CEP LSE RSS Contact Us YouTube Facebook Twitter

News and Press

CEP in the News 2018     feed/rss

Red Pepper

Chartism for the 21st Century: Why trade unions are backing an overhaul of Westminster

And academics at the Centre for Economic Performance at LSE looked at the relationship between marginal seats and hospital closures between 1997 and 2005. They found “Marginality…has a significant positive impact on the number of hospitals that exist” (Bloom et. al., 2010). In other words, hospitals in safe seats are more likely to close down than those in ‘swing’ seats.


Related Links:
Red Pepper - Chartism for the 21st Century: Why trade unions are backing an overhaul of Westminster

The Impact of Competition on Management Quality: Evidence from Public Hospitals

CEP Growth

Nick Bloom webpage

John Van reenen webpage



News Posted: 19/04/2018      [Back to the Top]

Business Wire

IFR: Robots create jobs – new research

The London School of Economics (LSE) recently published a study entitled Robots at Work on the use of industrial robots in 17 developed economies between 1993 and 2007. LSE head of research, Guy Michaels, summarised the key results at a Messe Munich press conference on automatica 2018: “Productivity has improved by around 15% due to industrial robots. At the same time, the proportion of low-skilled labour dropped and pay increased slightly. Industrial robots don’t have any significant impact on the number of employees overall.

Also in:

Produktion (German)

Warum Roboter neue Jobs schaffen/Why robots create new jobs

The London School of Economics (LSE) recently investigated the use of industrial robots between 1993 and 2007 in 17 developed economies with the "Robots at Work" study. LSE research director Guy Michaels summed up the main findings at a press conference at the Automatica 2018: "Industrial robots have helped to increase productivity by around 15 percent, while at the same time reducing the share of low-skilled employment and employment Wages rose slightly, and the use of industrial robots did not significantly affect the overall workforce, "said Guy Michaels.

https://www.produktion.de/nachrichten/unternehmen-maerkte/warum-roboter-neue-jobs-schaffen-314.html

 

Blogspan Magazin

Roboter schaffen Jobs – ZEW und London School of Economics legen Studien vor

The London School of Economics (LSE) recently investigated the use of industrial robots between 1993 and 2007 in 17 developed economies with the "Robots at Work" study. At a press conference of the automatica 2018 at the Munich Trade Fair Center, LSE research director Guy Michaels summed up the most important results: "By using industrial robots, the productivity of work has improved by around 15 percent. At the same time, the share of low-skilled employment declined and wages increased slightly. The use of industrial robots shows no significant effect on the total workforce, "said Guy Michaels.

http://www.blogspan.net/presse/roboter-schaffen-jobs-zew-und-london-school-of-economics-legen-studien-vor/mitteilung/1678824/

 

Aandrijven & Besturen (Netherlands)

Werkgelegenheid in Duitsland toegenomen dankzij robots/Employment in Germany increased thanks to robots

The London School of Economics (LSE) recently published the 'Robots at Work' study on the use of industrial robots in 17 developed countries in the period 1993 to 2017. Guy Michaels, head of the LSE research team, summarized the main results of this research together at a press conference on automation at the Messe Muenchen. Michaels: "Productivity has grown by 15% thanks to industrial robots, while the share of low-skilled labor has declined and the salary has increased slightly, with industrial robots having no significant impact on the total number of employees."

https://www.aandrijvenenbesturen.nl/nieuws/algemeen/nid8317-werkgelegenheid-in-duitsland-toegenomen-dankzij-robots.html

 

OTS

Roboter schaffen Jobs – ZEW und London School of Economics legen Studien vor

The London School of Economics (LSE) recently investigated the use of industrial robots between 1993 and 2007 in 17 developed economies with the "Robots at Work" study. At a press conference of the automatica 2018 at the Munich Trade Fair Center, LSE research director Guy Michaels summed up the most important results: "By using industrial robots, the productivity of work has improved by around 15 percent. At the same time, the share of low-skilled employment declined and wages increased slightly. The use of industrial robots shows no significant effect on the total workforce, "said Guy Michaels.

https://www.ots.at/presseaussendung/OTS_20180419_OTS0004/roboter-schaffen-jobs-zew-und-london-school-of-economics-legen-studien-vor

 

Novus Light

IFR research shows: robots create jobs

The London School of Economics (LSE) recently published a study entitled Robots at Work on the use of industrial robots in 17 developed economies between 1993 and 2007. LSE head of research, Guy Michaels, summarized the key results at a Messe Munich press conference on Automatica 2018: “Productivity has improved by around 15% due to industrial robots. At the same time, the proportion of low-skilled labour dropped and pay increased slightly. Industrial robots don’t have any significant impact on the number of employees overall.”

http://www.novuslight.com/ifr-research-shows-robots-create-jobs_N8001.html


Related Links:
Business Wire - IFR: Robots create jobs – new research

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Guy Michaels webpage



News Posted: 19/04/2018      [Back to the Top]

The Irish News

High costs of just missing out on a grade C in GCSE English

Pupils who narrowly fail to achieve a grade C in their GCSE English exam pay a high price, according to new research. A study from the Centre for Vocational Education Research explored what happened to young people who took the exam in 2013. Entry Through the Narrow Door: The Costs of Just Failing High Stakes Exams, was led by Stephen Machin, Sandra McNally and Jenifer Ruiz-Valenzuela. It used data to show that pupils of the same ability had significantly different educational trajectories depending on whether or not they just passed or failed.

 


Related Links:
The Irish News - High costs of just missing out on a grade C in GCSE English

CEP CVER CEP Education and Skills

Stephen Machin webpage

Sandra Mcnally webpage

Jenifer Ruiz-valenzuela webpage



News Posted: 18/04/2018      [Back to the Top]

ABC Nyheter (Norway)

Veien til lykkeland

When the LSE economist Richard Layard wrote a book on happiness research and its policy areas in 2005, he gained strong reactions, especially from the right side. Some of the criticisms were justified: Uncritical belief in the measurability of subjective phenomena, and a collective definition of what gives happiness and well-being, can awaken associations to totalitarian societies that we do not like to compare ourselves with.


Related Links:
ABC Nyheter (Norway) - Veien til lykkeland

CEP Wellbeing

Richard Layard webpage



News Posted: 18/04/2018      [Back to the Top]

Business Wire

Harvard Business Review announces 59th Annual HBR McKinsey Award winners

BOSTON--(BUSINESS WIRE)--Organizations need competent management just as much as they need analytical brilliance, argue the winners of this year’s HBR McKinsey Award, which honors the best Harvard Business Review article of the year. In "Why Do We Undervalue Competent Management?,” Raffaella Sadun, Nicholas Bloom, and John Van Reenen challenge the conventional thinking that operational effectiveness is not a source of competitive differentiation. Through in-depth research involving over 12,000 firms in 34 countries, they found that companies with strong managerial processes do significantly better on metrics such as profitability, growth, longevity, and productivity. What’s more, the differences in process quality persist over time, suggesting that competent management is not easy to imitate.


Related Links:
Business Wire - Harvard Business Review announces 59th Annual HBR McKinsey Award winners

CEP Growth

Raffaella Sadun webpage

Nick Bloom webpage

John Van reenen webpage



News Posted: 17/04/2018      [Back to the Top]

Journal Review

Letters: April 17, 2018 - Home an dland owners deserve protection

According to research in 2014 by the London School of Economics, wind farms can cut as much as 12 percent off the value of homes within a 2 kilometer radius, reducing property values as far as 14 kilometers away.

  


Related Links:
Journal Review - Letters: April 17, 2018 - Home an dland owners deserve protection

Gone with the wind

CEP Urban and Spatial Programme

Steve Gibbons webpage



News Posted: 17/04/2018      [Back to the Top]

China Daily

App to reward non-use of phone

Smartphone disruption is an issue in schools too. A study by the University of Texas has suggested that just having a smartphone within eyeshot can reduce productivity, slow down response speed and reduce grades, as the eyes of the students keep being drawn away from their work. A second, related study by the London School of Economics has found that students who did not use their smartphones on school grounds saw an increase of 6.4% in test scores. 


Related Links:
China Daily - App to reward non-use of phone

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: 17/04/2018      [Back to the Top]

Lifehacker

Research shows working from home is better, as long as you can handle the isolation

Mautz cites a two-year study conducted by Stanford economics professor Nicholas Bloom, where 250 of 500 employees from China-based travel agency Ctrip volunteered to work from home. Then, over the 24 months, they were compared to their office-dwelling counterparts.

  


Related Links:
Lifehacker - Research shows working from home is better, as long as you can handle the isolation

Does Working from Home Work? Evidence from a Chinese Experiment

Working or shirking?

CEP Growth

Nick Bloom webpage



News Posted: 17/04/2018      [Back to the Top]

Harvard Business School

Press Release: Associate Professor Raffaella Sadun Wins Harvard Business Review McKinsey Award for Best Article

Harvard Business School associate professor Raffaella Sadun and coauthors Nicholas Bloom of Stanford University and John Van Reenen of MIT have been named the first-place winners of the 59th Annual HBR McKinsey Award, which honors the best Harvard Business Review article of the year. In "Why Do We Undervalue Competent Management?,” which appeared in the September-October 2017 issue of the magazine, the authors challenge the conventional thinking that operational effectiveness is not a source of competitive differentiation. Through in-depth research involving over 12,000 firms in 34 countries, they found that companies with strong managerial processes do significantly better on metrics such as profitability, growth, longevity, and productivity. What’s more, the differences in process quality persist over time, suggesting that competent management is not easy to imitate. 


Related Links:
Harvard Business School - Press Release: Associate Professor Raffaella Sadun Wins Harvard Business Review McKinsey Award for Best Article

CEP Growth

Nick Bloom webpage

Raffaella Sadun webpage

John Van reenen webpage



News Posted: 17/04/2018      [Back to the Top]

SAGA

12 tips to help you feel happier

7. Focus on Thursday:  Even if you’re no longer working Monday to Friday, that weekend feeling still affects you. But, surprisingly, it’s not in fact Friday that boosts people’s moods the most, but Thursdays. Researchers from the London School of Economics followed the happiness levels of nearly 45,000 people by getting them to use an app called Mappiness on their smartphones and found that Thursday was consistently the day people reported being most happy. So make it the highlight of the week and still look forward to the weekend.

  


Related Links:
SAGA - 12 tips to help you feel happier

Are you happy while you work?

CEP Labour Markets



News Posted: 17/04/2018      [Back to the Top]

Star Connect

ESRC rolls out £2m to support industrial strategy research

SWINDON, United Kingdom – The Economic and Social Research Council(ESRC) has announced that the Centre for Economic Performance (CEP), the Enterprise Research Centre (ERC), the What Works Centre for Local Economic Growth Centre (LEG) and the Institute for Fiscal Studies (IFS) have collectively received £2 million in extra funding from the Government to support a programme of work as part of the Industrial Strategy.  


Related Links:
Star Connect - ESRC rolls out £2m to support industrial strategy research

CEP Community

Stephen Machin webpage



News Posted: 16/04/2018      [Back to the Top]

ESRC press release

£2 million boost for ESRC research centres to support industrial strategy

The Economic and Social Research Council is delighted to announce that the Centre for Economic Performance (CEP), the Enterprise Research Centre (ERC), the What Works Centre for Local Economic Growth Centre (LEG) and the Institute for Fiscal Studies (IFS) have collectively received £2 million in extra funding from the Government to support a programme of work as part of the Industrial Strategy. The programme will comprise synthetic reviews, short term research projects and new data collection, which will support the implementation of the Industrial Strategy. The themes of the work will be: Entrepreneurs and business growth; place; skills; and wages and distributional impacts.

  


Related Links:
ESRC press release - £2 million boost for ESRC research centres to support industrial strategy

CEP Community

Stephen Machin webpage



News Posted: 16/04/2018      [Back to the Top]

El Carabobeno

Venezuela among the most unhappy countries in the world

 

According to the authors of the report, John F. Helliwell, Richard Layard and Jeffrey D. Sachs, there is a characteristic of Latin Americans that makes them different. "Unusually happy." The point is that Latin America does not achieve the best results in these indicators, it is because: there are high levels of poverty, inequality, violence and corruption. That is why the report points out that the region is "unusually happy".


Related Links:
El Carabobeno - Venezuela among the most unhappy countries in the world

CEP Wellbeing

Richard Layard webpage



News Posted: 15/04/2018      [Back to the Top]

Le Temps - blog (France)

Our societies pushed to the error by the GDP. When will we decide to change it?

Bhutan refers to gross national happiness; in Switzerland, 25 complementary indicators to GDP have been selected. The "economists of happiness" (such as Richard Layard of the London School of Economics) believe that the pursuit of utility has been confused with the maximization of consumption and GDP, losing sight of the finality of things. 20 years ago, a California resident of Basel, Mathis Wackernagel, came up with the crucial notion of ecological footprint, establishing the relationship between natural productivity and our use of resources. According to this calculation basis, the Federal Statistical Office has found that "Swiss consumption per person is 3.3 times greater than the total environmental benefits and resources available per person".


Related Links:
Le Temps - blog (France) - Our societies pushed to the error by the GDP. When will we decide to change it?

CEP Wellbeing

Richard Layard webpage



News Posted: 15/04/2018      [Back to the Top]

TES

‘High price’ paid for narrowly missing C grade spelled out

If teachers and pupils weren’t under enough pressure in the run-up to GCSEs, new research has quantified the potentially life-changing impact missing a grade can have on a young person. According to a study by the Centre for Vocational Education Research, narrowly failing to achieve a grade C in English language decreases the probability of enrolling on a higher-level qualification by at least 9 percentage points by age 19.


Related Links:
TES - ‘High price’ paid for narrowly missing C grade spelled out

CEP CVER CEP Education and Skills

Stephen Machin webpage

Sandra Mcnally webpage

Jenifer Ruiz-valenzuela webpage



News Posted: 13/04/2018      [Back to the Top]

TES

Students paying a high price for failing their English GCSE, warns report

Pupils who narrowly fail their English GCSE exams pay a high price, according to a new study by the Centre for Vocational Education Research at the London School of Economics. Researchers at the centre, which is funded by the Department for Education, tracked the progress of more than 49,000 pupils who took their English GCSE in 2013 and got a grade C or D. They looked at how the group fared over the next three years. Those who narrowly missed out on a pass by up to 10 points were more likely to end up dropping out of education and, therefore, at increased risk of poorer prospects in the long term, according to the report. 


Related Links:
TES - Students paying a high price for failing their English GCSE, warns report

CEP CVER CEP Education and Skills

Stephen Machin webpage

Sandra Mcnally webpage

Jenifer Ruiz-valenzuela webpage



News Posted: 13/04/2018      [Back to the Top]

Centre for Vocational Education Research (CVER) blog

Missing the mark at GCSE English: the costly consequences of just failing to get a grade C

Article by Stephen Machin, Sandra McNally and Jenifer Ruiz-Valenzuela. New research by the Centre for Vocational Education Research (CVER) [CVER Discussion Paper 014] analyses the benefits (or costs) for students who just pass (or fail) to meet a key threshold in these exams. More specifically, evidence is presented on the importance of just obtaining a grade C in GCSE English Language (which is the form of English exam undertaken by 72% of students in the cohort under study).  


Related Links:
Centre for Vocational Education Research (CVER) blog - Missing the mark at GCSE English: the costly consequences of just failing to get a grade C

CEP CVER CEP Education and Skills

Stephen Machin webpage

Sandra Mcnally webpage

Jenifer Ruiz-valenzuela webpage



News Posted: 13/04/2018      [Back to the Top]

IBS Instytut Badań Strukturalnych (YouTube)

Top incomes during wars, communism and capitalism: Poland 1892-2015

Pawel Bukowski (LSE) about the research presented at the IBS seminar “(Un)equal wages, incomes and wealth in Poland?” (Warsaw, 23/10/2017). 


Related Links:
IBS Instytut Badań Strukturalnych (YouTube) - Top incomes during wars, communism and capitalism: Poland 1892-2015

CEP Labour Markets

Pawel Bukowski webpage



News Posted: 12/04/2018      [Back to the Top]

Pro Bono Economics via YouTube

Nudge-u-cation: can behavioural science boost education and social mobility

Nudge-u-cation: Can behavioural science boost education and social mobility? Pro Bono Economics' Annual Lecture featuring Dr David Halpern, Professor Sandra McNally and Chris Brown. Over the last decade, governments across the world have begun to revise policy on the basis of more realistic and empirical models of human behaviour. This has led to improvements in employment, public health, tax collection, savings, energy conservation, giving, and reoffending outcomes. Often these improvements have been achieved at dramatically lower cost than through conventional policy levers. Behavioural approaches have also helped encourage the much wider use of experimental methods – notably the randomised control trial – in routine policymaking. In the UK, this empiricism has found expression in the ‘What Works’ movement and network, including the creation of independent What Works centres covering education, crime, early intervention, local economic growth, well-being, better ageing and, most recently, youth social work. This talk will explore the breadth, depth and potential of this movement. It will dig into the area of education and social mobility as an example of the power and cutting edge of this approach, as well as rehearsing some of the key barriers that remain to its even greater impact. We are delighted to feature David Halpern, CEO of the Behavioural Insights Team as well as prominent figures from the education sphere to discuss the rise of behavioural and experimental techniques in education policy.


Related Links:
Pro Bono Economics via YouTube - Nudge-u-cation: can behavioural science boost education and social mobility

CEP CVER CEP Education and Skills

Sandra Mcnally webpage



News Posted: 11/04/2018      [Back to the Top]

Agenda Magasin (Norway)

Veien til lykkeland/The road to the happiness country

When the LSE economist Richard Layard wrote a book on happiness research and its policy areas in 2005, he gained strong reactions, especially from the right side. Some of the criticisms were justified: Uncritical belief in the measurability of subjective phenomena, and a collective definition of what gives happiness and well-being, can awaken associations to totalitarian societies that we do not like to compare ourselves with.


Related Links:
Agenda Magasin (Norway) - Veien til lykkeland/The road to the happiness country

CEP Wellbeing

Richard Layard webpage



News Posted: 11/04/2018      [Back to the Top]

LSE Business Review blog

Public education benefited from oil booms in the postbellum South

Oil-rich counties were more likely to contribute funds to build schools and hire more teachers for rural black children, writes Stephan Maurer. In a recent study, I analyse how local oil booms in the Southern United States during the first half of the 20th century affected public spending, focusing on education expenditures. 


Related Links:
LSE Business Review blog - Public education benefited from oil booms in the postbellum South

Oil Discoveries and Education Spending in the Postbellum South

CEP Growth CEP Labour Markets

Stephan Maurer webpage



News Posted: 11/04/2018      [Back to the Top]

Sydney Morning Herald (Australia)

Win silver, or lose gold? Why second is the worst place

A team of researchers at London's Centre for Economic Performance employed 800 volunteers to analyse athletes' faces as they stood on the medal podiums during the London Games, in order to assess their happiness level. It found silver medallists were less happy on average than those who took home bronze, but the closer they were in their performance to the bronze medallist, the happier they were.


Related Links:
Sydney Morning Herald (Australia) - Win silver, or lose gold? Why second is the worst place

Without My medal on My Mind: Counterfactual Thinking and Other Determinants of Athlete Emotions

CEP Wellbeing

Paul Dolan webpage

Georgios Kavetsos webpage



News Posted: 10/04/2018      [Back to the Top]

Lavoce.info (Italy)

Productivity size weighs on productivity

Article by Giuseppe Berlingieri, Sara Calligaris, Stefano Costa e Chiara Criscuolo.  In Italy, medium-large and large companies are productive and competitive. The problem is that they are few compared to other countries. And the most productive ones employ on average about one third of the employees employed in the corresponding European companies. 


Related Links:
Lavoce.info (Italy) - Productivity size weighs on productivity

CEP Growth CEP Trade

Giuseppe Berlingieri webpage

Chiara Criscuolo webpage



News Posted: 10/04/2018      [Back to the Top]

LSE Business Review

The multiplier effect of the German government move to Berlin

Relocation is one successful example of public sector jobs boosting private sector activity, write Giulia Faggio, Teresa Schlüter and Philipp vom Berge.  In a recent SERC discussion paper, we study the impact of the German government move from Bonn to Berlin in the 1990s in order to understand the interaction between public and private employment within a local labour market. Our goal is to identify which effect (multiplier or crowding-out) prevailed in the German government case and then to quantify the size of the effect. 


Related Links:
LSE Business Review - The multiplier effect of the German government move to Berlin

CEP Urban and Spatial Programme

Giulia Faggio webpage



News Posted: 09/04/2018      [Back to the Top]

ESRC press release

ESRC Research Institutes launched

  

Today for the first time, the Economic and Social Research Council (ESRC) is to recognise its global centres of excellence with official ESRC Research Institute status. The move acknowledges those centres which have demonstrated sustained strategic value to the Council, as well as to the broader social science research landscape, with long-term, five-year funding. Launching as the first ESRC Research Institutes will be the Centre for the Microeconomic Analysis of Public Policy (CPP) and the Centre for Economic Performance (CEP) Professor Stephen Machin, Director of CEP, said: “My colleagues and I at the Centre for Economic Performance are delighted to be awarded ESRC Institute status. This is testament to the achievements since the Centre was first set up in 1990 and its significant impact on a wide range of policy over the years. We very much look forward to working with the ESRC to continue to respond to social and economic changes and seek answers to key contemporary economic questions, as well as developing new, ambitious research areas.”

 

  


Related Links:
ESRC press release - ESRC Research Institutes launched

CEP Community

Stephen Machin webpage



News Posted: 09/04/2018      [Back to the Top]

Scientific American

Cross-Check: Is science hitting a wall?, Part 1

Once again, I’m brooding over science’s limits. I recently posted Q&As with three physicists with strong opinions on the topic--David Deutsch, Marcelo Gleiser and Martin Rees--as well as this column: “Is Science Infinite?” Then in March I attended a two-day brainstorming session--which I’ll call “The Session”--with 20 or so science-y folks over whether science is slowing down and what we can do about it. The Session was inspired in part by research suggesting that scientific progress is stagnating. InAre Ideas Getting Harder to Find?”, four economists claim that “a wide range of evidence from various industries, products, and firms show[s] that research effort is rising substantially while research productivity is declining sharply.” The economists are Nicholas Bloom, Charles Jones and Michael Webb of Stanford and John Van Reenen of MIT.

  


Related Links:
Scientific American - Cross-Check: Is science hitting a wall?, Part 1

Are Ideas Getting Harder to Find?

CEP Growth

Nick Bloom webpage

John Van reenen webpage



News Posted: 07/04/2018      [Back to the Top]

LSE Brexit blog

Britain is already paying a price for voting to leave the EU

  Article by Thomas Sampson.  The full economic consequences of Brexit will not be realised for many years. But 21 months after the referendum, we can start to assess how the Brexit vote has impacted the British economy. Thomas Sampson (LSE’s CEP) summarises what we know so far. ...  A version of this blog was first published as part of the UK in a Changing Europe’s report Article 50: one year on.


Related Links:
LSE Brexit blog - Britain is already paying a price for voting to leave the EU

CEP Trade

Thomas Sampson webpage



News Posted: 05/04/2018      [Back to the Top]

IBM blog (Spain)

Artificial Intelligence: ethics that revolutionize

There is a very interesting study made by the Economic Research Center of London, directed by George Graetz and Guy Michaels, which shows that between 1993 and 2007 in the United States the number of robots in use increased as a portion of the total working hours of manufacturing by 237%. During the same period, the US economy sent 2.2 million jobs to the manufacturing industry. 


Related Links:
IBM blog (Spain) - Artificial Intelligence: ethics that revolutionize

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Georg Graetz webpage

Guy Michaels webpage



News Posted: 02/04/2018      [Back to the Top]

Elsalvador.com

El 64 % de los trabajadores cree que la robótica destruirá sus empleos/ 64% of workers believe that robotics will destroy their jobs

"There is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not," Professor Guy Michaels of the London School of Economics told Efe. Michaels presented the results of a study that analyzed data from Swedish and American workers, from the 1980s until today, and the impact that technology has had on employment. The conclusions of the research assess the positive impact that industrial robots have had on improving productivity, but also that they have reduced unskilled jobs, with the consequent increase in unemployment. "The horizon of change will still be perceived in several decades and, although many jobs have been replaced and reconverted throughout history, it is reasonable to expect the loss of jobs," he confessed with respect to the digital revolution.

Related publications

Is Modern Technology Responsible for Jobless Recoveries?', Georg Graetz and Guy Michaels, American Economic Review 107(5), May 2017.


Related Links:
Elsalvador.com - El 64 % de los trabajadores cree que la robótica destruirá sus empleos/ 64% of workers believe that robotics will destroy their jobs

In brief... Is technology to blame for jobless recoveries?

Is Modern Technology Responsible for Jobless Recoveries?

CEP Labour Markets

Guy Michaels webpage



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

Elsalvador.com

64% of workers believe that robotics will destroy their jobs

 

"There is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not," Professor Guy Michaels of the London School of Economics told Efe. Michaels presented the results of a study that analyzed data from Swedish and American workers, from the 1980s until today, and the impact that technology has had on employment. The conclusions of the research assess the positive impact that industrial robots have had on improving productivity, but also that they have reduced unskilled jobs, with the consequent increase in unemployment. "The horizon of change will still be perceived in several decades and, although many jobs have been replaced and reconverted throughout history, it is reasonable to expect the loss of jobs," he confessed with respect to the digital revolution.


Related Links:
Elsalvador.com - 64% of workers believe that robotics will destroy their jobs

In brief... Is technology to blame for jobless recoveries?

Is Modern Technology Responsible for Jobless Recoveries?

CEP Labour Markets

Guy Michaels webpage



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

VoxDev

Do management interventions last? Evidence from India

 

Article by Nicholas Bloom, Aprajit Mahajan, David McKenzie and John Roberts. In our recent research, we examine the persistence of an intensive management intervention carried out in India (Bloom et al. 2018). In 2008, we started a randomised experiment involving 28 plants in 17 firms in the woven cotton fabric industry in India. 


Related Links:
VoxDev - Do management interventions last? Evidence from India

In brief: Improving management in India

Does Management Matter? Evidence from India

CEP Growth

Nick Bloom webpage



News Posted: 29/03/2018      [Back to the Top]

Daily Mirror

Rees-Mogg’s threat to oust May over Brexit

 

…Ex-Tory Cabinet Minister Chris Patten said he was a “caricature” with no idea about trade deals. Brexit may cost us £1,700 a year each, says the London School of Economics.


Related Links:
The consequences of Brexit for UK trade and living standards

CEP Growth CEP Trade

Swati Dhingra webpage

Gianmarco Ottaviano webpage

Thomas Sampson webpage

John Van reenen webpage



News Posted: 28/03/2018      [Back to the Top]

Cointelegraph

What to make of British cryptocurrency task force

Cointelegraph reached out to MIT Professor of Economics John van Reenen OBE to give his take on the move by the British Treasury and the touted cryptocurrency taskforce. The renowned economist painted a slightly bleak picture in terms of the possibility of change in sentiment from British financial institutions. He believes there is no change in sentiment in “official circles, government or main financial institutions” but that public perception was easing. However, Van Reenen did concede that cryptocurrency markets may pick up in the UK if there was clarity on regulation coupled with a rise in popularity of virtual currencies.

 


Related Links:
Cointelegraph - What to make of British cryptocurrency task force

CEP Growth

John Van reenen webpage



News Posted: 28/03/2018      [Back to the Top]

Evening Standard

Brexit news latest: official migration report finds EU workers CAN be better than British

Unveiling the report, the Migration Advisory Committee’s chairman, Professor Alan Manning said that recommendations on the post-Brexit immigration system would be published in the autumn. These would be based on the benefits of migration to existing residents as well as the needs of employers. He added, however, that some businesses had expanded more because of migration and that the jobs created “would not have been there” if the EU workers had not been available.

 

Also in

Guardian

Cutting EU migration very likely to hit growth – official advisers

Restricting immigration from Europe after Brexit is very likely to lead to lower growth in total jobs and in the output of the UK economy, the government’s official migration advisers have said. … However, the migration advisory committee (MAC), whose members are appointed by the home secretary, says cutting EU migration will “not necessarily mean lower growth in output per head, which is most closely connected to living standards”. … The MAC’s chair, Prof Alan Manning, said nothing in the interim report should be used to pre-judge the committee’s conclusions on the impact of EU migration on wages, unemployment, prices or the provision of public services. “Some think a greater sense of urgency is needed, that action is needed now,” said Manning. “We do understand the importance of migration policy, but coming to the right, rather than a rushed conclusion is what matters. Our work is for a system coming into force in 2021.”

https://www.theguardian.com/politics/2018/mar/27/cutting-eu-migration-very-likely-to-hit-growth-official-advisers

 

Daily Mail

Businesses in ALL sectors fear the loss of migrant workers after Brexit because they can offer better skills at lower costs, Government is warned

Migration Advisory Committee chairman Professor Alan Manning said firms were reluctant to sign up to any reforms which reduced the pool of qualified candidates for vacancies.

http://www.dailymail.co.uk/news/article-5548895/Businesses-sectors-fear-loss-migrant-workers.html

 

Belfast Telegraph

Employers hire migrants because they are more motivated than UK workers – report

Publishing an interim update on Tuesday, MAC chairman Professor Alan Manning said employers in all sectors are “concerned about the prospects of future restrictions on EEA migration”. The review set out a summary of the views expressed by employers. Many suggested that EEA migrants are “more motivated and flexible than UK-born workers” – including a greater willingness to work longer and unsociable hours, to welcome overtime and show a “consistently strong work ethic”.

https://www.belfasttelegraph.co.uk/news/uk/employers-hire-migrants-because-they-are-more-motivated-than-uk-workers-report-36748812.html

 

Relocate Magazine

Brexit migration curbs would ‘very likely’ hit output –MAC report

Alan Manning, professor of labour economics at the London School of Economics, who chairs the group, said that the evidence submitted to the MAC showed that the vast majority of employers do not deliberately seek to fill vacancies with migrant workers.

https://www.relocatemagazine.com/news/brexit-migration-curbs-would-very-likely-hit-output-mac-report-dsapsted

 

AOL.co.uk

Employers hire migrants because they are more motivated than UK workers – report

Publishing an interim update on Tuesday, MAC chairman Professor Alan Manning said employers in all sectors are "concerned about the prospects of future restrictions on EEA migration".

https://www.aol.co.uk/news/2018/03/27/employers-hire-migrants-because-they-are-more-motivated-than-uk/

 

Bloomberg

U.K. employers concerned about Brexit migration restrictions

“Some sectors are struggling now to recruit and retain EEA workers,’’ Alan Manning, chair of the Migration Advisory Committee and a professor at the London School of Economics, told reporters. “Those problems have arisen really without any change, as yet, to migration policy. Migrants have a choice, particularly under free movement, and it can’t be assumed that they will come to the U.K. just because we or an employer wants them to.”

https://www.bloomberg.com/news/articles/2018-03-27/u-k-employers-concerned-about-brexit-migration-restrictions

 

Guardian

Brexit Britain, beware: the supply of Europeans is drying up

But perhaps the most important point – often ignored in this debate, but made by Alan Manning, the Mac’s chairman, in his foreword to this report: “Migrants have a choice and it cannot be taken for granted they will choose to come to the UK.”

https://www.theguardian.com/commentisfree/2018/mar/27/brexit-britain-beware-europeans-migration-report-uk

 


Related Links:
Evening Standard - Brexit news latest: official migration report finds EU workers CAN be better than British

CEP Community

Alan Manning webpage



News Posted: 27/03/2018      [Back to the Top]

BBC Radio 4

PM

Lord Layard comments on the funding of the NHS.


Related Links:
BBC Radio 4 - PM

CEP Wellbeing

Richard Layard webpage



News Posted: 26/03/2018      [Back to the Top]

Analitica (Spain)

De la suprema felicidad a la calle de la amargura: Reporte de Felicidad Mundial 2018/From th supreme happiness to the street of bitterness: World Happiness Report 2018

This study is an initiative of the Network of Solutions for Sustainable Development of the United Nations. The research was conducted by John Helliwell, researcher and professor at the Vancouver School of Economics at the University of British Columbia and a member of the Canadian Institute of Advanced Research, Richard Layard, of the London School of Economics and Jeffrey Sachs, Director of the Center of Sustainable Development of the University of Columbia. The surveys were carried out by the prestigious Gallup organization, with more than 80 years of experience in advanced data analysis, integrated by a team of 2,000 professionals, among whom are renowned scientists and experts in specific areas.

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Analitica (Spain) - De la suprema felicidad a la calle de la amargura: Reporte de Felicidad Mundial 2018/From th supreme happiness to the street of bitterness: World Happiness Report 2018

CEP Wellbeing

Richard Layard webpage



News Posted: 26/03/2018      [Back to the Top]

Taipei Times

Government should focus on social happiness

The UN Sustainable Development Solutions Network has published a World Happiness Report annually since 2012. This year’s report has been widely reported, because Taiwan is ranked as the 26th-happiest nation in the world. Some Internet users have voiced doubts about the ranking: How could Taiwan perform so well given the stagnant domestic economy and the division between the political camps? The report is a collaborative research project conducted by three internationally renowned economists: John Helliwell, Richard Layard and Jeffrey Sachs. John Helliwell, previously cochair of Harvard University’s Canada Program and now professor emeritus of economics at the University of British Columbia, has spent many years studying national happiness. Richard Layard is professor at the Center for Economic Performance at the London School of Economics and Political Science. He served as a consultant in former British prime minister Tony Blair’s Cabinet and is known in Taiwan for his book Happiness: Lessons from a new science, translated into Chinese and published in Taiwan in 2006.

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

Happiness: Lessons from a New Science, Richard Layard, Penguin, 2nd edition, 2011 

 https://www.penguin.co.uk/books/54928/happiness/


Related Links:
Taipei Times - Government should focus on social happiness

CEP Wellbeing

Richard Layard webpage



News Posted: 26/03/2018      [Back to the Top]

Rising Kashmir

Revisiting Einstein’s ‘Theory of Happiness’

Couple of days back, ‘Economic Times’ carried interview of renowned British economist Richard Layard. Also known as the “happiness tsar” for his extensive research on happiness, Layard believes happiness hasn’t risen with incomes. “Globally, as incomes have risen, happiness hasn’t. It is because of a breakdown of social factors. Materialism and individualism aren’t helping. A sense of connection to families, to the wider society and community is critical,” the interview quoted Layard as saying.

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

Happiness: Lessons from a New Science, Richard Layard, Penguin, 2nd edition, 2011

https://www.penguin.co.uk/books/54928/happiness/


Related Links:
Rising Kashmir - Revisiting Einstein’s ‘Theory of Happiness’

CEP Wellbeing

Richard Layard webpage



News Posted: 26/03/2018      [Back to the Top]

Jerusalem Post

In birth and death, Israel is the happiest country in the world

In this year’s annual ranking of the happiest countries in the world, Israel placed an enviable 11th. According to the ranking’s sponsor, the United Nations Sustainable Development Solutions Network (which prepared the ranking in conjunction with three economists from Columbia University, the University of British Columbia and the London School of Economics’ Center for Economic Performance), the measurement of happiness is based on the following six criteria: Income (GDP per capita); healthy life expectancy; social support; freedom; trust (absence of corruption); and generosity.

Also in

Israel Trendolizer

In birth and death, Israel is the happiest country in the world

http://israel.trendolizer.com/2018/03/in-birth-and-death-israel-is-the-happiest-country-in-the-world.html

 

The Economic Times

Happiness hasn’t risen with incomes: British economist Richard Layard

British economist Richard Layard, called the “happiness tsar”, has researched extensively on happiness and has written many books on it, including co-authoring the latest The Origins of Happiness. A peer in the House of Lords, he helps the UK government make happiness-friendly policies. He spoke to ET about happiness.

https://economictimes.indiatimes.com/magazines/panache/happiness-hasnt-risen-with-incomes-british-economist-richard-layard/articleshow/63445418.cms

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

 


Related Links:
Jerusalem Post - In birth and death, Israel is the happiest country in the world

CEP Wellbeing

Richard Layard webpage



News Posted: 24/03/2018      [Back to the Top]

Sputnika

Wann bringt Homeoffice eigentlich etwas?/when does home office bring something?

The creators of NEUARBEITEN explain why working from home in this country is still a niche topic and how it can still benefit employees and employers. … Home office offers employees one thing above all: more flexibility. This almost inevitably leads to greater satisfaction and at the same time makes you more productive. For routine work, this can be confirmed by Nicholas Bloom of Stanford University. His test subjects stated that they could work 13 percent more effectively on average through the home office.


Related Links:
Sputnika - Wann bringt Homeoffice eigentlich etwas?/when does home office bring something?

Does Working from Home Work? Evidence from a Chinese Experiment

CEP Growth

Nick Bloom webpage



News Posted: 22/03/2018      [Back to the Top]

Cope.es

Will a robot finish with your work?

"There is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not," Professor Guy Michaels of the London School of Economics told Efe. Michaels presented the results of a study that analyzes data of Swedish and American workers, from the eighties until today, and the impact that technology has had on employment.

 

Also in

Yucatan.com.mx (Mexico)

Workers fear robotics

"There is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not," Professor Guy Michaels of the London School of Economics told Efe. Michaels presented the results of a study that analyzes data of Swedish and American workers, from the eighties until today, and the impact that technology has had on employment.

http://www.yucatan.com.mx/internacional/trabajadores-temen-a-la-robotica

 

Emol

International study states that 64% of workers believe that robots will destroy employment

However, Professor Guy Michaels, of the London School of Economics, was emphatic in pointing out that "there is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not." On the digital revolution, the professor said that "the horizon of change will still be perceived several decades on and, although many jobs have been replaced and reconverted throughout history, it is reasonable to expect the loss of jobs."

http://www.emol.com/noticias/Tecnologia/2018/03/21/899565/Estudio-internacional-afirma-que-el-64-de-los-trabajadores-cree-que-los-robots-destruiran-el-empleo.html


Related Links:
Cope.es - Will a robot finish with your work?

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Guy Michaels webpage



News Posted: 22/03/2018      [Back to the Top]

The Economist (online)

How and why to search for young Einsteins

Snippet: ...tests in the third year of primary school are many times more likely than the other 95% to file patents in later life. But the likelihood is still much greater among smart kids from rich families. Philippe Aghion of the London School of Economics and colleagues found...


Related Links:
The Economist (online) - How and why to search for young Einsteins

The Social Origins of Inventors

CEP Growth

Philippe Aghion webpage



News Posted: 22/03/2018      [Back to the Top]

People Management Magazine

Female unemployment grows significantly, with pay still squeezed

Even so, some in industry have suggested that the latest rise in female unemployment is down to the large number of high street retailers and hospitality businesses closing or restructuring. Guy Michaels, associate professor at the London School of Economics – who described the increase as a “gradual trend rather than a blip” – told People Management that the different sectors men and women work in could leave them exposed to “different industry shocks”…. Overall, experts have been positive towards the latest employment levels. Wage growth however, continues to be a source of concern. Michaels said: “Flexible and precarious work arrangements may flatten employment levels, but the UK’s labour market has held up in the aftermath of the Great Recession. After years of stagnation, both productivity and wages have recently started to rise, which suggest that labour demand is picking up, though slowly. But we are still waiting to see sustained real, inflation-adjusted wage growth.” 


Related Links:
People Management Magazine - Female unemployment grows significantly, with pay still squeezed

CEP Labour Markets

Guy Michaels webpage



News Posted: 22/03/2018      [Back to the Top]

Daily Star

Robots moving into law

Robots are set to steal lawyers’ jobs. Experts predict artificial intelligence breakthroughs mean machines will soon sift through legal paperwork and other complex documents at ultra high speed. Prof Guy Michaels, from the London School of Economics, said robots will mainly take on low-skilled jobs.


Related Links:
Daily Star - Robots moving into law

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Guy Michaels webpage



News Posted: 22/03/2018      [Back to the Top]

China Times Newsletter (press release)

Taiwan's happiness is excellent but needs to be vigilant

The United Nations "sustainable development solutions" have been published every year since 2012. Each year, the "World Happiness Report" rankings are announced. The 2018 ranking announced a few days ago was widely reported by the Taiwanese media. Taiwan ranks among them and ranks very well (26); but Some netizens are skeptical: Why can the performance of the “boring economy” under blue-green confrontation be so outstanding? In fact, this research was conducted by John. John Helliwell, Richard. Richard Layard and Jeffery. A collaboration between three prominent economists from Jeffrey Sachs.

            Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
China Times Newsletter (press release) - Taiwan's happiness is excellent but needs to be vigilant

CEP Wellbeing

Richard Layard webpage



News Posted: 21/03/2018      [Back to the Top]

El Nuevo Diario (Spain)

64% of workers believe that robotics will destroy employment

"There is no consensus on how robotics will affect the creation or destruction of employment, some studies are optimistic and others are not," Professor Guy Michaels of the London School of Economics told Efe. Michaels presented the results of a study that analyzes data of Swedish and American workers, from the eighties until today, and the impact that technology has had on employment.

See also:

Mundo contact (Spain)

64% of workers believe that robots will eliminate jobs

 http://mundocontact.com/64-trabajadores-cree-los-robots-eliminaran-empleos/

 

Ideal online

64% of workers believe that robots will eliminate jobs

http://www.ideal.es/economia/trabajo/robots-destruccion-empleo-20180321181705-ntrc.html

 

El Siglo de Torreon

Workers ‘fear’ for jobs before expansion of the robot

https://www.elsiglodetorreon.com.mx/noticia/1443329.trabajadores-temen-por-empleos-ante-expansion-de-la-robotica.html

 

El Dia.es

64% of workers believe that robotics will destroy employment

http://eldia.es/2018-03-21/economia/4-trabajadores-cree-robotica-destruira-empleo.htm

 

Las Provincias

64% of workers believe that robotics will destroy employment

http://www.lasprovincias.es/economia/trabajo/robots-destruccion-empleo-20180321181705-ntrc.html


Related Links:
El Nuevo Diario (Spain) - 64% of workers believe that robotics will destroy employment

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Guy Michaels webpage



News Posted: 21/03/2018      [Back to the Top]

Mixer Planet (Italy)

Illy: “Il caffè bevanda della felicità/Illy: “The coffee drink of happiness”

The report, produced by the United Nations SDSN network and the Ernesto Illy Foundation, is edited by prof. John F. Helliwell (University of British Columbia and Canadian Advanced Research Institute), by prof. Richard Layard (co-director of the Well-Being Program at the Center for Economic Performance of the School of Economics and Political Science in London) and prof. Sachs (director of the SDSN network itself). The normative applications of happiness studies are collected in the collective publication of the SDSN network entitled Global Happiness Policy Report 2018 (http://www.happinesscouncil.org). The 2018 World Happiness Report is made up of the following chapters: • "Happiness and migration: an overview", by John Helliwell, Richard Layard and Jeffrey Sachs; • "International Migration and World Happiness", by John Helliwell, Haifang Huang, Shun Wang and Hugh Shiplett; • "Migrating, do international migrants increase their happiness and that of their families?", By Martijn Hendricks, Martijn Burger, Julie Ray and Neli Esipova; • "Migration and Happiness in China", by John Knight and Ramani Gunatilaka; • "Happiness and International Migration in Latin America", by Carol Graham and Milena Nikolova; • "Happiness in Latin America has social bases", by Mariano Rojas; • "The American health crisis and the Easterlin paradox" by Jeffrey Sachs.

Also in

Argentarium

RD is happier than two years ago; but it is one of the most unhappy countries in Latin America

Or at least that indicates the results of the World Happiness Report 2018, published last Wednesday at the initiative of the Network for Solutions for Sustainable Development of the United Nations (UN), which is responsible for measuring the state of happiness at global level. The report placed RD in 2016 in the 89th position, in 2017 in the 86th and currently it was positioned in step 83, in a list of 156 countries, in which position 1 corresponds to the happiest.

https://www.argentarium.com/veedor/noticias/36991-rd-es-mas-feliz-que-hace-dos-anos-pero-es-de-los-paises-mas-infelices-de-latinoamerica/

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Mixer Planet (Italy) - Illy: “Il caffè bevanda della felicità/Illy: “The coffee drink of happiness”

CEP Wellbeing

Richard Layard webpage



News Posted: 20/03/2018      [Back to the Top]

LSE EUROPP (European Politics and Policy) blog

What local socio-economic conditions can tell us about the patterns of support in Italy’s election

The 2018 Italian election had a notable geographic split in voting behaviour, with Lega having more support in the north of the country and the Five Star Movement proving more successful in the south. Monica Langella digs deeper into the regional variations underpinning the result by carrying out an analysis of the link between local socio-economic factors and support for the country’s four main parties.


Related Links:
LSE EUROPP (European Politics and Policy) blog - What local socio-economic conditions can tell us about the patterns of support in Italy’s election

CEP Community

Monica Langella webpage



News Posted: 20/03/2018      [Back to the Top]

LSE Spatial Economics Research Centre – SERC – blog

Who benefits from neighbourhoods designated as conservation areas?

Homeowners and people nearby benefit, though the implications for society are less clear, writes Gabriel Ahlfeldt.  Opinions on conservation areas are split. Proponents would argue that conservation areas protect the visual appearance of historic neighbourhoods, by preventing owners from making changes that would be detrimental to character. Opponents would counter that this form of protection, in practice, means a severe restriction of property rights and, as a result, owners cannot adapt their homes to changing needs. For example, it is difficult to expand the living area after having children, e.g. by means of an attic extension, or to improve the energy efficiency by having new PVC windows. There is also a concern that such restrictions make the property less attractive to potential buyers, depreciating its market value. By the same logic, however, it can also be argued that the prospect of neighbourhood stability that comes with conservation area designation adds to the value of a location and increases the market value of properties located in the area.

Related publications

‘Game of Zones: The Political Economy of Conservation Areas’, Gabriel M. Ahlfeldt, Kristoffer Moeller, Sevrin Waights and Nicolai Wendland, The Economic Journal, Volume 127, Issue 605, October 2017

https://doi.org/10.1111/ecoj.12454


Related Links:
LSE Spatial Economics Research Centre – SERC – blog - Who benefits from neighbourhoods designated as conservation areas?

CEP Urban and Spatial Programme

Gabriel Ahlfeldt webpage



News Posted: 20/03/2018      [Back to the Top]

LSE Business Review blog

Do apprenticeships increase earnings?

Research finds that there's a strong case for providing apprenticeship to young people, write Chiara Cavaglia, Sandra McNally and Guglielmo Ventura.  Is there an earnings differential for starting an apprenticeship over and above the pay of young people who have already had a full-time school or college-based education? Our research looks at people who finished their GCSE exams in 2003 and who were therefore 28 years of age in 2015. We use administrative data to follow them from 2003 through their education and into the labour market.

Related publications

‘Apprenticeships for Young People in England: Is there a Payoff?’, Chiara Cavaglia, Sandra McNally and Guglielmo Ventura, Centre for Vocational Education Research (CVER) Discussion Paper No. 10, November 2017

http://cver.lse.ac.uk/textonly/cver/pubs/cverdp010.pdf


Related Links:
LSE Business Review blog - Do apprenticeships increase earnings?

Is there a payoff to apprenticeships for young people?

CEP Education and Skills CEP CVER

Chiara Cavaglia webpage

Sandra Mcnally webpage

Guglielmo Ventura webpage



News Posted: 20/03/2018      [Back to the Top]

The Barre Montpelier Times Argus

A basic tenet: livable wages

Numerous studies have shown that raising the minimum wage doesn’t hurt job growth, and differences in minimum wages in neighboring states don’t cause businesses to move significantly. As long as there are people to buy the goods, businesses will stay. With more money in their pockets, people will spend more. An increase in the minimum wage is associated with an increased level of productivity according to many economists, including Janet Yellen, former chair of the Federal Reserve. Alan Manning, professor of economics at the London School of Economics, stated in 2014: “As the minimum wage rises and work becomes more attractive, labor turnover rates and absenteeism tend to decline.”


Related Links:
The Barre Montpelier Times Argus - A basic tenet: livable wages

Minimum wages: the economics and the politics

CEP Community CEP Labour Markets

Alan Manning webpage



News Posted: 20/03/2018      [Back to the Top]

LSE Business Review blog

The trade impact of the transatlantic telegraph

The telegraph was the Victorian equivalent of today’s ‘big data’, helping firms to forecast future demand, writes Claudia Steinwender.  How do exporters gather information about overseas markets and forecast consumer demand for their products? What do they do if technology suddenly makes it possible to get access to better and more timely information? And what is the overall impact on prices, market integration and trade flows? These are challenging questions in the modern world of the internet and ‘big data’, where the vast amount of new information that firms can collect on consumers could have a significant impact on global economic interactions. In a recent study, I have looked back to Victorian times to see what can be learned from the introduction of the transatlantic telegraph cable that connected Europe and North America.

Related publications

‘Real Effects of Information Frictions: When the States and the Kingdom Became United’, Claudia Steinwender, American Economic Review, Vol. 108, No. 3, March 2018

https://www.aeaweb.org/articles?id=10.1257/aer.20150681

doi:  10.1257/aer.20150681


Related Links:
LSE Business Review blog - The trade impact of the transatlantic telegraph

Victorian internet: the trade impact of the transatlantic telegraph

CEP Trade

Claudia Steinwender webpage



News Posted: 20/03/2018      [Back to the Top]

Carnegie Council – for ethics in international affairs

The Origins of Happiness, with Richard Layard

JOANNE MYERS: Welcome to this podcast, which is coming to you from the Carnegie Council in New York City. I'm Joanne Myers, director of Public Affairs programs here at the Council. Today I have the pleasure of speaking with Richard Layard. Lord Richard is a director of the Wellbeing Program at the Center for Economic Performance at the London School of Economics (LSE) and a member of Parliament. He is best known for his contributions to happiness economics. Accordingly, his book Happiness: Lessons from a New Science redefines the simplistic economic link between income and happiness. He is also the co-founder of the Action for Happiness Movement, now counting over 30,000 members. In both 2012 and 2013, Professor Layard co-edited the United Nations World Happiness reports. He is also a contributor to an interesting new book entitled The Origins of Happiness: The Science of Well-Being Over the Life Course. Sir Richard, thank you for joining us.

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018

Happiness: Lessons from a New Science, Richard Layard, Penguin, 2nd edition, 2011

https://www.penguin.co.uk/books/54928/happiness/


Related Links:
Carnegie Council – for ethics in international affairs - The Origins of Happiness, with Richard Layard

CEP Wellbeing

Richard Layard webpage



News Posted: 19/03/2018      [Back to the Top]

Prospect Magazine (April 2018 issue)

Why Jeremy Corbyn needs a think tank

Meanwhile, ever-more think tank-like units are rolling out of universities—such as the LSE’s Centre for Economic Performance and the UK in a Changing Europe, which is co-ordinated through King’s College, London. Why? Well, in the words of Simon Griffiths, a lecturer at Goldsmiths University who specialises in think tankery, “academics do more policy than they used to, we’re encouraged to have ‘impact’ in our ideas.”

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Prospect Magazine (April 2018 issue) - Why Jeremy Corbyn needs a think tank

CEP Wellbeing

Richard Layard webpage



News Posted: 19/03/2018      [Back to the Top]

Prospect Magazine (April 2018 issue)

Why Jeremy Corbyn needs a think tank


Related Links:
Prospect Magazine (April 2018 issue) - Why Jeremy Corbyn needs a think tank





News Posted: 19/03/2018      [Back to the Top]

Everywoman.com

The Origins of Happiness: The science of wellbeing over the life course

Book of the month:  We all know the adage that money doesn’t bring you happiness – but if not money, then what? That’s the question being asked in The Origins of Happiness: The Science of Well-Being Over the Life Course. Written by social scientists from the Well-being Programme at the Centre for Economic Performance at the London School of Economics, the book takes an empirical tack, drawing conclusions from hard statistics rather than psychological research. Importantly – and somewhat unusually in studies of happiness, which can tend to be rather culturally specific - the book’s authors have interviewed 100,000 people globally to find out what makes them happy.

Related publications

The Origins of Happiness: The Science of Well-Being Over the Life Course, Andrew E. Clark, Sarah Flèche, Richard Layard, Nattavudh Powdthavee and George Ward, Princeton University Press, 2018

ISBN: 9780691177892

https://press.princeton.edu/titles/11179.html

 


Related Links:
Everywoman.com - The Origins of Happiness: The science of wellbeing over the life course

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 19/03/2018      [Back to the Top]

Cision PR Newswire

2nd World Happiness Summit bigger and better

Miami – World Happiness Summit 2018 welcomed peope from over 35 countries and 43 US states to the campus of the University of Miami yesterday….The three-day event opened with lakeside yoga at dawn and featured the world’s leading experts in the different disciplines that compose happiness. Experts like Tal Ben-Shahar, James Pawelski, Meghan McDonough, Richard Layard and Mo Gawdat took the stage before a full house in a setting carefully curated…

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Cision PR Newswire - 2nd World Happiness Summit bigger and better

CEP Wellbeing

Richard Layard webpage



News Posted: 17/03/2018      [Back to the Top]

Christians United for Israel – CUFI

UN report says Israel 11th happiest country in the world

The UN’s 2018 Happiness Report shows that Israel is the eleventh-happiest country in the world, surpassing the United States and the UK.

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Christians United for Israel – CUFI - UN report says Israel 11th happiest country in the world

CEP Wellbeing

Richard Layard webpage



News Posted: 16/03/2018      [Back to the Top]

Christians United for Israel – CUFI

UN report says Israel 11th happiest country in the world


Related Links:
Christians United for Israel – CUFI - UN report says Israel 11th happiest country in the world





News Posted: 16/03/2018      [Back to the Top]

VTDigger

Leslie Walz: A fair wage for fair work

Commentary by Leslie Walz, of Barre, who is a retired Vermont nurse.  Numerous studies have shown that raising the minimum wage doesn’t hurt job growth, and differences in minimum wages in neighbouring states doesn’t cause businesses to move significantly. As long as there are people to buy the goods, businesses will stay. With more money in their pockets, people will spend more. An increase in the minimum wage is associated with an increased level of productivity, according to many economists, including Janet Yellen, former chair of the Federal Reserve. Alan Manning, professor of economics at the London School of Economics, stated in 2014: “As the minimum wage rises and work becomes more attractive, labor turnover rates and absenteeism tend to decline.”


Related Links:
VTDigger - Leslie Walz: A fair wage for fair work

Minimum wages: the economics and the politics

CEP Labour Markets CEP Community

Alan Manning webpage



News Posted: 16/03/2018      [Back to the Top]

The Online Citizen

Singapore ranked 34th in World Happiness Report 2018, Finland takes top position

The World Happiness Report 2018, ranks 156 countries by their happiness levels, and 117 countries by the happiness of their immigrants. This year, Singapore is ranked 34th, a drop from 2017's ranking of 26th. Overall rankings of country happiness are based on the pooled results from Gallup World Poll surveys from 2015-2017, and show both change and stability. The report was produced by the United Nations Sustainable Development Solutions Network and edited by three economists, which are Sachs, the network's director and a professor at Columbia University, John F. Helliwell, a senior fellow at the Canadian Institute for Advanced Research and professor emeritus at the University of British Columbia, and Richard Layard, a director of the Well-Being Programme at the London School of Economics' Centre for Economic Performance.

Also in:

CNBC

These are the top 10 happiest countries in the world

Based on a global ranking of happiness levels across 156 countries, Finland has claimed the No. 1 spot in this year's World Happiness Report. Now in its sixth year, the World Happiness Report is produced by the United Nations Sustainable Development Solutions Network. The organization, along with three economists from Columbia University, the University of British Columbia and the London School of Economics' Center for Economic Performance, created the report using data from the Gallup World Poll to reveal which countries are happy and why.

https://www.cnbc.com/2018/03/16/these-are-the-top-10-happiest-countries-in-the-world.html

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

 


Related Links:
The Online Citizen - Singapore ranked 34th in World Happiness Report 2018, Finland takes top position

CEP Wellbeing

Richard Layard webpage



News Posted: 16/03/2018      [Back to the Top]

Africa Times

Togo shows world’s biggest improvement in new Happiness Report

African nations overall don’t rank well in the new World Happiness Report, but there are a few surprises – and, of course, it likely depends on how happiness is defined.

Also in:

 

The Times of India

Finland is world’s happiest country, US discontent grows: UN report

Finland is the world’s happiest country, according to an annual survey issued on Wednesday that found Americans were getting less happy even as their country became richer.

https://timesofindia.indiatimes.com/world/europe/finland-is-worlds-happiest-country-us-discontent-grows-un-report/articleshow/63305395.cms

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf


Related Links:
Africa Times - Togo shows world’s biggest improvement in new Happiness Report

CEP Wellbeing

Richard Layard webpage



News Posted: 15/03/2018      [Back to the Top]

The New York Times

Want to be happy? Try moving to Finland

Happy are the people of the Nordic nations — happier, in fact, than anyone else in the world. And the overall happiness of a country is almost identical to the happiness of its immigrants. Those are the main conclusions of the World Happiness Report 2018, released Wednesday. Finland is the happiest country in the world, it found, followed by Norway, Denmark, Iceland, Switzerland, the Netherlands, Canada, New Zealand, Sweden and Australia. Though in a different order, this is the same top 10 as last year, when Norway was No. 1 and Finland was fifth…. The report was produced by the United Nations Sustainable Development Solutions Network and edited by three economists: Dr. Sachs, the network’s director and a professor at Columbia University; John F. Helliwell, a senior fellow at the Canadian Institute for Advanced Research and professor emeritus at the University of British Columbia; and Richard Layard, a director of the Well-Being Program at the London School of Economics’ Center for Economic Performance.

Also in:

 

The Telegraph

Immigration does not make local people less happy, world happiness ranking s reveal

Immigration does not damage the average happiness of local people and migrants themselves become as happy as the nation they move to, according to a ground-breaking new study compiled by economists and backed by the United Nations. In one of the most comprehensive studies of its kind, the World Happiness Report report found that effect of migration on overall life satisfaction was “remarkably consistent”. …The report showed the “immense benefit” to the migrants of moving, Professor Richard Layard, of the London School of Economics and one of the editors of the report, told The Telegraph. “We’re not concluding that this is evidence for an open doors policy, just that when you are considering [migration policies] that you should be aware people are gaining a lot who come. Rich countries can only absorb people at a limited rate. But they can do so constantly [and there are benefits],” he said.

https://www.telegraph.co.uk/business/2018/03/14/immigration-does-not-make-local-people-less-happy-world-happiness/

 

The Seoul Times

Finland, world’s happiest country

The World Happiness Report 2018, which ranks 156 countries by their happiness levels, and 117 countries by the happiness of their immigrants, was released today at a launch event at the Pontifical Academy of Sciences in the Vatican. A subsequent event will occur next week on March 20th, celebrating World Happiness Day at the United Nations. This report also considers the happiness of immigrants. The report includes four chapters on migration, both internal (within-country) and international (cross-country), investigating the happiness of migrants, their families left behind, and others living in the cities and countries receiving migrants. “The most striking finding of the report is the remarkable consistency between the happiness of immigrants and the locally born,” said co-editor Professor John Helliwell of the University of British Columbia. All of the top ten countries for overall happiness 2015-2017 are in the top 11 countries for immigrant happiness based on surveys covering 2005-2015. … The World Happiness Report 2018 includes the following chapters: •Happiness and Migration: An Overview, by John Helliwell, Richard Layard and Jeffrey Sachs; …

http://theseoultimes.com/ST/?url=/ST/db/read.php?idx=13544&PHPSESSID=ccf07807610cc29512fa328c9c4f9fb5

 

 

Related publications

World Happiness Report 2018, John F. Helliwell, Richard Layard and Jeffrey D. Sachs (Eds), March 2018

https://s3.amazonaws.com/happiness-report/2018/WHR_web.pdf

 

 


Related Links:
The New York Times - Want to be happy? Try moving to Finland

CEP Wellbeing

Richard Layard webpage



News Posted: 14/03/2018      [Back to the Top]

Vozpopuli (Spain)

Tres grandes falacias sobre desigualdad/Three great fallacies about inequality

That a counter-cyclical monetary policy of low interest rates can raise the yields of certain financial assets, whose property tends to be biased towards families with higher assets and this encourage inequality, is an argument that I believe may be valid. There is some evidence of this, so we could include this explanation in the long list of possible candidates. But there are other explanations that can also lead us to find that these same policies can have an opposite effect on inequality. For example, because they improve access to credit, because they reduce unemployment, because they reduce financial costs to those who have a net debit position, and so on. In addition, and assuming that the effect of monetary policies can be very ambiguous, this would be one of many other explanations that it is not reasonable to discard, when these also have much greater empirical relevance. I think Daron Acemoglu, David Author, Kevin M. Murphy, David Card, John E. DiNardo, Brooks Pierce, Stephen Machin, J. van Reenen, David Dorn, Nicole Fortin, Thomas Lemieux, Matthias Cortés, Lawrence Katz, Goldin, Eli Berman, John Bound, Enmanuel Saez, Thomas Piketty, Anthony Atkinson, Nicholas Bloom, Thomas Phillipon, Branko Milanovic, Stefanie Stantcheva, Per Krusell, Oded Galor, Omer Moav, Tony Smith, Gustavo Ventura, Martin Gervais, Facundo Alvaredo, Peter Gottschalk, Sergio Firpo, Dirk Krueger, Fabrizio Perri, Amin Sufi, Kurt Minam, Greg Kaplan, Benjamín Moll, Makoto Nakajima, Antonia Díaz, Javier Díaz Giménez, Josep Pijoan, Laura Hospido, Jorge Onrubia, Olimpia Bover, Lee E. Ohanian, José- Víctor Ríos-Rull, Giovanni L. Violantel, Luis Ayala, Nacho González, Clara Martínez-Toledano, Miguel Artola or Enrico Moretti, among others, are not going to be, all wrong, right?


Related Links:
Vozpopuli (Spain) - Tres grandes falacias sobre desigualdad/Three great fallacies about inequality

CEP Community CEP Growth

Nick Bloom webpage

John Van reenen webpage

Stephen Machin webpage



News Posted: 12/03/2018      [Back to the Top]

LSE Business Review

Analysing the distributional effects of higher education funding reforms in the UK

Free Higher Ed wouldn't enhance equity: students are disproportionately from high-income households, write Ghazala Azmat and Stefania Simion.


Related Links:
LSE Business Review - Analysing the distributional effects of higher education funding reforms in the UK

Higher Education Funding Reforms: A Comprehensive Analysis of Educational and Labour Market Outcomes in England

CEP Growth

Ghazala Azmat webpage



News Posted: 12/03/2018      [Back to the Top]

Vox

The consumer benefits of trade agreements: Evidence from the EU trade policy

Article by Giuseppe Berlingieri, Holger Breinlich and Swati Dhingra:  There has been a surge in the number of trade agreements over the past two decades. This column investigates the impact of trade agreements implemented by the EU between 1993 and 2013 and asks how consumers benefit from such agreements. The evidence shows that trade agreements increased quality by 7% on average but did not affect prices or variety. This translates into a cumulative reduction in consumer prices of 0.24%, equivalent to savings of €24 billion per year for EU consumers. Higher-income EU countries enjoyed much stronger quality increases and larger overall consumer benefits.


Related Links:
Vox - The consumer benefits of trade agreements: Evidence from the EU trade policy

CEP Trade

Giuseppe Berlingieri webpage

Holger Breinlich webpage

Swati Dhingra webpage



News Posted: 12/03/2018      [Back to the Top]

The Phuket News

Education corner: Academic achievement and emotional health are equally important

The philosophy of BISP recognises that a core purpose of formal education is to enable our students to lead “quality lives”. In that context, it is worth reflecting on research quoted in the World Happiness Report 2015: “If you wish to predict whether a child will grow into a satisfied adult, the best predictor is not the academic achievement of the child but their emotional health”. (Helliwell, John F., Richard Layard, and Jeffrey Sachs, eds. 2015. World Happiness Report 2015. New York: Sustainable Development Solutions Network.)

Related publications

World Happiness Report 2015, John Helliwell, Richard Layard and Jeffrey Sachs (Eds), September 2015

http://worldhappiness.report/wp-content/uploads/sites/2/2015/04/WHR15_Sep15.pdf


Related Links:
The Phuket News - Education corner: Academic achievement and emotional health are equally important

CEP Wellbeing

Richard Layard webpage



News Posted: 11/03/2018      [Back to the Top]

Evening Standard

Russell Lynch: Spreadsheet Phil’s grinning like a Cheshire cat at his £30bn windfall

In the latest issue of the Economic Journal, there’s new research looking at how marathon runners respond to prize money pots, studying races over the past three decades. It turns out that the contests with the richest “winner takes all” prize pots don’t necessarily attract the best fields. While the runner’s chances of competing increase with the average prize on offer, they fall in proportion as more talented rivals join the field. The authors Ghazala Azmat and Marc Möller say that “talent repels talent to the extent that the contests with the highest prizes do not necessarily attract the most talented competitors”.

Related publications

‘The Distribution of Talent Across Contests’, Ghazala Azmat and Marc Möller, The Economic Journal, Volume 128, Issue 609, March 2018

Doi: 10.1111/ecoj.12426 ; http://onlinelibrary.wiley.com/doi/10.1111/ecoj.12426/epdf


Related Links:
Evening Standard - Russell Lynch: Spreadsheet Phil’s grinning like a Cheshire cat at his £30bn windfall

CEP Growth

Ghazala Azmat webpage



News Posted: 09/03/2018      [Back to the Top]

Honk Kong 01

[Happy age] 23 is the happiest with 69 year old life

Hannes Schwandt, a Centre For Economic Performance scholar at the Centre for British Studies, published a study on the happiness index and studied 23,161 German respondents aged 17 to 85 years. They expect life satisfaction in the next 5 years to be scored after 5 years. The results show that people are most satisfied with their own life at the age of 23 and 69. The happiness index is like a roller coaster and U-shaped.


Related Links:
Honk Kong 01 - [Happy age] 23 is the happiest with 69 year old life

Unmet Aspirations as an Explanation for the Age U-Shape in Human Wellbeing

CEP Wellbeing



News Posted: 08/03/2018      [Back to the Top]

Exame (Portugal)

The redemption of Chris Hughes, co-founder of Facebook

Plausibility of the idea is a matter of debate. Branko Milanovic, a scholar on income inequality, and Dean Baker, an economist at the Center for Economic and Policy Research, believe the plan is realistic given the current political climate. Baker also mentioned that policy changes to restructure the economy, such as softer patent laws and copyright and public funding for generic drugs, are a more urgent need. Stanford professor and conservative economist Nicholas Bloom mentioned the potential for fraud, adding that government control would be difficult.


Related Links:
Exame (Portugal) - The redemption of Chris Hughes, co-founder of Facebook

CEP Growth

Nick Bloom webpage



News Posted: 07/03/2018      [Back to the Top]

BusinessWire

Press Conferene: How “robots + AI” change the future of work – new research by automatic, LSE, VDMA

In the age of the "Digital Revolution" industrial and service robots are repeatedly breaking new sales records. The British government has recently announced that millions will be spent on artificial intelligence and robotics research. At a press conference, experts from the London School of Economics (LSE), “automatica” - one of the world's leading exhibitions for automation and robotics - and Europe´s largest industry association VDMA will present their vision of how robotics and automation are reshaping industry and the future of work.  The speakers include CEP’s Prof. Guy Michaels.

WHEN: Wednesday, 21st March 2018 (11:00 am - 1:00 pm)

Related links

Guy Michaels CEP publications webpage:  http://cep.lse.ac.uk/_new/publications/author.asp?author=michaels


Related Links:
BusinessWire - Press Conferene: How “robots + AI” change the future of work – new research by automatic, LSE, VDMA

CEP Labour Markets

Guy Michaels webpage



News Posted: 07/03/2018      [Back to the Top]

The Irish News

DUP openly supporting further division in our divided land

Opinion – Letters to the Editor:  Alastair Hamilton must acknowledge Brexit realities Writing in the Huffington Post Invest NI chief executive Alastair Hamilton has described the concern that Brexit would be an “economic calamity” as “fiction”. This is a remarkable contention given that many impact assessments including those by the Department for the Economy, the British Treasury and the London School of Economics agree that economic growth will suffer in the event of Brexit. But Mr Hamilton does not cite any actual studies. Nor does he refer to the possibility of our trade with the EU being disrupted by tariff and non-tariff barriers. He also ignores the implications for farmers who depend on EU funding. The prospect of universities losing students, staff and research funding is omitted. The pivotal issue of the border is not even mentioned.


Related Links:
The Irish News - DUP openly supporting further division in our divided land

BREXIT 2016: Policy Analysis from the Centre for Economic Performance

CEP Labour Markets CEP Growth CEP Trade

Holger Breinlich webpage

Swati Dhingra webpage

Saul Estrin webpage

Hanwei Huang webpage

Gianmarco Ottaviano webpage

Thomas Sampson webpage

Jonathan Wadsworth webpage



News Posted: 07/03/2018      [Back to the Top]

Patria.cz (Czech Republic)

Economic incompetence of the president and his men

Even customs duties, which will help US companies in the short term, can be detrimental in the long run. This protection of the domestic market can lead to a decline in qualitative competitiveness. In this context, an interesting 2007 study, in which economists Nicholas Bloom, Mirko Draca and John Van Reenen show that competition from Chinese goods pushed for a drop in jobs in the US, but also to increase the productivity and competitiveness of Canadian companies. A much better idea of how to reduce trade deficits would, according to Smith, be an effort to reduce budget deficits, as they tend to push up business.

Related publications

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation’, IT and Productivity, Nicholas Bloom, Mirko Draca and John Van Reenen, Review of Economic Studies, 83:1, January 2016


Related Links:
Patria.cz (Czech Republic) - Economic incompetence of the president and his men

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity

CEP Growth

Nick Bloom webpage

Mirko Draca webpage

John Van reenen webpage



News Posted: 06/03/2018      [Back to the Top]

Financial Times

What stage of a career is the best time to have children?

Barbara Petrongolo, professor of economics at Queen Mary University of London, notes that the impact of parenthood differs from sector to sector. The worst-hit professions are those “that reward continuous attachment . . . [and those] with a steep earnings profile”, she says, citing the legal sector, where the early years of one’s career involve building momentum for seven or eight years in order to become a partner in a law firm.


Related Links:
Financial Times - What stage of a career is the best time to have children?

CEP Labour Markets

Barbara Petrongolo webpage



News Posted: 06/03/2018      [Back to the Top]

Kurzy.cz (Czech Republic)

Economic incompetence of the president and his men

Even customs duties, which will help US companies in the short term, can be detrimental in the long run. This protection of the domestic market can lead to a decline in qualitative competitiveness. In this context, an interesting 2007 study, in which economists Nicholas Bloom, Mirko Draca and John Van Reenen show that competition from Chinese goods pushed for a drop in jobs in the US, but also to increase the productivity and competitiveness of Canadian companies. A much better idea of how to reduce trade deficits would, according to Smith, be an effort to reduce budget deficits, as they tend to push up business.

Related publications

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation’, IT and Productivity, Nicholas Bloom, Mirko Draca and John Van Reenen, Review of Economic Studies, 83:1, January 2016

 


Related Links:
Kurzy.cz (Czech Republic) - Economic incompetence of the president and his men

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity

CEP Growth

Nick Bloom webpage

Mirko Draca webpage

John Van reenen webpage



News Posted: 06/03/2018      [Back to the Top]

The Japan Times

What Trump’s trade guru doesn’t get about economics

Using tariffs to restore American competitiveness could easily backfire. If U.S. companies can hunker behind trade barriers and sell to a captive market, many will lose their edge. Research by economists Nicholas Bloom, Mirko Draca, and John Van Reenen has shown that while exposure to Chinese competition did destroy U.S. jobs, it also made U.S. businesses more productive, in part by forcing them to innovate faster. A 2007 study by Alla Lileeva and Daniel Trefler found that increased exposure to U.S. competition raised productivity at Canadian manufacturing plants. In fact, across a variety of countries, trade barriers seem to hold back productivity.

Also in:

Capital.gr (Greece)

What Trump’s trade guru does not understand about the economy

http://www.capital.gr/bloomberg-view/3277078/ti-den-katalabainei-gia-tin-oikonomia-o-emporikos-gkourou-tou-tramp

 

Related publications

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation’, IT and Productivity, Nicholas Bloom, Mirko Draca and John Van Reenen, Review of Economic Studies, 83:1, January 2016


Related Links:
The Japan Times - What Trump’s trade guru doesn’t get about economics

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity

CEP Growth

Nick Bloom webpage

Mirko Draca webpage

John Van reenen webpage



News Posted: 05/03/2018      [Back to the Top]

LSE Business Review blog

Governments play a key role in our happiness, but how do we get them to care?

Article by Jeffrey Sachs

The Global Happiness Council, which I am honoured to direct on behalf of the United Arab Emirates, has just issued the first Global Happiness Policy Report (GHPR) as a companion volume to the annual World Happiness Report (co-edited by John Helliwell, Richard Layard, and me). The purpose of the GHPR is to help governments to promote happiness by showcasing best practices from around the world. In addition to the GHPR, the UAE hosts an annual Global Happiness Dialogue, that brings together senior government officials, policy experts, scientists, and community leaders from all over the world in an intensive brainstorming.

Related publications

‘Global Happiness Policy Report 2018’, Global Happiness Council, February 2018

https://s3.amazonaws.com/ghc-2018/GlobalHappinessPolicyReport2018.pdf


Related Links:
LSE Business Review blog - Governments play a key role in our happiness, but how do we get them to care?

CEP Wellbeing

Richard Layard webpage



News Posted: 05/03/2018      [Back to the Top]

Campus Review (Australia)

Student smartphone obsession? There’s an app for even that

A 2017 University of Texas study found that simply having a smartphone within one’s view can reduce productivity, response speeds and grades. The results of another study , by the London School of Economics, inferred that the g...


Related Links:
Campus Review (Australia) - Student smartphone obsession? There’s an app for even that

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: 05/03/2018      [Back to the Top]

Newburgh Gazette (USA)

Brexit: a three course meal or a packet of crisps?

Brussels is anxious that Britain's exit from the Customs Union will be a step back in terms of free trade. "If you're in, you're in", said Thomas Sampson, an expert in global trade at the London School of Economics. With his endorsement of customs union, Corbyn has addressed the inevitable choice - and greatly increased the pressure on the government to rouse itself from its cake-filled pipe-dreams and do so as well.


Related Links:
Newburgh Gazette (USA) - Brexit: a three course meal or a packet of crisps?

CEP Trade

Thomas Sampson webpage



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

Bloomberg.com

What Trump’s trade guru doesn’t get about economics

Using tariffs to restore American competitiveness could easily backfire. If U.S. companies can hunker behind trade barriers and sell to a captive market, many will lose their edge. Research by economists Nicholas Bloom, Mirko Draca, and John Van Reenen has shown that while exposure to Chinese competition did destroy U.S. jobs, it also made U.S. businesses more productive, in part by forcing them to innovate faster. A 2007 study by Alla Lileeva and Daniel Trefler found that increased exposure to U.S. competition raised productivity at Canadian manufacturing plants. In fact, across a variety of countries, trade barriers seem to hold back productivity.

            Related publications

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation’, IT and Productivity, Nicholas Bloom, Mirko Draca and John Van Reenen, Review of Economic Studies, 83:1, January 2016


Related Links:
Bloomberg.com - What Trump’s trade guru doesn’t get about economics

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity

CEP Growth

Nick Bloom webpage

Mirko Draca webpage

John Van reenen webpage



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

Servizio Informazione Religiosa (Italy)

Brexit: May, speech at Mansion House. Comments by Breinlich (economist) and Longley (journalist). "EU will reject the premier's proposal"

(London) "I do not see how the proposals of Prime Minister Theresa May can be accepted by the European Union". Word of Holger Breinlich, economist, lecturer at the "London School of Economics", one of the UK's leading experts on Brexit. "The single market does not allow the various countries to choose the most convenient parts", explains the professor, "or one is in or out." In short, the vision of Brexit that the conservative leader proposed today, speaking at the Mansion House, would not be realistic. "The only possible options are the Norwegian or Canadian model and if the United Kingdom refuses them both will end up losing access to the European market".

Related links

Holger Breinlich CEP publications webpage:  http://cep.lse.ac.uk/_new/publications/author.asp?author=breinlich


Related Links:
Servizio Informazione Religiosa (Italy) - Brexit: May, speech at Mansion House. Comments by Breinlich (economist) and Longley (journalist). "EU will reject the premier's proposal"

CEP Trade

Holger Breinlich webpage



News Posted: 02/03/2018      [Back to the Top]

Chronicle Live (Northumberland)

Here's what the North East needs to hear from Theresa May on Brexit

That’s helped to boost growth and employment, but now it means that regions like the north east are vulnerable to any increase in barriers to trade, as demonstrated by recent research at the University of Birmingham. And analysis for the London School of Economics shows that some of the north east’s main industries – including chemicals, transport manufacturing and retail – could face challenges even under a fairly ‘soft’ Brexit scenario.


Related Links:
Chronicle Live (Northumberland) - Here's what the North East needs to hear from Theresa May on Brexit

The Local Economic Effects of Brexit

CEP Trade CEP Labour Markets CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 02/03/2018      [Back to the Top]

CCR Magazine

New research findings on apprenticeships

New research reports from the Centre for Economic Performance (CEP) at the London School of Economics are highlighted in the Spring 2018 CentrePiece magazine.   Among the findings:  APPRENTICESHIPS: High potential payoffs but variation by subject specialism; BREXIT: Leave vote benefited from feelings of social and economic exclusion ; HOUSING: Planning policy creates more empty homes and longer commutes; FAMILY FIRMS: The weak management practices of second-generation bosses; PRE-SCHOOL: Free entitlement to early education has failed to deliver benefits; ITALIAN PRODUCTIVITY: Long-lasting stagnation in Europe’s ‘sleeping beauty’; LOCAL LABOUR MARKETS: Tools for analysing effects of place-based policies; LOST EINSTEINS: American evidence on who grows up to be an inventor.

Related publications

‘Apprenticeships for Young People in England: Is there a Payoff?’, Chiara Cavaglia, Sandra McNally and Guglielmo Ventura, Centre for Vocational Education Research (CVER) Discussion Paper No. 10, November 2017

http://cver.lse.ac.uk/textonly/cver/pubs/cverdp010.pdf 


Related Links:
CCR Magazine - New research findings on apprenticeships

Is there a payoff to apprenticeships for young people?

CEP Education and Skills CEP CVER

Chiara Cavaglia webpage

Sandra Mcnally webpage

Guglielmo Ventura webpage



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

Showhouse

House of Lords lambasts apprenticeship levy

Ahead of National Apprenticeship Week, members of the House of Lords demanded an explanation for the alarming drop in apprenticeship starts following the introduction of the levy. Members of the House of Lords discussed the alarming drop in apprenticeship starts at a select committee on 27 February, concluding that the first year of the apprenticeship levy has been “woefully inadequate.” The number of people embarking on apprenticeships fell by 35% in November 2017; and has plunged 60% since the levy was introduced. Lord Forsyth of Drumlean was keen to know why a significant portion of levy money was spent on existing employees, rather than attracting new recruits. “Only 43% of employees on a level two or three apprenticeship were aware they were doing an apprenticeship!” he said. “Was the levy really designed to send senior people on MBA courses? Perhaps I’m being naive, but I didn’t think that was its purpose!” Dr Hilary Steedman, Senior Research Fellow, Centre for Economic Performance, London School of Economics, explained, “It’s easier for providers who are struggling to recruit apprentices to offer apprenticeships to employees already in place.”

Hilary Steedman webpage:  http://cver.lse.ac.uk/about/Expert_Advisors.asp#Steedman 


Related Links:
Showhouse - House of Lords lambasts apprenticeship levy

CEP CVER



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

Campden FB

FB roundup: Rothschild, Berkshire, and family firm management Family firms have worse management practices, says study: New research has shown that second-generation family chief executives tend to exhibit poorer management practices, and that their firms suffer as a result.

All in the Family? CEO Choice and Firm Organization, by the Centre for Economic Performance at the London School of Economics, is the first study showing a causal link between dynastic family firms and poorer performance. “Although there is mixed evidence on whether family ownership is a good thing, the weight of the evidence is that dynastic family CEOs are usually bad news for productivity,” writes researcher Daniela Scur in her summary of the study, which looked at more than 800 companies around the world.

Related publications

'Family firms: the problem of second-generation bosses', Renata Lemos and Daniela Scur. Article in CentrePiece Volume 23, Issue 1, Spring 2018


Related Links:
Campden FB - FB roundup: Rothschild, Berkshire, and family firm management Family firms have worse management practices, says study: New research has shown that second-generation family chief executives tend to exhibit poorer management practices, and that their firms suffer as a result.

Family firms: the problem of second-generation bosses

CEP Growth

Daniela Scur webpage



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

LSE Brexit blog

Many multinationals may pull out of the UK If it leaves the Customs Union

As March 2019 draws closer, the UK government remains divided over the type of trade relationship it wants to achieve in the ongoing negotiations with the EU. Paola Conconi (ULB/LSE) explains why Japanese multinationals may pull out of the UK in case of a hard Brexit, one which would mean there is no kind of customs union with the EU.


Related Links:
LSE Brexit blog - Many multinationals may pull out of the UK If it leaves the Customs Union

From Final Goods to Inputs: The Protectionist Effect of Rules of Origin

CEP Trade

Paola Conconi webpage



News Posted: 28/02/2018      [Back to the Top]

Helsingborgs Dagblad (Sweden)

Teachers at the school are more pleased with the job

The survey was made by Gabriel Heller-Sahlgren, London School of Economics and the Institute of Business Research.

Teachers in independent primary schools, and especially in company-owned independent schools, give their workplace a better rating than municipal educators do. The conclusion is drawn in a recent report from the Swedish Enterprise, which throws new fuel in the debate on profit for school companies.


Related Links:
Helsingborgs Dagblad (Sweden) - Teachers at the school are more pleased with the job

CEP Labour Markets

Gabriel Heller-sahlgren webpage



News Posted: 28/02/2018      [Back to the Top]

Telegraph

App tackles digital addiction by rewarding users for avoiding their phone

Researchers at University of Texas last year claimed that smartphones could negatively affect attention span by just being in someone’s line of sight. Another study, conducted by the London School of Economics, found that students who did not use their phones at school found their grades improved by 6.5 per cent.


Related Links:
Telegraph - App tackles digital addiction by rewarding users for avoiding their phone

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: 28/02/2018      [Back to the Top]

PeopleManagement

First year of apprenticeship levy has been ‘woefully inadequate’ says select committee

Dr Hilary Steedman, senior research fellow at the Centre for Economic Performance, described the fall in starts as “worrying, but not surprising”, and called on the government to abandon its target of reaching three million apprenticeship starts by 2020, saying the focus should be on quality rather than quantity. ”While we don’t want opportunities for young people to be restricted in any way, some young people on apprenticeships are not being well-served, and they deserve better,” she said.

Related links

Hilary Steedman webpage:  http://cver.lse.ac.uk/about/Expert_Advisors.asp#Steedman 


Related Links:
PeopleManagement - First year of apprenticeship levy has been ‘woefully inadequate’ says select committee

CEP CVER



News Posted: 28/02/2018      [Back to the Top]

Keene Sentinel (USA)

Jeremy Corbyn urges a soft Brexit, putting Theresa May in a hard spot

The problem for hard-line Brexiteers is that the European customs union dictates that all trade deals between the bloc and the outside world are negotiated by the European Union, not the individual member states. "There's no bilateral trade deals in a customs union" — no Germany-China deals or Britain-U.S. deals. "If you're in, you're in," said Thomas Sampson, an expert in international trade at the London School of Economics.


Related Links:
Keene Sentinel (USA) - Jeremy Corbyn urges a soft Brexit, putting Theresa May in a hard spot

CEP Trade

Thomas Sampson webpage



News Posted: 27/02/2018      [Back to the Top]

BBC Essex

Breakfast show

Guy Michaels interviewed live during a conversation about the impact of robots and technology on productivity in the UK.


Related Links:
BBC Essex - Breakfast show

Robots at Work

Robots at Work

CEP Labour Markets

Guy Michaels webpage



News Posted: 27/02/2018      [Back to the Top]

The Washington Post online

Jeremy Corbyn urges a soft Brexit, putting Theresa May in a hard spot

The problem for hard-line Brexiteers is that the European customs union dictates that all trade deals between the bloc and the outside world be negotiated by the European Union, not the individual member states. “There’s no bilateral trade deals in a customs union” — no Germany-China deals or Britain-U. S. deals. “If you’re in, you’re in,” said Thomas Sampson, an expert in international trade at the London School of Economics.


Related Links:
The Washington Post online - Jeremy Corbyn urges a soft Brexit, putting Theresa May in a hard spot

CEP Trade

Thomas Sampson webpage



News Posted: 26/02/2018      [Back to the Top]

Iowa State Daily

Editorial: Mental health isn't the real problem

The mentally ill are overall less violent than the rest of the population. Given the funding proposed by the president, they are also unlikely to receive the medical and psychiatric care they so badly need and deserve. Richard Layard, British economist, says helping the mental ill is the best possible social expenditure in terms of creating long-term happiness for the greatest number of people.

Related links

Mental Health Research webpage:  http://cep.lse.ac.uk/_new/research/Wellbeing/mental_health.asp


Related Links:
Iowa State Daily - Editorial: Mental health isn't the real problem

CEP Wellbeing

Richard Layard webpage



News Posted: 25/02/2018      [Back to the Top]

Contrepoints

Les Geants du capitalisme menacent-ils la concurrence?/Do capitalist giants threaten competition?

The share of start-ups in employment in the United States has been declining since 1980. This is in line with that of David Autor and his coauthors on the rise of superstars, David Autor, David Dorn, Lawrence F. Katz and Christina Patterson. John Van Reenen, American Economic Review, May 2017.


Related Links:
Contrepoints - Les Geants du capitalisme menacent-ils la concurrence?/Do capitalist giants threaten competition?

The Fall of the Labor Share and the Rise of Superstar Firms

CEP Growth

John Van reenen webpage



News Posted: 24/02/2018      [Back to the Top]

FE Week

DfE hands out £2m for more FE research

The Centre for Vocational Educational Research had its mid-term review at the beginning of this year. After an initial £3 million grant from the Department for Education in May 2015, and there had been speculation about its long term prospects. It has now been given an extra £2 million to continue until the end of the decade, and has some stirring projects up its sleeve. These include evaluations on FE’s role in increasing social mobility, and the impact of university technical colleges. Its work on the apprenticeship levy, however, is likely to bring the most interest. After gaining recent approval from its steering group, CVER has started planning a major evaluation of the policy, which came into effect last April. “The focus of the work on the apprenticeship levy will be on its effect on training outcomes, overall and by sector,” said Dr Sandra McNally, who leads the centre.


Related Links:
FE Week - DfE hands out £2m for more FE research

CEP CVER

Sandra Mcnally webpage



News Posted: 24/02/2018      [Back to the Top]

Tim Harford: The Undercover Economist blog

Should the government try to maximise happiness

“Money can’t buy me love,” sang The Beatles, although it is doubtful that this was a rigorous empirical claim. Still, nobody disputes that there’s more to life than money and a new book, The Origins of Happiness (UK) (US) argues that happiness should be a guide to government policy.... it is easy to sympathise with Thomas Jefferson’s remark, shortly after he stepped down as US president, that “The care of human life & happiness, & not their destruction, is the first & only legitimate object of good government.” The question is what that means for government policy — and whether the academic study of wellbeing can help. The five authors of The Origins of Happiness, including Professor Richard Layard of the London School of Economics, focus on answers to the question “Overall, how satisfied are you with your life these days?” on a scale of 0-10.

 

 


Related Links:
Tim Harford: The Undercover Economist blog - Should the government try to maximise happiness

CEP Wellbeing

Richard Layard webpage



News Posted: 23/02/2018      [Back to the Top]

El Nuevo Herald (Florida, USA)

Miami hosts the World Summit of Happiness for the second year

Lord Richard Layard, program director of the Center for Economic Performance of the London School of Economics and co-editor of the World Happiness Report, Mo Gawdat and Gopi Kallayil, Google executives, Allison Wagner, Olympic medalist, and Ismael Cala, journalist and presenter television, they will also be at the Summit or on the H-20.

Also in

Sunday 25 February

Lisindiario.com

Cumbre Mundial de la Felicidad

https://www.listindiario.com/la-vida/2018/02/26/504174/cumbre-mundial-de-la-felicidad


Related Links:
El Nuevo Herald (Florida, USA) - Miami hosts the World Summit of Happiness for the second year

CEP Wellbeing

Richard Layard webpage



News Posted: 23/02/2018      [Back to the Top]

Promarket.org

Guns and votes: the victory of an intense minority against an apathetic majority

Article by Laurent Bouton, Paola Conconi, Francisco Pino, Maurizio Zanardi

This column on the “gun-control paradox”—the fact that gun regulations continually fail in the US Congress despite being supported by around 90 percent of US citizens—appeared in 2013 on VoxEU.org after the shooting at Sandy Hook Elementary and was republished in 2017 after the Las Vegas mass shooting. Following the Parkland mass shooting, we are republishing it with a new preface by one of the coauthors.  Editor’s note: We asked coauthor Paola Conconi after the Las Vegas massacre of October 2017 for an update on her research on collective action problems in arms regulation and political economy in general. Conconi responded as follows:  The mass-shootings in Las Vegas and Texas raise once again questions about the lack of regulatory response to gun violence in the United States. The same questions were asked after every tragedy (Orlando, at Virginia Tech, Newtown, …). My answer is always the same: politicians respond to the interests of a minority of voters who are intensely against even mild regulations, rather than listening to a majority of the electorate who is in favor of gun regulations but has other policy priorities.

Related articles

Vox [6 October 2013]

Guns and votes

https://voxeu.org/article/guns-and-votes


Related Links:
Promarket.org - Guns and votes: the victory of an intense minority against an apathetic majority

CEP Trade

Paola Conconi webpage



News Posted: 22/02/2018      [Back to the Top]

Wall Street Journal blog

Forget stock buybacks. Here's where CEOs should invest their tax windfall

In this regard, scholars such as Erik Brynjolffson, Lorin Hitt, Nick Bloom, and John Van Reenen have all shown that computers by themselves don't unleash rapid productivity growth; rather, it takes new business processes, new ways of interacting with customers and suppliers, and coordinated worker training to unlock...


Related Links:
Wall Street Journal blog - Forget stock buybacks. Here's where CEOs should invest their tax windfall

CEP Growth

Nick Bloom webpage

John Van reenen webpage



News Posted: 21/02/2018      [Back to the Top]

NY Times

Book Review: The redemption of Chris Hughes

The Stanford professor and economist Nicholas Bloom brought up the potential for fraud, adding that government enforcement would be difficult.


Related Links:
NY Times - Book Review: The redemption of Chris Hughes

CEP Growth

Nick Bloom webpage



News Posted: 21/02/2018      [Back to the Top]

Hamilton News

Wu serving on International panel on wellbeing

Professor of Economics Stephen Wu was recently invited to become a member of an expert panel on wellbeing. A research program of the London School of Economics and Political Science Centre for Economic Performance, the World Wellbeing Panel promotes “wellbeing as the ultimate purpose of all major decision makers, particularly government.”

Related links

World Wellbeing Survey Panel webpage:  http://cep.lse.ac.uk/wwp/


Related Links:
Hamilton News - Wu serving on International panel on wellbeing

CEP Wellbeing

Nattavudh Powdthavee webpage

Paul Frijters webpage



News Posted: 20/02/2018      [Back to the Top]

Slates Star Codex

Technological unemployment: much more than you wanted to know

This is potentially consistent with a story where the jobs that have been easiest to automate are middle-class-ish. Some jobs require extremely basic human talents that machines can’t yet match – like a delivery person’s ability to climb stairs. Others require extremely arcane human talents likewise beyond machine abilities – like a scientist discovering new theories of physics. The stuff in between – proofreading, translating, records-keeping, metalworking, truck driving, welding – is more in danger. As these get automated away, workers – in accord with the theory – migrate to the unautomatable jobs. Since they might not have the skills or training to do the unautomatable upper class jobs, they end up in the unautomatable lower-class ones. There’s nothing in economic orthodoxy that says this can’t happen. David Autor and his giant block of citations agree:  Because jobs that are intensive in either abstract or manual tasks are generally found at opposite ends of the occupational skill spectrum—in professional, managerial, and technical occupations on the one hand, and in service and laborer occupations on the other—this reasoning implies that computerization of “routine” job tasks may lead to the simultaneous growth of high-education, high-wage jobs at one end and low-education, low-wage jobs at the other end, both at the expense of middle-wage, middle education jobs—a phenomenon that Goos and Manning (2003) called “job polarization.” A large body of US and international evidence confirms the presence of employment polarization at the level of industries, localities, and national labor markets (Autor, Katz, and Kearney 2006, 2008; Goos and Manning 2007; Autor and Dorn 2013; Michaels, Natraj, and Van Reenen 2014; Goos, Manning, and Salomons 2014; Graetz and Michaels 2015; Autor, Dorn, and
Hanson 2015)

Related publications

Goos, M., A. Manning, and A. Salomons, 2014, Explaining Job Polarization: Routine-Biased Technological Change and Offshoring, American Economic Review, 104(8), 2509-2526.  https://www.aeaweb.org/articles?id=10.1257/aer.104.8.2509

Goos, M., A. Manning, and A. Salomons, 2009, Job Polarization in Europe, American Economic Review: Papers & Proceedings, 99(2), 58-63.  https://www.aeaweb.org/articles?id=10.1257/aer.99.2.58

Michaels, G., A. Natraj, and J. Van Reenen, 2014, Has ICT Polarized Skill Demand? Evidence from Eleven Countries Over Twenty-Five Years, The Review of Economics and Statistics, 96(1), 60-77.  https://www.mitpressjournals.org/doi/abs/10.1162/REST_a_00366


Related Links:
Slates Star Codex - Technological unemployment: much more than you wanted to know

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets CEP Growth

Georg Graetz webpage

Alan Manning webpage

Guy Michaels webpage

John Van reenen webpage



News Posted: 19/02/2018      [Back to the Top]

Herald Scotland

Education experts say 'ban phones in school as they damage learning'

MOBILE phones in schools should be banned because they pose a much graver risk to children's education than previously considered, the author of a flagship report on their use says.  Increasing phone ownership is causing unprecedented classroom distractions, academic Richard Murphy said. An outright ban on their use in schools is needed more than ever, said Murphy, a professor at the University of Texas at Austin.  Murphy previously co-authored a study that claimed banning phones from schools gives pupils an extra week's education during an academic year.


Related Links:
Herald Scotland - Education experts say 'ban phones in school as they damage learning'

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: 18/02/2018      [Back to the Top]

TransportXtra

Speed camera debate re-opened

A speed camera critic is challenging academics over new research suggesting that fixed speed cameras have reduced killed and serious injuries.  A London School of Economics research paper published last October said that, between 1992 and 2016, speed cameras had cut accidents by between 17 and 39 per cent and fatalities by between 58 and 68 per cent within 500 metres of camera sites. The paper, Do speed cameras save lives?, by Cheng Keat Tang, a PhD student and researcher in the department of geography and environment,   analysed before and after collision data for 2,500 camera sites in England, Scotland and Wales.   Said Tang: “The study clearly shows that speed cameras reduce both the number and severity of road accidents. Related publications: 'Do Speed Cameras Save Lives?', Cheng Keat Tang, SERC/CEP Discussion Paper No.221, September 2017


Related Links:
TransportXtra - Speed camera debate re-opened

CEP Urban and Spatial Programme

Cheng Keat Tang webpage



News Posted: 16/02/2018      [Back to the Top]

LSE Business Review blog

Does social media foster polarisation? A close look at the handle @realdonaldtrump

Extreme polarisation is not persistent over time; people are more likely to react to specific events or news, writes Maria Molina-Domene. Social media facilitates communication and an appealing question is whether citizens use it to endorse or criticize the government. I investigate individuals’ potential polarisation about President Trump, as reflected in his personal Twitter account. In this context, polarisation relates to expressing positive or negative judgements through social media.   


Related Links:
LSE Business Review blog - Does social media foster polarisation? A close look at the handle @realdonaldtrump

CEP Labour Markets

Maria Molina-domene webpage



News Posted: 16/02/2018      [Back to the Top]

BBC 2 on BBC iPlayer

The Mash Report (Series 1 - Winter: Episode 5)

Jonathan Wadsworth CEP research on immigration mentioned in the weeks news via BBC's 'The Mash Report'.


Related Links:
BBC 2 on BBC iPlayer - The Mash Report (Series 1 - Winter: Episode 5)

Immigration and the UK Economy

CEP Labour Markets

Jonathan Wadsworth webpage



News Posted: 15/02/2018      [Back to the Top]

CityMetric

Aberdeen’s slowdown shows the dangers of being a one-industry town

When we consider these findings in light of research published last July by Centre for Cities and the Centre for Economic Performance – which suggested that Aberdeen's economy would be hit harder than that of any other city by either a 'hard' or 'soft' Brexit – It all adds up to a worrying picture.


Related Links:
CityMetric - Aberdeen’s slowdown shows the dangers of being a one-industry town

The Local Economic Effects of Brexit

CEP Trade CEP Labour Markets CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 15/02/2018      [Back to the Top]

Economia

Londres acull un debat impossible a Madrid o Barcelona/London welcomes an impossible debate in Madrid or Barcelona

Scene of the meeting, the London School of Economics, in the center of the British capital, in the third session of a cycle of debates centered on the relationship between Catalonia and Spain. In London, not in Barcelona or in Madrid, as if sitting in the same table, the economics consultant Andreu Mas-Colell and prominent economists, colleagues Jordi Galí, Ángel de la Fuente, Ramon Marimon and Antonio Cabrales in one of the Two cities of the State were impossible. Almost a metaphor for the lack of dialogue not between the five academics present at the event, but between the leading Spanish class and the one that led the Process in Catalonia.


Related Links:
Economia - Londres acull un debat impossible a Madrid o Barcelona/London welcomes an impossible debate in Madrid or Barcelona

CEP Education and Skills

Jenifer Ruiz-valenzuela webpage



News Posted: 15/02/2018      [Back to the Top]

El Pais

Direct: The economic dimension of the Catalan crisis

The London School of Economics hosts a new debate of the series that is celebrating, in collaboration with Politikon, about the future of Spain and Catalonia. On this occasion, with the moderation of Jenifer Ruiz-Valenzuela, of the LSE, Antonio Cabrales, Ángel de la Fuente, Jordi Galí, Ramon Marimon and Andreu Mas-Colell talk about the economic dimension of the Catalan crisis.


Related Links:
El Pais - Direct: The economic dimension of the Catalan crisis

CEP Education and Skills

Jenifer Ruiz-valenzuela webpage



News Posted: 14/02/2018      [Back to the Top]

El Comercio (Peru)

Kindernomics: ¿Cómo combatir desigualdad en la innovación?/Kindernomics: how to comabat inequality in innovation?

In a paper he signed with John Van Reenen, Neviana Petkova, Xavier Jaravel and Alex Bell it was discovered that people with parents who are among the richest 1% of the United States are ten times more likely to become successful inventors than those who they grow in households with incomes below the average.

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:
El Comercio (Peru) - Kindernomics: ¿Cómo combatir desigualdad en la innovación?/Kindernomics: how to comabat inequality in innovation?

CEP Growth

John Van reenen webpage



News Posted: 14/02/2018      [Back to the Top]

Le Monde

What should corporate profits really be used for ?

Dominique Steiler, professor of management, proposes in a tribune to the "World" to break with the paradigm of the hyper-competitiveness and the economic war to make the company a factor of individual happiness and social peace. per capita and, consequently, increase happiness. Some have benefited from the first, but the inequalities are important and growing. For the second, the research work of Prof. Layard of the London School of Economics, conducted over fifty ...


Related Links:
Le Monde - What should corporate profits really be used for ?

CEP Wellbeing

Richard Layard webpage



News Posted: 14/02/2018      [Back to the Top]

The Gulf Today

‘Citizens’ wellbeing priority’

DUBAI: Professor Jeffrey Sachs, renowned economist and Chair of the World Happiness Council, has led a plenary session to discuss the findings of the first Global Happiness Policy Report on the opening day of the sixth World Government Summit, WGS 2018, in Dubai.  In the session titled, “Insights and Reflections from the Global Happiness Policy Report,” industry experts highlighted key takeaways from the report, unanimously agreeing that governments need to prioritise the well-being of their citizens.  Fellow World Happiness Council members, economist Richard Layard and psychologist Martin Seligman, joined Professor Sachs in the discussion along with economist Jan-Emmanuel De Neve.  Initiating the dialogue, Sachs said, “If you teach happiness and propound altruistic philosophy, you are actually happier. This report is a compendium of important case studies on the application of the science of happiness and will help governments understand, measure and monitor happiness around the world. Only 22 of the 193 governments present at the United Nations currently have happiness policies in place. Our mission is to spread this information to the world community.”  Layard, in turn, observed that tackling mental illness and the stigma that surrounds it remains a challenge today. “Even in developed nations, only a quarter of people with mental illnesses and similar conditions get treated. This would cause an outrage if these numbers reflected treatment for physical disabilities,” he said.

www.gulftoday.ae/portal/40edca98-a238-4a3c-88d4-a7195aae1423.aspx

 

Related publications

‘World Happiness Report 2017’, John Helliwell, Richard Layard and Jeffrey Sachs (Eds).

http://worldhappiness.report/


Related Links:
CEP Wellbeing

Jan-Emmanuel De neve webpage

Richard Layard webpage



News Posted: 13/02/2018      [Back to the Top]

Forsal (Poland)

"Optimal" would be to tax happiness in life [FELIETON]

The approach to happiness and bad luck translates into expectations regarding the social security system, including taxes and benefits. If we assume that nobody is fully responsible for their achievements, social policy has to solve two problems. First of all, it is necessary to measure how much individual outcomes affect the initial conditions of childhood, the so-called uneven start: when a child comes into the world in a family with lower income, human capital, access to social networks, etc. The idea of ​​a welfare state it is based on equal opportunities so that the child's ability to obtain higher education and proper health care is not limited by the parents' life decisions. Research shows that so far we are not doing it much, because over 20 percent. pay inequalities can be attributed to uneven start, as demonstrated by Daniele Checchi (Politecnico di Milano) and Vito Peragine (University of Bari). What's more, the last three decades have been the decrease in the so-called income mobility in Europe (studies by the head of the Center for Economic Performance at LSE, Steve Machin), as well as in the USA (research by Raji Chetty's team). This is examined, among others by checking whether the income position of parents affects the income position of children. For example, if for every decile of parents' income I have the same chance of earning money in the middle of a decay, society is characterized by high mobility. Data for the US and the United Kingdom show that it is more and more likely every year that poor children will remain poor and rich people rich, while it is less likely to improve the social ladder from generation to generation.


Related Links:
Forsal (Poland) - "Optimal" would be to tax happiness in life [FELIETON]

Real Wages and Living Standards

Falling real wages

CEP Labour Markets

Stephen Machin webpage



News Posted: 12/02/2018      [Back to the Top]

Univision

Los ‘Einsteins perdidos’: cómo se desperdicia el potencial de los niños más brillantes de familias pobres y cómo solucionarlo / The 'lost Einsteins': how the potential of the brightest children of poor families is wasted and how to fix

Article by by Xavier Jaravel, Raj Chetty, John Van Reenen and Alexander Bell

A new analysis shows how much the socioeconomic status of a student's family influences whether he becomes an inventor as he grows up. The key to diminishing the disadvantages suffered by the poorest children? Expose them to more inventors.

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:
Univision - Los ‘Einsteins perdidos’: cómo se desperdicia el potencial de los niños más brillantes de familias pobres y cómo solucionarlo / The 'lost Einsteins': how the potential of the brightest children of poor families is wasted and how to fix

CEP Growth

John Van reenen webpage



News Posted: 11/02/2018      [Back to the Top]

Financial Times

The old normal - Your weekly briefing on the UK economy

Last week’s highlights - Assessing the impact assessments - Almost all of the interesting results you get out of modelling Brexit are down to the judgments and assumptions you put in, said Robert Chote, head of the Office for Budget Responsibility, to the Institute for Government last week. But as the government’s models are being kept under lock and key in Whitehall all we have so far are hints of the results and no idea of what the government are putting in. Our Westminster team report the models say that Remain-voting areas will get off lightly (an opposite conclusion to work done by the London School of Economics), retailers will suffer the most from higher barriers to trade and new trade deals with non-European countries will provide very limited benefits.


Related Links:
Financial Times - The old normal - Your weekly briefing on the UK economy

The Local Economic Effects of Brexit

CEP Trade CEP Labour Markets CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 11/02/2018      [Back to the Top]

Zawya

Global dialogue for happiness discusses design of happiness policies based on science and technology

In a similar session titled ‘What Makes People Happy?’, Paul Dolan, Head of Department and Professor of Behavioral Science in Psychological and Behavioral Science at the London School of Economics and Political Science, offered an alternative explanation to the meaning of happiness. Dolan maintained that simple lifestyle changes can have a big impact on peoples’ happiness. Studies have shown that increased happiness coincides with increases in wealth and productivity. He identified different aspects of happiness that can be measured and monitored. Emotional happiness, moral happiness, and evaluative happiness, in addition to happiness that is related to the environment, education, healthcare, society, government services, and infrastructure, are some of them.

Paul Dolan CEP publications webpage:  http://cep.lse.ac.uk/_new/publications/author.asp?author=dolan

 


Related Links:
Zawya - Global dialogue for happiness discusses design of happiness policies based on science and technology

CEP Wellbeing

Paul Dolan webpage



News Posted: 11/02/2018      [Back to the Top]

The Times

Phone home

Other studies have come to similar conclusions. In 2015 researchers at the London School of Economics studied results at 91 secondary schools in London, Birmingham, Manchester and Leicester that banned mobile phones. They found a rise in results in schools where the ban was tightly enforced, but none where it was flouted.


Related Links:
The Times - Phone home

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: 10/02/2018      [Back to the Top]

The Times

Marathons, botox and sex: there's a perfect age to do everything

Research led by Richard Layard and published in a book, The Origins of Happiness, this month reveals that even ill health, a drop in income or being divorced or widowed makes relatively little difference to the life satisfaction of those in their sixties and seventies, which is famously high.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
The Times - Marathons, botox and sex: there's a perfect age to do everything

CEP Wellbeing

David Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 10/02/2018      [Back to the Top]

Jeremy Hadall

Automation for the people

Within the manufacturing industry, high levels of productivity would not be possible without the introduction of automation. A typical automotive manufacturer simply could not keep up with the demand for volume or consistency without these technologies. So whilst a typical vehicle assembly plant may have seen the number of workers in its body assembly area fall with a sharp increase in the number of robots, the complete assembly plant have seen significant increases in prosperity and jobs. This cascades into the plant’s supply chain and local supporting businesses. The same comments can be made for highly automated warehouses that can process more orders in faster times and as a result grow to meet demand, employing more people. To show this, studies at London School of Economics by Graetz and Michaels in 2015 showed that there is no direct link between an increase in the use of automation and jobs lost.


Related Links:
Jeremy Hadall - Automation for the people

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Georg Graetz webpage

Guy Michaels webpage



News Posted: 09/02/2018      [Back to the Top]

BBC Radio 4

PM

Anna Valero gave a live interview on UK productivity.


Related Links:
BBC Radio 4 - PM

CEP Growth

Anna Valero webpage



News Posted: 09/02/2018      [Back to the Top]

BBC Radio 4

PM


Related Links:
BBC Radio 4 - PM





News Posted: 09/02/2018      [Back to the Top]

El Mercurio de Tamaulipas (Mexico)

La salud mental como estrategia para la sostenibilidad económica/Mental health as a strategy for economic sustainability

We no longer speak only of the individual situation of the people affected, we speak of the economic situation of a whole country. Referring to the research done by one of the most illustrious economists of the London School of Economics, Lord Richard Layard, the lack of action in the area of mental health is more expensive than any plan of action. Investment in mental health benefits the economic development of a country. In Spain, every euro invested in the prevention or treatment of depression or anxiety (the two most widespread disorders among the population), leads to a return of 4 euros in better health and skills for the labor market.

Related links

Mental Health research webpage:  http://cep.lse.ac.uk/_new/research/Wellbeing/mental_health.asp


Related Links:
El Mercurio de Tamaulipas (Mexico) - La salud mental como estrategia para la sostenibilidad económica/Mental health as a strategy for economic sustainability

CEP Wellbeing

Richard Layard webpage



News Posted: 09/02/2018      [Back to the Top]

Knowledge

Why the multinationals that influence the world are born

Business groups rule the global economy. Data show that about 70% of the global international trade is linked to multinational groups and about a third is linked to companies belonging to the same multinational group. These large groups with hundreds of subsidiaries all over the world influence macroeconomic phenomena. But why do they decide to perform their activities through subsidiaries? And which hierarchical structure do they choose?   Carlo Altomonte (Department of Policy Analysis and Public Management) and Gianmarco Ottaviano (Department of Economics) provide an answer in the paper co-authored with Armando Rungi Business Groups as Knowledge-based Hierarchies. The choice to organize economic activities as a business group rather than an integrated entity is driven by a series of trade-offs between competitive advantages and knowledge dispersion. The authors provide an empirical support exploiting a dataset including 270,000 parent companies controlling more than 1,500,000 subsidiaries worldwide. “The make-or-buy decision is usually studied in relation to outsourcing”, Altamonte says. “We applied it to parent companies performing their activities through legally autonomous companies under their control. We found that it is more likely that a company will organize itself through subsidiaries when it operates in a context where intellectual property rights are protected. However, given the risk of knowledge dispersion, the same company does not use independent external subcontractors”.   The authors also investigate business groups’ hierarchical structure. “A vertical group is more likely to emerge than an horizontal one if the parent company faces lower communication costs between its hierarchical layers. Routine production problems are dealt with by subsidiaries lower in the group’s hierarchy. The activities become increasingly complex as we get near to the parent company”. This is the case of Alphabet Inc, the multinational conglomerate that owns Google. The most innovative companies such as Deep Mind (artificial intelligence research and application) and Waymo (the self-driving car project) are hierarchically closer to the parent.


Related Links:
Knowledge - Why the multinationals that influence the world are born

CEP Trade

Gianmarco Ottaviano webpage



News Posted: 09/02/2018      [Back to the Top]

Centre for Cities – blog

Aberdeen’s economic slowdown highlights the dangers of being a one-sector city

Moreover, when we consider these findings in light of research published last July by Centre for Cities and the Centre for Economic Performance, which suggested that Aberdeen’s economy would be hit harder than that of any other city by either a ‘hard’ or ‘soft’ Brexit, it all adds up to a worrying picture for Aberdeen.


Related Links:
Centre for Cities – blog - Aberdeen’s economic slowdown highlights the dangers of being a one-sector city

The Local Economic Effects of Brexit

CEP Trade CEP Education and Skills CEP Urban and Spatial Programme

Swati Dhingra webpage

Stephen Machin webpage

Henry Overman webpage



News Posted: 09/02/2018      [Back to the Top]

Manufacturing Techonology Centre - MTC

Grasping the opportunities of robotics and automation

Within the manufacturing industry, high levels of productivity would not be possible without the introduction of automation. A typical automotive manufacturer simply could not keep up with the demand for volume or consistency without these technologies. So whilst a typical vehicle assembly plant may have seen the number of workers in its body assembly area fall with a sharp increase in the number of robots, the complete assembly plant have seen significant increases in prosperity and jobs. This cascades into the plant’s supply chain and local supporting businesses. The same comments can be made for highly automated warehouses that can process more orders in faster times and as a result grow to meet demand, employing more people. To show this, studies at London School of Economics by Graetz and Michaels in 2015 showed that there is no direct link between an increase in the use of automation and jobs lost.


Related Links:
Manufacturing Techonology Centre - MTC - Grasping the opportunities of robotics and automation

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Georg Graetz webpage

Guy Michaels webpage



News Posted: 08/02/2018      [Back to the Top]

Diario responsible

Mental health as a strategy for the economic sustainability of Spain

We no longer speak only of the individual situation of the people affected, we speak of the economic situation of a whole country. Referring to the research done by one of the most illustrious economists of the London School of Economics, Lord Richard Layard, the lack of action in the area of mental health is more expensive than any plan of action. Investment in mental health benefits the economic development of a country. In Spain, every euro invested in the prevention or treatment of depression or anxiety (the two most widespread disorders among the population), leads to a return of 4 euros in better health and skills for the labor market.


Related Links:
Diario responsible - Mental health as a strategy for the economic sustainability of Spain

CEP Wellbeing

Richard Layard webpage



News Posted: 08/02/2018      [Back to the Top]

The Times

Children of positive mothers get better GCSE grades

Findings suggest that a mother’s personality has a big impact on the academic performance of teenagers, regardless of other factors. Academics assessed women’s “internal locus of control”, how much they believed that they controlled their own lives rather than having good or bad luck. Babies born to mothers with a strong belief in their own power did better in GCSEs, even when the family background, mother’s education and her IQ and the locus of control of the child were taken into account. The findings by the Centre for Economic Performance, at the London School of Economics, are published in The Economic Journal. The study analysed data from the Children of the 90s project, which tracks the lives of more than 10,000 people born in Bristol.

Related publications

Locus of Control and its Intergenerational Implications for Early Childhood Skill Formation (pages 298-329)

The Economic Journal Volume 128, Issue 608, February 2018

Warn N. Lekfuangfu, Nattavudh Powdthavee, Nele Warrinnier, Francesca Cornaglia

DOI: 10.1111/ecoj.12414

 


Related Links:
The Times - Children of positive mothers get better GCSE grades

Locus of Control and Its Intergenerational Implications for Early Childhood Skill Formation

CEP Education and Skills CEP Wellbeing

Nuarpear Lekfuangfu webpage

Nattavudh Powdthavee webpage

Nele Warrinnier webpage



News Posted: 08/02/2018      [Back to the Top]

Guardian

Research every teacher should know: self-control and learning

With technology such as mobile phones in some classrooms increasing distractions, the ability to improve self-control and delayed gratification has become a particularly important skill. Perhaps it’s not surprising that recent research by the London School of Economics found that banning mobiles phones in schools can help improve students’ test scores.


Related Links:
Guardian - Research every teacher should know: self-control and learning

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: 08/02/2018      [Back to the Top]

EdSurge News

Why college is not an employment agency

While Caplan dismisses the possibility that universities offer society any real economic benefit, data shows otherwise. After studying new data from UNESCO’S World Higher Education Database, covering 15,000 colleges and universities across 78 countries between 1950 and 2010, Anna Valero, a London School of Economics scholar, found that “the expansion of higher education from 1950 onwards was not just the product of growing wealth, it has also helped fuel economic growth around the world.”

Related article

The Conversation, September 15 2016

How universities boost economic growth

https://theconversation.com/how-universities-boost-economic-growth-65017


Related Links:
EdSurge News - Why college is not an employment agency

CEP Growth

Anna Valero webpage



News Posted: 06/02/2018      [Back to the Top]

The Economic Journal, Volume 128, Issue 608, February 2018

Locus of Control and its Intergenerational Implications for Early Childhood Skill Formation (pages 298-329)

Related publications

Locus of Control and its Intergenerational Implications for Early Childhood Skill Formation (pages 298-329)

The Economic Journal Volume 128, Issue 608, February 2018

Warn N. Lekfuangfu, Nattavudh Powdthavee, Nele Warrinnier, Francesca Cornaglia

DOI: 10.1111/ecoj.12414


Related Links:
The Economic Journal, Volume 128, Issue 608, February 2018 - Locus of Control and its Intergenerational Implications for Early Childhood Skill Formation (pages 298-329)

Locus of Control and Its Intergenerational Implications for Early Childhood Skill Formation

CEP Education and Skills CEP Wellbeing

Nuarpear Lekfuangfu webpage

Nattavudh Powdthavee webpage

Nele Warrinnier webpage



News Posted: 05/02/2018      [Back to the Top]

The Economic Journal, Volume 128, Issue 608, February 2018

Distinctively Different: A New Approach to Valuing Architectural Amenities (pages 1-33)

DOI: 10.1111/ecoj.12429

 

Related publications

Distinctively Different: A New Approach to Valuing Architectural Amenities Gabriel M. Ahlfeldt and Nancy Holman, SERC Discussion Paper No.171, February 2015


Related Links:
The Economic Journal, Volume 128, Issue 608, February 2018 - Distinctively Different: A New Approach to Valuing Architectural Amenities (pages 1-33)

CEP Urban and Spatial Programme

Gabriel Ahlfeldt webpage



News Posted: 05/02/2018      [Back to the Top]

•The Economic Journal, Volume 128, Issue 608, February 2018

Resetting the Urban Network: 117–2012 (pages 378-412)

  • DOI: 10.1111/ecoj.12424

Related Links:
•The Economic Journal, Volume 128, Issue 608, February 2018 - Resetting the Urban Network: 117–2012 (pages 378-412)

Resetting the Urban Network: 117-2012

CEP Labour Markets CEP Trade

Guy Michaels webpage

Ferdinand Rauch webpage



News Posted: 05/02/2018      [Back to the Top]

BBC Radio 4

PM [5:21:51]

  

Anna Valero interviewed, speaking about the big picture of UK productivity:  low investment, bad training, bad management and lack of infrastructure. BBC business correspondent Jonty Bloom examines what the British problems are, that we are pretty unproductive in many industries and in most of the country and as Anna Valero from the centre for economic performance at the London school of economics explains, for many different reasons: the British economy is chronically under-invested in all the key areas t- such as skills, management practices, technology and infrastructure - that are important for raising productivity.

  


Related Links:
BBC Radio 4 - PM [5:21:51]

CEP Growth

Anna Valero webpage



News Posted: 05/02/2018      [Back to the Top]

Financial Times

Like great coffee, good ideas take time to percolate

A decade ago, economists at Berkeley, Stanford and the World Bank conducted a randomised trial in which the bank paid for some textile factories in Mumbai to receive consulting advice from a global company. These factories tended to have utterly chaotic systems, so help with modern inventory management made a big difference. The factories saw their productivity transformed.More recently, those economists revisited the experiment. How much of the good advice had lasted? Had any of it spread? There was good news and bad news.


Related Links:
Financial Times - Like great coffee, good ideas take time to percolate

In brief: Improving management in India

Does Management Matter? Evidence from India

CEP Growth

Nick Bloom webpage



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

Chicago Booth Review

Economy-boosting ideas are increasingly hard to find

To sustain economic growth, the United States must double its overall research effort every 13 years. That’s because it is taking an increasing amount of effort to generate enough ideas to power the economy, according to research by Stanford’s Nicholas Bloom and Charles I. Jones, Stanford PhD candidate Michael Webb, and MIT’s John Van Reenen.


Related Links:
Chicago Booth Review - Economy-boosting ideas are increasingly hard to find

Are Ideas Getting Harder to Find?

CEP Growth

Nick Bloom webpage

John Van reenen webpage



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

ESRC news, events and publications

Stamp duty impact on the housing market

Researchers at the ESRC Centre for Economic Performance have explored the impact of stamp duty on different types of mobility, by comparing mobility rates of otherwise similar homeowners with self-assessed house values below and above the threshold of £250,000, which triggers a tax jump from 1% to 3% of house value. The researchers focused on a sharp jump in the tax liability because significant variation in this liability for very similar dwellings allowed them to identify ways that stamp duty affects housing mobility.

Related publications

'Stamp duty, mobility and the UK housing crisis', Christian Hilber and Teemu Lyytikäinen. Article in CentrePiece Volume 22, Issue 3, Autumn 2017

'Transfer taxes and household mobility: Distortion on the housing or labor market?', Christian Hilber and Teemu Lyytikäinen, SERC Discussion Paper No.216 , June 2017

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


Related Links:
ESRC news, events and publications - Stamp duty impact on the housing market

CEP Urban and Spatial Programme

Christian Hilber webpage



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

BBC TV News Channel

Afternoon Live

Snippet: ...ard to the next one. So do I. is more important than Happiness at school and should even be factored academic qualifications - into the curriculum. That's the conclusion of a major report by Lord Richard Layard from the London School of Economics, who used data from ...

 

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
BBC TV News Channel - Afternoon Live

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



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

BBC Kent (2/1/2018 5:15:30 PM)

Broadcast

Snippet: ...ic King BBC Radio isn't this statement happiness score is more important than ECB academic qualifications and could even be factored into the cricket them the conclusion of a major report by Lord Richard Layard from the London School of Economics used data for more t...
Outlet: BBC Radio Kent

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
BBC Kent (2/1/2018 5:15:30 PM) - Broadcast

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



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

The Telegraph

The EU refuses a soft Brexit, so we must invoke the WTO immediately

An authoritative report last year by a team under MIT trade expert John Van Reenen for the Centre for Economic Performance estimated that a WTO option would cut British living standards by 2.7pc over time. But it pushed the losses to a range of 6.3pc to 9.4pc once “dynamic” effects are included. This is to rely heavily on the “black box” of productivity, a malleable concept. I would presume that the Treasury uses the same method since Prof Van Reenen once advised them.


Related Links:
The Telegraph - The EU refuses a soft Brexit, so we must invoke the WTO immediately

The Costs and Benefits of Leaving the EU: Trade Effects

CEP Growth CEP Trade

Swati Dhingra webpage

Hanwei Huang webpage

Gianmarco Ottaviano webpage

Thomas Sampson webpage

John Van reenen webpage



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

The Telegraph

The EU refuses a soft Brexit, so we must invoke the WTO immediately


Related Links:
The Telegraph - The EU refuses a soft Brexit, so we must invoke the WTO immediately





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

Economics Department News – LSE

Dr Swati Dhingra awarded an ERC Starting Grant

Swati Dhingra has been awared a European Research Council Starting Grant for the BIGlobal project, which will examine the sources of firm growth and market power to provide new insights into welfare and policy in a globalised world.

The project will determine how firm decisions matter for the aggregate gains from globalisation, the division of these gains across different individuals and their implications for policy design.

January 2018


Related Links:
Economics Department News – LSE - Dr Swati Dhingra awarded an ERC Starting Grant

CEP Trade

Swati Dhingra webpage



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

London Live (Radio)

Glitter force

…7 23 is a town which is just a month ago happiness school is more important than academic qualifications should even be factored into the correctly That's the conclusion of a major report by Lord Richard and the London School of Economics which used data from...

 

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
London Live (Radio) - Glitter force

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



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

The Times

Housing crisis: Green belt brand is ‘hiding ugly truth’

The green belt is associated in most people’s minds with England’s “green and pleasant land” immortalised by William Blake in his poem Jerusalem. But according to Paul Cheshire, professor of economic geography at the London School of Economics (LSE), many parts of the protected areas around towns and cities have little aesthetic or environmental value.


Related Links:
The Times - Housing crisis: Green belt brand is ‘hiding ugly truth’

Turning houses into gold: the failure of British planning

CEP Urban and Spatial Programme

Paul Cheshire webpage



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

Neviditelny Pes (Czech)

WORLD: Craving for happiness as the most authentic value

Richard Layard, an elected economist and professor at the London School of Economics, emphasized in his lecture (March 3, 2003) that the people of the Western countries have been very wealthy over the last thirty years, their working hours are significantly shorter, have longer vacations, travel, live longer and healthier. But they are not happier. In the 2005 book Happiness: Lessons from a New Science, the table shows the correlation between average national income and a sense of life satisfaction. Among the poor states, the lowest degree of satisfaction is shown by Ukraine, it is better for Bangladesh and even better for the former popular democracy. (Hungary, Poland, Lithuania, Bulgaria, Romania - listed in descending order). The Czech Republic even ranked higher than Japan, showing a higher average income for its population. Lord Layard makes it quite clear that raising money is not a guarantee of blessing, but the more we have, the happier we feel if we are poor. Now exactly twelve years ago, The Economist (11 February 2006) reported the results of evaluating the subjective feelings of well-being based on the World Values ​​Survey. On the 0-4 scale, the best result was achieved by Switzerland (4), followed by the USA (3.5). The United Kingdom reached just under 3, Spain, Italy and Japan 2, and Poland and Turkey less than 1. The Czech Republic was not listed here. In the case of Germany, the distance between the Germans in the West and the former Dederons was established.

Related publications

Happiness: Lessons from a New Science, Richard Layard, Penguin, 2nd edition 2011

https://www.penguin.co.uk/books/54928/happiness/


Related Links:
Neviditelny Pes (Czech) - WORLD: Craving for happiness as the most authentic value

CEP Wellbeing

Richard Layard webpage



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

LSE News

New book on the origins of happiness

A new book by Professor Richard Layard and colleagues presents evidence on the origins of happiness, drawing on unique survey data on over 100,000 individuals in Australia, Germany, the UK and the United States.  “Public policy needs a new focus: not ‘wealth creation’ but ‘wellbeing creation’.” “Public expenditure, taxation and regulation should increasingly be based on evidence about how they affect the subjective wellbeing of the people.”

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
LSE News - New book on the origins of happiness

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



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

Wired Video

Documentary: how migrant entrepreneurs help power growth in the London economy

"Migrants are more likely, on average, to be self-employed and to start up companies." Max Nathan of CEP's Urban Programme interviewed for the documentary made by Wired in partnership with the Museum of London as part of their City Now City Future season which explores the challenges, initiatives and innovations taking place without our cities.


Related Links:
Wired Video - Documentary: how migrant entrepreneurs help power growth in the London economy

CEP Urban and Spatial Programme

Max Nathan webpage



News Posted: 31/01/2018      [Back to the Top]

McKinsey & Company – McKinsey Global Institute

Rebuilding trust in Europe: Three pathways

Briefing note prepared for the World Economic Forum Annual Meeting in Davos, Switzerland

Concerns about automation’s impact add to the climate of mistrust. In the European public debate over automation, the fear that “robots could take our jobs” is a recurring theme that adds to the climate of mistrust and fear. Our research suggests that historically there has been enough work to offset the portion of existing jobs displaced by technology, although not all sectors are affected equally and wages can be affected for some time.

Further Reading:  Graetz, Georg and Guy Michaels, Robots at work, Centre for Economic Performance, discussion paper CEPDP 1335, March 2015.


Related Links:
McKinsey & Company – McKinsey Global Institute - Rebuilding trust in Europe: Three pathways

Robots at work: the impact on productivity and jobs

Robots at Work

CEP Labour Markets

Georg Graetz webpage

Guy Michaels webpage



News Posted: 31/01/2018      [Back to the Top]

The Morning Call

Anthony Patrick O’Brien: Why immigration is good for the U.S. economy

Gianmarco Ottaviano of the London School of Economics and Giovanni Peri of UC, Davis, looking at U.S. labor markets, estimate that between 1990 and 2006 new immigrants reduced wages of previous immigrants by about 7 percent but did not affect wages of native-born workers. This study has its critics as well. Given the difficulty of separating the effect of immigration from other factors determining wages, economists may never settle this issue. But it seems unlikely that immigration has had much impact on wages.

Related publications

‘Rethinking the effect of immigration on wages’, Gianmarco Ottaviano and Giovanni Peri, Journal of the European Economic Association, Volume 10, Issue 1, February 2012

http://onlinelibrary.wiley.com/doi/10.1111/j.1542-4774.2011.01052.x/abstract

‘Immigration, Offshoring, and American Jobs’, Gianmarco Ottaviano, Giovanni Peri and Greg C. Wright, American Economic Review, Volume 103, No.5, August 2013

https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.103.5.1925


Related Links:
The Morning Call - Anthony Patrick O’Brien: Why immigration is good for the U.S. economy

CEP Trade

Gianmarco Ottaviano webpage



News Posted: 30/01/2018      [Back to the Top]

Expansion (Spain)

La economía de la felicidad/The economy of happiness

"Money can not buy me love" (with money I can not buy love) the Beatles sang, although it is doubtful that it was a rigorous empirical affirmation. Still, no one denies that money is not everything in life, and according to the book The Origins of Happiness, government policies should be aimed at achieving happiness.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
Expansion (Spain) - La economía de la felicidad/The economy of happiness

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 30/01/2018      [Back to the Top]

Irish Daily Mail

Teachers: get phones out of our schools

Snippet: ... to answer Facebook calls, to answer Facebook messages.' She added that the gadgets are having a negative impact on the children's ability to concentrate in class, a key finding of recent research published by the London School of Economics. 'They're not even …


Related Links:
Irish Daily Mail - Teachers: get phones out of our schools

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: 29/01/2018      [Back to the Top]

Teachappy

Teachers can have a huge impact on pupil wellbeing

On Monday 22nd January, I got to meet a #wellbeing hero of mine, Lord Richard Layard. Layard has been at the forefront of the wellbeing movement in the UK, forcing it onto the agenda of governments past and present. I was attending the launch of Layard’s new book, The Origins of Happiness, when I got to meet him (see photo below). It was a great evening with Layard presenting some of the key findings from the book, and then being interviewed by BBC’s Andrew Marr (you can watch the event here https://www.youtube.com/watch?v=qQR7IltAEFk).


Related Links:
Teachappy - Teachers can have a huge impact on pupil wellbeing

CEP Wellbeing

Nattavudh Powdthavee webpage

George Ward webpage

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage



News Posted: 28/01/2018      [Back to the Top]

The Economic Times (India)

How performance-based rankings are shaking up the rigid world of government

Rankings inform the world who is the biggest, the richest, the happiest, the saddest, the most powerful or the most successful. In the 1990s, Stephen Nickell at the Centre for Economic Performance in the London School of Economics and Political Science, led a research to find out what boosts productivity. It found out that tougher and intense competition provided a large and persistent boost to a firm's productivity.


Related Links:
The Economic Times (India) - How performance-based rankings are shaking up the rigid world of government

Productivity Growth in UK Companies

CEP Labour Markets

Stephen Nickell webpage



News Posted: 28/01/2018      [Back to the Top]

BantenNews.co.id (Indonesia)

Cinta bias dibeli dengan uang, tapi kebahagiaan tikak!/Love can be purchased with money, but no happiness

Thus said Professor Richard Layard, the leader of the research, as quoted from kompas.com. "In the past, the country has managed to overcome the problem of poverty, unemployment, education, and physical health," said Layard. However, Layard said, fixing problems such as domestic violence, alcoholism, depression and anxiety, loneliness experienced by young people, and other life issues, are equally important.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
BantenNews.co.id (Indonesia) - Cinta bias dibeli dengan uang, tapi kebahagiaan tikak!/Love can be purchased with money, but no happiness

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 26/01/2018      [Back to the Top]

Financial Times

The economics of happiness

... it is easy to sympathise with Thomas Jefferson’s remark, shortly after he stepped down as US president, that “The care of human life & happiness, & not their destruction, is the first & only legitimate object of good government.”The question is what that means for government policy — and whether the academic study of wellbeing can help. The five authors of The Origins of Happiness, including Professor Richard Layard of the London School of Economics, focus on answers to the question “Overall, how satisfied are you with your life these days?” on a scale of 0-10.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
Financial Times - The economics of happiness

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 26/01/2018      [Back to the Top]

The Times (Northern Ireland)

Brexit dogma must be challenged

The intervention in the Brexit debate by the Confederation of British Industry (CBI) this week, coming out in support of Britain remaining in a customs union, is timely. ... The idea that a UK free to negotiate unilaterally its own trade deals with the rest of the world will deliver an economic windfall is deeply misguided. In fact, analysis by the London School of Economics presents a depressing alternative vista. The introduction of significant trade barriers between the UK and the EU could seriously disrupt existing trade flows, leading to a fall in UK household income of £1,700 annually. Even a relatively benign outcome to talks could result in annual household income dropping by £850.

Related publications

‘Life after BREXIT: What are the UK’s options outside the European Union?’, Swati Dhingra and Thomas Sampson, CEP Brexit Analyses, Paper No.1, February 2016

http://cep.lse.ac.uk/pubs/download/brexit01.pdf

 


Related Links:
The Times (Northern Ireland) - Brexit dogma must be challenged

Life after Brexit : What are the UK’s options outside the European Union?

CEP Trade

Swati Dhingra webpage

Thomas Sampson webpage



News Posted: 26/01/2018      [Back to the Top]

Gloucestershire Echo

Letters:Brexit aftermath is not rosy

…nearly six years.  The Centre for Economic Performance says that the vote has cost the …


Related Links:
Gloucestershire Echo - Letters:Brexit aftermath is not rosy

BREXIT 2016: Policy Analysis from the Centre for Economic Performance

CEP Trade CEP Growth CEP Labour Markets

Holger Breinlich webpage

Swati Dhingra webpage

Saul Estrin webpage

Hanwei Huang webpage

Gianmarco Ottaviano webpage

Thomas Sampson webpage

John Van reenen webpage

Jonathan Wadsworth webpage



News Posted: 25/01/2018      [Back to the Top]

Yahoo! UK and Ireland

Happiness and housework are as important as economic growth

A third problem with GDP is that it doesn’t tell us anything about whether or not people are satisfied with their lives. Nobel Prize-winners Joseph Stiglitz and Amartya Sen have long argued that we should measure “general wellbeing”, GWB — alongside GDP. In practice, this means asking the public how happy they feel. This might sound soppy but it’s actually something that the Office for National Statistics now does on a regular basis to help inform government policy. And there’s good reason for ministers to pay attention. According to researchers at the London School of Economics, the happiness of a nation is a much better predictor of election results than GDP. If voters are glum, then governments will tend to be booted out of office.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
Yahoo! UK and Ireland - Happiness and housework are as important as economic growth

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 25/01/2018      [Back to the Top]

Smithsonian.com

Expose talented kids from low-income families to inventors and they're more likely to invent

...Our first finding is that there are large differences in innovation rates by socioeconomic class, race and gender. Using new de-identified data that allows us to track 1.2 million inventors from birth to adulthood, we found that children born to parents in the top 1 percent of the income distribution are 10 times as likely to become inventors as those born to parents in the bottom half. Similarly, white children are three times as likely to become inventors as are black children. Only 18 percent of the youngest generation of inventors are female. Although the gender gap narrows somewhat each year, at the current rate of convergence, we won’t see gender balance until next century.

 

Good (magazine)

How smart kids from low-income families become America's 'lost Einsteins'

by Xavier Jaravel, Raj Chetty, John Van Reenen and Alexander Bell

Innovation is widely viewed as the engine of economic growth.

To maximize innovation and growth, all our brightest youth should have the opportunity to become inventors. But a study we recently conducted, jointly with Neviana Petkova of the U.S. Treasury, paints a different picture. We found that a child’s potential for future innovation seems to have as much to do with the circumstances of their family background as it does with their talent.

 

Also in

Before It's News

How talented kids from low-income families become America's 'lost Einsteins'

http://beforeitsnews.com/economy/2018/01/how-talented-kids-from-low-income-families-become-americas-lost-einsteins-2931766.html

Ladies Want More

How smart kids from low-income families become America's 'lost Einsteins'

http://www.ladieswantmore.com/how-smart-kids-from-low-income-families-become-americas-lost-einsteins/

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:
Smithsonian.com - Expose talented kids from low-income families to inventors and they're more likely to invent

CEP Growth

John Van reenen webpage



News Posted: 25/01/2018      [Back to the Top]

The Conversation

How talented kids from low-income families become America's 'lost Einsteins'

Article by Xavier Jaravel, Raj Chetty, John Van Reenen and Alexander Bell

A new analysis shows how family background influences who grows up to invent. The key to turning things around? Expose kids to more inventors.

Also in:

 

Times Union

How talented kids from low income families become America's 'lost Einsteins'

To maximize innovation and growth, all of our brightest youth should have the opportunity to become inventors. But a study we recently conducted, jointly with Neviana Petkova of the U.S. Treasury, paints a very different picture. We found that a child’s potential for future innovation seems to have as much to do with the circumstances of his or her family background as it does with his or her talent. We concluded that there are many “Lost Einsteins” in America – children who had the ability to innovate, but whose socioeconomic class or gender greatly reduced their ability to tap into the social networks and resources necessary to become inventors. Our analysis sheds light on how increasing these young people’s exposure to innovators may be an important way to reduce these disparities and increase the number of inventors.

http://www.timesunion.com/news/article/How-talented-kids-from-low-income-families-become-12520832.php

 

Newstimes

How talented kids from low-income families become America's 'lost Einsteins'

http://www.newstimes.com/news/article/How-talented-kids-from-low-income-families-become-12520832.php

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:
The Conversation - How talented kids from low-income families become America's 'lost Einsteins'

CEP Growth

John Van reenen webpage



News Posted: 24/01/2018      [Back to the Top]

The Times

We must act now to prevent the skills gap becoming unbridgeable

The Federation of Master Builders reports that “skyrocketing” skill shortages mean that there are not enough workers available in all the key construction skills. The Black Country Chamber of Commerce says that skill shortages have reached “critical” levels; they are high in manufacturing and have never been higher in services. The CBI said yesterday that, for manufacturers, more companies cited skills shortages as a factor restricting output than at any time over the past four decades. Research for the National Institute of Economic and Social Research shows why we should be concerned. The research, in collaboration with the Centre for Vocational Education Research, shows a worrying decline in the proportion of employed people undergoing training. Over the past ten to twelve years, the proportion of workers who have undertaken learning activities in the previous thirteen weeks has dropped from nearly a third to just over a quarter. The duration of training activities has fallen, too, and is typically less than a week.

Related publications

Industrial Strategy: building a Britain Fit for the Future. Department for Business, Energy & Industrial Strategy. November 2017.

Consultation for the “Building our Industrial Strategy” Green Paper. Steven McIntosh, Sandra McNally, Stefan Speckesser, Lucia Barbone, October 2017.

‘An analysis of the duration and achievement of apprenticeships in England’, Matthew Bursnall, Vahé Nafilyan and Stefan Speckesser, CVER Briefing Paper No.4, September 2017 http://cver.lse.ac.uk/textonly/cver/pubs/cverbrf004.pdf

Related links

Stefan Speckesser webpage:  http://cver.lse.ac.uk/about/Research_Staff.asp#Speckesser

 


Related Links:
The Times - We must act now to prevent the skills gap becoming unbridgeable

CEP CVER CEP CVER



News Posted: 24/01/2018      [Back to the Top]

Huffington Post – The Blog

For the third time we surveyed MPs on their attitude to Brexit – and the results were fascinating

What is clear is that the thinking on Conservative benches is in sharp contrast to the consensus amongst professional economists. Here, we find a different logic entirely. Leaving the single market and the customs union will make trade with the EU much more costly – even if a post-Brexit EU-UK FTA means we avoid the hardest of hard Brexits.  Swati Dhingra estimates that non-tariff barriers in services have an ad valoram equivalent of between 8.5 and 47.3% when it comes to services trade between the EU and the US. Outside the single market, the UK will be liable to at least some of these costs. In aggregate terms, she estimates that a hard Brexit would directly reduce GDP by about 3% per year due to higher trade barriers – with potential indirect costs that could double or triple this figure.


Related Links:
Huffington Post – The Blog - For the third time we surveyed MPs on their attitude to Brexit – and the results were fascinating

Life after Brexit : What are the UK’s options outside the European Union?

CEP Trade

Swati Dhingra webpage



News Posted: 22/01/2018      [Back to the Top]

Chinese Social Sciences Today - CSSN (China)

Focusing on the importance of environment on innovation

One of the researchers, John Van Reenen, a professor of management and economics at the Massachusetts Institute of Technology, told this reporter that the study found that the childhood environment was a key factor influencing innovation. The probability that a child who grew up in a larger number of inventors was the inventor was significantly higher. This effect first works through parents. For those who filed or held patents up until 2014, born in 1979-1985, the rate of innovation was 18 ‰ and 2 ‰, respectively, for those whose parents were inventors and whose parents were not inventors.


Related Links:
Chinese Social Sciences Today - CSSN (China) - Focusing on the importance of environment on innovation

Who Becomes an Inventor in America? The Importance of Exposure to Innovation

CEP Growth

John Van reenen webpage



News Posted: 22/01/2018      [Back to the Top]

What Works Centre for Wellbeing blog

Origins of Happiness: new research

Today is the launch of The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Nick Powdthavee and George Ward. Prof. Layard outlines the key findings and recommendations from the research.

Over the course of our lives, what factors stand out as having the biggest impact on our wellbeing? All else being equal, what single element, or group of elements, make a difference to how anxious or dissatisfied we are with our lives?

I and my colleagues looked at the evidence from survey data on over 100,000 individuals in Australia, Germany, the UK and the US to discover what the origins of happiness might be.

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
What Works Centre for Wellbeing blog - Origins of Happiness: new research

CEP Wellbeing

Sarah Flèche webpage

Andrew Clark webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 22/01/2018      [Back to the Top]

CNBC online

CEOs make $15.6 million on average – here’s how much their pay has increased compared to yours over the year

CEO pay is quickly outpacing gyours. In 2016, the CEOs of the top 350 U.S. firms earned on average $15.6 million.  “There are CEOs getting paid hundreds of millions,” Stanford economics professor Nicholas Bloom tells WNYC “Freakonomics Radio” podcast. “So I find it hard to defend those amounts.”


Related Links:
CNBC online - CEOs make $15.6 million on average – here’s how much their pay has increased compared to yours over the year

CEP Growth

Nick Bloom webpage



News Posted: 22/01/2018      [Back to the Top]

The Mental Elf

The Origins of Happiness: can we predict life satisfaction?

 

The prospect of this book did make me happy. The idea that a group of well-respected, eminent economists would be making the case that government should focus its efforts on increasing the happiness and life satisfaction of the population, rather than just focussing on money and Gross Domestic Product, is something to warm the heart on a cold winters evening. The book begins by quoting Thomas Jefferson “the care of human life and happiness… is the only legitimate object of good government” and the authors then set out their main purpose as to “lay out in quantitative terms what is known about the causes of well-being”. The authors do this by undertaking a series of analyses of data from longitudinal studies of human development (mostly from the UK), and they base their conclusions predominantly on this form of evidence. Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018

 

   


Related Links:
The Mental Elf - The Origins of Happiness: can we predict life satisfaction?

CEP Wellbeing

George Ward webpage

Sarah Flèche webpage

Andrew Clark webpage

Richard Layard webpage

Nattavudh Powdthavee webpage



News Posted: 22/01/2018      [Back to the Top]

CEP/LSE Press Release

The Origins of Happiness: A book on the science of wellbeing over the life course

Schools and individual teachers have a huge effect on the happiness of their children. Indeed, the school that children attend affects their happiness nearly as much as it affects their academic performance. What’s more, if we wish to predict which children will lead satisfying adult lives, the best indicator is their emotional health at age 16. This is more important than their academic qualifications right up to the age of 25 – and more important than their behaviour in childhood. These are among the findings of a new book by Professor Richard Layard and colleagues, which presents evidence on the origins of happiness drawing on unique survey data on over 100,000 individuals in Australia, Germany, the UK and the United States.  


Related Links:
CEP/LSE Press Release - The Origins of Happiness: A book on the science of wellbeing over the life course

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

George Ward webpage

Nattavudh Powdthavee webpage

Richard Layard webpage



News Posted: 22/01/2018      [Back to the Top]

The British Psychological Society - Community Psychology Section

A Community Psychology Section response to ‘The Origins of Happines’

In his new book 'The Origins of Happiness', Richard Layard argues that the biggest predictor of happiness is not any economic factor, but rather mental health. Based on this, Layard proposes a number of policy recommendations aimed at improving the population's well-being with a focus on individual change. The Community Psychology Section has written this response to Layard's book. 

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
The British Psychological Society - Community Psychology Section - A Community Psychology Section response to ‘The Origins of Happines’

CEP Wellbeing

David Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 21/01/2018      [Back to the Top]

The Sunday Times

Happiness is a warm Gus

Lord (Richard) Layard, the economist, hosted a dinner at the London School of Economics last week to celebrate the publication of a new book by him and his colleagues, called The Origins of Happiness. It is dedicated to Gus O'Donnell for the work he did promoting the cause of happiness in government. That is not most ...

Related publications

The Origins of Happiness by Andrew Clark, Sarah Flèche, Richard Layard, Natavudh Powdthavee and George Ward is published by Princeton University Press, January 2018


Related Links:
The Sunday Times - Happiness is a warm Gus

CEP Wellbeing

Andrew Clark webpage

Sarah Flèche webpage

Richard Layard webpage

Nattavudh Powdthavee webpage

George Ward webpage



News Posted: 21/01/2018      [Back to the Top]

IG

What is the economic impact of Brexit?

With the UK due to leave the EU at 11pm on 29 March 2019, countries on both sides of the channel are figuring out what Brexit will mean for their economies. We speak to Panmure Gordon’s David Buik on Brexit, and look at the possible effects on the UK over the coming years…. only the US and China receive more foreign direct investment (FDI) than the UK. FDI is an important factor in productivity, and hence plays a major role in shaping the country’s output and wages. The LSE’s Centre for Economic Performance estimates about half of the UK’s FDI comes from other EU members, and flags the UK’s access to the single market as one of the main reasons it is able to attract it from non-EU members.


Related Links:
IG - What is the economic impact of Brexit?

The UK Treasury analysis of 'The long-term economic impact of EU membership and the alternatives': CEP Commentary

The impact of Brexit on foreign investment in the UK

CEP Growth CEP Trade

Swati Dhingra webpage

Gianmarco Ottaviano webpage

Thomas Sampson webpage

John Van reenen webpage



News Posted: 19/01/2018      [Back to the Top]

CNBC online

The ‘critically important’ trait that makes a CEO successful, according to a Stanford economics professor

The most successful companies are run by CEOs who have one “critically important” trait in common: They pay attention to detail.  “They’re unbelievably detail-oriented,” says Stanford economics Professor Nicholas Bloom in a WNYC “Freakonomics Radio” podcast.


Related Links:
CNBC online - The ‘critically important’ trait that makes a CEO successful, according to a Stanford economics professor

CEP Growth

Nick Bloom webpage



News Posted: 19/01/2018      [Back to the Top]

Law Professors – Antitrust & Competition Policy blog

Efficiency in large markets with firm heterogeneity

Swati Dhingra and John Morrow discuss Efficiency in Large markets with Firm Heterogeneity. ABSTRACT: Empirical work has drawn attention to the high degree of productivity differences within industries, and its role in resource allocation. In a benchmark monopolistically competitive economy, productivity differences introduce two new margins for allocational inefficiency. When markups vary across firms, laissez faire markets do not select the right distribution of firms and the market-determined quantities are inefficient. We show that these considerations determine when increased competition from market expansion takes the economy closer to the socially efficient allocation of resources. As market size grow large, differences in market power across firms converge and the market allocation approaches the efficient allocation of an economy with constant markups.


Related Links:
Law Professors – Antitrust & Competition Policy blog - Efficiency in large markets with firm heterogeneity

Efficiency in Large markets with Firm Heterogeneity

CEP Trade

Swati Dhingra webpage

John Morrow webpage



News Posted: 18/01/2018      [Back to the Top]

Epoch Times (China)

Bonus spending to reduce the era of high pay for large companies gone

Stanford economist Nicholas Bloom and his cohort analyzed the federal revenue data from the late 1970s to 2013 and found that the gap has shrunk to 20%. Professor Bloom said: "The big pay has existed for more than 100 years but seems to have collapsed in the United States in the last 30 or 40 years." He said for low-income workers and those without a college degree, This phenomenon has basically disappeared. In 2013, laborers with incomes at the bottom 50% earn almost no income from large companies than from small ones. The income gap between university graduates in large and small companies remained stable.

Related publications

'Measuring Economic Policy Uncertainty', Scott R. Baker, Nicholas Bloom, Steven J. Davis, The Quarterly Journal of Economics, Vol 131, Issue 4, November 2016


Related Links:
Epoch Times (China) - Bonus spending to reduce the era of high pay for large companies gone

Measuring Economic Policy Uncertainty

CEP Growth

Nick Bloom webpage



News Posted: 18/01/2018      [Back to the Top]

VoxDev

Management and the wealth of nations

Article by John Van Reenen

A 15-year survey of 12,000 firms across 34 countries shows that management practices explain a large share of productivity gaps. Income differences between rich and poor countries remain staggering, and these inequalities are in good part due to unexplained productivity gaps (what economists call total factor productivity, or TFP for short).

Related links

Management Practices and Organisational Structures research webpage:  http://cep.lse.ac.uk/_new/research/growth/management_practices_and_organisational_structures.asp


Related Links:
VoxDev - Management and the wealth of nations

CEP Growth

John Van reenen webpage



News Posted: 18/01/2018      [Back to the Top]

The Irish Times

Does Ireland need a dedicated minister for loneliness?

He told The Irish Times that the impact of loneliness on physical health was “equivalent to 15 cigarettes a day and a study by the London School of Economics found that it cost the UK state an average of £6,000 per person per year”.

Related publications

The Depression Report: A New Deal for Depression and Anxiety Disorders, A report by the Centre for Economic Performance's Mental Health Policy Group, 18 June 2006

http://cep.lse.ac.uk/pubs/download/special/depressionreport.pdf


Related Links:
The Irish Times - Does Ireland need a dedicated minister for loneliness?

Tackling Depression and Anxiety Disorders

The Depression Report: A New Deal for Depression and Anxiety Disorders

CEP Wellbeing

Richard Layard webpage



News Posted: 18/01/2018      [Back to the Top]

LSE Business Review blog

Second-generation family CEOs: are they up to the task?

Research shows the first causal evidence that dynastic family firms have worse management practices, writes Daniela Scur

We push the literature forward in two main ways: first, we show the first causal evidence that dynastic family CEO successions lead to worse management. Second, we go beyond the usual suggestions of improving information and skills, and suggest that the specific labour context that family firms act in is important. We propose that the implicit employment commitments between family managers and their workers should factor into both how management upgrading projects are presented to prospective firm managers as well as into the expected take-up and long-term adherence of such improvements. This is a key consideration as many organisations push forward in enacting management upgrading projects around the world.

Related publications

‘All in the family? CEO choice and firm organization’, Renata Lemos and Daniela Scur, mimeo, January 2018

http://www.danielascur.com/wp-content/uploads/2018/01/danielascurjmp_allinthefamily.pdf


Related Links:
LSE Business Review blog - Second-generation family CEOs: are they up to the task?

CEP Growth

Daniela Scur webpage

Renata Lemos webpage



News Posted: 18/01/2018      [Back to the Top]

Freakonomics Radio

What does a CEO actually do?

Today on Freakonomics Radio, we’re launching “The Secret Life of C.E.O.’s,” a special series that’ll get inside the minds of these rare and rarified creatures. Some of the questions we’ll be asking: What do C.E.O.’s actually do? What makes a good C.E.O. — and how can you even tell? Why do C.E.O.’s make so much money — and are they worth it? How did they get to be where they are? And: is it lonely at the top? You’ll hear from lots of big-time C.E.O.’s as well as the academics who know them best. And, if you find yourself thinking – hey, I’d like to do that too … Nicholas BLOOM: It’s frankly a horrible job. I wouldn’t want it. *      *      * Let’s begin with this guy … BLOOM: I’m Nicholas Bloom. I’m a professor of economics at Stanford University. DUBNER: And if I were to just ask you, what’s your general specialty? BLOOM: I work on trying to understand management practices, so, why some firms are better-managed than others, and how that helps improve their performance. …Raffaella SADUN: I deal with people who are going to be C.E.O.’s one day. That is Raffaella Sadun. She’s an economist who teaches at Harvard Business School. SADUN: I’m very interested in understanding how management and managers affect firm performance….Raffaella Sadun, along with Nicholas Bloom and the M.I.T. economist John Van Reenen, analyzed data from more than 12,000 companies to try to learn what makes some better than others. “Management practices,” they wrote, “can account for a large fraction of performance differences.” And yet, they argued: “achieving operational excellence is still a massive challenge for many organizations.”

Related links

Management Practices and Organisational Structures research webpage:  http://cep.lse.ac.uk/_new/research/growth/management_practices_and_organisational_structures.asp


Related Links:
Freakonomics Radio - What does a CEO actually do?

CEP Growth

Nick Bloom webpage

Raffaella Sadun webpage

John Van reenen webpage



News Posted: 17/01/2018      [Back to the Top]

New Statesman

Ed Miliband's speech on mental health: full text

Politics: 29 October 2012

The extra physical healthcare necessitated by mental illness costs the NHS a further £10 billion a year, according to the London School of Economics.


Related Links:
New Statesman - Ed Miliband's speech on mental health: full text

Tackling Depression and Anxiety Disorders

The Depression Report: A New Deal for Depression and Anxiety Disorders

CEP Wellbeing

Richard Layard webpage



News Posted: 17/01/2018      [Back to the Top]

Macleans (Canada)

Editorial: MPs should put down their phones and get back to governing

 

A recent British study by the Centre for Economic Performance compared student results across schools based on cellphone-use policies and concluded, "Schools that restrict access to mobile phones subsequently experience an improvement in text scores."


Related Links:
Macleans (Canada) - Editorial: MPs should put down their phones and get back to governing

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: 17/01/2018      [Back to the Top]

Local Government Chronicle - LGC

How should councils respond to Brexit's economic shocks?

Article by Henry Overman

With all British cities likely to see a fall in economic output as a result of Brexit, thoughts are turning to the policies needed to help local economies adjust to the challenges ahead. Leaving the EU may bring opportunities, but has rightly raised fears that some places and industries will face major job losses. These may occur when large firms close, downsize or restructure in a single town or city; or when structural change has a big impact on communities because of the geographical concentration of affected industries. The What Works Centre for Local Economic Growth has been working with local councils to develop appropriate policy responses to these shocks, looking at lessons from recent policy interventions aimed at dealing with major job losses. Our findings are summarised in our toolkit for policy-makers.


Related Links:
Local Government Chronicle - LGC - How should councils respond to Brexit's economic shocks?

CEP Urban and Spatial Programme

Henry Overman webpage



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

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]