RES Newsletter Online October 2013

Issue no. 163

Corresponds to RES Newsletter (Print Version) no. 163 October 2013

In this issue

Keynes as investment manager
J M Keynes is well-known as a patron of the arts and as the owner of one of the finest private collections of modern paintings when he died. In this article, John Wasik describes Keynes’s role as investor and fund manager and shows how his practical experience of markets influenced his ideas about how capitalism worked.

Reflections on CHUDE
Neil Rickman, University of Surrey, has just retired after six years as chairman of the RES’s Conference of the Heads of University Departments of Economics. Here he recalls some of its activities and achievements.

Dangerous home ownership
While the government increases its efforts to boost the housing market (and the Governor of the Bank of England says he is on the alert for a housing bubble) Andrew Oswald reports on research that shows that high levels of home-ownership cost jobs.

Government investment, technology and growth
In this article, Mariana Mazzucato argues that the ‘austerity’ debate is missing the point. It is not the level of debt that matters, but what that debt is financing. Contrary to popular belief, it is often 'big' government 'mission oriented' investments that generate long-term economic growth.

Teaching evidence-based economics
Readers of this Newsletter will know that the crisis of 2008 (and its consequences) has provoked a great deal of discussion of the nature of economics education and the possible need for reform. In this article, Michael Joffe of Imperial College London argues that several of the recommendations that have been forthcoming amount to the need to teach economics with a much stronger focus on evidence.

BSA Section F - The labour market after the global financial crisis
The President of Section F for 2013, Prof Steve Machin (UCL), organised a session for the Festival of Science on September 11 at the University of Newcastle at which Prof Paul Gregg (Bath) gave a presentation outlining the unusual behaviour of the labour market since the global financial crisis and the resulting ‘great’ recession. This is David Dickinson’s account of the event.

Restoring the bank lending channel of monetary transmission
This paper reports on a 'round table' panel discussion that that took place at the 30th International Symposium on Money, Banking and Finance, at the University of Nantes, 27-8 June 2013. The conference was organised by the European Research Group GdRE (Groupement de Récherche European) on Money, Banking and Finance which is part of the CNRS (Centre Nationale de la Récherche Scientific) in France. The round table discussion was organised by the UKs ESRC (European and Social Research Council) and Bank of England sponsored MMFRG (Money, Macro, Finance Research Group).


Letter from America - the NIH, the Supremes and the Economists
In his latest letter, Angus Deaton shows how economists, perhaps inadvertently, have helped to limit the levels of inequality in some aspects of US life.

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