Reflections on Economics, the report published today, written by Timothy Besley FBA London School of Economics, Lord Gus O'Donnell Hon FBA and Lord Nicholas Stern, President of the British Academy, follows a series of wide-ranging forums in 2014/15 for careful examination of, and reflection on the subject of economics. These forums brought together academic and professional economists, economic historians, politicians, policy makers and business people and discussed questions such as:
- What are the weaknesses in knowledge and understanding that should be examined?
- What is the relationship between different areas of economics and the policy questions being asked and decisions being made? Does government ignore or misuse the advice of economists?
- Do economists have valuable advice to give?
This report does not necessarily express the views of the participants in the forums, and does not claim to be comprehensive; instead it hopes to provide a helpful assessment of some key parts of economics today.