Insight

Page 1

Volume 3 Issue 2

Transition The Folly of Fools Obsolete Innovation The Fate of Wildness

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Volume 3 Issue 2

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Contents

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Featured Illustrators

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If you have any questions, comments or concerns, or if you would like to become involved, please contact us at:

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Editor’s Note E

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Evan Williams Editor-in-Chief

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Volume 3 Issue 2

4 4]Qca( B`O\aWbW]\

Focus: Transition

Beyond the Economics of Fantasy Nick Dowson makes the case for a radical economic transition

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Multi-Handed Colonialism Alina Mika reassesses economic change in West Africa

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Helga Pavelkova

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4/26/13 11:52 AM


Volume 3 Issue 2

6 Â’ 4]Qca( B`O\aWbW]\

“The transition of West Africa into an open, exportoriented economy cannot be considered only through the prism of the terms development or underdevelopment.�

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4]Qca( B`O\aWbW]\ 7

Basel Recommends

Vainius Glinskis considers the potential impact of new international banking regulations

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insight-issue6.indd 7

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4/26/13 11:52 AM


Volume 3 Issue 2

8 4]Qca( B`O\aWbW]\

The Chinese Innovation Puzzle

Ian Billett examines China’s pursuit of economic modernisation

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Eilidh Muldoon insight-issue6.indd 8

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4/26/13 11:52 AM


4]Qca( B`O\aWbW]\ 9

Eilidh Muldoon

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Overdrawn: The Plan to Fix Banking in Europe

Andrea Schmidtová discusses the future of bank regulation in the euro zone

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insight-issue6.indd 9

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4/26/13 11:52 AM


Volume 3 Issue 2

10 4]Qca( B`O\aWbW]\

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Transition to a New Energy Future Briana Pegado looks at the feasibility of Obama’s green economy agenda

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4]Qca( B`O\aWbW]\ 11

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12 Â’ 4]Qca( B`O\aWbW]\

Volume 3 Issue 2

In Wildness is the preservation of the World Katie Roberts links our fate to the preservation of the natural world

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“Our ‘cultural dice is loaded in

favour of consumption for its own sake’, as Andrew Simms argues. We are ignoring the cost of the means, and have lost sight of the ends. We must challenge the mantra of free markets and endless economic growth, as they will only result in our destruction.�

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Josie Vallely

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Volume 3 Issue 2

14 1][[S\b

Comment

The Triangular Course of History Alina Mika examines the ‘Trilemma of International Finance’

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insight-issue6.indd 14

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Helga Pavelkova

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Maid in India

Akanksha Middya examines the economic impact of gender inequality in India

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4/26/13 11:52 AM


Volume 3 Issue 2

16 1][[S\b

An End to Broadband Blues

Clem Manger contemplates recession, modern technology and the music industry

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Emily Cullen

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Bidding Central Bank Independence Adieu Amy Read discusses the murky relationship between monetary and fiscal policies

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insight-issue6.indd 17

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“Monetary and fiscal policies have always been thinly divided at best, and pressure from the current recession has further blurred this already fine line.”

4/26/13 11:52 AM


Volume 3 Issue 2

18 1][[S\b

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Morag McClenaghan

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Mort de la Bourgeoisie Nikita Chuyko assesses Hollande’s idealism

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bVS aSQ]\R VSO`W\U BVSW` `SOa]\- 7b eOa OW[SR Ob µW\RWdWRcOZa¶ \]b µV]caS V]ZRa¶ EVOb bVWa [SO\a Wa bVOb WT bVS`S eS`S be] W\RWdWRcOZa W\ bVS V]caSV]ZR eV] SO`\ ¼'' SOQV b]bOZ W\ Q][S ]T ¼ '& [WZZW]\ bVSg e]cZR \]b PS OTTSQbSR Pg bVS bOf 7T V]eSdS` ]\S ^S`a]\ W\ bVS V]caSV]ZR SO`\SR ¼ [WZZW]\ O\R ]bVS` ]\S SO`\SR \]bV

Emma Elliott­Walker

dS\ bVS []ab ]^bW[WabWQ SQ]\][Waba PWbbS`Zg OU`SS bVOb bVS e]`ZR VOa \]b Q][^ZSbSZg `SQ]dS`SR T`][ bVS RSdOabObW\U STTSQba ]T bVS 4W\O\QWOZ 1`WaWa ]T % 7\ bVWa bc`PcZS\b bW[S O\ STTSQbWdS `ST]`[ OW[W\U b] `SRcQS bVS ZO`US PcRUSb RSTWQWb O\R b] SabOPZWaV bVS aSQc`Wbg ]T V][S W\Rcab`g aSS[a b] PS bVS b]^ ^`W]`Wbg T]` [O\g U]d S`\[S\ba 4`O\QS Wa \] SfQS^bW]\ b] bVWa `cZS 2c`W\U VWa SZSQbW]\ QO[^OWU\ 4`O\Q]Wa 6]ZZO\RS VOa ^W]\SS`SR aWU\WTWQO\b W\Q`SOaSa W\ W\Q][S O\R Q]`^]`ObS bOfSa b] bOQYZS bVS WaacS ]T bVS PcRUSb RSTWQWb >S`VO^a bVS S[ P]RW[S\b ]T bVS \Se 4`S\QV SQ]\][WQ O^^`]OQV eOa bVS WRSO b] W\b`]RcQS O %# bOf T]` bV]aS W\RWdWRcOZa eV]aS O\\cOZ W\Q][S SfQSSRSR ¼ [WZZW]\ bVS a] QOZZSR Ac^S` BOf 7b VOa PSS\ ORdS`bWaSR Oa µag[P]ZWQ¶ O\R µ^Ob`W]b WQ¶ Pg 6]ZZO\RS¸a ]TTWQS eVWQV QZOW[SR bVOb bVWa µSfQS^bW]\OZ STT]`b¶ Wa O\ OPa]ZcbS \SQSaaWbg 6]ZZO\RS VOa PSS\ W\ ]TTWQS T]` ' []\bVa EVS`S SfOQbZg VOa VWa WRSOZWa[ bOYS\ 4`O\QS 7b O^^SO`a bVOb 6]ZZO\RS¸a U`O\R a^SSQVSa O`S W\Q]\aWabS\b eWbV VWa OQVWSdS[S\ba 7\ <]dS[PS` VS UOdS W\ b] ^`Saac`S T`][ bVS 4`S\QV PcaW\Saa aSQb]` QcbbW\U Q]`^]`ObS bOfSa W\ O\ ObbS[^b b] P]]ab bVS 4`S\QV SQ]\][g BVS ]TTWQWOZ abObS[S\b aOWR bVOb µQ][ ^O\g bOfSa e]cZR TOZZ Pg ¼ PWZZW]\ O gSO` Pg #¶ 4`][ O\ SQ]\][WQ ^S` a^SQbWdS Wb eOa O a]c\R WT \]b bVS ]\Zg `WUVb RSQWaW]\( bVS bOf Qcb ^`][]bSR abOPWZWbg O\R Z]eS`SR bVS ZSdS`OUS ]T 4`S\QV V][S ^`]RcQS`a B] ^cb bVW\Ua W\ ^S`a^SQbWdS( OQQ]`RW\U b] Q]`^]`ObS Z]PPg ]`UO\WhObW]\ ;3234 W\dSab [S\b eOa Q]ZZO^aW\U T`][ T]`SWU\

4/26/13 11:52 AM


Volume 3 Issue 2

20 1][[S\b

W\U bVS W\Q][S ]T bVWa ^S`a]\ e]cZR abWZZ PS bOfSR 7b eOa RSQWRSR bVOb bVS bOf µTOWZSR b] `SQ]U\WhS S_cOZWbg PS beSS\ ^cPZWQ Pc`RS\a¶ O\R ]\ bVSaS ZSUWbW[ObS Q]\abWbcbW]\OZ U`]c\Ra bOf `ST]`[ Q]cZR \]b PS OQQS^bSR /a O `SacZb 6]ZZO\RS¸a U]dS`\[S\b VOa aSS\ ]\S ]T bVS []ab Vc[WZWObW\U RSTSOba W\ bVS Q]c\b`g¸a `SQS\b VWab]`g A] eVOb eS\b e`]\U- ESZZ O Z]b ]T bVW\Ua 4W`ab ]T OZZ Wb Wa bVS SOaS eWbV eVWQV bVS bOf `ST]`[ eOa bc`\SR R]e\( bVS`S eOa \] VSObSR RSPObS ^`]bSaba ]` c\`Sab Xcab O ^]]`Zg e`Wb bS\ ^`]^]aOZ BVWa [WabOYS Wa OYW\ b] O [WRRZS aQV]]Z ^c^WZ VO\RW\U W\ `caVSR O\R ^]]`Zg e`WbbS\ V][Se]`Y( [Wa bOYSa ZWYS bVWa QO\\]b O\R aV]cZR \]b PS b]ZS`ObSR Ob bVS SQ]\][WQ [W\S TWSZR bVOb Wa bVS Sc`] h]\S ASQ]\RZg bVS SQ]\][WQ PS\STWba bVOb Q]cZR PS `SO^SR T`][ bVWa bOf O`S W\Q][^ObWPZS eWbV bVS ^]ZWbWQOZ ^`]PZS[a bVOb e]cZR T]ZZ]e 7T bVS bOf `ST]`[ eS`S ^OaaSR Sf^SQbSR bOf `SdS\cS e]cZR PS ¼"# # [WZZW]\ ]cb ]T bVS b]bOZ ^ZO\\SR bOf W\Q`SOaS ]T ¼ PWZZW]\ EVOb OP]cb bVS Q]ab ]T bVWa UOW\- 7\bcWbWdSZg bV]aS eWbV bVS VWUVSab W\Q][S O\R cacOZZg bVS VWUVSab O[]c\b ]T eSOZbV e]cZR Ob bS[^b b] ZSOdS bVS Q]c\b`g ]` b`O\aTS` bVSW` OaaSba SZaSeVS`S 1]\aS_cS\bZg 4`O\QS e]cZR Z]aS O Z]b []`S T`][ bVWa TZWUVb bVO\ Wb e]cZR UOW\ T`][ bVS bOfO bW]\ ]T bV]aS eV] RSQWRS b] abOg /\ ORRWbW]\OZ ^`]PZS[ Wa bVOb Pg

\]b PSW\U OPZS b] QO``g ]cb VWa []ab POaWQ SZSQbW]\ ^`][WaSa 6]ZZO\RS VOa Q`SObSR O d]`bSf ]T c\QS`bOW\bg( Wb Wa PSQ][W\U VO`RS` O\R VO`RS` b] [OYS OQQc`ObS ^`SRWQbW]\a OP]cb 4`S\QV 4WaQOZ >]ZWQg BVWa Wa ^S`VO^a ]\S ]T bVS []ab e]``gW\U aWU\a T]` T]`SWU\ W\dSa b]`a O\R PWU PcaW\SaaSa Pcb W\abSOR ]T

“Even considering the little support that the Socialist Government has, Francois Hollande is doing a good job in becoming one of the most hated politicians of our time.” [WbWUObW\U bVWa RWaOabS` 6]ZZO\RS VOa [O\OUSR b] e]`aS\ bVS aWbcObW]\ bS\ T]ZR 7T VS Wa RSbS`[W\SR b] abWQY eWbV VWa ^`][WaSa O\R ^caV bVS Ac^S` BOf T]`eO`R VS \SSRa b] PS eV]ZZg OeO`S ]T Wba T]`[cZObW]\ 7T bVS W\WbWOZ bV`SaV]ZR ]T V]caSV]ZRa O\R \]b W\RWdWRcOZa eS`S bOfSR bVS\ Wb e]cZR VOdS `OWaSR bVS Sf^SQbSR \c[PS` ]T bV]aS bOfSR T`][ b] ]dS` B`cZg OZbV]cUV dS`g PS\STWQWOZ T]` bVS bOf `SdS\cS bVOb e]cZR PS bVS S\R ]T 6]ZZO\RS BVS OZbS`\ObWdS ]T `OWaW\U bVS bOf [WZZW]\

R]Sa \]b aSS[ ORS_cObS SWbVS`( bVWa `OWaS e]cZR `SRcQS bVS Sf^SQbSR bOf `SdS\cS T`][ O^^`]fW[ObSZg ¼ [WZZW]\ b] ¼# [WZZW]\ CZbW[ObSZg Wb Wa RWTTWQcZb RSQWaW]\ Pcb W\ ]`RS` b] ^`]dS bVOb VS Wa \]b O\ W\QO^OPZS O[ObSc` 6]ZZO\RS \SSRa b] TWf bVWa ^`]PZS[) ]bV S`eWaS VS [Og PS T]`QSR b] abS^ R]e\ 3dS\ Q]\aWRS`W\U bVS ZWbbZS ac^ ^]`b bVOb bVS A]QWOZWab 5]dS`\[S\b VOa 4`O\Q]Wa 6]ZZO\RS Wa R]W\U O U]]R X]P W\ PSQ][W\U ]\S ]T bVS []ab VObSR ^]ZWbWQWO\a ]T ]c` bW[S BVWa V]eSdS` Wa W\ \] eOg bVS TW\OZ aS\bS\QS T]` VW[ 4`][ O\ SQ]\][WQ ^]W\b ]T dWSe VWa b]^ ^`W]`Wbg VOa b] PS bVS QO`STcZ Q]\ab`cQbW]\ ]T bVS PcRUSb eVWQV eWZZ RSOZ eWbV bVS PcRUSb RSTWQWb O\R ^`]P ZS[a eWbV OZZ bV`SS SQ]\][WQ aSQb]`a Ob V][S Pcb eWZZ \]b aQO`S ]TT T]`SWU\ O\R R][SabWQ W\dSab]`a 4`][ O a]QWOZ O\R ^]ZWbWQOZ ^]W\b ]T dWSe VS \SSRa b] PSQ][S bVS ab`]\U O\R ^Ob`W]bWQ ZSORS` VS QZOW[SR b] PS W\ bVS SZSQbW]\ QO[^OWU\ Od]WR bOYW\U ^]]`Zg ^ZO\\SR XcRU[S\ba Pcb OZa] PS OPZS b] abO\R VWa U`]c\R eVS\ bVS RSQWaW]\ VOa PSS\ bOYS\ 4`O\QS \SSRa O ab`cQbc`SR O\R bO`USbSR b`O\aWbW]\ bVOb eWZZ OZZ]e bVS[ b] abOPWZWhS bVS SQ]\][g O\R `SRcQS c\S[^Z]g[S\b eVWQV VOa PSS\ Q]\ aWabS\bZg `WaW\U T]` bVS ^Oab []\bVa A] TO` 6]ZZO\RS VOa aV]e\ ]\Zg O QVO ]bWQ [Wfbc`S ]T ^Ob`W]bWQ \OWdSbg O\R WZZ ^`S^O`ObW]\ EWZZ VS PS OPZS b] bc`\ bVW\Ua O`]c\R- ?cW dWd`O dS``O

Pleased to Michu

Ben Cassidy looks to the future of the beautiful game

T

VS QcZbc`S ]T []\Sg W\ T]]bPOZZ Wa\¸b O \Se ]\S 3dS` aW\QS 0AYg0 O\R ]bVS` bSZSdWaW]\ Q]`^]`ObW]\a `SOZWaSR bVS ^]bS\bWOZ W\ P`]ORQOabW\U ZWdS [ObQVSa b] OcRWS\QSa b]^ TZWUVb bSO[a VOdS PSS\ SO`\W\U aWhSOPZS `SdS\cSa EVOb QVO\USR eOa bVS ORdS\b ]T 0WU ;]\Sg Pcg]cba ³ /`aS\OZ ;O\QVSabS` 1Wbg 1VSZaSO O\R SdS\ ;O\QVSabS` C\WbSR VOdS PS\STWbSR T`][ [OaaWdS QOaV abW[cZW T`][ ]e\S`a O\R abOYS V]ZRS`a OZWYS EWbV 0WU ;]\Sg QO[S bVS OPWZWbg b] bS[^b bVS PSbbS` ^ZOgS`a OeOg T`][ bVSW` bSO[a UWdW\U bVS a^S\R S`a O\ ]PdW]ca ORdO\bOUS ]dS` bVSW` Q][^SbWbW]\ BVWa ZSR b] \SO` [WZWbO\b SaQOZObW]\ Oa PWUUS` ac[a ]T []\Sg eS`S PO\RWSR OP]cb PcWZRW\U SdS` []`S W\bW[WRObW\U a_cORa B]ROg >`S[WS` :SOUcS QZcPa Q]ZZSQbWdSZg a^S\R Vc\

insight-issue6.indd 20

R`SRa ]T [WZZW]\a ]T ^]c\Ra O\\cOZZg []ab ]T Wb [ORS c^ Pg bVS PWU bSO[a [S\bW]\SR 0g Obb`OQbW\U bVS PSab ^ZOgS`a bVS >`S[WS` :SOUcS QS`bOW\Zg ^`]RcQSa ·STTWQWS\b¸ T]]bPOZZ =\ bVS ]bVS` VO\R UWdS\ bVOb O ZOg[O\ e]cZR ab`cUUZS b] \O[S []`S bVO\ O _cO`bS` ]T bVS bSO[a W\ bVS ZSOUcS Wb R]Sa\¸b \SQSaaO`WZg ^`]RcQS S_cWbOPZS a^]`b 3aaS\bWOZZg bVWa aSb ]T QW`Qc[ abO\QSa O`]aS RcS b] eVOb [WUVb PS bS`[SR O ·`SZObWdS ]ZWU]^]Zg¸ C\RS` O `SUcZO` ]ZWU]^]Zg O a[OZZ aSb ]T TW`[a VOdS RWabW\Qb [O`YSb ^]eS` RcS b] ]e\W\U O RWa^`]^]`bW]\ObS aVO`S ]T bVS [O`YSb Oa O eV]ZS ³ Q]\aWRS` AO[ac\U /^^ZS <]YWO O\R 6B1 W\ bVS [O`YSb T]` a[O`b^V]\Sa C\RS` O `SZObWdS ]ZWU]^ ]Zg O a[OZZ aSb ]T TW`[a RWTTS`S\bWObS bVS [O`YSb Pg ^`WQS ³ Pg ]cbPWRRW\U

bVSW` Q][^SbWb]`a bVSg QO\ Q]`\S` bVS ac^^Zg ]T ^`S[Wc[ ^ZOgS`a W\ SaaS\QS Q`SObW\U be] RWabW\Qb [O`YSba 7\ R]W\U a] ^ZOgS`a c^ b] O ^`WQS bOU ]T [WZZW]\ O`S ]^S\ aSOa]\ T]` OZZ bSO[a Pcb ^ZOgS`a Obb`OQbW\U [WZZW]\ O\R OP]dS T]` bVSW` aS`dWQSa O`S W\ bVS R] [OW\ ]T ]\Zg bVS bSO[a bVOb QO\ OTT]`R bVS[ BSO[a ZWYS 1VSZaSO ;O\QVSabS` 1Wbg ]` B]bbS\VO[ <]\S ]T bVSaS bSO[a O`S Q]\bSabW\U T]` bVWa aSOa]\¸a :SOUcS 1c^ /`UcOPZg eWbV ]bVS` b]c`\O[S\ba ZWYS bVS 4/ Qc^ bVS 3c`]^O ZSOUcS O\R bVS 1VO[^W]\¸a ZSOUcS bVS [OX]` bSO[a aW[^Zg VOdS PWUUS` TWaV b] T`g @SUO`RZSaa 0`ORT]`R ]\S ]T bVS TW\OZWaba Wa\¸b T`][ bVS >`S [WS` ZSOUcS Ob OZZ Pcb VOWZa T`][ ZSOUcS be] ³ bVS Z]eSab bWS` ]T ^`]TSaaW]\OZ T]]bPOZZ W\ bVS Q]c\b`g BVS TOQb bVOb

4/26/13 11:52 AM


1][[S\b 21

Amy Wedge

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insight-issue6.indd 21

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“With Big Money came the ability to tempt the better players away from their teams.”

4/26/13 11:52 AM


Volume 3 Issue 2

22 Â’ 1][[S\b

Angela Merkel: The Saviour of Europe? Mohammed Anas Irfan evaluates the Machtfrau’s step-by-step approach

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insight-issue6.indd 22

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4/26/13 11:52 AM


1][[S\b 23

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Giving Wings to the Careers of CEOs

Alfio Puglisi discusses the impact of the recession on CEO career paths

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insight-issue6.indd 23

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4/26/13 11:52 AM


Volume 3 Issue 2

24 1][[S\b

The Spectre of Immigration Sara Baratto makes the economic case for immigration

2

insight-issue6.indd 24

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Josie Vallely

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4/26/13 11:52 AM


/QORS[WQ Â’ 25

Academic

An Insight into Obsession

Georgina Allen talks to Dr Martin Chick, a reader in Economic History at the University of Edinburgh, discussing government capital investment, the value of human life and the economists who influenced him. Hi Martin, could you please tell us a bit about your current research?

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W\dSab[S\b W\ b`ORS QgQZSa W\ US\S`OZ ab`O\US RSQWaW]\ SQ]\][WQ RSdSZ]^[S\b) WRSOa eVWQV 7 eOa Z]]YW\U `SQS\bZg Ob `]OR OQ 6OgSY RWaQcaaSa W\ P]bV Prices and What capital investments do you QWRS\ba O`QVWdSa O\R bVS W\bS`SabW\U Production O\R The Pure Theory of think the governments should make aVWTba eVWQV ]QQc` W\ bVS '$ a PS Capital BVWa Wa Q][^O`SR b] 9Sg\Sa in order to rejuvenate the economy? beSS\ bVS Sf ^]ab b`SOb[S\b ]T TObOZW eV] W\ bVS General Theory ^cba b] And what do you think about the bWSa W\ Q`OaVSa O\R Sf O\bS ^`SdS\bW]\ bVS T]`S bVS [O`UW\OZ STTWQWS\Qg ]T current debt over fiscal stimulus vs. ]T TObOZWbWSa EVS\ bVW\YW\U OP]cb W\dSab[S\b O\R bVS ZWYSZg `Sbc`\a ]\ austerity? ^S]^ZS bVOb VOdS RWSR g]c QOZQcZObS W\dSab[S\b 9Sg\Sa eOa OQbcOZZg dS`g bVS dOZcS ]T bVS ]cb^cb g]c VOdS Z]ab `cRS OP]cb 6OgSY O\R VWa RWabW\QbW]\ g]c bVS\ acPb`OQb bVS Q]\ac[^bW]\ PSbeSS\ QO^WbOZ O\R Q]\ac[S` U]]Ra BVS ^`]PZS[ T]` bVS U]dS`\[S\b Wa bVOb Wb Wa \]e RWTTWQcZb b] [OYS W\Q`S eVWQV bVSg \] Z]\US` c\RS`bOYS 7T 7 O`UcS bVOb eVWZab bVSg OU`SS ]\ [cQV [S\bOZ ORRWbW]\a b] bVS SfWabW\U QO^WbOZ g]c bVW\Y OP]cb bVS dOZcS ]T O ZWTS g]c []`S bVO\ Wa Q][[]\Zg c\RS`ab]]R ab]QY 7 bVW\Y WT g]c abWZZ VOR O Q]c\QWZ VOdS aOdSR g]c QOZQcZObS bVS ]cb^cb bVSaS WaacSa Q][^`WaS O [OX]` RWTTS` g]c VOdS \]b Z]ab Pcb g]c bVS\ ORR S\QS W\ bVSW` O^^`]OQV Pcb bVOb \SWbVS` V]caS ^`]U`O[[S SdS\ \ObW]\OZWaSR W\Rcab`WSa 7¸[ \]b aOgW\U g]c aV]cZR bVS Q]\ac[^bW]\ PSQOcaS bVS ^S`a]\ 9Sg\Sa \]` 6OgSY O\bWQW^ObSR bVOb bVS Wb e]cZR PS SOaWS` b] abO`b [OYW\U QZSO`Zg RS`WdSa cbWZWbg T`][ Q]\ac[W\U abObS e]cZR bVS\ \ObW]\OZWaS [cQV ]T BVS [W\cbS g]c []dS b] Sf O\bS dOZc bVS QO^WbOZ ab]QY EVOb 7 bVS\ Z]]Y Ob Wa W\Q`S[S\bOZ W[^`]dS[S\ba b] QO^WbOZ W\dSab[S\b BVOb aOWR eVOb Wa ab`WY ObW]\ ]T ^`SdS\bW\U TObOZWbg g]c bVS\ bVS abObS¸a eWbVR`OeOZ T`][ ^cPZWQ W\ W\U Wa W\ bVS W\WbWOZ & ^]ab Q`WaWa Q][S b] RWabW\UcWaV PSbeSS\ bVS dOZcS dSab[S\b abSORWZg T`][ bVS [WR '% a

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Volume 3 Issue 2

Wa Tc\RO[S\bOZZg O\ S[^W`WQOZ acPXSQb ]T bVS ZWdSa g]c O`S aOdW\U) a] g]c PS bigger role to play in current policy POaSR ]\ ]PaS`dObW]\) Wb b`WSa b] [OYS UO\ b] bVW\Y OP]cb ^S]^ZS ]T e]`YW\U decisions? aS\aS ]T eVOb ^S]^ZS ]PaS`dS O\R O\R \]\ e]`YW\U OUSa 7\ b]e\a g]c bVS`ST]`S Wb VOa b] PS cZbW[ObSZg O Q]\ \]bWQSR ^SRSab`WO\a eS`S SWbVS` dS`g =V gSa ]T Q]c`aS /\R 7 bVW\Y Wb¸a O bSfbcOZ acPXSQb g]c\U ]` ]ZR ^S]^ZS eVS`SOa ^S]^ZS aVO[S bVOb eVS\SdS` bVSg \]e W\bS` W\ QO`a eV] [WUVb PS bVS aOTSab ]T OZZ dWSe SQ]\][Waba ]\ bVS bSZZg bVSg O`S Who would you say are your main O\R QS`bOW\Zg []b]`QgQZWaba [WUVb PS \]b SQ]\][Waba bVSg O`S QWbg TW\O\QWS`a influences? ]T e]`YW\U OUS A] bVS]`SbWQOZZg O\R W\ BVS ^`]PZS[ eWbV bVWa Wa bVS`S O`S Tc\ ^`OQbWaS g]c ^`]POPZg RWR []`S b] Z]]Y RO[S\bOZ RWTTS`S\QSa W\ bVOb SQ]\] ! SQ]\][Waba 7 QO\¸b aOg O\g VWab] OTbS` bV]aS ]\ bVS `]ORa bVO\ ]\ bVS [Waba O`S W\bS`SabSR eWbV bVS STTWQWS\Qg ^OdS[S\ba Q`SObW\U ^`]PZS[a PSQOcaS `WO\ VOa SdS` W\TZcS\QSR [S bVS ]\Zg eWbV eVWQV `Sa]c`QSa O`S caSR O\R SfQS^bW]\ [WUVb PS eVS\ 7 eOa " ^SRSab`WO\a bVS\ bOYS ^`SdS\bObWdS OQ PcaW\Saa \SQSaaO`WZg Wa W\bS`SabSR W\ O\R 7 `SOR 1V`Wab]^VS` 6WZZ O ;O`fWab bW]\a eVWQV [OaYa bVS ^]bS\bWOZ T]` OQ [OYW\U O ^`]TWb O\R bVSg O`S \]b OZeOga QWRS\ba O\R UWdSa O ab`O\US ]`WS\bObW]\ VWab]`WO\ eV] e`]bS O dS`g aV]`b P]]Y bVS aO[S bVW\U BVSg QO\ Q]W\QWRS Pcb b] b`OTTWQ ^]ZWQg BVWa []dS[S\b W\ bW[S eVWQV 7 P]cUVb W\ O Xc[PZS aOZS QOZZSR bVSg O`S RWTTS`S\b W\bSZZSQbcOZ abO`b µBVS 3\UZWaV @Sd]ZcbW]\¶ 7b eOa OP]cb T]`eO`R [SO\a g]c abO`b bVS ^`]QSaa W\U ^]W\ba 3Q]\][Waba aV]cZR VOdS O bVS 3\UZWaV QWdWZ eO` $" "' 7 bV]cUVb ]T bVS W\RWdWRcOZWaObW]\ \Oabg e]`R ZO`US` aOg W\ V]e bVS e]`ZR Wa `c\ Wb eOa O U`W^^W\U `SOR 0cb VWab]`WO\a ]T PS\STWb G]c abO`b b] O^^]`bW]\ ^S` aS ³ \] EVS\ 7 eOa e`WbW\U bVS PS\STWba T]`eO`R W\ bW[S b] W\RWdWRcOZa Finally, do you have any advice for P]]Y ]\ bVS /bbZSS U]dS`\[S\b 7 QO[S young budding academics? eVWQV ZSORa b] _cWbS O RWaQ`W[W\Ob]`g OQ`]aa 8O[Sa ;SORS O\R VS VOa PSS\ `Sa]c`QS OZZ]QObWdS []RSZ dS`g W\TZcS\bWOZ 6S eOa dS`g W\bS`SabSR 7 bVW\Y 7 e]cZR UWdS bVS ORdWQS bVOb W\ \ObW]\OZ W\Q][S OQQ]c\bW\U O\R What do you feel is the importance of 8]V\ ;]``WZZ O VWab]`WO\ Ob 1O[P`WRUS eSZTO`S SQ]\][WQa Pcb VS QZSO`Zg VOR your work and what do you find most UOdS [S eVS\ 7 OaYSR VW[ OP]cb OQO bVS SQ]\][Wab¸a W\bS`Sab W\ bVS STTWQWS\b RS[WO 6S aOWR( µbVWa Wa \]b O `ObW]\OZ rewarding? caS ]T `Sa]c`QSa `ObVS` bVO\ aW[^Zg RSQWaW]\ WT g]c VOdS bVS PcU U] O\R [OYW\U []\Sg O\R VS aSS[SR b] PS ESZZ aSZTWaVZg ³ O\R Wb Wa S\bW`SZg aSZTWaV R] Wb PSQOcaS g]c¸`S U]W\U b] \SSR b] `SZObWdSZg T`SS ]T [ObS`WOZ W\bS`Saba 7 ³ 7 Xcab Z]dS eVOb 7 R] 7 P]bV Z]dS bVS VOdS bVS PcU b] USb bV`]cUV Wb ¶ 7b Wa O\ PSZWSdS VS YS^b VWa []\Sg W\ O ^]ab ]T ^`]QSaa ]T aWbbW\U R]e\ `SORW\U O\R ]PaSaaW]\ O\R WT g]c¸`S \]b ]PaSaaSR TWQS aOdW\Ua OQQ]c\b BVS\ eVS\ 7 eS\b Wb¸a ^`]POPZg \]b bVS X]P T]` g]c e`WbW\U O\R bVS T`SSR][ g]c SaaS\ bWOZZg VOdS b] RSQWRS eVOb g]c `SaSO`QV b] 4`O\QS W\ ''& 7 RWaQ]dS`SR /ZZOWa eV] eOa OQbcOZZg dS`g aW[WZO` b] 8O[Sa A] Wb¸a O Q][^ZSbSZg aSZTWaV ]QQc^O ;SORS W\ bVOb VS VOR O b`S[S\R]ca bW]\ eVWQV 7 O[ ZcQYg S\]cUV b] TW\R W\bS`Sab W\ bVS STTWQWS\b OZZ]QObW]\ ]T a][S]\S eWZZW\U b] ac^^]`b [S W\) WT Wb `Sa]c`QSa POaSR O`]c\R bVS \]bW]\ ]T PS\STWba ]bVS`a bVOb¸a U`SOb Pcb bVOb Wa \]b [g [OW\ []bWdObW]\ 7 O[ ]T Q]c`aS bVS [O`UW\OZ O^^`]OQV 0cb W\ Q]\b`Oab b] ;SORS /ZZOWa VOR O b`S[S\R]ca bVS`ST]`S RSZWUVbSR b] bOZY b] ^S]^ZS O\R bSOQV ^S]^ZS OP]cb bVS bVW\Ua bVOb W[^OQb c^]\ bVS RSQWaW]\a [ORS W\ bVS 4`S\QV \ObW]\OZWaSR W\Rcab`WSa ^O`bWQc W\bS`Sab [S O\R 7 `SOZZg S\X]g bSOQVW\U ZO`Zg S\S`Ug O\R W\ U]dS`\[S\b BVS`S 7a Wb ]T O\g caS- ESZZ WT 6Wab]`g Wa ]T O\g caS ^S]^ZS aV]cZR b`g O\R R] Wb Oa eSZZ Wa O ^O`OR]f bVS`S W\ bVOb ;SORS c\bWZ `SQS\bZg eOa bVS PSbbS` Y\]e\ SQ]\] O\R Oa V]\SabZg Oa bVSg QO\ O\R 7 R] [Wab Pcb O`UcOPZg W\ ^]ZWQg [ObbS`a bVW\Y bVS`S Wa O Z]b ]T RO\US` W\ ^S]^ZS /ZZOWa eOa [cQV []`S W\TZcS\bWOZ BVS e`WbW\U PWOaSR ]` ^]]` VWab]`g 7 bVW\Y bVW`R eV] Wa ]T OPWRW\U W\bS`Sab b] [S bVS ^Oab [ObbS`a O\R VWab]`g [Og PS Wa 8]V\ 6WQYa 7 Xcab S\X]g `SORW\U 6WQYa W[^]`bO\b T]` Sf^Z]RW\U O TSe [gbVa VS e`WbSa a] eSZZ 6S caSR b] PS O Q]Z O\R a] Wb [ObbS`a bVOb Wb Wa `SaSO`QVSR ZSOUcS ]T 6OgSY O\R OZbV]cUV ^S]^ZS ^`]^S`Zg 3Q]\][WQ VWab]`g Wa W[^]` aOg VS UOdS ca bVS 9Sg\SaWO\ 7A :; bO\b Oa bVS [S[]`g ^O`bWQcZO`Zg ]T Qc`dS VS RWR\¸b `SOZZg bVOb eOa 6O\a]\ SQ]\][Waba QO\ PS dS`g aV]`b A] 7 6WQYa RWR PSQ][S []`S ]T O 9Sg\SaWO\ bVW\Y bVS`S Wa a][S dOZcS W\ VOdW\U Pcb VS `SbOW\SR VWa /cab`WO\ W\bS`Sab a][S `S^]aWb]`g ]T bVS ^Oab eOZYW\U W\ bW[S O\R QO^WbOZ /\R W\ VWa P]]Y O`]c\R T`][ bW[S b] bW[S aOgW\U ·OV 1O^WbOZ O\R BW[S( O <S] /cab`WO\ gSa eS¸dS aSS\ bVSaS WaacSa PST]`S OZbV]cUV [OgPS W\ O RWTTS`S\b Q]\bSfb¸ BVS]`g e`WbbS\ W\ '%! VS Wa abWZZ bOZYW\U OP]cb /cab`WO\ SQ]\][WQa O\R 7 TW\R EVOb 7 R] bVW\Y OP]cb SQ]\][WQa Wa bVOb ^S`aWabS\QS ]T bVS WaacS ]T bW[S bVOb P]bV bVS bVS]`g O\R bVS W[^ZS W\bS`SabW\U aWbbW\U OZ]\UaWRS eVOb eS`S [S\bObW]\ VOdS b] PS Q]\bSfbcOZWaSR bVS\ \]bW]\a ]T [O`YSb STTWQWS\Qg O\R 7 bVW\Y bVSg R]\¸b [OYS [cQV aS\aS c\ZSaa g]c Y\]e bVS ^`]PZS[a You mentioned Allais’s influence ]cb ]T eVWQV bVSg VOdS S[S`USR O\R over French government policy; do bVS ZWYSZWV]]R ]T bVS[ PSW\U W[^ZS [S\bSR Ob O ^O`bWQcZO` bW[S 3Q]\][WQa you think that economists have a

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Review

Waiting for the Great Leap Forwards Kati Venho reviews the new economics foundation’s The Great Transition

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4/26/13 11:53 AM


insight-issue6.indd 28

4/26/13 11:53 AM


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