In many economies, the popularity of 'atypical employment relationships' is increasing. More and more people are using free time jobs, working on their own, making money through shared services. Economist Nikhil Datta presents the results of his study on what we really prefer to set our employment and wages on VoxEU.
Lord Richard Layard, a professor at the London School of Economics, has been a pioneer in this area, and believes the government should prioritise policies that boost happiness over growth. His research has gone on to influence international efforts to track happiness, such as the UN's World Happiness Report, which provides an annual snapshot of how happy people around the world perceive themselves to be.
The World Happiness Report 2019, produced by the United Nations Sustainable Development Solutions Network (SDSN). Editors John F. Helliwell, Richard Layard, Jeffrey Sachs.
According to research by Xavier Jaravel from STICERD and Erick Sager from the Federal Reserve Board, the gains from falling U.S. consumer prices due to increased trade with China could be used to compensate those in the U.S. effected by job losses. Their study finds the price effects of trade with China were substantial and largely beneficial to U.S. consumers, and could help mitigate the effects of the "China shock", where the impact of rising Chinese exports to the U.S. has negative consequences for U.S. employment levels, particularly in manufacturing.
Xavier Jaravel said: "In practice, compensating the exact individuals who lost their jobs because of trade may be challenging as it requires policy makers to find and implement the proper policies to redistribute the gains from the winners to the losers. But our results indicate that there is much room to organise such transfers, because the consumer gains are large."
Find out more about the research on the LSE News website.
Today we are delighted to inform you that we have launched the Multidimensional Inequality Framework (MIF). The MIF and dedicated websites are the results of a collaboration between academics in the Centre for Analysis of Social Exclusion (CASE) at the London School of Economics and the School of Oriental and African Studies (SOAS) (Abigail McKnight as the academic lead), and practitioners in Oxfam (led by Alex Prats).
The initial project was funded through grant from the Atlantic Fellows for Social and Economic Equity (AFSEE) programme at the LSE's International Inequalities Institute and further funding for the development of the CASE website was provided by the LSE's Knowledge Exchange and Impact Fund.
For too long inequality has been conceptualised and measured within single dimensions. This has limited our understanding of inequality and restricted our ability to tackle it. The Multidimensional Inequality Framework provides a systematic, theoretically grounded approach to measuring and analysing inequality. Amartya Sen's capability approach, informs the theoretical foundation of the MIF, and leads us to look beyond simple measures of economic outcomes or subjective assessments of well-being to assess the quality of people's lives. Instead, we assess inequalities in the capability of individuals to live a life they have reason to value and one that they would choose for themselves. The MIF is structured around seven key life domains, within which we provide a selection of inequality indicators and inequality measures.
The dedicated website contains a toolkit with advice on how to apply the MIF, lots of resources to help you identify inequality drivers, candidate policies and how to take action.
Professor Oriana Bandiera and Fraser Clark have produced a video on what economists really do. Oriana talks to other economists at LSE: Swati Dhingra (who studies the economic effects of Brexit), Dr Daniel Reck (who studies behaviour economics and policy), Rachael Meager (who studies econometrics) and Ricardo Reis (who studies macroeconomics). Their fields of study relate to the core of economics, which is the study of how people and firms make choices on nearly everything - what to consume, what to buy, what to produce, how much to work, which job to do - to even lifestyle choices such as whom to marry or whether to have children. What brings economists together is the method they use to analyse these choices. The tools of economics help us to understand behaviour in many settings, and understanding behaviour allows us to tell whether policies will have the desired effect.