Economists and the Real World

8 Pages Posted: 27 Apr 2005

See all articles by Charles Richard Bean

Charles Richard Bean

London School of Economics & Political Science (LSE) - Department of Economics; Bank of England

Abstract

In this speech to commemorate a century of economics teaching at the London School of Economics (LSE), Charles Bean, Chief Economist, looks at the contribution of economics to the wider world. He argues that economics provides deep insights that transcend those provided by 'common sense,' by understanding how agents might change their behaviour in response to an alteration in their environment, and tracking how those changes feed through to the economy. Mr Bean also looks at the contribution of LSE economists to the making of economic policy, including the current inflation-targeting monetary regime. He briefly assesses the performance of the Monetary Policy Committee, noting that while there has been on average a small undershooting of the inflation target, the more interesting feature of the UK economy over this period has really been the unusual overall stability of inflation.

Suggested Citation

Bean, Charles Richard and Bean, Charles Richard, Economists and the Real World. Bank of England Quarterly Bulletin, Spring 2003, Available at SSRN: https://ssrn.com/abstract=707065

Charles Richard Bean (Contact Author)

Bank of England ( email )

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London School of Economics & Political Science (LSE) - Department of Economics ( email )

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