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Newsletter July 2018 Royal Economic Society Issue no. 182 Newsletter July 2018 ‘Go west (or east), young woman!’ Features Since the last Newsletter, much has been made in the print and broadcast media of the gender pay gap. Sadly, the latest Conference report p.3 Inomics Salary Report confirms that women economists are likely, as a general rule, to be paid less than their male coun- Inomics 2018 Salary Report p.8 terparts. This applies in both academia and the private sector. Like all general rules, however, this one has its exceptions. The Bank of England’s One Bank Report shows that female economists in senior academic posi- research agenda: update p.10 tions earn more than men in the region described as ‘Australia and Oceania’ — the difference is about nine per cent. For RES Strategy, 2018-23 p.13 female economists in the private sector, however, North Doing Economics p.16 America is the place to be. Here, senior level female econo- mists typically earn the same as or slightly more than their Women in the early days of the RES p.19 male equivalents. Elsewhere the conventional gap remains, The 50th History of though the data suggests that it may be very slowly closing. Economic Thought Conference p.22 Whatever the reason for the persistent gap may be, it cannot be that women have come late to the economics party. Ian Preston’s article shows that a number of women were very active in the founding of the British Economic Association, Comment the forerunner of the Royal Economic Society. The history Taxation, socialism and social justice p.23 theme is continued with Richard van den Berg’s account of the founding of the History of Economic Thought Conference. Thanks to Ben Chu’s heroic efforts, we also have in this issue the report of the Society’s Annual Conference held in the spring at the University of Sussex. Readers will also be inter- Obituaries ested to learn the outcome of recent consultations about the Basil J Moore p.24 future strategy of the RES. Eileen Tipoe keeps us in touch Peter Groenewegen p.25 with the CORE project as does Stephen Millard with the Bank of England’s research agenda. An interesting ‘com- ment’ piece reminds us of the importance of a ‘spiritual’ dimension often found in studies of well-being. On a sadder note, however, the grief felt throughout RES office news p.26 Germany at that country’s early departure from football’s World Cup has clearly been underestimated. The British press has been so fully absorbed in learning how to spell Conference diary p.27 schadenfreude that we were left completely unprepared for the possibility that such despair would cost us our annual ‘Letter from Germany’. We are investigating and will report back. Royal Economic Society Economic Royal THE ROYAL ECONOMIC SOCIETY • President: Professor Lord Nicholas Stern (LSE) • President-elect: Professor Rachel Griffith (University of Manchester and IFS) • Past-president: Professor Peter Neary (Oxford) • Secretary-General: Professor Denise Osborn (University of Manchester) • Second Secretary: Professor Robin Naylor (University of Warwick) For other members of the Executive Committee, go to the Society pages on the website where all those involved in the structure and governance of the Society are listed. The Society’s The Royal Economic Society is one of the oldest and most prestigious econom- ic associations in the world. It is a learned society, founded in 1890 with the Newsletter aim ‘to promote the study of economic science.’ Initially called the British Economic Association, it became the Royal Economic Society on receiv- The Newsletter is first and fore- ing its Royal Charter in 1902. The current officers of the Executive most a vehicle for the dissemination Committee are listed above. of news and comment of interest to its readers. Contributions from readers are The Society’s bee logo always warmly welcomed. We are partic- The Society’s logo, shown below, has been used from its earli- ularly interested to receive letters, reports est days. The story behind the use of the bee refers to the of conferences and meetings, and news of ‘Fable of the Bees’ by Bernard Mandeville, an 18th Century major research projects as well as comment essayist which alludes to the benefits of decentralisation on recent events. by looking at co-operation amongst bees and showing how the pursuit of self-interest can be beneficial to Visit our website at: society. The Latin quote comes from Virgil and www.res.org.uk/view/resNewsletter.html speaks of the drive of bees. The Newsletter is published quarterly in January, April, July and October Newsletter - subscription rates The Newsletter is distributed to members of the Society free of charge. Non-members may obtain copies at the following subscription rates: • UK £5.00 • Europe (outside UK) £6.50 For membership benefits, sub- • Non-Europe (by airmail) £8.00 scription fees and how to join the Society, see back Next issue No. 183 October 2018 cover or go to: Deadline for submissions 16 September 2018 www.res.org.uk Editor RES Office Prof Peter Howells, Chief Executive: Leighton Chipperfield Bristol Business School, Operations Manager: Marie-Luiza De Menezes UWE Bristol, RES Office, 2 Dean Trench Street, Coldharbour Lane, Bristol BS16 1QY Westminster, London. SW1P 3HE Email: [email protected] [email protected] Tel: 020 3137 6301 Email: [email protected] Website: www.res.org.uk Designed by Sarum Editorial Services: www.sarum-editorial.co.uk www.res.org.uk/view/resNewsletter.html 2 Features Conference Report 2018 The Society’s Annual Conference was held at the University of Sussex, 26-28 March. Ben Chu of The Independent, reports his impressions. This year’s Royal Economic Society conference was ing on which researcher is speaking. Sometimes it’s held somewhat off the beaten track. Sussex University's money, at other times it’s machinery. And then there’s Falmer campus is a ten minute train journey out of the endless menu of human capital, social capital, envi- Brighton, sitting atop the gently undulating South ronmental capital etc — all very different concepts. Downs. ‘We need to be careful about language,’ Coyle pleaded, As I disembarked from the train at Falmer station and noting that economists often end up confusing them- strolled under the A27 underpass in the direction of Sir selves, never mind the general public. It’s hard to dis- Basil Spence’s 1960s brutalist fastness, I couldn’t help agree, yet given this semantic ambiguity over the mean- thinking that this isolation might be something of a relief ing of capital dates back all the way back to Adam Smith for the 500-odd economists who had gathered for three one holds out little hope of it changing soon. day of lectures, seminars, dinners, drinks, debate and digressions. On the subject of reform, Tiago Mata, an economic his- torian from University College London, contributing to In recent months, the profession has been on the receiving the same special session, dropped the bombshell revela- end of a fusillade of complaints. Practitioners are routine- tion on delegates that ‘journalists can be formidable ly written off as neoclassical-model worshipping ideo- intellectuals’. logues, neoliberal shills, financial crash-missing incompe- tents, and physics-envying, arrogant, jargon-spouting, That was comforting for this journalist to hear. But poltroons. And that’s just the abuse from other econo- Mata’s broader argument was that economists shouldn’t mists. Non-economists have been even less appreciative. be sniffy about collaborating with us hacks since we’re, apparently, often closer to the public than ivory towers So if many attendees felt pleased to be protected from researchers. Why? Because journalists have to produce the angry mob at the gates of the profession’s citadel, work that is directly relevant to their readerships every who could really blame them? Don't we all need a ‘safe day, in a way that academic economists don’t. space’ sometimes? I wasn’t entirely convinced. But Mata had some nice case studies. He cited a thermometer that appeared on Talking better the cover of the popular US magazine Business Week Safe space or not, some of the attendees were willing to (now owned by the giant financial news provider take a constructively critical view of the profession Bloomberg) between the 1930s and 1960s which served as a basic indicator of the changing level of American One of the well-attended special sessions on the first day economic activity. This was long before economists of the conference was on ‘economics communication’. developed their own survey-based sentiment indicators. Diane Coyle, of Cambridge University, made the argu- And, he noted it was the Economist editor Walter ment that the discipline’s reputational problems are, in Bagheot who first started collecting and publishing data part, sociological, remarking that the subject is far more on the balance sheets of London banks. likely to be taught in private schools than state schools. This, to her mind, helped to create an academic profes- Mata might have also mentioned the FTSE Index, named sion dominated by those from better off backgrounds. after the Financial Times, or the Dow Jones Industrial And that not only makes it difficult for economists to Average, created by the Wall Street Journal founder speak to the general public, but can influence the sub- Charles Dow, as examples of journalistic economic jects deemed appropriate for study. ‘We need to be less innovation. But the takeaway message was clear: unrepresentative,’ she urged. Diversity is an argument ‘Newsrooms produce knowledge too’. that we’ve become used to hearing in relation to gender, unsurprisingly given economics’ heavily male skew, but The theme of economic communication returned on the less so in relation to social class.
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