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New Research by Warwick Economists: January 2011

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New Research by Warwick Economists: January 2011

The new Economics Research Institute Bulletin (January) is a special edition examining the defining economics issue of our times: the global financial crisis. This special edition brings together the expertise and insights of some of the best specialists within the University of Warwick Department of Economics. Nicholas Crafts explains how the history lessons learned from the Great Depression proved invaluable in the face of the contemporary Great Recession. Herakles Polemarchakis offers insights from his experiences over the past year as head of the Economy Office for the Greek government in the midst of its unfolding crisis. Mark Harrison explains why both market-based and command-and-control economies share the same vulnerability to financial crises. Christopher Woodruff observes that the financial crisis marked the moment when developing countries took the lead in producing the majority of the world’s GDP. Andrew Oswald contemplates the connections among economics, zoology and herd behaviour that came together in this crisis. Michael Waterson explains why prices are likely to rise in this recession. Gregory Crawford encapsulates the enormous complexities of the financial crisis into a two-word phenomenon. Robin Naylor looks at the policy implications for higher education. And, finally, Abhinay Muthoo, head of the department and director of the Economics Research Institute, explains the backdrop that led the Bulletin to focus its resources on this single topic. Karen Brandon is the Bulletin’s editor. Romesh Vaitilingam serves as editorial consultant. The Bulletin is available free of charge from http://www2.warwick.ac.uk/fac/soc/economics/research/centres/eri/bulletin/


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