Kevin Hjortshøj O'Rourke's picture
Affiliation: 
Oxford University
Credentials: 
Professor of Economics

Voting history

Wages and economic recoveries

====================================================================

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?

====================================================================

Answer:
Agree
Confidence level:
Confident

====================================================================

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

====================================================================

Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
It depends on context, for example levels of debt in the economy in question, and whether the lower real wage growth is due to lower nominal wage levels or lower nominal wage growth or higher inflation. Wage declines don't seem to have helped Greece a lot, though you could make a case that wage developments maintained employment in low productivity growth Britain.

Happiness and well-being as objectives of macro policy

====================================================================

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

 
====================================================================
Answer:
Agree
Confidence level:
Confident
Comment:
If economists are going to persist in being utilitarians then they should think about what actually makes human beings happy! I'm not saying that we have a clear enough handle on this yet, but I am answering yes in an aspirational sense.

A “new” UK industrial strategy ?

====================================================================

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

====================================================================

Answer:
Agree
Confidence level:
Confident

====================================================================

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

====================================================================

Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
In my view there is a case for selective EU industrial policy. In the UK case however, the most important industrial policy issue is maintaining membership of the Single Market and Customs Union, and the UK has ruled that out. So it's hard to take their industrial policy aspirations seriously.

Pages