Featured Research

from universities, journals, and other organizations

Pathway to economic recovery suggested

Date:
January 27, 2011
Source:
Economic & Social Research Council
Summary:
A new report provides a snapshot of what we know about our current economic situation and explores what can be learned by looking at evidence from economic and social research.

Authored by Economics writer Romesh Vaitilingam, Recovery Britain: research evidence to underpin a productive, fair and sustainable return to growth examines some of the challenges the UK faces after the longest and deepest downturn since full records began. The report provides 20 key challenge areas and a number of policy solutions. It draws on analysis of a broad range of data sources and the work of numerous researchers and research institutions, including centres and programmes, funded by the ESRC.

The report also includes a foreword to the research findings by Professor Nick Crafts, Professor of Economic History and Director of ESRC Competitive Advantage in the Global Economy Research Centre, University of Warwick. Professor Crafts evaluates the analysis and suggests how it could be extended to other areas of economic research.

Professor Paul Boyle, Chief Executive of the ESRC said: "Although Britain is officially out of recession, there remain searching questions about how the economy can be nursed back to full health. This report demonstrates that quality social science research generates knowledge and ideas which identify key drivers of economic prosperity and social wellbeing of the UK."

Some of the key topics covered in the report include:

  • Innovation policy: Innovation is a key driver of growth. When public money is tight, policy should focus more on direct spending on innovation, and rather less on tax incentives, such as the R&D tax credit to companies.
  • Trade: The deep, rapid trade collapse following the financial crisis reflected the steep drop in global demand rather than a sudden increase in protectionist measures. But continued global trade integration remains key to economic growth.
  • Finance for small business: Support for start-ups through R&D grants, creating a EU-wide patent, strengthening universities and removing bureaucracy would all help improve the environment for the growth of small businesses.
  • Management practices: Firms with better management are more productive, more profitable and more likely to survive. Management practices -- and hence productivity growth -- can be improved by increasing skills, promoting competition and tax reform.
  • Exports: For Britain's recovery both short- and long-term, the key trade issue is seeking to encourage an expansion of exports relative to imports. There is a tendency for the economy to pull in more imports than it generates in exports as it grows.
  • Financial regulation: The financial sector is going to be essential to sustaining the recovery. Policy must improve the financial sector's resilience without damaging competition or competitiveness.

Professor Boyle comments, "Recovery Britain presents findings from economic and social research and provides a snapshot of what we know about our current economic situation. By examining the possible policy responses to the challenges it looks forward to offer a view of what may happen as a consequence of what government, business and civil society do now."


Story Source:

The above story is based on materials provided by Economic & Social Research Council. Note: Materials may be edited for content and length.


Cite This Page:

Economic & Social Research Council. "Pathway to economic recovery suggested." ScienceDaily. ScienceDaily, 27 January 2011. <www.sciencedaily.com/releases/2011/01/110127101457.htm>.
Economic & Social Research Council. (2011, January 27). Pathway to economic recovery suggested. ScienceDaily. Retrieved October 20, 2014 from www.sciencedaily.com/releases/2011/01/110127101457.htm
Economic & Social Research Council. "Pathway to economic recovery suggested." ScienceDaily. www.sciencedaily.com/releases/2011/01/110127101457.htm (accessed October 20, 2014).

Share This



More Science & Society News

Monday, October 20, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Traditional Farming Methods Gaining Ground in Mali

Traditional Farming Methods Gaining Ground in Mali

AFP (Oct. 20, 2014) He is leading a one man agricultural revolution in Mali - Oumar Diatabe uses traditional farming methods to get the most out of his land and is teaching others across the country how to do the same. Duration: 01:44 Video provided by AFP
Powered by NewsLook.com
Your Birth Season Might Determine Your Temperament

Your Birth Season Might Determine Your Temperament

Newsy (Oct. 20, 2014) A new study says the season you're born in can determine your temperament — and one season has a surprising outcome. Video provided by Newsy
Powered by NewsLook.com
How Nigeria Beat Its Ebola Outbreak

How Nigeria Beat Its Ebola Outbreak

Newsy (Oct. 20, 2014) The World Health Organization has declared Nigeria free of Ebola. Health experts credit a bit of luck and the government's initial response. Video provided by Newsy
Powered by NewsLook.com
Ebola Worries End for Dozens on U.S. Watch Lists

Ebola Worries End for Dozens on U.S. Watch Lists

Reuters - US Online Video (Oct. 20, 2014) Forty-three people who had contact with Thomas Eric Duncan, the first person diagnosed with Ebola in the U.S., were cleared overnight of twice-daily monitoring after 21 days of showing no symptoms. Rough Cut (no reporter narration). Video provided by Reuters
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Science & Society

Business & Industry

Education & Learning

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins