Tony Yates's picture
Affiliation: 
University of Birmingham
Credentials: 
Professor of Economics

Voting history

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:
Disagree
Confidence level:
Confident
Comment:
I think the study of well being is an interesting field, and perhaps useful for assessing the quality of delivery of key public services like health and social care, where one can measure well being for an individual before and afterward. But I don't feel that the measures are instructive enough to be targets for macro policy instruments.

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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:
Neither agree nor disagree
Confidence level:
Confident
Comment:
They are interesting enough to give us insights into how they relate to macro measures, but not yet, in my view, useful for policy analysis. In other words, I would not yet want to invite policy makers to put any weight on these measures as against stabilising resource utilization conventionally measured.

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:
Agree
Confidence level:
Not confident
Comment:
Agree in two respects. First that regional policy should emerge from a kind of social insurance, in that market incompleteness and social justice demand that we don't force individuals to bear all the costs of volatilty in the regional distribution of jobs and income. And second, that there can be coordination and network effects in whether a region is prosperous or not [see literature on Chicago, and clusters] which government policy instruments may be able to affect.

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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 only sense in which I agree is that I worry that the edifice of regional funds, and discretion over business rates means that we have a non-neutral industrial policy already, which I'm against, for conventional reasons. Would prefer limited state capacity and resources to be directed towards providing public goods better and more efficiently, including, relevant here, vocational education and regional infrastructure.

National Living Wage and the UK economy

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Question 2: Do you agree that the new NLW will have a muted effect on wages and prices?

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Answer:
Neither agree nor disagree
Confidence level:
Confident

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