News

RES announces new strategy 2019-2023

  • Published Date: 24 July 2018

The Royal Economic Society has announced its strategy for 2019-2023, which will enable the Society to focus its resources on the priorities of its members and others with an interest in economics. This includes addressing the public understanding of economics, improving diversity in the discipline, and continuing to support economists at all stages of their careers.

Following a consultation, the strategy below has been adopted to guide the Society’s activities over the next five years. You can also see this video by our President Lord Nicholas Stern on the future of the Society.

RES strategy 2019-2023

The Royal Economic Society is one of the oldest and most prestigious economic associations in the world. Founded in 1890 and initially called the British Economic Association, it became the Royal Economic Society on receiving its Royal Charter in 1902. As a learned society, the principal aim of the Royal Economic Society is “to promote the study of economic science.”

The Society will focus its efforts on four strategic priorities between 2019 and 2023, as follows:

1. Enhancing the credibility and visibility of economics
The RES wishes to play a greater role in the public understanding of economics and its many applications. It intends to extend its communication and engagement activity, with a particular focus on engaging young people. It will invest in new ways to connect the media and interested others with the expertise the Society and its members can offer.

In particular, the RES will:

  • Establish a new website, with more information for the media and general public
  • Expand its media engagement, offering greater opportunity for the media to connect with RES members and experts
  • Increase its use of social media and multimedia channels
  • Increase efforts to promote the teaching of economics in schools
  • Investigate and employ new methods to further engage with the wider public, building on its RES Presents programme.

2. Supporting economists
Through establishing closer contact with its members, the RES wants to better understand how it can meet their needs. It will seek to continually improve its journals, events, and the various training, grant and prize opportunities offered to members. It will speak up for economists on issues that affect them, such as research funding for PhD students, and will continue to support initiatives around economics education.

In particular, the RES will:

  • Review ways to further improve the journals published by the Society, building on the strengths and reputations of the Economic Journal and The Econometrics Journal
  • Examine ways to further develop meetings organised and/or funded by the Society, including the successful Annual Conference
  • Continue to support the teaching of economics in higher education through the Economics Network, CHUDE, and other initiatives
  • Increase its engagement with those who fund economic research and research studentships
  • Independently manage the administration of its membership, instead of using a third party.

3. Improving diversity
The RES recognises the lack of diversity in the discipline, and wishes to take steps to address this. It will place particular emphasis on promoting economics to women and girls, and others in under-represented groups. Through its Women’s Committee, it will continue to monitor the position of women in the discipline, and offer support to women economists through their careers. It will work to improve the voice of early career economists in the organisation.

In particular, the RES will:

  • Review how its existing activities, such as the Young Economist of the Year competition and Annual Public Lecture, can attract a more diverse audience
  • Seek to increase the role of early career economists in the Society’s decision-making
  • Support initiatives which encourage women and girls to study economics
  • Review the role it can play in promoting good professional conduct in the discipline.

4. Working effectively
The RES recognises that it can only achieve its objectives through efficient and collaborative working practices. It will establish its new office to provide effective administrative support, and will seek partnerships with related organisations where appropriate. It will manage its finances prudently, investing in activities which align with its strategy, whilst maintaining appropriate financial reserves.

In particular, the RES will:

  • Review its committee structure, initiating new Communications & Engagement, Publications, and Finance committees to underpin its work in these areas
  • Seek ways to engage more members in the activities of the Society
  • Seek partnerships with other societies and institutions on areas of common interest
  • Update its reserves and investment policies.

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