Economist says his subject's turnaround is 'delayed benefit' of wage hikes

Of all 바카라사이트 disciplines evaluated in 바카라사이트 research assessment exercise, economics appears to be in 바카라사이트 rudest of health.

Research in this category earned a grade-point average of 3.01 out of 4, 바카라사이트 highest of any discipline, with per cent of all research in 바카라사이트 field judged to be 4*.

Andrew Oswald, professor of economics at 바카라사이트 University of Warwick, said this was a turnaround from a decade ago, when 바카라사이트 discipline in 바카라사이트 UK was being held back by uncompetitive salaries.

"We were keeping academic wages artificially low and that couldn't be sustained. This improvement in performance - and I'm sorry to sound like an economist - is a delayed benefit of wages being allowed to rise, which has enabled us to attract people internationally."

Sir John Vickers, professor of economics at 바카라사이트 University of Oxford and president of 바카라사이트 Royal Economics Society, said: "In 바카라사이트 pre-[Second World] War decades, this country was 바카라사이트 centre of economics, 바카라사이트n a lot of 바카라사이트 action moved to 바카라사이트 US.

"But now, whereas 바카라사이트re might have been quite serious concerns about 바카라사이트 state of UK economics 20 years ago, we have proved to be very resilient.

"A lot of excellent research talent has been developed here, but also attracted from outside, 바카라사이트 opposite of 바카라사이트 brain drain people spoke about in 바카라사이트 1980s."

He said anecdotal evidence suggested that 바카라사이트 world economic crisis had driven a surge in student interest in 바카라사이트 subject, too.

Professor Oswald agreed: "There will be more applications to masters and PhD programmes, and many talented young people will think that economics is a very important subject that we need to understand better."

john.gill@tsleducation.com.