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Universommma.it (Italy)

Trovato il segreto della felicita per I bambini di oggi: parola di esparto/Found the secret of happiness for today's children: word of esparto

Trovato il segreto della felicita per I bambini di oggi: parola di esparto/Found the secret of happiness for today's children: word of esparto

After investigating the factors that in a person's life can predict if they will have a happy life, a team led by one of the most famous experts of "happiness", Professor Richard Layard, has carried out a study that could be controversial. The study of the Wellbeing research program of the London School of Economics' Center for Economic Performance entitled "What Predicts to Successful Life? A Life-course Model of Well-Being ", published in the Economic Journal, aims to change the point of view of education in recent years.

Related publications

What predicts a successful life? A life-course model of well-being", Andrew E Clark, Francesca Cornaglia, Richard Layard, Nattavudh Powdthavee and James Vernoit, The Economic Journal, 124(F720-738), November 2014


Related Links:
Universommma.it (Italy) - Trovato il segreto della felicita per I bambini di oggi: parola di esparto/Found the secret of happiness for today's children: word of esparto

What Predicts a Successful Life? A Life-Course Model of Well-Being

What Predicts a Successful Life? A Life-Course Model of Well-Being

CEP Wellbeing

Richard Layard webpage



News Posted: 16/01/2018      [Back to the Top]

Original 106 FM

(1/15/2018 9:00:24 AM)

Type: Broadcast
Mention of LSE report which said that Aberdeen would be the UK city worst hit by a hard Brexit.


Related Links:
Original 106 FM - (1/15/2018 9:00:24 AM)

The Local Economic Effects of Brexit

CEP Labour Markets CEP Trade CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 15/01/2018      [Back to the Top]

Kaplan Herald (USA)

Rockland: cellphones at school? The principles differ

Students scored almost seven percent higher following strict phone bans at school, according to a 2015 study published by the Center for Economic Performance at the London School of Economics.


Related Links:
Kaplan Herald (USA) - Rockland: cellphones at school? The principles differ

In brief... Phone home: should mobiles be banned in schools?

Ill Communication: Technology, Distraction & Student Performance

CEP Education and Skills

Richard Murphy webpage



News Posted: 15/01/2018      [Back to the Top]

The News Lens (China)

Raise the base salary a handful of winners or universal win?

Taiwan has recently raised the basic wage, the issue of whether the basic salary workers benefit from rekindling. However, do you think about it, the salary is higher than the basic wage of many workers, and the soaring what is the relationship? The same as consumers, we should look at this policy? Finally, what can the government do and must do to establish the legal wage standard? What to do? Since April 2016, the United Kingdom has raised its basic salary from the current hourly wage of 6.5 yuan to 7.2 yuan and is expected to be raised to 9 pounds by 2020. For the first time in Germany, the minimum wage of 8.5 euros per hour was adopted in 2015; Japan also raised the minimum wage on July 29, 2015 to an hourly rate of 798 yen (on average for all provinces). There seems to be a trend of raising basic wages all over the world. Regardless of whether the policy is pre-election policy beef or not, the debate on basic wage adjustment, whether at the state or city level, can be seen in various parts of the world as early as decades ago.

Reference:  Autor, David, Alan Manning and Christopher Smith.2010. The Contribution of the Minimum Wage to U.S. Wage Inequality over Three Decades: A Reassessment. NBER Working Paper 16533.

 

Related publications

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:
The News Lens (China) - Raise the base salary a handful of winners or universal win?

CEP Community

Alan Manning webpage



News Posted: 15/01/2018      [Back to the Top]

Original 106 FM

Original 106 FM (7:00:48 AM)

Mention of LSE report which found Aberdeen would be worst hit by a hard Brexit.


Related Links:
Original 106 FM - Original 106 FM (7:00:48 AM)

The Local Economic Effects of Brexit

CEP Trade CEP Urban and Spatial Programme CEP Labour Markets

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 15/01/2018      [Back to the Top]

The Gleaner (Jamaica)

In-school productivity campaign/millennials & telecommuting – productivity myths busted by recent research

A study conducted in 2013 by Nicholas Bloom, professor of economics at Stanford University, and graduate student James Liang, who is a co-founder of Chinese travel website Ctrip, proved that working at home increased productivity and should be encouraged in the business environment. The study involved 249 employees in the airfare and hotel departments of the Shanghai Call Center who volunteered to work from home for nine months. Half the volunteers would telecommute, while the rest remained in the office as a control group.


Related Links:
The Gleaner (Jamaica) - In-school productivity campaign/millennials & telecommuting – productivity myths busted by recent research

Does Working from Home Work? Evidence from a Chinese Experiment

CEP Growth

Nick Bloom webpage



News Posted: 15/01/2018      [Back to the Top]

Financial Times

More grammar schools and lower tuition fees are not the answer – the reshuffle at education could mean taking another wrong turn on social mobility

The first criticism of Ms Greening was that she was insufficiently radical in pursuing structural reform — more academies, free schools and grammar schools. Research by the LSE, the Education Policy Institute (EPI) and others has demonstrated that the early academies set up in the Blair era were notably successful in raising attainment in some of the most challenging and disadvantaged schools in the country. But analysis of recent reforms tends to support the cautious Greening approach. LSE research finds little or no significant attainment effects from the more recent academies programme, while an EPI study indicates that claims about the impacts of the free schools programme are exaggerated.


Related Links:
Financial Times - More grammar schools and lower tuition fees are not the answer – the reshuffle at education could mean taking another wrong turn on social mobility

Academy schools and pupil outcomes

Academies 2: The New Batch

The Introduction of Academy Schools to England's Education

CEP Education and Skills

Andrew Eyles webpage

Stephen Machin webpage



News Posted: 14/01/2018      [Back to the Top]

I News

Secrets to a happy life? Marriage, socialising, dinner

Article by Nattavudh Powdthavee

According to Richard Layard, Professor of economics and director of the Wellbeing programme at the London School of Economics, happiness is simply “feeling good – enjoying life and feeling it is wonderful”. However, when we dig a little deeper into the meanings of the word, social scientists like me have discovered that happiness as we understand it can be categorised in three ways.


Related Links:
I News - Secrets to a happy life? Marriage, socialising, dinner

CEP Wellbeing

Nattavudh Powdthavee webpage



News Posted: 14/01/2018      [Back to the Top]

Handbook of the economics of education vol 3

Handbook of the economics of education vol 3

The Government and Public Sector Report has been published today. It provides updated in 2018 year analysis of Government and Public Sector Industries.

How does education affect economic and social outcomes, and how can it inform public policy? Volume 3 of the Handbooks in the Economics of Education uses newly available high quality data from around the world to address these and other core questions.  With the help of new methodological approaches, contributors cover econometric methods and international test score data.  They examine the determinants of educational outcomes and issues surrounding teacher salaries and licensure.  And reflecting government demands for more evidence-based policies, they take new looks at institutional feaures of school systems.  Volume editors Eric A. Hanushek (Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emerging research on the economics of education and prior work.  In conjunction with Volume 4, they measure our current understanding of educational acquisition and its economic and social effects. 


Related Links:
Handbook of the economics of education vol 3 - Handbook of the economics of education vol 3

CEP Labour Markets

Stephen Machin webpage



News Posted: 13/01/2018      [Back to the Top]

European Union News

New education secretary must focus on improving quality of early childhood education

Guildford: University of Surrey, of United Kingdom has issued the following news release: Researchers from the University of Surrey, Dr Jo Blanden and Professor Sandra McNally, and University College London, Dr Kirstine Hansen, have completed a comprehensive five-year study on ECEC, funded by the Nuffield Foundation. Using administrative data on all children in preschools and the first years of schooling they found that the policy, introduced by the Labour government in 1998, has had little impact on the educational outcomes of children who have participated


Related Links:
European Union News - New education secretary must focus on improving quality of early childhood education

Quality in Early Years Settings and Children’s School Achievement

CEP Education and Skills

Jo Blanden webpage

Sandra Mcnally webpage



News Posted: 13/01/2018      [Back to the Top]

European Union News

New education secretary must focus on improving quality of early childhood education

Guildford: University of Surrey, of United Kingdom has issued the following news release: Researchers from the University of Surrey, Dr Jo Blanden and Professor Sandra McNally, and University College London, Dr Kirstine Hansen, have completed a comprehensive five-year study on ECEC, funded by the Nuffield Foundation. Using administrative data on all children in preschools and the first years of schooling they found that the policy, introduced by the Labour government in 1998, has had little impact on the educational outcomes of children who have participated.


Related Links:
European Union News - New education secretary must focus on improving quality of early childhood education

Quality in Early Years Settings and Children’s School Achievement

CEP Education and Skills

Jo Blanden webpage

Sandra Mcnally webpage



News Posted: 13/01/2018      [Back to the Top]

Financial Times

It’s not the economy, stupid

Snippet: ...he Human Development Index (HDI) devised by Pakistani economist Mahbub ul Haq in 1990, and widely used in international development since then. Others, such as the measures of happiness promoted by Richard Layard of the London School of Economics, have yet to break i...


Related Links:
Financial Times - It’s not the economy, stupid

CEP Wellbeing

Richard Layard webpage



News Posted: 13/01/2018      [Back to the Top]

The Times

Letter to the Editors - Suggestions for the new education secretary

A 2016 analysis by Stephen Machin and his colleagues at the London School of Economics found that the new phonics mandates were associated with only modest improvements in reading scores by the age of 5, and that those gains disappeared entirely by age 11. If Damian Hinds really wants to make a difference in schools he should instead invest money into the one activity that has been consistently proven to boost reading achievement: putting more books into the school library.

http://cep.lse.ac.uk/textonly/_NEW2014/news/Times11Jan2018_Letter.pdf


Related Links:
The Times - Letter to the Editors - Suggestions for the new education secretary

in brief... Children's reading: evaluating a new teaching method

"Teaching to Teach" Literacy

CEP Education and Skills

Stephen Machin webpage

Sandra Mcnally webpage



News Posted: 12/01/2018      [Back to the Top]

Nuffield Foundation

Early childhood education has had little impact on outcomes since the inception of the free entitlement and politicians must now focus efforts on quality

Authors of a comprehensive study on Early Childhood Education and Care (ECEC) funded by the Nuffield Foundation have called on the Secretary of State for Education to focus on improving the quality of the free entitlement to part time nursery care for 3-year-olds.

Researchers from the University of Surrey, Dr Jo Blanden and Professor Sandra McNally, and University College London, Dr Kirstine Hansen, have completed a comprehensive five-year study on ECEC, funded by the Nuffield Foundation. Using administrative data on all children in preschools and the first years of schooling they found that the policy, introduced by the Labour government in 1998, has had little impact on the educational outcomes of children who have participated.


Related Links:
Nuffield Foundation - Early childhood education has had little impact on outcomes since the inception of the free entitlement and politicians must now focus efforts on quality

Quality in Early Years Settings and Children’s School Achievement

CEP Education and Skills

Jo Blanden webpage

Sandra Mcnally webpage



News Posted: 11/01/2018      [Back to the Top]

BBC Radio Kent

(1/11/2018 6:50:11 AM)

Snippet... there has been a study by the London School of Economics which found where mobiles were banned test scores improved. Richard Murphy, one of the authors, is interviewed o...


Related Links:
BBC Radio Kent - (1/11/2018 6:50:11 AM)

In brief... Phone home: should mobiles be banned in schools?

Ill Communication: Technology, Distraction & Student Performance

CEP Education and Skills

Richard Murphy webpage



News Posted: 11/01/2018      [Back to the Top]

BBC Radio Kent

(1/11/2018 6:50:11 AM)


Related Links:
BBC Radio Kent - (1/11/2018 6:50:11 AM)





News Posted: 11/01/2018      [Back to the Top]

BBC Radio Kent

(1/11/2018 6:50:11 AM)


Related Links:
BBC Radio Kent - (1/11/2018 6:50:11 AM)





News Posted: 11/01/2018      [Back to the Top]

Guardian

Does London mayor Sadiq Khan’s Brexit report stack up?

A no-deal Brexit would leave Britain’s economy diminished and its people poorer. That is the conclusion of the economic forecast commissioned by the mayor of London, Sadiq Khan from Cambridge Econometrics. It’s not the first report to argue that crashing out of the European Union would be bad for business, but it is one of the most comprehensive and draws on a wide range of existing studies. It concludes: “The more severe the type of Brexit, the greater the negative impact will be on the UK.”… The London School of Economics has showed how changes in tariffs and regulations can change the level of imports and exports. The Cambridge study used this study, but ditched widely held economic law, known as the gravity model, that argues countries trade with their neighbours first and foremost, in favour of simple cause and effect of trade barriers on current business relationships.

Related publications

Greater London Authority – ‘Preparing for Brexit’, Final Report from Cambridge Econometrics, January 2018

https://www.london.gov.uk/sites/default/files/preparing_for_brexit_final_report.pdf

 

CEP citation references:

Related Links

Urban and Spatial Programme webpage:  http://cep.lse.ac.uk/_new/research/urban/default.asp


Related Links:
Guardian - Does London mayor Sadiq Khan’s Brexit report stack up?

The Local Economic Effects of Brexit

The impact of Brexit on foreign investment in the UK

The consequences of Brexit for UK trade and living standards

The Impact of Training on Productivity and Wages: Evidence from British Panel Data

CEP Growth CEP Labour Markets CEP Trade

Swati Dhingra webpage

Stephen Machin webpage

Gianmarco Ottaviano webpage

Henry Overman webpage

Thomas Sampson webpage

John Van reenen webpage



News Posted: 11/01/2018      [Back to the Top]

The Australian

Premium paid to employees of big firms has ‘collapsed’ in US

But more recently, that premium has shrunk to just 20 per cent, Stansford University economist Nicholas Bloom and his co-authors found in an analysis of millions of federal income data from the late 1970s through 2013. The study was presented at the annual meeting of the American Economic Association.

[No link available]

 

Related publications

‘Corporations in the age of inequality’, Nicholas Bloom, Harvard Business Review – The Big Idea, March 2017

https://hbr.org/cover-story/2017/03/corporations-in-the-age-of-inequality


Related Links:
The Australian - Premium paid to employees of big firms has ‘collapsed’ in US

CEP Growth

Nick Bloom webpage



News Posted: 11/01/2018      [Back to the Top]

Guardian

Does London mayor Sadiq Khan's Brexit report stack up?

A no-deal Brexit would leave Britain’s economy diminished and its people poorer. That is the conclusion of the economic forecast commissioned by the mayor of London, Sadiq Khan from Cambridge Econometrics. It’s not the first report to argue that crashing out of the European Union would be bad for business, but it is one of the most comprehensive and draws on a wide range of existing studies. It concludes: “The more severe the type of Brexit, the greater the negative impact will be on the UK.”… The London School of Economics has showed  how changes in tariffs and regulations can change the level of imports and exports. The Cambridge study used this study, but ditched widely held economic law, known as the gravity model, that argues countries trade with their neighbours first and foremost, in favour of simple cause and effect of trade barriers on current business relationships. 

Related publication:  Greater London Authority – ‘Preparing for Brexit’, Final Report from Cambridge Econometrics, January 2018 https://www.london.gov.uk/sites/default/files/preparing_for_brexit_final_report.pdf


Related Links:
Guardian - Does London mayor Sadiq Khan's Brexit report stack up?

The Local Economic Effects of Brexit

The impact of Brexit on foreign investment in the UK

The consequences of Brexit for UK trade and living standards

The Impact of Training on Productivity and Wages: Evidence from British Panel Data

CEP Trade CEP Growth CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Gianmarco Ottaviano webpage

John Van reenen webpage

Henry Overman webpage

Thomas Sampson webpage



News Posted: 11/01/2018      [Back to the Top]

Les Échos

Les nouveaux mystères de la productivité/The new mysteries of productivity

But these explanations are not enough. Economists therefore questioned the measure. And if productivity gains were too new to be detected by traditional statistical tools? In the United States, for example, the states with the highest patent densities are those with the lowest productivity gains. Economist Philippe Aghion, a professor at the Collège de France, published works estimating "missing growth" in several countries.


Related Links:
Les Échos - Les nouveaux mystères de la productivité/The new mysteries of productivity

CEP Growth

Philippe Aghion webpage



News Posted: 10/01/2018      [Back to the Top]

Mortgage Introducer

Stamp duty changes won’t loosen market

The cut in stamp duty for first-time buyers was good news but more needs to be done to help overcome the housing crisis, according to the chief executive of the Family Building Society, Mark Bogard.

It followed a report from the London School of Economics, sponsored by Family Building Society, which found that the tax was preventing many people from moving. This was particularly in London and the South East where property values are significantly higher than elsewhere in the UK.

 Related publications

Transfer Taxes and Household Mobility: Distortion on the Housing or Labor Market?’, Christian Hilber and Teemu Lyytikäinen, SERC/Urban and Spatial Programme Discussion Paper No.216, June 2017

http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0216.pdf

‘Transfer Taxes and Household Mobility: Distortion on the Housing or Labor Market?’, Christian Hilber and Teemu Lyytikäinen, Journal of Urban Economics 101, September 2017

https://www.sciencedirect.com/science/article/pii/S0094119017300542

 


Related Links:
Mortgage Introducer - Stamp duty changes won’t loosen market

CEP Urban and Spatial Programme

Christian Hilber webpage



News Posted: 10/01/2018      [Back to the Top]

Financial Times

The case for a special NHS tax

Snippet: ... Mrs May was asked about it in a television interview on Sunday. She was doubtful but some Conservatives, such as the former cabinet member Oliver Letwin, like the idea. Other admirers include the LSE professor Richard Layard, who sits as a Labour peer in the House of Lords...


Related Links:
Financial Times - The case for a special NHS tax

CEP Wellbeing

Richard Layard webpage



News Posted: 09/01/2018      [Back to the Top]

Vox Video

Brexit and living standards

The average British household is already worse off than it was before the Brexit vote. Dennis Novy and Thomas Sampson discuss how much of the rise in inflation is due to Brexit. Higher prices are costing the average household £404 a year.


Related Links:
Vox Video - Brexit and living standards

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 08/01/2018      [Back to the Top]

CEP mentions in Parliament

LSE Growth Commission work was mentioned by Viscount Chandos

LSE Growth Commission work was mentioned by Viscount Chandos in a House of Lords debate on Industrial Strategy on evening of 8 January 2018:

In a debate on Industrial Strategy in the House of Lords Viscount Chandos referred to a statement in a recent paper written by Anna Valero and Richard Davies at CEP. Visount Chandos, co-founder of the Social Market Foundation, opened his speech with the line that "Every government has an industrial strategy, however it is articulated". 

Viscount Chandos (Lab)
My Lords, at this late stage in the evening, I will try to speak briefly, with other noble Lords having already made many interesting contributions in response to the "compendium", as the noble Lord, Lord Maude, has called the White Paper. I start by drawing the attention of the House to my entry in the register of interests.

"Every government has an industrial strategy however it is articulated",

wrote Anna Valero and Richard Davies of the LSE in a recent paper. On that basis, perhaps even the nine different strategies that my noble friend Lady Young has counted are an underestimate. But the articulation of a strategy is important and, as the noble Lord, Lord Wrigglesworth, said, over the years—from Sajid Javid back to Nicholas Ridley, who in the Thatcher Government saw his role as Secretary of State to abolish the Department of Trade and Industry—there have been periods of industrial policy minimalism. So we should perhaps welcome the recognition by the current Prime Minister of an articulated industrial strategy. However, to adapt Dr Johnson, I feel churlishly that a Conservative industrial strategy is like the dog walking on its hind legs: it is not done well but you are surprised to find it done at all.

As the co-founder 30 years ago this year of the Social Market Foundation, I was heartened by the advocacy of the social market by the noble Lord, Lord Howell. Indeed, the noble Lord, Lord Wrigglesworth, invoked the Social Democratic Party, for which the social market economy was a central policy. It seems that the noble Lord, the Secretary of State, the noble Lord, Lord Horam, and I have all drunk together from that cup. In a social market, the Government's duty is to intervene when there is market failure—but only then, whether that failure is on the one hand the abuse of oligopolistic power, or on the other hand underinvestment.

On the terms of the White Paper, I would like to talk principally about ideas and the business environment, and in particular the importance of venture capital. Last week, the Secretary of State for Transport talked about his confidence that the UK could be a world leader in autonomous vehicles, based on technological excellence and regulatory liberalism, if not laxness. If Mr Grayling is still Secretary of State, he seems to have been a victim earlier today of some faulty autonomous tweeting. I draw his attention to the advice of the noble Lord, Lord Heseltine, not to confuse healthy ambition with unrealistic assumptions. The network effect is likely to give a huge advantage to companies with scale, such as Waymo and Baidu. I hope and believe that the UK can contribute significantly to autonomous driving and other emerging technologies, but I am not sure it is helpful to couch it in terms of market leadership.

Autonomous driving will rely heavily on artificial intelligence and deep learning, another area of innovation highlighted in the White Paper. It may be worth bearing in mind in this context that 43% of all academic papers ever written on AI have had at least one author who is Chinese. As the noble Lord, Lord Heseltine, said, we face formidable competition. I hope the argument that students should not be included in the main migration figures, which the Prime Minister has so far ignored, even from within her own Cabinet, might yet succeed.

Another way of illustrating the scale of the challenge that the UK faces is to consider the availability of venture capital investment to support early-stage high-technology companies. I think it was Professor Ronald Gilson of Stanford and Columbia Universities who wrote that:

"Venture capital … is widely recognized as a powerful engine that can drive a nation's innovation, job creation, knowledge economy, and macroeconomic growth".

In 2015, $36 billion of venture capital funds were raised in the US and $30 billion in China, where the figure is up six times in 10 years. In Europe as a whole, only around $6 billion equivalent was raised. The British Venture Capital Association records only the funds raised by its members, so underestimates to some degree the size of the total UK market. Its figure for 2015 was only $700 million equivalent.

The White Paper and the November Budget drew on the patient capital review, commissioned in 2016. One of the recommendations from the industry panel was for a patient capital investment vehicle capable of co-investing £1 billion per annum in knowledge economy companies. In the event, the Government have announced a £2.5 billion fund over 10 years, to be run by the British Business Bank. That is around one-quarter of the amount recommended and it is to be floated or sold as soon as is possible—and this at a time when UK venture capital funds will be losing, in all likelihood, up to £400 million per annum of investment from the European Investment Fund, the SME arm of the EIB.

Why has the UK, with its powerful position in financial services, been so weak in the development of a venture capital industry in keeping with its academic, technological and entrepreneurial strengths? There is a clue perhaps in an article from Forbes magazine in April 2016. Forbes is not a magazine for bleeding-heart liberals, nor, I suspect, is it even the second-favourite reading of my right honourable friend the shadow Chancellor, but the headline of the article read: "How the UK's Growth Businesses Became Addicted to Tax Relief". The article was reporting on research commissioned by Her Majesty's Treasury from Ipsos MORI that found that 40% of all investment under tax-advantaged EIS and VCT schemes would, in the view of the investors and the investee company, still have happened without any tax relief. Seventy-nine per cent of investors said that the principal reason for investing was to gain the tax relief. In 2012-13, £2 billion of EIS and VCT investments were made, implying the loss or deferral of tax revenues of between £600 million and £1 billion. The Government have in the November budget proposed some tightening of the rules for EIS and VCT eligibility to prevent, they hope, low-risk investments benefiting from tax relief as they have done in recent years.

However, this is a never-ending treadmill, remembering similar initiatives as far back as the 1980s and 1990s. Up-front tax breaks will invariably attract risk-averse investors and ingenious intermediaries. Even for risk investments there may be little or no additionality yet, at the same time as tightening the eligibility, the Government propose a doubling of annual limits for both investors and companies.

There are two adverse consequences of this: one is the loss of tax revenue and the other, arguably even more important, is the distortion of the market. Thirty years of tax-advantaged investing in unlisted shares—unique in major economies—has contributed significantly to the stunting of a professional institutional venture capital industry on the scale necessary to support our knowledge economy and comparable with those in our principal competing centres.

Breaking an addiction can involve cold turkey, not an appetising prospect for any of us—particularly at this time of year—so I accept that, even if this argument is regarded as valid, any further changes may have to be phased in. However, the Government have a long way to go before there is an effective venture capital industry to support the knowledge economy.

Related articles

‘Towards a modern UK industrial strategy’, Anna Valero and Richard Davies, LSE Business Review blog, 19 September 2017

http://blogs.lse.ac.uk/businessreview/2017/09/19/towards-a-modern-uk-industrial-strategy/

 

Related publications

UK Growth: A new chapter, LSE Growth Commission Report 2017

http://www.lse.ac.uk/researchAndExpertise/units/growthCommission/documents/pdf/2017LSEGCReport.pdf

Related links

LSE Growth Commission website:  http://www.lse.ac.uk/researchAndExpertise/units/growthCommission/home.aspx


Related Links:
CEP mentions in Parliament - LSE Growth Commission work was mentioned by Viscount Chandos

CEP Growth

Richard Davies webpage

Anna Valero webpage



News Posted: 08/01/2018      [Back to the Top]

Financial Times

The case for a special UK health service tax

Even as NHS crises come around like comets, the ritual is the same each time. Producer interests want more money. Ministers want structural reform. The difference is split and the NHS creaks arthritically on. (The third option, of rationing some services, namely the expensive treatment of people with not long to live, is too dark to entertain.) If anything feels different this time, it is the momentum behind the idea of a dedicated NHS tax. Mrs May was asked about it in a television interview on Sunday. She was doubtful but some Conservatives, such as the former cabinet member Oliver Letwin, like the idea. Other admirers include the LSE professor Richard Layard, who sits as a Labour peer in the House of Lords, and Nicholas Macpherson, once permanent secretary of the sceptical Treasury.


Related Links:
Financial Times - The case for a special UK health service tax

CEP Wellbeing

Richard Layard webpage



News Posted: 08/01/2018      [Back to the Top]

MIT News

Innovation, meet organization

Economist John Van Reenen studies the creation and use of technology, from the R&D lab to the workplace

Long before John Van Reenen became a professor at MIT, he was studying MIT topics in an MIT style. “Technology has always been one of the motivations of my work,” says Van Reenen, a high-profile economist who joined the MIT faculty in 2016. More specifically, he adds, he likes to explore “how people come up with ideas, and how ideas spread, among firms and across countries.” In short, Van Reenen studies how our modern world keeps modernizing. Van Reenen became well-known, however, partly by explaining why people in his native Britain have not come up with ideas, at least not as much as they once did. In research during the 1990s, Van Reenen determined that British firms had lagging R&D investment across most of the country’s industrial sectors. This decline was compounded by a significant withdrawal of government support for R&D in the 1980s.


Related Links:
MIT News - Innovation, meet organization

CEP Growth

John Van reenen webpage



News Posted: 08/01/2018      [Back to the Top]

Harvard Business School: Working Knowledge – Business research for business leaders

Working Paper Summaries - Come together: Firm boundaries and delegation

By Laura Alfaro, Nick Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew F Newman, Raffaella Sadun and John Van Reenen

The study develops a simple model and provides new data to examine the relationship between vertical integration and delegation of decision-making, two critical aspects of a firm organizational design that are typically studied in isolation. The results show that delegation and vertical integration are positively correlated.


Related Links:
Harvard Business School: Working Knowledge – Business research for business leaders - Working Paper Summaries - Come together: Firm boundaries and delegation

CEP Growth CEP Trade

Nick Bloom webpage

Paola Conconi webpage

Raffaella Sadun webpage

John Van reenen webpage



News Posted: 08/01/2018      [Back to the Top]

Sputnik News – Education (Russia)

Thousands of EU professors left Britain because of Brexit

According to the calculations of the Center for Economic Performance (CEP), Brexit will significantly affect inflation, the national currency rate, as well as the income level of the British and the overall quality of their lives. "Brexit on average will cost each family 7.74 pounds per week, which corresponds to a value of up to 404 pounds per year," the authors of the report note.


Related Links:
Sputnik News – Education (Russia) - Thousands of EU professors left Britain because of Brexit

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Thomas Sampson webpage

Holger Breinlich webpage

Dennis Novy webpage



News Posted: 07/01/2018      [Back to the Top]

LSE Business Review blog

Exposure to innovation influences who becomes an inventor

Exposing women, minorities, and low-income children to innovation may spark innovation and growth, write Alex Bell, Raj Chetty, Xavier Jaravel, Neviana Petkova and John Van Reenen.

 

Related publications

‘Who Becomes an Inventor in America?  The Importance of Exposure to Innovation’, Alex Bell, Raj Chetty, Xavier Jaravel, Neviana Petkova and John Van Reenen, mimeo, December 2017

http://www.equality-of-opportunity.org/assets/documents/inventors_paper.pdf


Related Links:
LSE Business Review blog - Exposure to innovation influences who becomes an inventor

CEP Growth

John Van reenen webpage



News Posted: 05/01/2018      [Back to the Top]

The Western Mail

Blair think-tank expert’s bleak Brexit predictions

AREPORT written by a Welsh political consultant for a thinktank set up by Tony Blair paints a bleak picture of a post-Brexit future. Dafydd Rees, who has held senior positions with the BBC, Sky and Bloomberg, was commissioned to write a paper called Brexit - What We Now Know by the Tony Blair Institute for Global Change. The former Labour prime minister believes it is still possible for the UK to pull back from leaving the EU, and has argued in favour of another referendum once the terms of Brexit have been finalised. In his report, Mr Rees documents a series of outcomes and predictions that indicate a drop in prosperity for Wales and the UK as a whole because of the vote to leave the EU. He states: "The Office for Budget Responsibility has downgraded UK growth expectations for the next five years. The Organisation for Economic Co-operation and Development says the UK went from the top of the G7 growth league to the bottom in the year following the Brexit vote. "The Centre for Economic Policy Research calculates that the Brexit vote has already cost the UK economy £300m a week. "Food prices are growing at their fastest rate in four years. Inflation is over 3% for the first time in nearly six years. The Centre for Economic Performance says that the Brexit vote has cost the average household £404 a year. … "The Resolution Foundation warns that Britain is on course for the longest period of falling living standards since records began back in the 1950s. Northern Ireland, Scotland and Wales are already paying the heaviest economic price for Brexit in terms of higher inflation costs, according to the Centre for Economic Performance at the London School of Economics."

[No link available]


Related Links:
The Western Mail - Blair think-tank expert’s bleak Brexit predictions

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Holger Breinlich webpage

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 05/01/2018      [Back to the Top]

Institute for Global Change

Tony Blair: Brexit – what we now know – briefing

Executive summary:

This document sets out some of the key things we have learnt since the referendum. These include:

  • The Office for Budget Responsibility has downgraded UK growth expectations for the next five years.
  • The Organisation for Economic Co-operation and Development says the UK went from the top of the G7 growth league to the bottom in the year following the Brexit vote.
  • The Centre for Economic Policy Research calculates that the Brexit vote has already cost the UK economy £300m a week.
  • Food prices are growing at their fastest rate in 4 years. Inflation is over 3% for the first time in nearly six years. 
  • The Centre for Economic Performance says that the Brexit vote has cost the average household £404 a year.

 

Living standards

Inflation has picked up sharply since the Brexit vote. It is over 3% for the first time in nearly six years.The result has been a renewed fall in real wages. The Centre for Economic Performance says the impact it has had is close on to a week’s wages for the average worker.

The Centre for Economic Performance says that the Brexit vote has cost the average household £404 a year.

Northern Ireland, Scotland and Wales are already paying the heaviest economic price for Brexit in terms of higher inflation costs, according to the Centre for Economic Performance at the London School of Economics.

 

Norway model

According to research by the Centre for Economic Performance at the London School of Economics, in 2011 Norway’s contribution to the EU budget was £106 per head capita, only 17% lower than the UK’s EU net contribution for that year of £128 per capita.  

As the CEP observes, “becoming part of the EEA would not generate substantial fiscal savings for the UK government.”

 


Related Links:
Institute for Global Change - Tony Blair: Brexit – what we now know – briefing

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Holger Breinlich webpage

Elsa Leromain webpage

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 04/01/2018      [Back to the Top]

TIME online

17 Important Business Books Everyone Will Be Reading In 2018

‘The Origins of Happiness’ by by Andrew E. Clark,‎ Sarah Flèche,‎ Richard Layard,‎ Nattavudh Powdthavee,‎ and George Ward (Publication date - January 16)

The authors behind “The Origins of Happiness” are a dream team of social scientists, all members of the Wellbeing Programme at the London School of Economics’ Centre for Economic Performance. Their book explores what really affects well-being, drawn from research on over 100,000 people in different countries. The book also raises questions about potential changes to public policy, with human well-being as the No. 1 priority.


Related Links:
TIME online - 17 Important Business Books Everyone Will Be Reading In 2018

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 04/01/2018      [Back to the Top]

Guardian

Spread-betting firm’s profits surge on bitcoin boom

Tom Kirchmaier, professor of finance at the London School of Economics, said the risks of a bitcoin crash could be amplified for CFD speculators. “Just stay out of it,” he said, adding that bitcoin was a “bubble with exponential growth, and one day there will be an explosive decline – it is much more dangerous [trading in CFDs]”.


Related Links:
Guardian - Spread-betting firm’s profits surge on bitcoin boom

CEP Community CEP Labour Markets

Tom Kirchmaier webpage



News Posted: 04/01/2018      [Back to the Top]

CEP mentions on Twitter

Baroness Thornton retweets LSE event on happiness and wellbeing

Glenys Thornton @GlenysThornton
RT @kemonas13: @actionhappiness @LSEnews @LSEpublicevents @CEP_LSE @RichardLayard @AndrewMarr9 @johnvanreenen @AnthonySeldon…


Related Links:
CEP mentions on Twitter - Baroness Thornton retweets LSE event on happiness and wellbeing

CEP Growth CEP Wellbeing

Richard Layard webpage

John Van reenen webpage



News Posted: 03/01/2018      [Back to the Top]

States News Service

Brexit – what we now know

The following information was released by the Office of Tony Blair:

Executive summary

The Centre for Economic Performance says that the Brexit vote has cost the average household 404 a year.


Related Links:
States News Service - Brexit – what we now know

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Holger Breinlich webpage

Elsa Leromain webpage

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 03/01/2018      [Back to the Top]

Forbes

Six ways to succeed at remote work

IBM recently made headlines for dismantling its policy that allowed remote work. The technology giant was following in the footsteps of Yahoo Inc., which in 2013 also called its employees back to the office, saying it was needed for better speed and efficiency. At Peak Support, we believe working remotely is here to stay. It allows us to hire and work with some of the smartest people around the world, whether they sit in an office or not. Some of the best workers are increasingly demanding flexible schedules. Employees who work from home are more productive and less likely to quit, according to a study by Stanford University Professor Nicholas Bloom.


Related Links:
Forbes - Six ways to succeed at remote work

Does Working from Home Work? Evidence from a Chinese Experiment

Working or shirking?

CEP Growth

Nick Bloom webpage



News Posted: 03/01/2018      [Back to the Top]

City A.M.

In the age of sharing, this is the last taboo

...One of the world's leading behavioural economists, Professor Paul Dolan of the London School of Economics, helped us analyse...


Related Links:
City A.M. - In the age of sharing, this is the last taboo

CEP Wellbeing

Paul Dolan webpage



News Posted: 03/01/2018      [Back to the Top]

LBC (Radio) - 11:30:00 pm

Snippet: Mention of LSE study on problems with planning permission in the UK


Related Links:
LBC (Radio) - 11:30:00 pm - Snippet: Mention of LSE study on problems with planning permission in the UK

UK Housing and Planning Policies: the evidence from economic research

Turning houses into gold: the failure of British planning

CEP Urban and Spatial Programme

Paul Cheshire webpage

Christian Hilber webpage



News Posted: 02/01/2018      [Back to the Top]

Financial Times

Debt and interest rates to be consumers’ big worries, say economists

Q: In 2017, consumers’ finances were squeezed by rapidly rising prices. Will 2018 be an easier year for UK households and what are the implications for consumer spending?

A:  Swati Dhingra, assistant professor, London School of Economics - Depends on which form of Brexit, though the exchange rate depreciation component may have already manifested itself in the price index.

A:  John Van Reenan, Gordon Y Billard professor of management and economics, MIT Sloan School of Management - The Brexit-inspired devaluation will work its way through, but continued uncertainty and the prospects of higher trade costs/lower foreign investment will be a drag.


Related Links:
Financial Times - Debt and interest rates to be consumers’ big worries, say economists

CEP Trade CEP Growth

Swati Dhingra webpage

John Van reenen webpage



News Posted: 01/01/2018      [Back to the Top]

Portfolio (Hungary)

Pesszimisták a britek a Brexit kellős közepén/Pessimists are the British in the middle of Brexit

The latest forecasts from major London economic research houses seem to provoke pensive respondents. The renowned London Economics University, a study by the London School of Economics (CEP), has shown that the unexpected market and real economy shock of a referendum held in 2016 on the British EU membership , mainly due to the sudden weakening of the pound in the one year after the referendum and by June 2017, resulted in 1.7 percentage points of cumulative inflationary acceleration compared to the inflation rate that would have been expected without this shock in the same period.


Related Links:
Portfolio (Hungary) - Pesszimisták a britek a Brexit kellős közepén/Pessimists are the British in the middle of Brexit

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Holger Breinlich webpage

Elsa Leromain webpage

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 01/01/2018      [Back to the Top]

Governing.com

Should governments measure people's happiness?

This was about where things stood 30 years ago, when Richard Layard, a British economist now ennobled as Baron Layard of Highgate, began promoting a radical doctrine. Maybe, he posited, the time had come to take Bentham seriously again. Layard’s work stemmed from research that showed that rising incomes didn’t make people any happier. Follow this out, Layard said without embarrassment, and the road leads straight to Bentham. “I believe that Bentham’s idea was right,” Layard wrote in 2005, “and that we should fearlessly adopt it and apply it to our lives. The right action is the one that produces the greatest happiness in the world.”


Related Links:
Governing.com - Should governments measure people's happiness?

CEP Wellbeing

Richard Layard webpage



News Posted: 01/01/2018      [Back to the Top]

Financial Times

Gloomy growth projections cloud hopes for UK economy

The UK will remain a relative laggard among developed countries this year as the after-effects of the Brexit referendum mean the economy will only enjoy limited benefits from a global upswing in growth, economists said in the FT’s annual survey of the profession.

Q: How fast do you think the UK economy will grow in 2018 and how will this compare to other countries?

A: John Van Reenen, Gordon Y. Billard Professor of Management and Economics, MIT Department of Economics and Sloan:  “UK GDP growth at 1.8 per cent (1.5 per cent to 2 per cent). The drag down from the uncertainty of Brexit offset by continued good growth in US and rest of EU.”


Related Links:
Financial Times - Gloomy growth projections cloud hopes for UK economy

CEP Growth

John Van reenen webpage



News Posted: 01/01/2018      [Back to the Top]

The Scotsman

Leader comment: Let's not jump off a Brexit cliff in 2018

The London School of Economics has estimated that failing to agree a trade deal could cost the UK economy up to £430 billion over five years.


Related Links:
The Scotsman - Leader comment: Let's not jump off a Brexit cliff in 2018

The Brexit Vote, Inflation and UK Living Standards

CEP Trade

Holger Breinlich webpage

Elsa Leromain webpage

Dennis Novy webpage

Thomas Sampson webpage



News Posted: 01/01/2018      [Back to the Top]