MALVERN VIEW Issue 26 | Autumn 2016 www.malverncollege.org.uk
Ladies Rackets Doubles 2016 2 From the Headmaster From There are, perhaps, three reasons why the best of British education is sought that such an education should teach young people to think “outside the Behavioural Economics box”, crafting an education which Professor Shaun Hargreaves Heap (OM) takes individual pupils well beyond that which they need to know and develops Professor Shaun Hargreaves Heap, from King’s College London, spoke within them the capacity frequently to to Sixth Form Economists in October about how an approach to ask “why” or “what if”. Secondly, the understanding economic behaviour through the study of the real factors best of British education is holistic in nature and develops the individual into devise effective economic policy. Presently standard economic models a rounded person, recognising that do not always yield the most accurate predictions on which to base everybody should be creative and learn policy decisions. to play and to dance and to sing and to Behavioural choices can be studied through lab style experiments debate and to grow in character. Thirdly, and this can give a more accurate picture upon which to base policies the best of British education should targeting more effective changes in individual decision making. Professor teach the importance of values: we all Hargreaves Heap carried out an experiment with the audience which of integrity, honesty, kindness and economic prediction can be gathered. He spoke about prevailing other important attributes because such attributes, taken together, create which can make a difference to what we do, and outlined this alternative a person who is rounded, who can be approach to policy-making that aimed to ‘nudge’ economic agents to trusted, who is responsible and can be a arrive at the ‘right’ choices. friend for life. Behavioural Economics is a ‘tremor in the earth’, a vital and key indicator of an individual’s preferences which can then be translated into of the best of British education in the more effective economic policy. It is at the cutting edge of economic pages which follow. thinking, reinventing the subject in a way that enables Economics to maintain a dominant position in the application of the social sciences to Enjoy the read. policy making.
Stephen Holroyd, Head of Economics, Politics and Business Studies
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Weatherill Society Trip to KPMG
A small party of pupils studying threatens to “turn the lights out” this We also visited Mizuho International, Economics travelled to London to attend coming winter, and policy proposals a Japanese investment bank where the for addressing those challenges. Having pupils had a tour of the dealing room regulatory economics organised by Old discussed the economics of these and heard about the workings of the Malvernian Alistair Buchanan (No.7, issues, Alistair introduced the political City and Mizuho’s business in London. 1975-80). dimensions of the decisions via guest This certainly helped to demystify the Alistair is the former Chief Executive speaker Charles Hendry, former MP and of Ofgem (the UK’s regulator of Minister of State at the Department of us to appreciate the atmosphere and electricity and downstream gas markets) Energy and Climate Change from 2010 and currently the Chairman of KPMG’s to 2012. Power & Utilities Practice. He took our In the morning before our session Chris Calderwood, Economics pupils through some of the current at KPMG, we visited the City of London issues and challenges for the industry, in taking in the Bank of England, Lloyds particular the lack of spare capacity that of London and the Royal Exchange.
Weatherill Society Debates
The Weatherill Society is the Economics, Politics and Business Society that aims to ‘There are better ways to achieve gender promote interest in and discussion of a equality than feminism’, and this evoked wide range of topics. Named after Lord some powerful discussion. There was a Weatherill (No.6, 1934-38), who was good turnout and widespread dialogue Speaker of the House of Commons from and debate. 1983 to 1992, the Society invites guest In terms to come, a series of debates speakers, runs seminars and organises will be presented with the intention debates. of empowering pupils to research and In the Summer term, pupils initiated put their case to an audience that will a series of ‘Weatherill Debates’ for the test their presentations and arguments Sixth Form. These twice termly debates through questioning and debate. Stephen Holroyd, Head of Economics, will focus on current and stimulating Debaters will therefore need to be Politics and Business Studies topics that have a strong foundation in prepared to defend their argument and political theory. the case they propound. 4
TRE staff based at Malvern College 1944 .