David Miles's picture
Affiliation: 
Imperial College
Credentials: 
Professor of economics

Voting history

Wages and economic recoveries

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Question 2: Do you agree that the different behaviour of UK real wages relative to Eurozone wages during the Great Recession is in large part due to the UK having different labour market policies?

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Answer:
Agree
Confidence level:
Confident
Comment:
Employment growth has been greater in the UK than most other European countries - but labour productivity growth has been much worse. Whether overall welfare in the UK has been higher as a result of this mix is far from clear.

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Question 1: Do you agree that lower real wage growth was beneficial for employment levels during the Great Recession?

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Answer:
Agree
Confidence level:
Not confident
Comment:
Employment levels have probably been helped by lower real wages - productivity has almost certainly been lower. Welfare might have been higher with somewhat higher real wages even if that meant somewhat lower employment - that depends on by how much labour productivity would have been boosted by greater incentives to improve output per worker hour.

Happiness and well-being as objectives of macro policy

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Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?

 
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Answer:
Agree
Confidence level:
Not confident
Comment:
Knowing how much misery is caused by involuntary unemployment is surely relevant to a range of government (and perhaps central bank) policies and direct questions on well-being seem likely to be an important source of information on this.

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Question 1: Do you agree that subjective well-being measures, or at least some of the subindices from the typical survey measures, are now reliable enough to give useful insights when used in macroeconomic empirical analysis?

 
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Answer:
Agree
Confidence level:
Not confident

A “new” UK industrial strategy ?

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Question 2: Do you agree that the UK needs a new regional policy?

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Answer:
Disagree
Confidence level:
Confident
Comment:
Devolution of some tax setting and spending decisions makes sense. But I do not think one should call this regional policy and if we exclude it then I am doubtful that something called a "new regional policy" will be very successful.

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