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

Voting history

Wages and economic recoveries

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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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Question 1: Do you agree that the UK needs a new industrial policy?

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Answer:
Disagree
Confidence level:
Confident
Comment:
The UK has a woeful history of government initiatives on industrial policy. While there are good economic reasons to think that externalities and missing markets can, in theory, create a role for efficiency enhancing "industrial policy", there is a lot of empirical evidence that in the UK there is not the institutional capability to deliver any gains.

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