Supporters

Our supporters are shown below with information about them and their view of pluralist economics. Why not become one too and add your perspective. Help us demonstrate the demand for change.

Baron O’Neill of Gatley Jim O’Neill

Former chairman of Goldman Sachs Asset Management and former Conservative government minister

"I always believed economics was a social science. In my days of doing a PhD, the main frame computers never worked well so it forced you to doubt what comes out of some- relatively simple- equations. We need to get back to treating economics as a true, social science ie draw on a range of methods and disciplines to understand the real economy."

Terence James O’Neill, Baron O’Neill of Gatley, former chairman of Goldman Sachs Asset Management and former Conservative government minister, is a British economist best known for coining BRIC, the acronym that stands for Brazil, Russia, India, and China—the four rapidly developing countries that have come to symbolise the shift in global economic power away from the developed G7 economies. As of January 2014, he is an Honorary Professor of Economics at the University of Manchester. He was appointed Commercial Secretary to the Treasury in the Second Cameron Ministry, a position he held until his resignation on 23 September 2016. Since 2008, he has written monthly columns for international media organization Project Syndicate.

Caroline Lucas MP

MP for the Green Party of England and Wales

"To get our economy out of its current bind it's absolutely crucial that we promote greater economic pluralism. We need to be asking big questions about what our economy is for, and shifting the way we measure success too. Economics will succeed when it takes account of both human need and planetary constraints - and I support this initiative in breaking down old boundaries and seeking a new way of doing things."

Caroline was elected as Member of Parliament for Brighton Pavilion in 2010. She served as leader of the Green Party of England and Wales from 2008 to 2012. And from 1999-2010 she served as one of the Party’s first MEPs and represented the South East region until becoming the UK’s first Green MP.

Caroline is a Co-Chair of the All Party Parliamentary Group on Fuel Poverty and Energy Efficiency, Vice Chair of the Public and Commercial Services, Sustainable Housing, CND and Animal Welfare All Party Parliamentary Groups. She is also a member of various other all-party groups, including on HIV and Aids, 6th Form Colleges, Children and International Corporate Responsibility.

She sits on Parliament’s influential Environmental Audit Committee and has also sat on temporary committees set up to scrutinise Government legislation.

Chris Giles

Economics Editor, Financial Times

"The critical contribution of economists is to be able to distinguish big from small; what is important from what is trivial. Learning neoclassical theory is a necessary part of any economics education buy it is not sufficient. For me, learning to critically evaluate many different ideas and models was by far the most useful part of my economics education"

Chris Giles became economics editor for the Financial Times in October 2004, having previously served as a leader writer. His reporting beat covers global and UK economic affairs and he writes a UK economics column fortnightly.

Before joining the FT as economics editor, he was an economics reporter for the BBC, worked for Ofcom, the telecommunications regulator and started his career with seven years as an economist for the Institute for Fiscal Studies. Chris loves numbers.

Clem Henricson

Writer, philosopher and public policy analyst

"Psychology (the way humans function) and ethics (the formulation of principled aspirations) are both of the essence for social relations and their governance. They pervade the economic sphere and are ignored at our peril. Enhanced understanding and an attitudinal shift in managing the socioeconomic interface are critical if any headway is to be made in anticipating and responding to collective behaviours. Broadening economic models and the education of our economic thinkers of the future is an essential component of this process."

Clem Henricson was born in 1950 in the small North Swedish garrison town of Sollefteå. Her father was an officer in the Swedish army, while her mother spread the word of Anglicised culture across post war Europe on behalf of the British Council. They met, married and lived in this remote Chekhovian spot with dark long winters and brief brilliant summers. The marriage was short lived with much toing and froing between Sweden and England in a tussle of emotions. For the daughter it was the start of an itinerant life across the choppy, exhilarating, sea sick laden waves of the North Sea – straddling families, hostilities and ways of living; the North Sea became one of the major influences of her life. Divorce and the mother’s swift remarriage followed, and at the age of eight the daughter began life in a rural haven with a lake and boat on a Herefordshire country estate – with long summer visits to another world of wooden huts by the Swedish sea. She travelled blissfully alone and free between the ports of Tilbury and Gothenburg on the old creaky Swedish Lloyd ships. Life was idyllic with a melancholic thread. Her schooling from eight to 18 was at Monmouth School for Girls – a structured establishment, and yet in her case tolerant of contrariness and radicalism.

At eighteen she left Herefordshire for London University to read history where the lights and hitherto denied access to men dazzled. She married a fellow student Bill Bell, an academic and advocate of children’s rights, and they had twin sons Olaf and Torsten, one of whom works with the Foreign Office and the other with an economics charity. She has half siblings in Sweden and the UK – a complicated domestic scene with parental passions enacted in high drama.
After studying history at University College London, Clem Henricson trained as a lawyer, undertook legal research and engaged in radical politics and the promotion of human rights. She headed a police committee to counter human rights’ violations and enhance accountability, establishing a range of innovative mechanisms including spot checks by lay visitors to police stations, mediations services and police community consultative bodies.

Clem Henricson turned to social policy in an era of Conservative government when the strongest received argument for preserving welfare provision was its function in preventing crime. She pursued preventative policies advising think tanks, government departments, local authorities and the Labour government in waiting. She subsequently developed strategic planning with New Labour between 2000 and 2010 as Director of Research and Policy at its brain child the National Family and Parenting Institute.Undertaking studies across government departments, she led a multidisciplinary academic team of developmental and social psychologists, and cultural and social policy analysts, producing a model for the future of public policy as it affects families.

Clem Henricson has served on international government and academic advisory committees, including most recently the European Union Advisory Group on Family Research and Policy – the Family Platform and the Council of Europe Committee on Family Policy as an expert adviser. She has worked jointly with the Treasury, the Department of Health, the Home Office , Department for Education, the Social Care Institute of Excellence, the Economic and Social Research Council, the Esmee Fairbairn, Gulbenkian and Joseph Rowntree foundations and the universities of Cambridge, East Anglia, Edinburgh, Leeds, Leicester, London, Manchester, ‘Open’, Oxford and Stirling. She is a member of the Oxford Centre on Parenting and Children, Honorary Senior Fellow at the University of East Anglia and a Fellow of the Royal Society of Arts. As a social policy analyst she has published and broadcast widely on the relationship between the individual and the state.

Dr Andrew Denis

Department of Economics, City, University of London

"Economics will always be a plural science with many rival approaches. There is a contradiction between that disciplinary plurality and the singularity of student induction into it, as we pretend to them that there is just one approach. Economics education should instead be based on controversy, benefiting students, staff, employers and the polity, via the development of students’ intellectual independence."

Dr Denis worked for the Economist Intelligence Unit in the 1980s and joined City University Business School in 1990 as a researcher in financial development, moving to the Economics Department in 1991.

He gained his PhD in 2002 with a thesis on “Collective and Individual Rationality: Episodes in the History of Economic Thought”. His research interests are in the history and philosophy of economics, and he has published on Adam Smith, Keynes, Hayek, Malthus, the methodology of the Austrian School of Economics, the concept of equilibrium and the appeal to microfoundations in neoclassical economics, and the economic calculation debate.

In 2009 he guest edited a special issue of the International Review of Economics Education on pluralism in the teaching of economics. In 2016 he edited a symposium on Microfoundations in modern macroeconomics, published in the Review of Political Economy. In 2017 he organised a history of economic thought session at the RES conference. Also in 2017, and with Dr Claudia Jefferies, he organised the 49th annual conference of The History of Economic Thought Society (THETS) at City, University of London. In January 2017 Dr Denis was elected to a Fellowship of the Royal Society of Arts.

Dr Jo Michell

University of Western England and Reteaching Economics

"It is essential that economists have the right tools to make sense of an increasingly complex and interconnected world. That means drawing on a range of ideas, methods and models. A pluralist approach to economics education and practice is the way to achieve this."

My research interests include finance, macroeconomics, money and banking, and income distribution.

I have extensive broadcast media experience and have appeared on BBC TV and Radio, ITV, Sky News, LBC, Al Jazeera and others. For media enquiries please contact Rosie Baines on ​07875 966 955

Blogging at criticalfinance.org and medium.com/@jomicheII

Frances O’Grady

UK Trade Union Council General Secretary

“The TUC welcomes the growing demand for a different approach to economics. We hope that PEP can help achieve some of the change needed. Academic economics needs to restore its reputation after the financial crisis. To start with, it should escape the groupthink about financial and labour deregulation that helped contribute to the crash, and reflect about how austerity has worsened the aftermath. In future, economics needs to pay more attention to the everyday experiences of working people. Businesses, government, NGOs and trade unions will all benefit from employing economists trained in a range of skills and theories who can bring a fresh perspective on today’s challenges.”

Frances has been an active trade unionist and campaigner all her working life. She has been employed in a range of jobs from shop work to the voluntary sector.

Before the TUC, Frances worked for the Transport and General Workers Union where she worked on successful campaigns to stop the abolition of the Agricultural Wages Board and for the introduction of a national minimum wage, equal pay for women, and on a range of industrial wage claims.

In 1994, Frances was appointed as TUC Campaigns Officer and ran campaigns for equal rights for part-timers and against low pay. In 1997, she was appointed to head up the New Unionism campaign and launched the TUC’s Organising Academy.

As well as driving new recruitment campaigns in call centres, supermarkets and new media, the Academy set out to attract a generation of new ‘young guns’ into the trade union movement and shift the ‘male, pale and stale’ stereotype to a profile that better fits a six million plus membership that is now 50:50 men and women.

Frances went on to head up the TUC’s organisation department in 1999 and reorganised local bargaining for skills projects into the unified national brand of unionlearn, which has grown to help a quarter of a million workers into learning every year – a track record of success that continues to attract the support of hundreds of employers and public funding from the government.

As Deputy General Secretary since 2003, Frances led on winning the 2012 Principles of Co-operation Agreement with the Olympic Authorities, guaranteeing on-site minimum standards for local jobs, health and safety and the London living wage. Frances has also led on industrial policy arguing the case for a strategic approach to rebalancing the economy in the wake of the financial crash.

In January 2013, Frances became the General Secretary of the TUC, the first woman ever to hold this post. Fair pay remains a core ambition – she was on the Resolution Foundation’s Commission on Living Standards, and has been a member of the Low Pay and the High Pay Commissions. Frances is a strong believer in protecting the public service ethos, opposes privatisation and leads the TUC campaign to save the NHS.

Frances was born in Oxford, has two adult children and lives in North London.

Gabriela Ramos

OECD Chief of Staff and Sherpa to the G20

“We need economists trained to use a wide range of analytical tools to better capture complex realities. This will help us develop new approaches to the economic challenges we face. Hence we are supporting this initiative to look at how economics is taught, and how to bring different perspectives and disciplines to enrich our understanding and results”

Gabriela Ramos is the OECD Chief of Staff and Sherpa to the G20. Besides supporting the Strategic Agenda of the Secretary General, she is responsible for the contributions of the Organisation to the global agenda, including the G20 and the G7. She leads the Inclusive Growth Initiative and the New Approaches to Economic Challenges and also oversees the work on Education, Employment and Social Affairs (including gender).

Previously, she served as Head of the OECD Office in Mexico and Latin America, co-ordinating several reports on Mexico to advance the health and education reform. She developed the OECD’s Mexico Forum and edited and launched the “Getting it Right” flagship publication series.

Prior to joining the OECD, Ms Ramos held several positions in the Mexican Government, including Director of Economic Affairs (and OECD issues) in the Ministry of Foreign Affairs and Technical Secretary at the Office of the Minister for the Budget. She has also held several positions as Professor of International Economy at the Universidad Iberoamericana and at the Instituto Tecnológico Autónomo de México. Ms Ramos holds an MA in Public Policy from Harvard University, and was a Fulbright and Ford MacArthur fellow. She was decorated with the Ordre du Merit by the President of France, François Hollande, in 2013.

Graham Boyd

Serial entrepreneur, Procter and Gamble manager, and academic in particle physics

"Mainstream economics suffers from 'Man with a hammer' bias - if all I know how to use is a hammer, everything looks like a nail to hit. The challenges in our economy and society can only be addressed if we recognise clearly what the challenge is, and use the tools that best fit."

I started my journey towards these patterns back in South Africa.

I remember the hopelessness I felt during the final years of apartheid South Africa. I saw only futures of revolution and destruction. There was very little reason to hope for any kind of reconciliation, little reason to hope for any social, economic or environmental health afterwards.

South Africa, the Rainbow Nation, is still far from perfect. But compared to the violence it could have had …

Looking back I can see that South Africa went through a very narrow gap in the dark mountains of revolution. A gap that was invisible because we was not close enough to the mountains to see it. Invisible, because I lacked the wisdom, the “tools” to see it from the distance.

Fortunately there were key figures that had that wisdom. Were able to use many more of these patterns than I could. They continued acting from hope regardless of how they felt. And so did what was needed to keep going until we were close enough to see the gap.

Maybe even that hope created the gap in the last minute.

During my career as an entrepreneur, as a manager in Procter and Gamble (Belgium and China) and as a research physicist in universities, I have learnt time after time that changing where I stand, and changing how I see, opens up new choices.

And opens up new power to act on those choices.

Today, I look at the challenges I face, you face, and that we all face. Which ones are at the top of your mind?

I look at these challenges, and stay hopeful. Because I know from experience that there is a place to stand, and a way to look at our options, that leads to each and all of us being our best selves.

Which is what the world needs now.

Ian Harwood

City macro-economist and Councillor at the Society of Business Economics, and PEP Trustee

"The current economic paradigm remains unfit for purpose despite widespread pressure for reform from both students and employers. Employers have argued - and continue to argue - that the teaching of Economics at the undergraduate level needs to be radically reformed with the adoption of a pluralist approach constituting an essential ingredient”

Ian Harwood has worked as a practising macro-economist in the City of London since the late 1970s. He was Chief Economist of SG Warburg (1986-94) and, subsequently, Dresdner Kleinwort (1994-2008). His work was highly regarded by investors worldwide, and Ian took first place in Global Economics in the annual Extel survey each year from 1997 to 2007.

More recently, Ian has devoted his time to serving as an adviser to a wide-ranging clutch of financial, charitable and higher educational institutions. He is currently economic consultant to Redburn and investment adviser to MS-Amlin, the BAE and Mineworkers’ pension schemes and Saranac Partners. He is also a Trustee of the UBS Pension scheme and the Investment Member of the Advisory Board of Greenwich Hospital, the Royal Navy charity.

He contributes to the governance of a number of universities and was a Visiting Professor at Greenwich University from 2010 to 2013.

John Philpott

Professional economist

"Mainstream economics isn't alone in failing to perfectly anticipate or fully understand fast moving processes of change. But economic teaching can be accused of elevating simplistic abstraction to such an extent that many professional economists struggle to provide useful insights into real world events. Economic pluralism offers a remedy to this analytical deficit."

Professional economist and media commentator, specialising on the labour market, employment trends, HRM and related public policy issues

Jonathan Porritt

Founder Director, Forum for the Future

“It seems that the vast majority of mainstream economists are still struggling to see the real world for what it really is; as such they represent a major barrier to securing a genuinely sustainable future for the nine billion people who will be living on Planet Earth by 2050.  So the emergence of PEP is both timely and hugely encouraging - and they’ll have their work cut out for some time to come dealing with that surreal situation.”

I was born in 1950. The next couple of decades flowed by effortlessly at Eton, Magdalen College, Oxford, and dossing around planting trees and farming in New Zealand and Australia.

I first got involved with environmental issues in 1974, at the same time as I became a teacher in a West London comprehensive, which I absolutely loved. Ten years later, I left teaching to become Director of Friends of the Earth where I stayed until 1991, just prior to the Earth Summit in Rio de Janeiro in 1992 – which for me, was a life-changing experience.

In 1996, we set up Forum for the Future, which remains my ‘home base’ in terms of all the different things I do today. I was Chair of the UK Sustainable Development Commission between 2000 and 2009 and I became Chancellor of Keele University in 2012.

I got married in 1986, and we have two daughters, Eleanor and Rebecca.

That’s about it – in a nutshell! Still hard at it 40 years on.

Joseph Zammit-Lucia

Leadership advisor, artist, author and commentator

"For years, neo-classical economists have grudgingly realised that their discipline was based on quicksand – if it is as stable as that. The rise of behavioural economics and new insights from psychology, sociology, anthropology and complexity theory have all given the lie to the fictitious ‘Homo Economicus’ that lies at the centre of neo-classical economic thinking. Given the centrality of economics to policy making, it is time that we moved on from rigid, out-dated and outright mistaken theoretical constructs on which our economic models are still based. I wish PEP all success in breaking the monoculture of current mainstream economics to bring multiple strands of economic thinking and practice into education, academia and policy making."

Joe is co-Founder and Trustee of Radix – the think tank for the radical centre where he has authored papers on corporate governance, multiple aspects of Brexit and monetary policy. His primary interest is in the relationship between contemporary culture, politics and business.

An entrepreneur, investor, leadership advisor and commentator, he is an investor and Non-Executive Director in entrepreneurial ventures and advises senior business and institutional leaders on leadership in contemporary culture.

He writes on business and politics for The Huffington Post (UK), Het Financieele Dagblad (Netherlands), Die Achse Des Guten (Germany), The Guardian (UK), The Times of Malta (Malta) and The Stanford Review of Social Innovation (USA). He is co-author with David Boyle of A Radical Politics for Business and The Death of Liberal Democracy?.

He is a member of the Dean’s Advisory Board at the College of Arts, Sciences and Education at Florida International University, has acted as Special Advisor to the Director General at the International Union for Conservation of Nature, and serves on the board of non-profit organisations. He is a Fellow of the Royal Society of Arts.

Juergen Maier

CEO, Siemens UK

“It is crucial and urgent that economic thinking in the UK breaks out of traditional mindsets of relying only on markets. Economists all need to embrace new ways of thinking and new methods to provide the evidence base to help create as effective an industrial strategy as possible in these challenging times.”

Juergen Maier was appointed Chief Executive on 1 July 2014. He has been a member of the Siemens UK Executive Board since 2008, and held senior roles within Siemens in the UK and Germany including Managing Director of Industrial activities for the UK and Manufacturing Director of the award-winning Drives factory in Congleton.

Juergen joined Siemens in 1986 with a BSc in production engineering from Nottingham Trent University, on a Siemens-sponsored graduate programme. He was made an honorary professor of Engineering at the University of Manchester in March 2014.

Juergen is a passionate advocate of the UK rebalancing its economy and has supported many UK-wide initiatives championing manufacturing, improved infrastructure and engineering skills. He has recently been asked by the Government department BEIS to lead a new review on Industrial Digitilisation for UK Manufacturing. Juergen also supports the modern re-industrialisation of the Northern Powerhouse and in that capacity is Chairman of the North West Business Leadership team and a board member of Greater Manchester LEP as well as the Northern Powerhouse Partnership.

Kevin Gardiner

City economist, author, trustee at UWC Atlantic College, Welsh Government advisory panel member

"The academic research programme has been degenerating for many years, and much of it is now devoid of epistemological insight or interest. The study of economics needs a broader grounding in philosophy and history, and in practical skills such as critical statistical and financial analysis."

Home >> Member area >> Author series: Making sense of markets Author series: Making sense of markets (Fully Booked)
Tue 08 Sep 15 at BBA, London

In Making Sense of Markets, Kevin Gardiner argues that received economic wisdom is far too pessimistic, and that investment opportunities have been missed as a result. He suggests that the great panic of 2008 had its roots in finance and liquidity, not in a flawed global economy, and shows why some fears – debt, demography, Western decadence for example – have been overdone.

The book also suggests how best to capitalise on this. But, in contrast to modern portfolio theory’s emphasis on the “optimal” portfolio, it argues that practical investing is about “satisficing”. It emphasises context; questions economic knowledge; notes insights from behavioural finance; and stresses that investors are not necessarily paid for taking risk – a “postmodern portfolio theory”, perhaps.

Conclusion? Our children will likely be better off than we are; long-term investing is still worthwhile; and portfolios should be constructed simply and inexpensively.

Speakers
Kevin Gardiner
Global Investment Strategist, Rothschild Wealth Management

Kevin Gardiner is Global Investment Strategist at Rothschild Wealth Management. He was formerly CIO (Europe) at Barclays Wealth Management, and previously worked at several investment banks and the Bank of England.

In 1994, at Morgan Stanley, Kevin wrote the Celtic Tiger report on the Irish economy.

He is a Governor at UWC Atlantic College; a member of the Welsh Assembly Government’s Advisory Panel on Finance and Professional Services; and a retained speaker at the CFA, and a member of its 2010 UK working party on ethics. He was educated at Glan Ely Comprehensive (Cardiff), UWC Atlantic College (Llantwit Major), LSE (BSc Econ, first class honours and university prizes) and Cambridge (MPhil Econ).

Matthew Taylor

Chief Executive, RSA

"We need a new generation of economists able to think critically and creatively to break out of the group think that has plagued economists due to the narrow span of economics curricula. I support this initiative as a way to boost the profile of economics courses that will provide an economics education fit for the 21st century drawing on the full range of economic methods and latest techniques."

Matthew Taylor has been Chief Executive of the RSA since November 2006. During this time the Society has substantially increased its output of research and innovation, has provided new routes to support charitable initiatives of its 28,000 Fellows – including crowd funding – and has developed a global profile as a platform for ideas. In October 2016 Matthew was appointed by the Prime Minister to lead an independent review into modern employment; the review’s findings were published in July 2017.

Prior to this appointment, Matthew was Chief Adviser on Political Strategy to the Prime Minister. Previous roles include Labour Party Director of Policy and Deputy General Secretary and Chief Executive of the ippr the UK’s leading left of centre think tank.

Matthew is a regular media performer having appeared several times on the Today Programme, The Daily Politics and Newsnight. He had written and presented several Radio Four documentaries and is a panellist on the programme Moral Maze. He writes a regular column for the Local Government Chronicle.

Ms Nicolette Boater

Independent adviser to governmental, private-sector and community organisations

"The complexity, unpredictability and global connectedness of 21st century social, environmental and economic challenges, demands a much deeper contextual awareness, a stronger problem-solving orientation, and a more varied analytical toolbox than my neoclassical dominated economics training provided. To catalyse this, a more pluralist approach to the teaching of economics is greatly needed and long overdue."

Nicolette is an independent adviser to organisations operating at the public private interface on various complex, multi-stakeholder challenges, and especially those in the West of England. To this she brings some 20 years’ business strategy, economic regulation, policy development and implementation experience gained whilst working with, for and on projects commissioned by governmental organisations, regulators, investment and/or research oriented businesses, and community enterprises. This includes periods working for global professional service firms and more specialist economic consultancies as well as policy-making secondments to central, regional and local government.

When working on such problems as energy and water resilience, sustainable development or facilitating appropriate infrastructure investment, her analytical approach draws on insights from a range of different schools of economic thought as well as other knowledge disciplines. She has a B.A. in Politics, Philosophy and Economics and an M.Phil. in Economics, a City Financial Diploma, and is currently studying (when project-work allows) for a post-graduate diploma in Environmental Management with the Open University.

Paul Lavin

Entrepreneur / Investor / Financial Analyst

"If somethings broke fix it. As an investor I saw 2008 coming. That crisis has been becalmed but the malignancy has grown bigger and stronger. Unfortunately a larger and more all encompassing financial crisis is an inevitability. The task is to prepare the ground so as that is not too damaging. The objective is to sustain and refresh a free liberal proletarian democracy which is more at risk than we recognise."

Paul is CEO and co-founder of startups GiveCredit (previously Lean on a Friend) and Social Kinetic Technologies. GiveCredit uses personal networks and trust as an alternative to data driven decisioning for consumer credit. The approach has broad application but is currently focused on the UK payday market as it is the most dysfunctional market area in need of disruption. The datafication of finance and data driven credit decisioning fails less affluent consumers as their lack of wealth dominates results and deems them ‘untrustworthy’. SKT uses the same ideas and technology for non-UK regulated activities and is currently focused on a health insurance project in East Africa.

Previously, Paul was a fund manager and founding partner of Goodhart, a global alternative investment firm with a non-consensus investment style. He identified the credit crisis in advance and made money for clients during the event. The issues around the credit crisis spurred a general interest in credit, money and credit-money transactions which ultimately lead to GiveCredit/SKT. General views relevant to the UK payday market have been published here. Paul began his career in finance as an actuarial trainee.

Prof Geoffrey Schneider

Bucknell University

"If all departments became more pluralistic and all journals began publishing high quality work by economists from all perspectives, economic analysis would improve and the profession would be less likely to experience cases such as the failure of almost all mainstream economists to predict the financial crisis. Heterodox economists were much more successful in anticipating the crisis, demonstrating conclusively the usefulness of heterodox approaches."

Home >> Member area >> Author series: Making sense of markets Author series: Making sense of markets (Fully Booked)
Tue 08 Sep 15 at BBA, London

In Making Sense of Markets, Kevin Gardiner argues that received economic wisdom is far too pessimistic, and that investment opportunities have been missed as a result. He suggests that the great panic of 2008 had its roots in finance and liquidity, not in a flawed global economy, and shows why some fears – debt, demography, Western decadence for example – have been overdone.

The book also suggests how best to capitalise on this. But, in contrast to modern portfolio theory’s emphasis on the “optimal” portfolio, it argues that practical investing is about “satisficing”. It emphasises context; questions economic knowledge; notes insights from behavioural finance; and stresses that investors are not necessarily paid for taking risk – a “postmodern portfolio theory”, perhaps.

Conclusion? Our children will likely be better off than we are; long-term investing is still worthwhile; and portfolios should be constructed simply and inexpensively.

Speakers
Kevin Gardiner
Global Investment Strategist, Rothschild Wealth Management

Kevin Gardiner is Global Investment Strategist at Rothschild Wealth Management. He was formerly CIO (Europe) at Barclays Wealth Management, and previously worked at several investment banks and the Bank of England.

In 1994, at Morgan Stanley, Kevin wrote the Celtic Tiger report on the Irish economy.

He is a Governor at UWC Atlantic College; a member of the Welsh Assembly Government’s Advisory Panel on Finance and Professional Services; and a retained speaker at the CFA, and a member of its 2010 UK working party on ethics. He was educated at Glan Ely Comprehensive (Cardiff), UWC Atlantic College (Llantwit Major), LSE (BSc Econ, first class honours and university prizes) and Cambridge (MPhil Econ).

Prof Kevin Albertson

MMU Business School

"......a pluralist approach has the capacity to be a “game changer”, not doing away with self-interest, but informing the shaping of the system as a whole so as to get us out of the dilemma in which we find ourselves."

Dr Kevin Albertson is an eclectic economist with a background in statistics and economics, but now he has escaped (to some extent) from the numerical world of Econometrics into the applied worlds of: Behavioural Economics; Economics and Crime – he is co-author of the critically acclaimed text book ‘Crime and Economics: An Introduction’ –; and the analysis of government policy. He leads the economic components of many PERU projects including, currently, an economic forecasting exercise as part of the InnoSI project.

Kevin’s research interests range from business and social forecasting, through: the frontiers of computing; who is really to blame for the €-zone crisis; social innovation; crime; and the application of classical and behavioural economics to socio-political issues. He is a co-founder and author on the departmental blog ‘Eomics’ (Economics without the con) where has fulminated at short-length on current social challenges.

Prof Wolfram Elsner

University of Bremen

"Time is more than ripe for more and real pluralism in economics. Economic science is a highly contested scientific area, unlike most other disciplines. But while other social sciences, and even natural sciences, practice pluralism of views and approaches in quite natural ways, economics is dominated by a rigid monopolistic “mainstream”, both theoretically and methodologically."

Expertise: Economic Strategy; Equity and Fairness; Institutional and Cultural Change;

Wolfram, born in 1950, has been Professor of Economics at University of Bremen, Germany, since 1995. He studied economics at the University of Cologne. After having received his PhD (1977) and ‘venia legendi’ (‘Habilitation’, 1985) at the University of Bielefeld, he worked as a head of regional economic development at city level (1986-1990) and as a Director of the Planning Division of the Ministry of Economic Affairs of the State of Bremen, and the State Government’s economic research institute (1990-1995).

After his appointment to professor in 1995, he continued working as a state advisor for industrial restructuration, with a focus on the defence industries in the state of Bremen until 2001. He was president of the European Association for Evolutionary Political Economy (EAEPE), 2012-2016.

He has affiliations at the University of Missouri—Kansas City and Jilin University, Changchun, China, and taught and researched at several universities in Europe, the USA, and Australia. He is on the editorial boards of a number of academic journals, has been on a number committees of academic associations in the USA and Europe, edited many books and book series, published many articles in numerous journals on local and regional development, clusters and networks, and related complexity issues, and is managing editor of the US-based Forum for Social Economics.

Sacha Romanovitch

Chief Executive Officer, Grant Thornton

"We are seeing the growth of a new movement, where businesses collaborate with civil society to build an inclusive economy in which people and communities realise their potential. Where people and organisations can connect around shared purpose to unleash their full potential and co-create to see greater innovation and impact. A vibrant economy where no one is left behind. A pluralist approach to economics enables fresh thinking to shape this movement.”

Over the past couple of years I have found myself looking into the role technology and creativity can play in the classroom. I have conducted lesson studies into iPads and the use of various apps on engagement and pupil performance. I have also started looking at the role of simulations in class to teach various concepts. I am starting my Masters in Education at the University of Exeter this September, where I will be focused on Technology, Creativity and Thinking.

Saker Nusseibeh

Chief Executive of Hermes Investment Management

“We need to employ graduates that can think laterally and understand different perspectives in order to develop innovative investment strategies focused on long-term value creation. A more pluralist approach on economic courses should help deliver this and is urgently needed.”

Saker is Chief Executive of Hermes, chair of its Executive Committee and an Executive Board Director. Saker was appointed CEO in May 2012, having been acting CEO since November 2011. Saker joined the firm in June 2009 as Head of Investment and Executive Board Director. He is responsible for leading the firm’s growth strategy and ensuring that Hermes continues to deliver excellent long-term investment performance, responsibly. Under his leadership, Hermes has achieved outstanding year-on-year growth in sales, revenues and profitability, while contributing widely to the debate about how to improve the contribution of financial services to society. Critically, long-term investment performance has remained at outstanding levels during his tenure.

Prior to joining Hermes, Saker was Global Head of Equities at Fortis Investments USA, having initially been appointed to the firm as CIO Global Equities in 2005. Before this he was CIO of Global Equities and Head of Marketing for SGAM UK. This role followed SGAM’s acquisition of Trust Company of the West (TCW), where Saker was Managing Director, running global and international strategies, as well as managing TCW’s London office. He started his career at Mercury Asset Management in 1987.

Saker is a regular public speaker, writer and commentator, appearing at leading industry conferences, on television and radio. He is the founder of the 300 Club, which he chaired from its inception in 2011 until early 2014. The 300 Club is a group of leading investment professionals who seek to challenge investment orthodoxy and improve the contribution of financial services to society. Saker is a member of the CFA Institute’s Future of Finance Advisory Council, a member of the IIRC Council, and was a public member of Network Rail for three years until November 2014. He sits on the Banking Standards Board, which aims to restore trust in the UK banking industry, as a practitioner member. Saker also sits on the advisory board of Mosaic, the charity that seeks to improve the chances of young people and to bring communities together; the UK National Advisory Board on Impact Investing; and the steering committee for the United Nations Environment Programme Finance Initiative.

In 2015, Saker was named CEO of the Year at the Global Investor Investment Excellence Awards. Saker has a BA and PhD in Medieval History from King’s College, University of London.

Sam Janes

Teacher of Economics, Oakham School

"Pupils are required to see links in all their disciplines at school, so why would we compartmentalise a subject as important as Economics?"

Over the past couple of years I have found myself looking into the role technology and creativity can play in the classroom. I have conducted lesson studies into iPads and the use of various apps on engagement and pupil performance. I have also started looking at the role of simulations in class to teach various concepts. I am starting my Masters in Education at the University of Exeter this September, where I will be focused on Technology, Creativity and Thinking.

Sir John Kingman

Group Chairman, Legal & General Group Plc and Chair of UK Research & Innovation

"It is clear that the lessons of the global financial crisis have important implications for the way that academic economics is thought about, taught and applied. I am delighted to support this initiative."

Over the past couple of years I have found myself looking into the role technology and creativity can play in the classroom. I have conducted lesson studies into iPads and the use of various apps on engagement and pupil performance. I have also started looking at the role of simulations in class to teach various concepts. I am starting my Masters in Education at the University of Exeter this September, where I will be focused on Technology, Creativity and Thinking.

Sir Ian Cheshire

Chairman, Debenhams and Barclays UK

"I gave up economics after a year at university due to my frustration with its narrow perfect world assumptions and to be fair, my lack of algebra. I am very committed to a broader view of economics especially behavioural and ecosystem approaches that have traditionally been marginalised. We need all the analytical tools we can get to deal with an increasingly complex and uncertain world"

In April 2015 Sir Ian Cheshire was appointed to the role of Government Lead Non-Executive. He was appointed for a further three years in April 2018. Sir Ian is also a non-executive member of the Cabinet Office Board.

Sir Ian is the Senior Independent Director of Whitbread plc, Chairman of the Prince of Wales Corporate Leaders Group on Climate Change, President of the Business Disability Forum and Chair of the advisory board of the Cambridge Institute for Sustainability Leadership.

Sir Ian retired as Group Chief Executive of Kingfisher plc in December 2014 after 7 years in the role and 17 years with the company. His other former roles include Chairman of the British Retail Consortium and Lead Non-Executive for the Department of Work and Pensions.

Stephen Kinnock

British Labour Party MP

"We are going through a period when new ideas and approaches to managing our economy are desperately needed to address inequality, resilience and sustainability. It is essential that our undergraduates are able to learn from a wide range of thinking, rather than being spoon fed a single increasingly discredited view of how our economy does and should work. Students and employers are demanding this and our universities have a duty to deliver on this."

Stephen Nathan Kinnock is a British Labour Party politician who has been the Member of Parliament (MP) for Aberavon since the 2015 general election. His wife is the former Danish Prime Minister Helle Thorning-Schmidt and his father, Neil Kinnock, served as the (Labour) Leader of the Opposition of the United Kingdom (1983–1992) and is a former European Commissioner and Vice President of the European Commission from 1999 to 2004.