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    Post-Brexit work visa quotas on EU nationals will likely favour graduates

Post-Brexit work visa quotas on EU nationals will likely favour graduates

Had things gone as most commentators expected, the UK would now be entering hard Brexit talks with the near certainty of leaving the single market and/or customs union and the consequent ending of free movement of people from the European Union. Two weeks later and that near certainty no longer seems as certain, with murmurings of a softer Brexit […]

Why do bankers earn so much more than other professionals?

Are bankers overpaid? Do they have special qualities that make them deserve to earn more than other professionals? In this video interview, LSE professor Ulf Axelson explores why pay is so high on Wall Street relative to normal jobs.

Here is part of his answer: “(It’s) due to a combination of two characteristics of many of the types of jobs you have […]

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    The role of foreign investors in the London residential market

The role of foreign investors in the London residential market

LSE London have just completed a study of the role of overseas investors in the London residential market for the Greater London Authority, looking at the proportion of new homes sold to buyers who live abroad and at the proportion of those homes left empty; and the contribution of overseas sales and finance to new development. They found that:

Significant proportions of […]

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    It’s not that London is too big, but that other large UK cities are too small

It’s not that London is too big, but that other large UK cities are too small

The elections are barely behind us now, and we should keep asking the question, ‘What are the economic forces polarising the UK?’ A big part of the story concerns the geographical concentration of economic activity in London (and the South East). Is this concentration good for those who live or work in London but bad for those who don’t? […]

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    Brexit will probably cause disruption in markets, but systemic risk is unlikely

Brexit will probably cause disruption in markets, but systemic risk is unlikely

With less than two years until Britain leaves the EU, the implications of Brexit for financial stability are of some concern. Two key central bankers have reached opposites conclusions, with Mark Carney worried and Mario Draghi more sanguine. Broadly in line with Draghi, we think Brexit should mostly decrease systemic risk, albeit with a potential for an increase.

Brexit will […]

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    Regulating in the dark: the challenges of overseeing the secret services

Regulating in the dark: the challenges of overseeing the secret services

One of the most well-known principles in the canon of Jeremy Bentham’s writings on government is the general principle of transparency. All activities, according to Bentham, were to be made open so as to allow for external scrutiny. One sector, however, was exempted from this universal principle: the security or intelligence services. The reason for this exemption appears straightforward; […]

Managing risk in the age of disruption

The context of risk management and risk preparedness has changed in recent years.

Structural disruption

We are living through a period of multi-dimensional disruption that is often dubbed as the fourth industrial revolution. Developments in extreme connectivity and extreme automation have consequences beyond the world of technology: business models, industries, markets, regulatory, and governance regimes have been thrown into a flux. […]

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    What’s happening with real wages and living standards in the UK?

What’s happening with real wages and living standards in the UK?

As the election season progresses, an evaluation of the current labour market trends in the UK, and of possible future movements, is of significant importance is assessing the credibility of the parties’ manifesto proposals on work. This is particularly the case as, since the global financial crisis of 2007/08, workers’ real wages and family living standards in the UK […]

Flexible labour markets, real wages and economic recoveries

In its 2016 Employment Outlook, the OECD documents that real hourly wage growth has behaved quite differently across countries over the past ten years.

This is true even among the large European economies. Comparing the level of real hourly wages in the fourth quarter of 2015 with a counterfactual value based on the assumption that wages had grown according to […]

What research tells us about the avocado toast controversy

Australian millionaire and luxury property developer Tim Gurner recently suggested millennials should stop spending money on avocado toasts or expensive coffee so that they could afford to buy property. This comment started a heated debate relative to the way the young – and more generally lower income people – spend their money, and on the morality of conspicuous consumption.

The […]

Curtailing the market for private prisons: schism or blip?

For nearly 25 years, new prisons built in the UK have predominantly been procured through ‘design, build, finance and operate’ (DBFO) contracts with the private sector. So the opening earlier this year of a new supersized prison to be financed and operated by the public sector – HMP Berwyn in north Wales – puts the future of ‘whole prison’ contracting in […]

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    Airports helped boost the manufacturing sector and productivity in China

Airports helped boost the manufacturing sector and productivity in China

Airport construction or expansion is often proposed as a policy lever to boost cities, regions and national economies worldwide – although this case is not clear cut as some well publicised ‘white elephants’ and the recent debate over expansion of London’s airports testify. But it is in large developing countries with poor road and rail infrastructure that air transport […]

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    Geekland: STEM knowledge is needed to apply for 1 in 6 non-tech UK jobs

Geekland: STEM knowledge is needed to apply for 1 in 6 non-tech UK jobs

In the UK, less than half of science, technology, engineering, and mathematics (STEM) graduates work in so-called ‘STEM occupations’ (such as scientists or engineers). If, as is often thought, all recruiters in ‘non-STEM’ occupations (for example, graphic designers or economists) neither require nor value science and technology skills, and simply like hiring science graduates for their problem solving and […]

Working the phones

For the purpose of  my new book, I spent six months undercover in a UK call centre. The focus of the research was to understand questions of control and resistance from the perspective of call centre workers themselves. This kind of covert ethnography – studying a phenomenon from the point of view from the subject of the study – used […]

The effortful nature of risk management practice

In managing risk, organizational actors are constantly engaged in the work of representing it. From a philosophical point of view, this co-mingling of risk and representation is unsurprising. Risks are contingencies or future possibilities which have not yet crystallized into events. As non-real possibilities, they literally do not exist and cannot be seen until they are represented and processed […]

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    Home ownership is falling faster for young people whose parents didn’t own a house

Home ownership is falling faster for young people whose parents didn’t own a house

It is well known that home ownership rates have been falling rapidly among young people. Linking own home ownership with parental home ownership, our new paper demonstrates that the sharpest falls occurred for those who grew up in families where their parents did not own their homes. Given the link between home ownership and wealth, the findings indicate growing […]

Future of work: making a living from cutting our own hair?

There is currently much debate on the future of paid employment in light of technological advancements within a range of areas, such as speech recognition, robotics, artificial intelligence, etc. Evocative imagery is presented ranging from a rather prosaic future of self-driving cars and lorries to the digital immortality of bodiless beings. I wish here to emphasise more immediate and […]

Sleep deprivation, even when moderate, hurts employment

Lack of sleep is responsible for human fatigue, and can undermine economic performance. Paradoxically, the extent to which sleep time is a productive activity, or not, has received very limited attention in economics research so far. Sleep is often overlooked in economic models despite its obvious restorative effects on human health alongside its influence on brain plasticity and feelings […]

Harmonising accounting standards across the globe

Over a decade has passed since the European Union (EU) mandated a uniform set of accounting standards, i.e. International Financial Reporting Standards (IFRS), for all companies listed on the major European stock exchanges in 2005. Since then, over 100 countries are currently requiring their listed firms to prepare financial reports either under IFRS or under a closely linked accounting […]

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    Anna Valero: ‘Automation has taken away mid-level skills jobs’

Anna Valero: ‘Automation has taken away mid-level skills jobs’

As a Research Director of LSE’s Growth Commission, Anna Valero spent part of the post-Brexit vote months studying the gaps between public policy and the new economic reality in the UK.  In an interview with LSE Business Review’s managing editor, Helena Vieira, she discusses what the UK could do to stimulate economic growth and fight inequality. The skills gap is one of […]