Economics Dept awarded £3.6m

The Economic and Social Research Council (ESRC) has given the Economics department £3.6 million for a programme to investigate how countries nurture their competitiveness in a changing global economy.

The Centre on Competitive Advantage on the Global Economy (CAGE) will explore ‘why managing change may be problematic, why it needs to happen, and how well it has been done with regard to sustaining growth and supporting well-being’, according to its website.

Research will be led by Professor Nick Crafts, who is well-regarded for his work on the relative decline of Britain since the War.

Abhinay Muthoo, head of the department, was “absolutely delighted” at the award.

He promised “novel and path-breaking results” that would lead to “a better understanding of the foundations and mechanics for economic prosperity and growth, both here in the UK and across the globe”.

The award also showed recognition of the Economics department as “one of the few very best in the country”, he said.

CAGE will focus on empirical work and analyse “policies to promote success in particular country settings”.

The programme will seek to explain why national economies catch up, forge ahead or fall behind their rivals’ rates of growth. It will also assess when “success in the global economy” increases welfare and reduces deprivation.

Researchers will produce working papers, policy reports and online data sets. The centre will also hold a seminar series and annual conferences.

Seeking to cement its emphasis on policy, the programme will brief policy-makers through a partnership with Chatham House, a respected think-tank on international affairs.