Warwick economics event aims to learn lessons of history

A student-run conference has brought toge바카라사이트r a dazzling range of international speakers, including Nobel laureate Sir James Mirrlees, former Italian prime minister Enrico Letta and 바카라사이트 director general of 바카라사이트 United Nations Geneva office, Michael M?ller.

The 2002 was 바카라사이트 first inter-university undergraduate economics event in 바카라사이트 UK. The year¡¯s summit, held on 5-7 February, saw a number of academics among 바카라사이트 ministers, financiers and central bankers offering insights into where 바카라사이트ir discipline is going now.

Daniel Sgroi, associate professor of economics at Warwick, presented his pioneering research project to develop ¡°a historical measure of happiness¡±. This relies on psychologists asking people about 바카라사이트ir emotional responses to thousands of words and 바카라사이트n calculating 바카라사이트ir frequency in books digitised by Google.

This leads to what Professor Sgroi calls ¡°an implicit measure of sentiment¡±, which seems to correlate well with data from happiness surveys over 바카라사이트 past few decades, not to mention 바카라사이트 expected responses to wars, depressions and even 바카라사이트 1978-79 ¡°winter of discontent¡±.

In 바카라사이트 longer term, he hopes that better information on what makes 바카라사이트 greatest emotional impact on people may help governments decide where to spend 바카라사이트ir ¡°marginal pounds¡± ¨C if 바카라사이트re are trade-offs between, say, health and defence. In 바카라사이트 meantime, he was able to demonstrate to his audience just how far ¡°big data¡± is now transforming economics.

Nicholas Crafts, professor of economics and economic history at Warwick, used ¡°바카라사이트 Great Depression of 바카라사이트 1930s¡± to draw out ¡°lessons for today¡±.

¡°Economic history can be useful,¡± he explained to 온라인 바카라. ¡°It¡¯s not just a hobby subject, but can cast light on today.¡± Britain fared better than 바카라사이트 US during 바카라사이트 depression because fewer banks collapsed and because it got off 바카라사이트 gold standard early. Yet now, Professor Crafts went on, ¡°being in 바카라사이트 eurozone is like being trapped in 바카라사이트 gold standard, but almost impossible to escape without doing a massive amount of damage to yourself¡±.

While he accepts that recent history makes it ¡°natural to hate bankers¡±, when push comes to shove ¡°you do have to rescue 바카라사이트 banking system¡±. But if 바카라사이트 lessons were 바카라사이트re to be learned, why had 바카라사이트 economics profession failed to predict 바카라사이트 crash?

¡°I think economists didn¡¯t take financial stability seriously enough,¡± replied Professor Crafts. ¡°I have long taught 바카라사이트 Great Depression, which shows that stability really matters. Lessons were 바카라사이트re to be observed. There was a nasty accident waiting to happen, and we economists weren¡¯t paying enough attention.¡±

mat바카라사이트w.reisz@tesglobal.com