1970 cohort is much more strongly connected to parental economic status than the 1958 cohort."

This article was published in The New Yorker on April 10, 2013
Link to article here

Related publications
'Changes in Intergenerational Mobility in Britain', Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin, Centre for Economic Performance Discussion Paper No.517, January 2002
'Changes in Intergenerational Mobility in Britain', Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin, Centre for the Economics of Education Discussion Paper No.26, June 2002
'Changes in Intergenerational Mobility in Britain' by Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin. Chapter 6 in Miles Corak (ed.), Generational Income Mobility in North America and Europe, Cambridge University Press, 2004, pp:122-146.

Related links
Stephen Machin webpage
Jo Blanden webpage
Labour Markets Programme webpage
Education and Skills Programme webpage

The Economist - Free Exchange blog
How Mrs Thatcher smashed the Keynesian consensus

The consensus in 2000 of a team of American, British and Canadian scholars working under the auspices of America’s National Bureau of Economic Research, and Britain’s Centre for Economic Performance and its Institute for Fiscal Studies was that British policies in the 1980s and 1990s arrested the relative decline in Britain’s economic standing, without pushing it notably higher in the ranks.

This article was published by The Economist - Free Exchange blog on April 9, 2013
Link to article here


Financial Times
Thatcher's quest left 'lasting scar' on economy

John Van Reenen, head of the Centre for Economic Performance at the London School of Economics, said: "The changes [under Thatcher] helped shift Britain from a century of relative decline to three decades where we caught up with the US, Germany and France."

This article was published in the Financial Times on April 8, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Times
Margaret Thatcher's legacy: We've kept our jobs, but earn less

Margaret Thatcher's demolition of the trade unions in the 1980s has helped to keep Britons in work through the latest financial crisis, leading economists suggested yesterday...Economists have been baffled by the conundrum that employment in Britain has remained high despite the fact that productivity has collapsed. Output in Britain is about 3 per cent lower today than it was before the downturn, yet more people are in work. In a session held by the Institute for Fiscal Studies and the Centre for Economic Performance at the Royal Economic Society yesterday, economists attempted to solve the puzzle. They said that a sharp fall in the real value of wages was the driving factor behind the contradiction. They also cautioned against any expectations of real-term wage rises in the near future. "The good UK jobs performance is the silver lining in the cloud of our low productivity numbers," said John Van Reenen, director of the Centre for Economic Performance.

This article was published in The Times on April 6, 2013
Link to article here
[Subscription necessary to read the complete article.]

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

Connaught Tribune
The pathway to perfect happiness - turn off your phone

This is according to an acknowledged expert on happiness; Professor Paul Dolan of the London School of Economics, is also a former member of the British Cabinet Office's Behavioural...

This article appeared in the Connaught Tribune, Ireland on 4 April 2013 link to article

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

The Daily Telegraph
Family, not money, is the key to your child's performance at school

Here's a piece of news that will send a certain kind of educationalist screaming from the room: family, not income, is key to a child's school performance. The London School of Economics, bastion of Left-of-centre thinking on all serious issues, conducted the study on disadvantaged children in England. They found that growing up in an impoverished area did not doom the children to do badly at school.

This article appeared in the Daily Telegraph on 4 April 2013 link to article

Related links
See Felix Weinhardt webpage for publications link to article
SERC website link

The Daily Mail
Family, not area, is key to a child's education: Children with parents who spent extra year in education get better grades

A report's findings indicate it is the attitude towards education within their family unit that really matters. The research involved two groups of disadvantaged children in cities across England, all of whom were waiting to move into social housing in some of the most deprived neighbourhoods...Dr Felix Weinhardt, who conducted the research, said: "We have always tried to help the most disadvantaged children to get better life chances and one of the ways we thought we could do this is through housing policy." "But research now increasingly tells us that bad neighbourhood environments have no causal influence on these children's school performances at all." The postdoctoral fellow in the London School of Economics' Centre for Economic Performance added: "These two groups of students really get very bad grades - very similar to students who live in high-density social housing neighbourhoods and never moved."

This article appreared in the Daily Mail on 4 April 2013 link to article

Related links
See Felix Weinhardt webpage for publications link to webpage
SERC Website

China Network Television (CNTN)
John Van Reenen interview

John Van Reenen interviewed on the possibility of a triple dip recession.

The interview was broadcast on China Network Television (CNTN) on April 1, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Times
Scientific and productive proof about shirking from home'

The first scientific study on working from home threatens to scotch the received wisdom that it is merely an opportunity for employees to skive off.

This article appeared in the Times on 1 April 2013 link to article

Related publications
'Does Working from Home Work? Evidence from a Chinese Experiment' Nicholas Bloom, James Liang, John Roberts and Zhichun Jenny Ying, Centre for Economic Performance Discussion Paper No.1194, March 2013 link to article

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

Financial Times
Business seeks a convincing story to bring back growth

Successful economies are not just preoccupied with sound public finances, says Richard Lambert. The writer is a senior independent adviser at Deutsche Bank, a member of the LSE Growth Commission and a former editor of the FT

This article appeared in the Financial Times on 23 March 2013 link to article

Related publications
LSE Growth Commission Report: Investing for Prosperity: Skills, Infrastructure and Innovation by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related Links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

CNN
EU bailouts: A vehicle to kick the weak? Opinion: Avoiding panic is key

Editor's note: Christopher Pissarides is a professor in economics and political science at the London School of Economics. In 2010, he was awarded the Nobel Prize jointly with Peter Diamond and Dale Mortensen.
The recent financial troubles in Cyprus have attracted a range of alarming headlines around the world, but we must be careful to avoid panic and reckless measures that would exacerbate the crisis. For in reality, Cyprus - one of the smallest economies in the eurozone - has a manageable fiscal deficit, low debt and until very recently a thriving economy, based on financial services and tourism. Large reserves of natural gas and possibly oil have been discovered off its southern coast, which would bring a bonanza in three to five years.

This article was published by CNN on March 21, 2013
Link to article here

Related links
Christopher Pissarides webpage
Macro Programme webpage

The Daily Mirror
Hopeless case

By Prof John Van Reenen; Ed Balls
GEORGE Osborne delivered his fourth Budget yesterday. The backdrop is appalling - he slashed his growth forecasts for this year by half to just 0.6%. This is the slowest recovery for more than 100 years, with low wages, high inflation and debt rising till 2017-18.

This article appeared in the Daily Mirror on 21 March 2013 Link to article

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage

LSE politics and policy blog
This was a ''small beer'' budget with little fundamentally changed

Reflecting on yesterday's budget, John Van Reenen argues that an opportunity was missed. While there were good things in the budget, the 1p off a pint of beer was symbolic.
This was a budget in which little changed and the Chancellor yet again failed to offer a proper growth strategy to get the UK moving again.

This LSE politics and policy blog piece was posted on March 21, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation webpage

LSE Politics and Policy blog
The Chancellor has finally shifted towards stimulating growth

Commenting on the Chancellor's budget, Linda Yueh sees a lot of positive stimulus measures that are better late than never, such as increased infrastructure spending and measures to cut corporate taxes. However, the Chancellor could have done more to boost confidence by setting out a convincing vision instead of knitting together disparate pieces of stimulus.

This article was published by the LSE Politics and Policy blog on March 20, 2013
Link to article here

Related links
Linda Yueh webpage
Globalisation Programme webpage

Financial Times
Squeezed middle battles financial pain

These phenomena have helped to change the pattern of inequality since the turn of the century, says Steve Machin, research director at the London School of Economics' Centre for Economic Performance. During the 1980s and 1990s, he says, both the top and the bottom of the earnings distribution "fell away from the middle".

This article was printed in the Financial Times on March 20, 2013
Link to article here

Related links
Stephen Machin webpage
Labour Markets Programme webpage
Education and Skills Programme webpage
Stephen Machin CEP publications webpage

Financial Times
Budget 2013: Economists Pass Judgement

Budget 2013: Economists pass judgment

CEP's Director of Research, Professor Stephen Machin, gives his views on the chancellor's 2013 budget...

"The chancellor pitched the Budget as one for hard-working people with a clear acknowledgment that recovery is taking "longer than anyone hoped". The picture remains gloomy as the economy is now expected to grow much less quickly this year than was thought last autumn and recovery seems even further away..."

Full article published by Financial Times on March 20, 2013
Link to article (subscription only)

Stephen Machin's homepage


BBC News
Budget 2013: The chancellor's challenges

Professor John Van Reenen interviewed by the BBC on the eve of the next Budget announcement by George Osborne.

The interview was broadcast by the BBC Business News site on March 19, 2013
Link to interview here

Related links
John Van Reenen webpage
Productivity and Innovation webpage

LSE Politics and Policy blog
The UK is in dire need of a meaningful plan for growth and the burden is on the Chancellor to provide it

In advance of Budget Day John Van Reenen highlights a range of chronic weaknesses which are holding back the UK economy, with infrastructure and associated policy uncertainty a particular problem. He calls for a new architecture for UK infrastructure, though cautions that any announcements must be carefully thought-out and avoid the political temptation attached to headline grabbing initiatives.

This article was posted on March 18, 2013
Link to blog here

Related links
John Van Reenen webpage
Productivity and Innovation webpage

BBC - Business News
Budget 2013: Should the government plough ahead with cuts?

"It's like one of those horror movies - you think the recession is dead, and then it pops up again."
John Van Reenen is feeling frustrated. The head of the LSE's Centre for Economic Performance believes his voice is just one of a growing chorus among economists calling on the government to slow down. "The speed of spending cuts is too fast, and it has contributed to the economy's pathetic rate of recovery", says the left-leaning economist.

The article was published by BBC News on March 18, 2013
Link to article here

Related links
John Van Reenen webpage
Productivity and Innovation webpage

The Economist
Planning reform: Pillow fight

Converting office buildings is expensive, notes Adam Challis, of Jones Lang LaSalle. So much cheap office space will remain for businesses to rent, even if some disappears from city centres. As Henry Overman, of the London School of Economics, points out, rising rents have pushed Shoreditch's tech firms farther out into east London - not out of business altogether.

This article appeared in the Economist on 15 March 2013 link to artilce

Related publications
The UK's housing crises Henry Overman. Article in CentrePiece 17(3), Winter 2012
Related links

Henry Overman webpage
SERC website webpage
Henry Overman CEP publications webpage
SERC blog: http://spatial-economics.blogspot.co.uk

Centre for Cities
In conversation with...Prof Henry Overman

This is the first in a series of podcasts the Centre for Cities will be recording with the London School of Economics examining key issues affecting UK economies. In advance of the 2013 Budget, Alexandra Jones, Chief Executive of Centre for Cities talks to Professor Henry Overman Director of the Spatial Economic Research Centre at LSE about the effectiveness of current policy in stimulating economic growth in cities. What can policy do to support places to unlock their potential?

This article appeared on Centre for Cities on 15 March 2013 link to article

Related links
Henry Overman webpage
SERC website
Henry Overman CEP publications webpage

The Economist
Credit in the euro area: still crunching

A recent paper by Luis Garicano and Claudia Steinwender of the London School of Economics looked at the impact of financial constraints in Spain. By comparing firms that are foreign-owned, and therefore have access to other forms of financing, with those that are domestic, and so rely on local banks, the authors can see what uncertainty about financial access did to their decision-making after the 2008 crisis. The Spanish-owned firms cut investment by 19 percent more than the foreign-owned companies, and reduced employment by 6 percent more.

The article was published in The Economist on March 9, 2013
Link to article here

Related publications
'Survive Another Day: Does Uncertain Financing Affect the Composition of Investment?', Luis Garicano and Claudia Steinwender, Centre for Economic Performance Discussion Paper No.1188, February 2013

Related links
Luis Garicano webpage
Claudia Steinwender webpage
Productivity and Innovation Programme webpage
Labour Markets Programme webpage

TES
Australia debates pros and cons of low apprentice pay

Wages are high in general in Australia, but the minimum apprentice wage is more than double the average pay for apprentices in countries such as Austria and Switzerland, according to a 2010 report by Hilary Steedman at the London School of Economics. Dr Steedman has argued that the success of apprenticeships in these countries and in Germany is due to low initial wages, which encourages the employer to invest in training.

This article was published in the TES Comment online on March 8, 2013
Link to article here

Related publications
The State of Apprenticeship in 2010: International Comparisons - Australia, Austria, England, France, Germany, Ireland, Sweden, Switzerland. A Report for the Apprenticeship Ambassadors Network by Hilary Steedman, CEP Special Report No.22, September 2010

Related links
Hilary Steedman webpage
Education and Skills Programme webpage
Hilary Steedman CEP publications webpage

The New York Times
With positions to fill, employers wait for perfection

If you have an opening and are not sure about the economy, it's pretty cheap to wait for a month or two, said Nicholas Bloom an economics professor at Stanford University. But in the aggregate, those little delays, coupled with fiscal uncertainty, are stretching out the recovery process. It's like one of those horror movies, an economic Friday the 13th, where this recession never seems to die.

This article appeared in the New York Times on 6 March 2013 link to article

Related publications
Policy uncertainty: a new indicator Scott R. Baker, Nicholas Bloom and Steven J. Davis. Article in CentrePiece Volume 16, Issue 3 Winter 2012

Related links
Nick Bloom webpage
Productivity and Innovation Programme webpage

New Statesman
When the facts change, should I change my mind?

Arguments about growth and recovery involve different timescales. I share the view, set out well by the LSE Growth Commission that long-term growth involves a major and sustained commitment to skills, innovation and infrastructure investment. However, we are also currently below trend growth and below capacity.

This article appeared in the New Statesman on 6 March 2013 link to article

Related publications
LSE Growth Commission Report: Investing for Prosperity: Skills, Infrastructure and Innovation by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013


Related Links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

BusinessGreen
Fast-tracking patents bolsters green technology market, finds study

Speeding up patent applications for clean technologies can cut processing time by up to 75 per cent, shows report by Antoine Dechezlepretre.

This article was published by BusinessGreen on March 5, 2013
Link to article here

Related publications
CEP Discussion Paper 'Fast-Tracking 'Green' Patent Applications: An Empirical Analysis', Antoine Dechezlepretre, Centre for Economic Performance Discussion Paper No.1197, March 2013

Related links
Antoine Dechezlepretre webpage
Productivity and Innovation Programme webpage

Financial Times
Painful adjustments will prove worthwhile in the long term

The medium-term growth rate of the economy depends far more on leaving resources in the innovative and productive private sector economy than on boosting short-term demand. In the short term, some of this adjustment will be painful. But as the LSE Growth Commission showed about the legacy of the 1980 reforms, the long-term benefits make it more than worthwhile.

This article was published in the Financial Times on February 22, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Financial Times
Financial crisis just a blip for bankers

The financial sector has proved remarkably resilient, with wages in the City rising while other workers saw pay fall between 2008 and 2011, according to research from the London School of Economics. Inequality before the crisis was driven by high pay in the financial sector and does not look set to stop, said Brian Bell of the Centre for Economic Performance, a co-author of the report.

This article was published in the Financial Times on February 22, 2013
Link to article here

Also in:
Public Service Europe
Bankers' bonuses post-crisis: all in it together?
Article by Brian Bell and John Van Reenen The share of the total UK income going to workers in the financial sector has not declined, and the average wage has risen faster for those working in the City of London than for everyone else.
Link to article here
FinFacts, Ireland
Financial crisis "little more than a blip for the pay of bankers"
The paper, 'Bankers and their Bonuses', by Dr Brian Bell and Prof John Van Reenen of the Centre for Economic Performance at the London School of Economics, says…..[that]the bankers in the top percentile saw their average wage rise from £325,100 to £353,100, a gain of 8.6%."
Link to article here

Related Publications
'Bankers and their bonuses', Brian Bell and John Van Reenen, Centre for Economic Performance Occasional Paper No.35, February 2013
'Extreme Wage Inequality: Pay at the Very Top', Brian Bell and John Van Reenen, Centre for Economic Performance Occasional Paper No.34, February 2013

Related links
John Van Reenen webpage
Brian Bell webpage
Productivity and Innovation webpage

Financial Times
Le French-bashing' misses the mark

France's primary problem is not worker productivity, writes Howard Davies
...Last month's report from the LSE Growth Commission showed that in the past 35 years, investment in France has been higher than that in Anglo-Saxon economies by about 3-4 per cent of gross domestic product.

The LSE Growth Commission was cited in this article in the Financial Times on February 22, 2013
Link to article here

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Forbes
Dirty Little Habits: Cleaning Up The Auto Industry

Dirty habits die hard and the only way to encourage auto makers to adopt clean technology is a short sharp shock in the fuel price. It’s a radical approach, but research suggests it could work.

David Hemous and his co researchers - Philippe Aghion of Harvard University and Antoine Dechezleprêtre, Ralf Martin and John Van Reenen of the London School of Economics - analysed data on auto industry technology patents over several decades. They distinguished between ''dirty'' technologies (petrol and diesel engines) and ''clean'' technology (electric and hybrid) and wanted to identify what could influence auto makers to adopt innovative, ''clean technology''. Since 1978 globally, dirty patents outnumbered clean technology patents by a ratio of 3:1.


This article was published by Forbes on February 19, 2013
Link to article here

Also in
Insead Knowlege
February 7, 2013
Dirty little habits: cleaning up the auto industry


Related publications
'Carbon Taxes, Path Dependency and Directed Technical Change: Evidence from the Auto Industry', Philippe Aghion, Antoine Dechezleprêtre, David Hemous, Ralf Martin and John Van Reenen, Centre for Economic Performance Discussion Paper No.1178, November 2012

Related links
Antoine Dechezleprêtre webpage
Ralf Martin webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

Japan Today
Putting the magnifying glass on the 1%

The top 1% received 15.4% of the national income in 2007 compared with 5.9% in 1979... 'A lot of the action has been at the very top end of the distribution, the top 1% or the top 0.1%', John Van Reenen, director of the Centre for Economic Performance at the LSE, told me. 'It shows you that the media's focus on the very rich and on bankers' bonuses wasnt misplaced.'

The article was published in Japan Today on February 16, 2013
Link to article here

Related publications
'Bankers and their Bonuses', Brian Bell, John Van Reenen, Centre for Economic Performance Occasional Paper No. 35, February 2013
'Extreme Wage Inequality: Pay at the Very Top', Brian Bell, John Van Reenen, Centre for Economic Performance Occasional Paper No.34, February 2013

Related links
John Van Reenen webpage
Brian Bell webpage
Productivity and Innovation webpage

Huffington Post UK
A Degree Is No Longer Enough

The number of people with postgraduate qualifications has almost trebled since the mid-1990s, as employers expect more from potential employees, research by the Sutton Trust suggests. But the study raises concerns that students from lower and middle-class families are being priced out, leaving postgraduate study the preserve of the better off.

This article appeared in the Huffington Post on 7 February 2013 link to article

Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013 link to report

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

FT.com
Incentive for UK schools to promote talent

This will tell us whether schools have served their pupils well. There is, of course, more to school policy than accountability. The recent LSE Growth Commission for example, also called for more freedoms for schools and better support for children from poorer backgrounds. We have already allowed far more schools than ever before....

This article appeared in FT.com on 7 February 2013 link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 link to artilce

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

INSEAD
Dirty little habits: cleaning up the auto industry

Dirty habits die hard and the only way to encourage auto makers to adopt clean technology is a short sharp shock in the fuel price. It's a radical approach, but research suggests it could work. David Hemous and his co researchers - Philippe Aghion of Harvard University and Antoine Dechezlepretre, Ralf Martin and John Van Reenen of the London School of Economics - analysed data on auto industry technology patents over several decades. They distinguished between "dirty" technologies (petrol and diesel engines) and "clean" technology (electric and hybrid) and wanted to identify what could influence auto makers to adopt innovative, clean technology. Since 1978 globally, "dirty" patents outnumbered "clean technology" patents by a ratio of 3:1.

This article was published online by INSEAD on February 7, 2013
Link to article here

Related publications
'Carbon Taxes, Path Dependency and Directed Technical Change: Evidence from the Auto Industry', Philippe Aghion, Antoine Dechezlepretre, David Hemous, Ralf Martin and John Van Reenen, Centre for Economic Performance Discussion Paper No.1178, November 2012

Related links
Ralf Martin webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

MSN UK (Web)
Postgraduate degrees 'expected'

The number of people with postgraduate qualifications has almost trebled since the mid-1990s, as employers expect more from potential employees, research by the Sutton Trust suggests. But the study raises concerns that students from lower and middle-class families are being priced out, leaving postgraduate study the preserve of the better-off.

This article appeared in MSN UK online on February 7, 2013
Link to article here

Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

The Times online
Higher fees will exclude poorer graduates from further study

People who cannot afford to stay on at university for years of extra study are being priced out of the best-paid jobs, a study has shown.

The article was printed in The Times online on February 7, 2013
Link to article here

Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

Financial Times
Postgraduate study costs 'threaten social mobility'

Graduates with only one degree are at an increasing disadvantage in the UK job market owing to a surge in postgraduate qualifications, which can boost an individual's earning potential by £200,000 over a lifetime, new research has shown. Professor Stephen Machin, one of the report's authors, said the rising wage differentials for those with the highest levels of education alongside rising higher educational inequality would make existing low levels of social mobility in Britain and the US even harder to shift.

This article was published in the Financial Times on February 7, 2013
Link to article here


Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

The Guardian
Rising number of postgraduates could become barrier to social mobility'

While good careers were formerly open to those with only A-levels, the bulk were currently only accessible if you had a degree, the Sutton Trust said, something which might soon become the case for postgraduate qualifications. Research for the trust by the London School of Economics and Surrey University shows that while in 1996 just 4% of working Britons aged 26 to 60 had a postgraduate qualification, this was now 11%, or 2.1 million people. The study found those with a higher degree earned around £5,500 a year more on average, equating to a career-long postgraduate premium of around £200,000.

This article was published in The Guardian on February 7, 2013
Link to article here

Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

Times Higher Education
'Postgraduate premium' fuels vicious cycle of social inequality

Those with postgraduate degrees are increasingly coming from richer family backgrounds, said the report's co-author Stephen Machin, professor of economics at University College London and research director at the London School of Economics and Political Science's Centre for Economic Performance. "Access to postgraduate education is becoming increasingly stratified by family income, and (recent postgraduates) are being paid more so it's a source of rising inequality", he told Times Higher Education.

This article was published in Times Higher Education on February 7, 2013
Link to article here

Related publications
The Postgraduate Premium: Revisiting Trends in Social Mobility and Educational Inequalities in Britain and America, Joanne Lindley and Stephen Machin. Sutton Trust Research Report, February 2013

Related links
Stephen Machin webpage
Education and Skills Programme webpage
CEE website

Delaware online (USA)
Democracies need technocrats as well as politicians

The London School of Economics Growth Commission, a panel of academics, former government officials and business leaders, has just published a report on how to improve Britain's economic performance. "Investing for Prosperity" is a notable piece of work that deserves to be widely read, and not just in Britain.

This article was published online by Delaware online (USA) on February 6, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Adam Smith Institute blog
Reviewing the LSE Growth Commission

Anton Howes writes, ''The London School of Economics' much-vaunted 'Growth Commission' has finally released its report, after a year of discussion, debate and work. They focus on three areas of long-term investment, into human capital, infrastructure and innovation.''

The blog was published by The Adam Smith Institute on February 5, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Link to Report here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Francetvinfo blog
Vive la croissance!

Parce que malgre ses defauts, le PIB est un indicateur qui merite de constituer un objectif majeur des politiques publiques et une mesure du succes economique des societes. L'economiste Nicholas Oulton s'est recemment livre a une defense enthousiaste du PIB face aux principales critiques que cet indicateur rencontre.

This article was published on francetvinfo - blog on February 5, 2013
Link to article here

Related publications
'Hooray for GDP!', Nicholas Oulton, Centre for Economic Performance Occasional Paper No.30, August 2012

Related links
Nick Oulton webpage
Productivity and Innovation Programme webpage

Bloomberg
Why democracies aren't good at bridge-building

The London School of Economics Growth Commission, a panel of academics, former government officials and business leaders, has just published a report on how to improve Britain's economic performance. "Investing for Prosperity" is a notable piece of work that deserves to be widely read, and not just in Britain.

This article was published in Bloomberg news online on February 5, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Times
Scheme is no guarantee of reviving the economy

...Act received Royal Assent, we have agreed terms for the Northern Line Extension and announced £10 billion of projects that prequalify for a guarantee. A report last week from the London School of Economics Growth Commission called on the Government to create an independent infrastructure bank to mitigate the "political procrastination" that has deterred investors from making long-term commitments.

This article was published in The Times on February 4, 2013
Link to article here
(Note: subscription necessary to download complete article.)

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Sunday Times
We've been on a roll - and can do it again

Britain's economy. It set out some good ideas about how to generate growth over the medium and long term through infrastructure, innovation, education and skills. More striking was that the London School of Economics (LSE) Growth Commission stressed that Britain approaches the future with very considerable advantages, and an economy that is far from broken.

This article appeared in the Sunday Times on 3 February 2013 link to article

Related publications
LSE Growth Commission Report Investing for Prosperity: Skills, Infrastructure and Innovation by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 link to report

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

BBC London 94.9FM
Turning off phones can help happiness

Mention of Paul Dolan suggesting that turning off phones can help happiness.

The programme was broadcast on BBC London 94.9FM on February 3,2013

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

BBC1 West Midlands
Sunday politics

Mention of the Growth Commission

Broadcast on BBC1 West Midlands on February 3, 2013

Also on
BBC Radio 4
Newspaper Review
Lord Stern joins the panel for the newspaper review and mentions the LSE Growth Commission.

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Daily Express
The Prof who proves sometimes it really is good not to talk

But I rather like being out of touch so I was interested to read that Professor Paul Dolan of the London School of Economics told an audience that they should switch their mobiles off. Prof Dolan is an expert on happiness so it's worth listening to him.

This article was published in the Daily Express on February 2, 2013

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

The Daily Mail
Investment failure blighting Britain

The London Crossrail project has been around since the 1980s. A report by the London School of Economics Growth Commission this week tackles the infrastructure problem head on. The commission points out that the UK's adversarial political system, coupled with rampant nimby-ism, has hobbled long-term projects.

This article was published in The Daily Mail on February 2, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

SMF (Social Markets Foundation online)
Planning for long-term growth tells us what we should do in the short-term

Post first appeared on the New Statesman's current account blog
Two things are striking about yesterday's report of the LSE Growth Commission. The first is the very strong implication of its conclusions that the path to future prosperity is decidedly one involving, indeed demanding, government involvement in the economy rather than the state stepping back. The second is what its prescription for long-term economic growth says about how we should get the UK out of its current economic malaise.

This article was published by Social Markets Foundation online on February 1, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

Bloomberg
Jobs report suggests employers are ignoring Congress

One measure of economic policy uncertainty - an index created by economists Steven Davis of the Chicago Booth School of Business and Scott Ross Baker and Nick Bloom of Stanford University - stood in December at its highest point since the summer of 2011, when the debt-ceiling battle brought the government to the brink of default. Executives of big companies such as Caterpillar Inc. have warned that the uncertainty could affect their sales and profits.

This article was published by Bloomberg News on February 1, 2013

Link to article here

Related publications
Policy uncertainty: a new indicator, Scott R. Baker, Nicholas Bloom and Steven J. Davis. Article in CentrePiece Volume 16, Issue 3, Winter 2012

Related links
Nick Bloom webpage
Productivity and Innovation Programme webpage

The New Statesman
Planning for long-term growth tells us what we should do in the short-term

Two things are striking about yesterday's report of the LSE Growth Commission. The first is the very strong implication of its conclusions that the path to future prosperity is decidedly one involving, indeed demanding, government involvement in the economy rather than the state stepping back. The second is what its prescription for long-term economic growth says about how we should get the UK out of its current economic malaise.

This article was published in The New Statesman on February 1, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

Press TV
UK economists demand urgent growth plan

Leading economists have stepped up their pressure on Chancellor George Osborne, slamming his austerity measures and calling for an urgent plan for growth. The London School of Economics Growth Commission also branded government investment in a long-term growth strategy as "inadequate", "unstable" and "failing".

The article appeared on Press TV online on February 1, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Financial
LSE Commission calls for a new focus on investment for future prosperity

Skills, infrastructure and innovation are the essential drivers of the productivity growth on which the UK's future prosperity depends. So while there are understandable concerns about the currently flat-lining economy, it is even more important to focus on vital long-term investments in these three areas. That requires stable and well-informed policy frameworks anchored in a broad political consensus on a new vision for growth. As the London School of Economics and Political Science said, these are among the conclusions of the London School of Economics (LSE) Growth Commission, which publishes its final report today. 'Investing in Prosperity: Skills, Infrastructure and Innovation' is based on evidence taken in a series of public sessions from leading researchers, business people, policy-makers and UK citizens.

This article was published by The Financial on February 1, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Economist
A growth manifesto

IT IS tempting to think Britain is well past its best. The first nation to industrialise, it once topped the tables of output per person. It is now a mid-table mediocrity on the edge of a triple-dip recession. But a proposal-packed new report compiled by a panel of academics, policymakers and business experts is more optimistic.

The article was published in The Economist on February 1, 2013
Link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Economist
Northern Lights

The Nordics also have a strong record of drawing on the talents of their entire populations, with the possible exception of their immigrants. They have the world's highest rates of social mobility: in a comparison of social mobility in eight advanced countries by Jo Blanden, Paul Gregg and Stephen Machin, of the London School of Economics, they occupied the first four places. America and Britain came last.

The article was published in The Economist on February 1, 2013
Link to article

Related publications
Changes in Intergenerational Mobility in Britain, Jo Blanden, Alissa Goodman, Paul Gregg and Stephen Machin. In Corak, M. (ed), Generational Income Mobility in North America and Europe, Cambridge University Press, 2004.
Sutton Trust: Summary Report - Recent Changes in Intergenerational Mobility in the UK: A Summary of Findings
Main Report - Recent Changes in Intergenerational Mobility in Britain by Jo Blanden and Stephen Machin, December 2007
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

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

tutor2you
Unit 4 Macro: A Manifesto for Growth - the LSE Growth Commission Report

On Thursday 31st of January 2013, the long-awaited LSE Growth Commission Report was published and launched in London. The document itself is available for download from this link and I urge all teachers and students interested in growth, competitiveness and the fairness agenda to have a look at it. It is full of rewarding and important insights into the drivers of balanced growth in a modern advanced economy.

This blog was posted online on tutor2you on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

Morning Star
Top economists urge action for growth

Leading economists have condemned Britains flatlining economy and issued an urgent call for growth, dealing another blow to Chancellor George Osborne's credibility. The experts are behind a ''manifesto for growth'' which demands investment in transport, energy and house building schemes. This evening's launch is the conclusion of the London School of Economic's growth commission which sets out to end ''political procrastination''.

This article was published by The Morning Star on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission webpage

Mail Online
Failing schools 'hampering economy': Britain will not prosper unless education is overhauled, report warns

Britain's economy will not prosper unless its 'mediocre' education system is overhauled, a hard-hitting report says today. Written by a Nobel Prize-winning economist as well as former members of the Bank of England, the report from the London School of Economics calls for radical change to get the UK growing again.

The article was published by the Mail Online on January 31, 2013
Link to article here

See also
Schools Improvement Net
Report says failing schools are 'hampering economy' and Britain will not prosper unless education is overhauled
Independent Schools Council
Failing schools 'hampering economy': Britain will not prosper unless education is overhauled, report warns
Israel Herald
iNooz

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission webpage

City A.M.
Economists warn poor standard of British schools will hurt GDP

A GROUP of economists will today urge the government to radically improve educational standards at British schools, arguing that reforms are key to the country's long-term prosperity. The London School of Economics ( LSE) growth commission will also hit out at UK governments' poor record over infrastructure.

This article was published by City A.M. on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission webpage

Vox
Investing in UK prosperity: skills, infrastructure and innovation

Article by Tim Besley and John Van Reenen
The latest GDP figures confirm that the UK economy has been more or less flat-lining since the financial crisis began. This column presents the LSE Growth Commission's integrated recommendations for reigniting UK growth, arguing that an inability to achieve sustainable growth is rooted in longer-term problems arising from a failure to invest, notably in skills, infrastructure and innovation. The UK must engage evidence-based policy, in both word and deed, if it is to overcome international competition and myriad global changes.

This article was published online by Vox on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

Sky News
EU referendum debate 'damaging economic growth'

The Government just talking about an EU referendum is damaging investment and productivity, influential economists warn.

This article was published online by Sky News on January 31, 2013
Link to article here

See also
Yahoo! News UK and Ireland
EU Referendum Debate 'Damaging Economic Growth'

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Evening Standard
Investment key to Britain's recovery, say London School of Economics

Investment in education, infrastructure and innovation are the keys to Britain's recovery from recession and long-term growth over the coming 50 years, a report said today. The London School of Economics Growth Commission urged all political parties to come together behind the proposals in its 'Manifesto for Growth', the result of a year-long inquiry into the reasons behind the current economic malaise.

This article was published in The Evening Standard on January 31, 2013
Link to article here

Also in
Press Association
Investment key to economic recovery

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

MSN UK (Web)
Investment key to economic recovery

Investment in education, infrastructure and innovation are the keys to Britain's recovery from recession and long-term growth over the coming 50 years, a report says. The London School of Economics Growth Commission urged all political parties to come together behind the proposals in its "Manifesto for Growth", the result of a year-long inquiry into the reasons behind the current economic malaise.

This article was published in MSN UK online on January 31, 2013
Link to article here

SEE ALSO
AOLMoney
Investment key to economic recovery

TalkTalk (Web)
Investment key to economic recovery
Investment in education, infrastructure and innovation are the keys to Britain's recovery from recession and long-term growth over the coming 50 years, a report says. The London School of Economics Growth Commission urged all political parties to come together behind the proposals in its "Manifesto for Growth", the result of a year-long inquiry into the reasons.
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

BBC News - Business
Long-term thinking for the UK economy

Why do we spend so little time talking about what really matters? That's the question I once again asked myself, reading the final report of the London School of Economics' Growth Commission.

This article was published on BBC News - Business online on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Guardian
Household income data is measure of economic recovery, LSE panel says

Politicians should track progress in repairing Britain's recession-scarred economy by measuring how the average household is faring instead of focusing on GDP alone, according to a report by a panel of heavyweight economists. The London School of Economics Growth Commission, in findings published on Thursday, calls for statistics on median household income to be published regularly alongside quarterly GDP figures, and to be used as a measure of whether government policies are working. The high-level panel - including Nobel prizewinner Chris Pissarides, ex-BP boss John Browne, the three former Bank of England rate-setters Richard Lambert, Rachel Lomax and Tim Besley, as well as the LSE's John Van Reenen, director of its centre for economic performance - offers a series of prescriptions for tackling the long-term failings of the UK economy.

This article was published in the Guardian on January 31, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

Sky News
Press Review

Professor John Van Reenen was interviewed about the LSE Growth Commission report.

The interview was broadcast on Sky News on January 31, 2013

See also
BBC Norfolk
LSE Growth Commission report is mentioned.



Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Times
If this is the future, it looks brighter already

Today, a growth commission set up by the LSE tackles a related issue: how to promote and sustain UK economic growth in the 21st century. As expected, from a group whose formidable brain power includes John Browne, Rachel Lomax and the Nobel laureate Chris Pissarides, its report is well argued and clearly explained.

This article was published in The Times on January 31, 2013
Link to article

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Times
Britain needs infrastructure bank, say academics

An influentual group of academics and business leaders has called on the Government to create an independent infrastructure bank to mitigate the "political procrastination" that has deterred investors from making long-term commitments in Britain. The London School of Economics Growth Commission, whose members include Rachel Lomax, the former deputy governor of the Bank of England, and Sir Richard Lambert, the former head of the CBI, said that the lender should be based on the European Bank for Reconstruction and Development and would help to boost long-term growth in the UK.

This article was published in The Times on January 31, 2013
Link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Daily Mail
Failing schools hampering economy': Britain will not prosper unless education is overhauled, report warns

Written by a Nobel Prize-winning economist as well as former members of the Bank of England, the report from the London School of Economics calls for radical change to get the UK growing again.

This article was published in The Daily Mail on January 31, 2013
Link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Evening Standard
Anthony Hilton: Urgent need is for a growth agenda

The most pressing question of our time for politicians - and indeed for the public - is why Britain is finding it so hard to grow and what, if anything, can be done about it. Business Secretary Vince Cable gave his take on things at an event organised by the think tank Politeia in Guildhall last night… Then today came the reality check in the form of a document called Investing For Prosperity. It is produced by the London School of Economics Growth Commission, a heavyweight group that includes former BP chief Lord Browne, former Deputy Governor of the Bank of England Rachel Lomax, one-time CBI director-general Richard Lambert and economists Nicholas Stern and Tim Besley. They come straight to the point...

This article was published in the Evening Standard on January 31, 2013
Link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Daily Telegraph
UK needs industrial strategy, LSE economists say

Britain urgently needs new institutions to ensure vital infrastructure projects are not derailed by political indecision if the country is to prosper in the future, the London School of Economics has demanded in a "manifesto for growth".

This article was published in The Daily Telegraph on January 31, 2013
Link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

The Financial Times
Politics blamed as bar to growth

The UK's destructive political system stands in the way of the stable environment necessary to encourage investment and growth, a year-long study into growth has concluded. The London School of Economics growth commission made up of high-profile academics, former officials and business leaders, found that insufficient investment - from both the private and public sector - was Britain's "fundamental problem" and needed to be rectified to ensure a strong economic outlook over the next 50 years.

This article appeared in the Financial Times on 31 January 2013 link to article

Related publications
LSE Growth Commission Report - Investing for Prosperity: Skills, Infrastructure and Innovation, by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013 download here

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

You Tube (video)
A Manifesto for Growth: The LSE Growth Commission Report

The UK has failed to invest in key areas needed for long-term growth. How can we change this? Professor John Van Reenen, Director of CEP and co-chair of the LSE Growth Commission, presents a 'manifesto for growth' for the UK economy over the next 50 years, backed up by the Growth Commission's report.

The interview was posted on You Tube on January 30, 2013
Link to video here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
John Van Reenen webpage
Productivity and Innovation Programme webpage
LSE Growth Commission website

Ottawa Citizen (Canada)
Switch off your cellphone, set yourself free

The problem with smartphones, warns [Paul] Dolan, an expert on happiness, is that they distract users' attention from the people around them. ''Turning your phone off and enjoying being with your friends is much better for you than constantly checking your phone and emails'', he told an audience at the Hay Festival in Cartagena, Colombia.

This article was published in the Ottawa Citizen (Canada) on January 30, 2013
Link to article here

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

The Financial Times
Britain needs a long-term prosperity plan

Article by John Van Reenen and Richard Lambert
The UK needs to provide investors with incentives, write John Van Reenen and Richard Lambert. Creating a successful economy requires sustained investment of three basic kinds: people, infrastructure and innovation. This is what drives the increases in productivity on which prosperity depends. Government has a central part to play and needs to develop the right structures to support economic activity and achieve continuity.

This article was published by the Financial Times on January 30, 2013
Link to article here

Related publications
LSE Growth Commission Report - 'Investing for Prosperity: Skills, Infrastructure and Innovation', by Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen, January 2013
Download

Related links
Francesco Caselli webpage
Christopher Pissarides webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage
Macro Programme webpage
LSE Growth Commission website

The Wall Street Journal
If we can't blame uncertainty, what is weighing on growth?

Does a whole lot of uncertainty about government spending and taxes and raising the prospect that the U.S. Treasury won't have cash to pay the bills hold back an economy otherwise ready to take off?

This article was published in The Wall Street Journal on January 30, 2013
Link to article here

Related publications
'Economic Recovery and Policy Uncertainty', CEP US Election Analysis No.2 by Nicholas Bloom and John Van Reenen, October 2012
Policy uncertainty: a new indicator, by Scott R. Baker, Nicholas Bloom and Steven J. Davis. Article in CentrePiece Volume 16, Issue 3, Winter 2011/2012

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

The Agenda
The power of good management

One of my pet causes is the importance of good management. Nicholas Bloom and John Van Reenen have observed that management quality can account much of the persistent difference in productivity across firms in a given sector, and indeed for much of the productivity gap across countries. And so promoting the diffusion of good management practices is arguably one of the best things policymakers can do.

This article was published in The Agenda online on January 30, 2013
Link to article

Related publications
'Management Practices Across Firms and Countries', Nicholas Bloom, Christos Genakos, Rafaella Sadun and John Van Reenen, CEP Discussion Paper No.1109, December 2011

Related links
Nicholas Bloom webpage
Christos Genakos webpage
Rafaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

The Daily Telegraph
Spanish policy under fire as the economy buckles again

Professor Luis Garicano from the London School of Economics said the recovery of EMU sovereign debt markets has not fed through to the real economy, leaving Spanish firms starved of credit and investment. "Credit constraints are forcing Spanish companies to eat up their future," he said.

This article was published in The Daily Telegraph on January 30, 2013
Link to article here

Related links
Luis Garicano webpage
Productivity and Innovation Programme webpage

The Daily Telegraph
It's time to switch off your mobile and set yourself free

The problem with smartphones, warns [Paul] Dolan, an expert on happiness, is that they distract users' attention from the people around them. ''Turning your phone off and enjoying being with your friends is much better for you than constantly checking your phone and emails'', he told an audience at the Hay Festival in Cartagena, Colombia.

This article was published by The Daily Telegraph on January 29, 2013
Link to article here

See also
Daily Express
Six in 10 people hardly...
...cent don't mix with people from their area. Another depressing study. The reason is partly the growth of me, me, me but also smart phones. Prof Paul Dolan, of the London School of Economics, thinks the constant use of these devices stops people relating to others around them and we would all be happier if we turned the damned things.

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

The Daily Telegraph
Spend more without risk, says Nobel laureate

Christopher Pissarides, a professor at the London School of Economics who jointly won the celebrated award in 2010, said the Government could avoid a big increase in the deficit by offsetting borrowing for major road, energy or transport projects against expected tax revenue from the new jobs and economic prosperity they would deliver.

This article was published in The Daily Telegraph on January 29, 2013
Link to article here

Related links
Christopher Pissarides webpage
Macro Programme webpage

The Daily Telegraph
Hay Festival Cartagena: Why the secret of happiness is turning off your mobile phone

People would be more content if they turned off their mobile phones and spent time concentrating on their friends and family rather then checking their emails or text messages, an expert on happiness has said. Professor Paul Dolan, of the London School of Economics, warned that the extraordinary popularity of smartphones meant that users were constantly having their attention drawn to the devices rather than to the people around them.

This article was published in the Daily Telegraph on January 28, 2013
Link to article here

Related links
Paul Dolan webpage
Wellbeing Programme webpage
Paul Dolan CEP Publications webpage

Forbes
The value of management consulting: proven

Now we have science saying it: management consultants add value. A formal study, sponsored by the World Bank and using a control group of factories as well as a treatment group, quantified the results. First year economic benefits exceeded the cost of the consulting - with later years' benefits pure gravy. (Summary in Slate, details from Nick Bloom). The project examined textile factories in India, and I was initially somewhat skeptical that the results would apply here in the United States. After reading the details, I think that American managers can learn a lot from the study.

This article was published by Forbes on January 27, 2013
Link to article here

Related publications
Does Management Matter? Evidence from India, Nicholas Bloom, Benn Eifert, Aprajit Mahajan, David McKenzie and John Roberts, Quarterly Journal of Economics, Volume 128, Issue 1, February 2013
Does Management Matter? Evidence from India, Nicholas Bloom, Benn Eifert, Aprajit Mahajan, David McKenzie and John Roberts, Centre for Economic Performance Discussion Paper No.1042, January 2011

Related links
Nicholas Bloom webpage
Productivity and Innovation Programme webpage

The Independent
George Osborne is destined to be remembered as the most inept Chancellor in British history

Recent work by Paul Gregg and Steve Machin suggests that wages recently have become a lot more responsive to an unemployment shock, that is the wage unemployment elasticity of pay (the "wage curve") has risen. My own research suggests that hasn't happened in the United States, which may help to explain why it has had a much bigger rise in unemployment for around half the drop in output the UK had. Until workers start to see a growth in their real earnings, this economy is going nowhere. Maybe those folks in Davos should think about sharing some of their profits with their workers. Hey boss, can I have a pay rise?

This article was published in The Independent on January 27, 2013
Link to article here

Related publications
What a drag: the chilling impact of unemployment on real wages, Paul Gregg and Stephen Machin. Resolution Foundation Report, September 2012

Related links
Stephen Machin webpage
Labour Markets Programme webpage

Financial Times
What price a top state school?

"A link between better schools and higher house prices is one of the most stable empirical regularities worldwide", writes the economist Steve Gibbons in Centrepiece, a magazine published by the LSE's Centre for Economic Performance. His colleague Stephen Machin has published a more academic review of the literature, reaching much the same conclusion: the ability to send your children to one of the best schools rather than one of the worst will add 15 to 20 per cent to the value of your home. (Internationally, estimates range from about 5 per cent to 40 per cent.)

This article was published in the Financial Times on January 25, 2013
Link to article here

Related publications
Big ideas: valuing schooling through house prices, Steve Gibbons. Article in CentrePiece Volume 17, Issue 2, Autumn 2012
'Houses and Schools: Valuation of School Quality through then Housing Market - EALE 2010 Presidential Address', Stephen Machin, Centre for Economic Performance Occasional Paper No.29, May 2011

Related links
Steve Gibbons webpage
Steve Machin webpage
Education and Skills Programme webpage
CEE webpage

Reuters
Studies outline cost of crime in Latin America

Crime doesn't pay is a familiar adage. But it certainly costs.

A series of original studies commissioned by the Inter-American Development Bank (IDB) quantify the costs of crime and violence in Latin America and the Caribbean using a combination of crime, health and economic statistics to come to fresh conclusions. In Brazil, one study found people pay an extra $13 billion to gain a sense of security alone, while in Uruguay economic activity suffers a negative impact of more than 3.0 percent of gross domestic product, while long-term generational impacts are found on the health of babies born to mothers who suffer from physical violence.

In a separate study, pregnant women in Brazil are more likely to give birth to underweight babies if they live in high crime areas and are themselves poorly educated. ''This suggests that violence adds up to the mechanisms that affect the transmission of socioeconomic status between parents and their offspring'', wrote researchers at the University of Leicester and Queen Mary University of London.

This article was published by Reuters online on January 24, 2013
Link to article here

Related publications
Life and Death in the Favelas. An analysis of the effect of homicide rates on birth outcomes in Brazil, Martin Foureaux Koppensteiner and Marco Manacorda, conference paper, January 2013.

Related links
Marco Manacorda webpage
Labour Markets Programme webpage

Wall Street Journal
Banking crises do lasting damage to productivity

Banking crises appear to hurt national productivity more than other financial disasters like hyperinflation and currency collapses, Bank of England researchers reported Thursday, in findings that may shed light on a puzzling weakness in Britain's economy and influence the central bank's response. BOE staffers Nicholas Oulton and Maria Sebastia-Barriel said in a paper published by the U.K. central bank that their research shows banking crises have "a substantial and statistically significant effect on both the short-run growth rate of labor productivity and the long-term level of labor productivity."

This article was published in The Wall Street Journal on January 24, 2013
Link to article here

Related publications
'Long and ShortTerm Effects of the Financial Crisis on Labour Productivity, Capital and Output', Nicholas Oulton and Maria Sebastia-Barriel, Centre for Economic Performance Discussion Paper No.1185, January 2013

Related links
Nick Oulton webpage
Productivity and Innovation Programme webpage

Afaqs
BBC World News names Linda Yueh as Chief Business Correspondent

Today BBC World News announced the appointment of Linda Yueh as Chief Business Correspondent, a new Singapore-based position that signals the channel's continuing commitment to Asia and determination to expand the breadth and depth of its international business coverage. Linda Yueh was most recently the London-based Economics Editor for Bloomberg Television and brings with her a wealth of experience in business journalism. Prior to joining Bloomberg, she was a full-time economist and a regular media commentator. She is currently a Fellow in Economics at Oxford University and an Adjunct Professor at the London Business School. Linda Yueh is also an associate of the London School of Economics and Political Science's Centre for Economic Performance as well as of IDEAS: the International Affairs, Diplomacy & Strategy research centre. She previously worked as an international corporate lawyer with the New York-based law firm of Paul, Weiss, Rifkind, Wharton & Garrison and served as a special advisor to the World Economic Forum (WEF) in Davos, Switzerland. Linda Yueh has also consulted and advised a number of international organizations and governments.

This article appeared on AFAQS.com on January 23, 2013
Link to article here

Related links
Linda Yueh webpage
Globalisation Programme webpage

DeHavilland (press release)
Lords second reading - mental health (discrimination) (No. 2) Bill

I am sure that noble Lords are well aware of the recent report by the London School of Economics' Centre for Economic Performance, which found that mental ...

The DeHavilland press briefing was published on January 18, 2013
Link to the release here

Related publications
In brief: Mental illness and the NHS, Richard Layard. Article in CentrePiece Volume 17, Issue 2, Autumn 2012
The article summarises How Mental Illness Loses Out in the NHS, a report by CEP's Mental Health Policy Group published June 2012.

Related links
Richard Layard webpage
Wellbeing Programme webpage
Mental Health Policy Group webpage

The Wall Street Journal
Last debt ceiling debate indicates more economic hurt likely as another fight looms

The debt ceiling debate in 2011 was pretty scary, and it hurt the economy, said Nicholas Bloom, an economics professor at Stanford University who has studied the relationship between uncertainty about government policy and economic activity. I think that will happen again, and I’m worried.

This aritlce appeared in the Wall Street Journal on 18 January 2013 link to article

Related publications
Economic Recovery and Policy Uncertainty CEP US Election Analysis No.2 by Nicholas Bloom and John Van Reenen, October 2012
Policy uncertainty: a new indicator, by Scott R. Baker, Nicholas Bloom and Steven J. Davis. Article in CentrePiece Volume 16, Issue 3, Winter 2011/2012

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

The Independent on Sunday
Is this the loneliest generation?

It is the latest in a number of attempts to gauge, and change, the national mood: Tony Blair appointed the LSE academic Lord Layard as his "happiness tsar", while David Cameron has previously tried to measure people's well-being. In each case, the driving aim was to cut health and social welfare costs by making people feel better about their lot.

This article appeared in the Independent on Sunday on 13 January 2013 link to artilce

Related links
Richard Layard webpage
Wellbeing Programme webpage
Happiness research webpage

The Wall Street Journal
In defence of the CEO

A study conducted last year by Oriana Bandiera of the London School of Economics, with Columbia's Andrea Prat and Harvard's Raffaella Sadun assembled time diaries for hundreds of Indian CEOs. (With other collaborators, they have done similar research on smaller samples of Italian and American executives.)

This article appeared in The Wall Street Journal on 11 Jan 2013 link to article

Related publications
What Do CEOs Do? Oriana Bandiera, Luigi Guiso, Andrea Prat and Raffaella Sadun, Centre for Economic Performance Discussion Paper No.1145, May 2012
Matching Firms, Managers, and Incentives Oriana Bandiera, Luigi Guiso, Andrea Prat and Raffaella Sadun, Centre for Economic Performance Discussion Paper No.1144, May 2012

Related links
Raffaella Sadun webpage
Productivity and Innovation Programme webpage

Financial Times
Academies overpaid in Whitehall funding blunder

But schools that now become academies do not get a management change nor are they failing. Stephen Machin, a professor at LSE who led the research on the original academies, said it ''may be, in due course, that these new academies do deliver performance improvements. But we know nothing of this yet''.

This article was published by the Financial Times on January 10, 2013
Link to article webpage

Related publications
'Changing School Autonomy: Academy Schools and their Introduction to England's Education', Stephen Machin and James Vernoit, CEE Discussion Paper No.123, April 2011
Academy schools: who benefits?, Stephen Machin and James Vernoit. Article in CentrePiece Volume 15, Issue 2, Autumn 2012
For further reading : A Note on Academy School Policy, CEP Policy Analysis, Stephen Machin and James Vernoit (2010)

Related links
Stephen Machin webpage
James Vernoit webpage
Education and Skills Programme webpage
CEE website

Financial Times
American industry is on the move

High quality global journalism requires investment. On Friday an exhaustive survey of management practices at 30,000 US manufacturing establishments was released. Two of the authors, Nick Bloom and John Van Reenen, had previously shown that US companies were, on average, better managed than foreign rivals. A striking conclusion of their study is that US manufacturers continue to get better, particularly when it comes to capturing and analysing data on everything from customer behaviour to production-line efficiencies.

This article was published in the Financial Times on January 8, 2013
Link to article here

Related publications
'Management Practices Across Firms and Countries', Nicholas Bloom, Christos Genakos, Rafaella Sadun and John Van Reenen, Centre for Economic Performance Discussion Paper No.1109, December 2011

Related links
Nicholas Bloom webpage
Christos Genakos webpage
Rafaella Sadun webpage
John Van Reenen webpage
Productivity and Innovation Programme webpage

City AM
Daft planning rules are pushing up the price of food in shops

Once again, misguided rules are responsible for Britain's woes and for the excessively high prices that are hurting all of us - and the poor especially badly. As explained in an excellent paper by Paul Cheshire, Christian Hilber and Ioannis Kaplanis, published by the London School of Economics' spatial economics centre, planning policies, including the notorious ''town centre first'' ideology, have had a devastating impact on retailers' productivity - and thus pushed up the cost of food and goods sold by supermarkets.

This article was published by City AM on January 8, 2013
Link to article here

Related publications
Land use planning: the impact on retail productivity, Paul Cheshire, Christian Hilber, Ioannis Kaplanis. Article in CentrePiece Volume 16, Issue 1, Summer 2011
'Evaluating the Effects of Planning Policies on the Retail Sector: Or do Town Centre First Policies Deliver the Goods?', Paul Cheshire, Christian A. L. Hilber and Ioannis Kaplanis, Spatial Economics Research Centre Discussion Paper No.66, January 2011

Related links
Paul Cheshire webpage
Christian Hilber webpage
SERC website

Informatia Zilei (Rumania)
Adolescentii care se declara fericiti vor castiga mai multi bani la maturitate

Intr-un studiu efectuat pe mai bine de 10.000 de americani, cei care au trait zilnic mai multe emotii pozitive si care s-au declarat mai satisfacuti de propriile vieti in adolescenta castigau mai multi bani la varsta de 29 de ani, arata un nou studiu efectuat de Jan-Emmanuel De Neve, profesor la University College London si la London School of Economics, si de Andrew Oswald, profesor de economie la University of Warwick.

In a study conducted on more than 10,000 Americans, those who lived daily with more positive emotions and who have declared themselves satisfied with their own lives more in his teens earned more money at the age of 29 years, shows a new study by Jan-Emmanuel De Neve, a professor at University College London and the London School of Economics, and Andrew Oswald, Professor of Economics at the University of Warwick.


The article was published by Informatia Zilei on January 7, 2013
Link to article here

Related publications
'Estimating the Influence of Life Satisfaction and Positive Affect on Later Income Using Sibling Fixed-Effects', Jan-Emmanuel De Neve and Andrew J. Oswald, Centre for Economic Performance No.1176, November 2012

Related links
Jan Emmanuel De Neve webpage
Wellbeing Programme webpage

Guardian
White working-class males: how to get more into university

Second, we need to move beyond the often polarised debate between blaming universities and blaming schools. It is true that according to the General Teaching Council, one in four primary schools has no male teachers. Similarly, according to the Centre for Economic Performance at the LSE, boys at secondary schools believe female teachers will give them lower grades – and invest less effort as a consequence.

This article was published by the Guardian on January 7, 2013
Link to article here

Related publications
'Students' Perceptions of Teacher Biases: Experimental Economics in Schools' by Amine Ouazad and Lionel Page, Centre for the Economics of Education Discussion Paper No. 133, January 2012
Pupils' progress: how children's perceptions influence their efforts Amine Ouazad and Lionel Page. Article in CentrePiece Volume 16, Issue 3, Winter 2011/2012

Related links
Amine Ouazad webpage
Amine Ouazad CEP publications webpage
Education and Skills Programme webpage
Centre for the Economics of Education website