Debt, inflation and employment after the pandemic

Government spending and central bank actions are fundamental drivers of economic activity. These so-called macroeconomic policies influence every part of the economy, ranging from the labour market, to the housing market to business investment.  For a long time, the core laws of macroeconomics seemed clear. But the 2008/09 financial crisis and the Covid-19 pandemic upset the … Continue reading Debt, inflation and employment after the pandemic

The Future of Capitalism

Capitalist economies are undergoing rapid changes, leading to new grievances and the revival of old challenges in a new guise. Firstly, economic inequalities could approach the levels of the Belle Époque, injecting new life into questions about the justifiability of capitalism. Secondly, technology could fundamentally change the labour market, providing new opportunities but also raising … Continue reading The Future of Capitalism

The economics and the design of socially just climate policies

The findings from climate economics are clear: transitioning the economy to limit global warming -- to 2 degrees or less -- is possible. For decades, economists have built detailed models of the economy that estimate what individual countries and individual sectors of the economy would have to do, to prevent global warming. They also include … Continue reading The economics and the design of socially just climate policies

What to believe now? Applied epistemology, information markets, and networks

We use epistemology, the study of knowledge and justified belief, to investigate decision making in social, political and financial situations. Against the backdrop of debates about financial bubbles, fake news and populism, we investigate what we can know and what we are justified in believing. We approach applied epistemology through two lenses: epistemic virtues (individual), … Continue reading What to believe now? Applied epistemology, information markets, and networks

The Ethics and Governance of Algorithmic Decision Making

Human decision makers are increasingly replaced by self-learning computer algorithms in economic decision making. Such algorithms use personal data (ranging from one’s post code to medical history and Facebook friends) to score and rank people. Such rankings, in turn, can determine who gets offered a job, who gets offered a loan and under what conditions … Continue reading The Ethics and Governance of Algorithmic Decision Making

The Complexity Science Approach to the Financial System

Complexity science provides new ways of modelling the financial system as a complex system. It challenges dominant views of linearity, predictability, and responsibility in finance. On the philosophical side, this could have implications for how we think about morality in financial markets. On the policy side, the complexity approach could require a rethinking of how … Continue reading The Complexity Science Approach to the Financial System