Oxford University Press's
Academic Insights for the Thinking World

Pollock and Williams-how industry analysts shape the digital future

Who’s really shaping the digital future?

The words digital economy conjure images of young, tech-savvy entrepreneurs breaking moulds in a world where technology is disruptive. But could the reality be much more mundane and mercantile? When Facebook released “Facebook at work” earlier this year, the social networking goliath laid a huge challenge at the feat of LinkedIn, a powerful incumbent that had until then dominated its corner of the market.

Read More
Fagerberg-triple challenge for Europe

The trade-off between economic growth and climate change: Can it be avoided?

Europe’s economy has barely grown since the financial crisis broke in 2007. And unemployment, especially among the young, has soared in most countries. Eastern and Southern Europe, the least affluent regions, have suffered the most. Today, in the most affected countries, around one in two young adults seeking a job is not able to find one. If there is one recipe for social and political trouble in the years ahead, this is surely it.

Read More
Economics of Chocolate

“The experience of chocolate craving”- an extract from The Economics of Chocolate

It is indisputable that chocolate consumption gives instant pleasure and comfort, especially during episodes of ‘emotional eating’, which involves searching for food (generally in large amounts) even if not physiologically hungry in order to get relief from a negative mood or bad feelings (e.g. stressful life situations, anxiety, depression). The pleasure experienced in eating chocolate can be, first of all, due to neurophysiological components.

Read More
podcastlogov1

The resource curse – Episode 31 – The Oxford Comment

Global inequality, particularly as it exists today, is more “process” than natural phenomenon. An era of unprecedented interconnection means that individual practices, just as much as large-scale social, political, and economic actions, shape, sustain, and reinforce power dynamics.

Read More
wrong

Happy new year, China: Recent economic booms and busts

The Chinese New Year begins on 8 February, ushering out the year of the sheep (or goat, or ram) and bringing in the year of the monkey. People in China will enjoy a week-long vacation and will celebrate with dragon dances and fireworks. Given the financial fireworks emanating from China, this is a good time to briefly review some of the major economic news coming out of the Middle Kingdom.

Read More
OEP

What are the hidden effects of tax credits?

UK tax-credits are benefits first introduced in 1999 to help low-paid families through topping up their wages with the aims of ‘making work pay’ and reducing poverty, although they also cover non-working families with children.

Read More
Bonvillian_Technological_Cover

The paradox of jobless innovation

The United States faces a paradox: being on the cutting edge of technology seems to have in recent years only a marginal effect on job creation. The history books and our traditional economic theories seem to have failed us – whereas before, technological revolutions usually led to tremendous growth in both GNP and employment, now, on the eve of some of the most impressive innovations we’ve ever seen, the economy and employment are recovering since the 2008 “Great Recession” at the slowest rate since the Depression.

Read More
review of financial studies journal

Separating investment facts from flukes

There are hundreds of investment products in the market that claim to outperform. The idea is that certain information is identified that allow us to pick stocks that will do better than average and those that will do worse than average. When you buy the stocks that will do better and short sell the ones that you think will do worse, you have potentially identified a strategy that will ‘beat the market.’

Read More
wrong

Economic trends of 2015

Economists are better at history than forecasting. This explains why financial journalists sound remarkably intelligent explaining yesterday’s stock market activity and, well, less so when predicting tomorrow’s market movements. And why I concentrate on economic and financial history. Since 2015 is now in the history books, this is a good time to summarize a few main economic trends of the preceding year.

Read More
9780199914081

The Department of Labor awakens

At President Obama’s urging, the US Department of Labor (DOL) has proposed a new regulation condoning state-sponsored private sector retirement programs. The proposed DOL regulation extends to such state-run programs principles already applicable to private employers’ payroll deduction IRA arrangements. If properly structured, payroll deduction IRA arrangements avoid coverage under the Employee Retirement Income Security Act of 1974 (ERISA) and the employers implementing such arrangements dodge status as ERISA sponsors and fiduciaries.

Read More
White and Baker-Economics and the Virtues

The Big Picture and The Big Short: How Virtue helps us explain something as complex as the Financial Crisis

The star-studded new film The Big Short is based on Michael Lewis’s best-selling expose of the 2008 financial crisis. Reviewers are calling it the “ultimate feel-furious movie about Wall Street.” It emphasizes the oddball and maverick character of four mid-level hedge fund managers in order to explain what it would take to ignore the rating agencies’ evaluations and bet against the subprime industry—that is, their own industry.

Read More
9780198743057

Oxford Law Vox: deposit protection and bank resolution

In this episode of the Oxford Law Vox podcast, banking law expert Nikoletta Kleftouri talks to George Miller about banking law issues today. Together they discuss some of the major legal and policy issues that arose from the financial crisis in 2008, including assessing systemic risk and whether the notion of “too big to fail” is on the road to extinction.

Read More
christiansen-progressivebusiness

The business of inequality

Recently, debates about inequality have risen to the forefront in academic and public debates. The publication of the French economist Thomas Piketty’s Capital in the Twenty-First Century in 2013 did not, to say the least, go by unnoticed. And many other prominent economists have partaken in the debate about global inequality: Paul Krugman, Joseph Stiglitz and Angus Madison, just to name a few.

Read More
Guillen-The Architecture of Collapse

Systemic: Why the world has become a more dangerous place

Is the world a more perilous place than ever before? Why are there so many crises? What can we do about it? Newspaper headlines routinely reflect the fact that terrorist attacks, industrial accidents, and economic and financial meltdowns are becoming more frequent and more far-reaching in their effects.

Read More
wrong

Birdwatching at the Federal Reserve

Seven years ago this month the federal funds rate—a key short-term interest rate set by the Federal Reserve—was lowered below 0.25%. It has remained there ever since.Lowering the fed funds rate to rock-bottom levels did not come as a surprise. The sub-prime mortgage crisis led to a severe economic contraction, the Great Recession, and Federal Reserve policy makers used low interest rates—among other tools—in an effort to revive the economy.

Read More
Hecksher-Trust on a complex world

Hope from Paris: rebuilding trust

It has begun again: the age-old cycle of hate and counter-hate, self-justification and counter-justification, the grim celebrations of righteousness and revenge. In the US, conservative politicians play on it as demagogues always have, projecting strength and patriotism by refusing to take refugees from the lands terrorized by ISIS; my own governor, Chris Christie, tries to outdo his competition by arguing that even five-year-old orphans from Syria should be stopped and sent back, as if they are tainted by being from the same part of the world as the murderers.

Read More