Latest RLAB News

Below are the latest headlines for CEP and STICERD. For full coverage see the CEP News and Visitors Site and the STICERD News and Visitors Site

Centre for Economic Performance Press Release
Let's make mental health a national priority: new short film from the Centre for Economic Performance

In a short online film, Professor Richard Layard of the Centre for Economic Performance (CEP) explains why treating mental illness should be high on the public agenda, especially as proven psychological therapies effectively cost nothing.

The film - made by Econ Films - was launched on September 23, 2014
View here

Related links
CEP press release webpage
Richard Layard webpage
Wellbeing Programme webpage

Financial Times
Pay pressure

Prof John van Reenen, director of the Centre for Economic Performance at the London School of Economics, notes that average workers have been hit hardest. “Over time non-manual jobs have found their tasks taken over by computers and robots. Think of bank clerks and ATM machines,” he says. In Japan, it is the young who have been hurt worst as the traditional salaried jobs in big companies dwindled.

This article appeared in the Financial Times on 19 September 2014 link to article

Related Publications In brief - New technology: who wins, who loses? John Van Reenen, Nicholas Bloom, Luis Garicano, Raffaella Sadun, May 2014, Paper No' CEPCP418, CentrePiece 19 (1) Spring2014 pages: 6-7
The Distinct Effects of Information Technology and Communication Technology on Firm Organisation Nicholas Bloom, Luis Garicano, Raffaella Sadun and John Van Reenen, CEP Discussion Paper No. 927, May 2009, Revised June 2013

Related Links
John Van Reenen webpage
Productivity and Innovation webpage

Financial Times
Is the midlife crisis just an excuse?

However, research published earlier this year found an average midlife dip in happiness – or subjective wellbeing as it is described by economists – happened between 40 and 42. Professor Nattavudh Powdthavee, co-author of the longitudinal research across three countries, says this confirms previous studies that show a hill-shape relationship between age and the use of antidepressants.....
.....Dr Hannes Schwandt of Princeton University believes midlife, unlike infancy and old age, is under-researched. Last year, he published research focused on “unmet expectations”. It found the young are optimistic – perhaps even “over-optimistic” – while those in their forties and fifties feel regret, before making their peace in older age. “Perhaps people in middle age can learn from the elderly who feel less regret and have adapted,” he suggests....
.....Paul Dolan, professor of behavioural science at the London School of Economics, and author of Happiness by Design, believes we need a mix of purpose and pleasure in order to feel truly happy. In a forthcoming paper, he argues that much of the economic literature on midlife crises focuses on our evaluations of what makes us happy rather than our actual experiences.

This article appeared in the Financial Times on 18 September 2014 link to article

Related Publications
Unmet Aspirations as an Explanation for the Age U-Shape in Human Wellbeing Hannes Schwandt, July 2013, Paper No' CEPDP1229

Related Links
Paul Dolan webpage
Nattavudh Powdthavee webpage
Hannes Schwandt webpage
Wellbeing webpage webpage

British Institute of Energy Economics Award
Professor Lord Nicholas Stern awarded the BIEE 10 Year Prize for Outstanding Contribution to British Energy Economics

The British Institute of Energy Economics has awarded a prize for outstanding contribution to British Energy Economics over the last ten years, marking both its thirtieth anniversary and its tenth academic conference, both happening in 2014.

A Prize Committee of energy economists, chaired by Professor Yelena Kalyuzhnova, received nominations in May. The committee was unanimous in recommending that Professor Lord Stern of Brentford should receive the prize. His 2006 Review of the Economics of Climate Change has been the most influential single piece of energy economics published over the last decade, and had important implications for government policy and company strategies. The report is also firmly grounded in the academic literature and has provoked further research into the questions it addresses. Since the publication of his report, Lord Stern has been a very active advocate of the necessity to take action on climate change.

Receiving the award Lord Stern, who is Chair of the Grantham Research Institute on Climate Change and the Environment at LSE, said “It’s a tremendous honour to be given this award by the British Institute of Energy Economics. The Institute has played a leading role in public discussion of issues around energy and the economics of energy for a very long time. Indeed I think it has defined in many ways what a serious discussion on those issues should be”.

For further information and for a video of the acceptance speech of Professor Lord Nicholas Stern please visit the British Institute of Energy Economics website.

Biographical Portrait
Michio Morishima: an economist made in Japan

Professor Janet Hunter has written an insightful biographical piece on STICERD's founder Michio Morishima which will be published as part of the series Britain & Japan: Biographical Portraits (volume 9) by Renaissance Books. The book contains essays from several contributors relating to distinguished personalities who have been influential in political, economic and cultural relations between the two countries.

Michio Morishima was a renowned Japanese economist and mathematician, and according to Professor Hunter, "the closest Japan has yet come to having a Nobel prizewinner in economics". He was Sir John Hicks Professor of Economics at the LSE from 1970–88 and  became an Honorary Fellow in 1991. He received honorary degrees from the universities of Paris (X), Siena and London, as well as emeritus professor status at both Ōsaka University and LSE. In 1976 he was awarded the Bunka Kunshō (Cultural Order of Japan).

Earlier this year, Janet Hunter, who is Saji Professor of Economic History at LSE and STICERD, was honoured by the Japanese gorvernement with the Order of the Rising Sun, Gold Rays with Neck Ribbon for her contribution to Japanese studies and promoting Japan-UK understanding.


The Economics Times
India has more than its fair share of super-rich and it isn't a good thing

Professor Maitreesh Ghatak, EOPP director, and Professor Debraj Ray from NYU published their analysis on the question of wealth in India. The country, poorer than the world average, has %3 of the world's multimillionaires and %17 of the world's population. The authors try to answer the "real question" of "whether the country has more than its expected share of multimillionaries" by looking at data on wealth distribution in the world. To read this article click here.