Since the Crash in 07/08, industrial strategy in the UK has seen a renaissance as a legitimate area for policy activity. It had been out of fashion since the 70s and had no significant place in a policy world where markets were generally deemed the answer. It had been concluded that Government can’t ‘pick winners’, with the failure of Concorde being the final nail in the coffin.
With Brexit looming, maybe it has even more policy prominence as we look for hope in this brave new world. Certainly all assessments of the current state of our economy outside the golden mile tend to be pretty damning.
The aim of the current Government’s industrial strategy is “to boost productivity by backing businesses to create good jobs and increase the earning power of people throughout the UK with investment in skills, industries and infrastructure”.
This raises many questions but the one we want to focus on is the public goal of industrial strategy. Here the headline public goal is delivering ‘good jobs and increased earning power of people throughout the UK’. Is this the right one? If not, what should it be and how should it be determined? How would a different public goal affect the nature of industrial strategy?
Victoria Chick, emeritus professor of economics at UCL will discuss with Josh Ryan-Collins, head of research at the Institute for Innovation and Public Purpose.
There will be time for extensive discussion followed by a networking reception with wine and snacks.
Victoria Chick is Professor Emeritus at the University College London (UCL). She holds both her Bachelor’s and Master’s degrees in economics from the University of California at Berkeley, where she was educated by Hyman Minsky. Professor Chick then went on to study at the London School of Economics. She critically evaluated the prevailing theories of Keynesianism and monetarism in her 1973 book “The Theory of Monetary Policy” and was a driving force in the development of the Post-Keynesian school of thought. Apart from that, she has also held positions at the Reserve Bank of Australia and the Federal Reserve Bank of New York.
Dr. Josh Ryan-Collins is Head of Research at UCL’s Institute for Innovation and Public Purpose, a new research and policy centre focussed on how the public sector can shape and create markets to deliver public value. He was previously Senior Economist at the New Economics Foundation (NEF), one of the UK’s leading think tanks, where he worked for ten years. His research interests focus on the economics of innovation, finance, monetary policy, land and climate change.
Josh has written two previous co-authored books which address important but neglected aspects of economic theory: Where Does Money Come From?(2011, NEF) which examines how money is created and allocated in modern economies and is now used as a textbook in many universities; and Rethinking the Economics of Housing and Land (2017, Zed books) which was included in the Financial Times’ top 12 economics books of 2017.
Josh holds a PhD in economics and finance from the University of Southampton Business school and has published in academic journals including Nature: Climate Changeand the British Journal of Sociology. He was one of the founders of the Brixton Pound local currency used in south London to support independent small businesses. He lives in Brixton with his partner and daughter.