Established | 1999 |
---|---|
Head of Department | Johannes Abeler |
Academic staff | 50 |
Location | |
Website | economics |
The Department of Economics is an academic department of the University of Oxford within the Social Sciences Division. Relatively recently founded in 1999, the department is located in the Norman Foster-designed Manor Road Building. [1]
Despite the department's relatively recent establishment, Oxford has a long history within Economics.
The 19th century saw an expansion of economics within Oxford, with political economy being offered as an option to Greats students, and the Drummond Chair in Political Economy being established in 1825 at All Souls College, first being held by Nassau William Senior. Other notable 19th century Oxford economists include Arnold Toynbee, Francis Ysidro Edgeworth. [3] [4]
The 20th century saw the first economics programme, a postgraduate Diploma in Economics, in 1904. Economics was later introduced as part of a degree programme as part of the “modern greats” course in 1920, later Philosophy, Politics and Economics . Economist L.L. Price argued that this emphasised Oxford's stance of treating economics “pretty.. but unimportant”. [3] [4] [5] 20th century Oxford economists include Sir Roy Harrod, Jacob Marschak, [6] Nicholas Stern, [7] Sir David Hendry, [8] Stephen Nickell, [9] David Soskice, [10] Tim Harford, [11] and Mark Carney. [12]
Nine academics affiliated with Oxford have won the Nobel Memorial Prize in Economic Sciences: [13]
The department offers three undergraduate courses in economics, but notably no straight economics option: [23]
At graduate level, the department offers six courses: [24]
In the 2014 Research Excellence Framework (REF2014), the Department received an overall grade-point average of 3.44 (out of 4) - the third highest of any department in Economics and Econometrics in the UK, behind UCL and the London School of Economics. [25]
The department currently houses nine research groups, and is involved with five different research centres:
Research groups:
Research centres:
In the 2021 Complete University Guide , the programme is ranked second nationally, behind the University of Cambridge. [26]
The Tilburg University Economics Ranking is a worldwide ranking of Economics schools based on research contribution placing Oxford second in Europe, and 11th globally. [27] Similarly, the Academic Ranking of World Universities sees Oxford place third in Europe, and 15th globally. [28]
The 2020 Times Higher Education World University Rankings places Oxford first in the UK, and third globally. [29]
In the 2020 QS World University Rankings by subject, Oxford is ranked second in Europe, and ninth globally for Economics & Econometrics. [30]
Current faculty includes the Director of Policy Research at the World Bank, Chief Economists at the Department for International Development, and Members of the Monetary Policy Committee, among many other prominent roles.
James Joseph Heckman is an American economist and Nobel laureate who serves as the Henry Schultz Distinguished Service Professor in Economics at the University of Chicago, where he is also a professor at the College, a professor at the Harris School of Public Policy, Director of the Center for the Economics of Human Development (CEHD), and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also a professor of law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the NBER. He received the John Bates Clark Medal in 1983, and the Nobel Memorial Prize in Economic Sciences in 2000, which he shared with Daniel McFadden. He is known principally for his pioneering work in econometrics and microeconomics.
Sir John Richard Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.
Lawrence Robert Klein was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.
Andrew Michael Spence is a Canadian-American economist and Nobel laureate.
Sir Clive William John Granger was a British econometrician known for his contributions to nonlinear time series analysis. He taught in Britain, at the University of Nottingham and in the United States, at the University of California, San Diego. Granger was awarded the Nobel Memorial Prize in Economic Sciences in 2003 in recognition of the contributions that he and his co-winner, Robert F. Engle, had made to the analysis of time series data. This work fundamentally changed the way in which economists analyse financial and macroeconomic data.
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Sir Timothy John Besley, is a British academic economist who is the School Professor of Economics and Political Science and Sir W. Arthur Lewis Professor of Development Economics at the London School of Economics (LSE).
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Abhijit Vinayak Banerjee is an Indian-born American economist who is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. He is co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), an MIT based global research center promoting the use of scientific evidence to inform poverty alleviation strategies. In 2019, Banerjee shared the Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer, "for their experimental approach to alleviating global poverty." He and Esther Duflo are married, and became the sixth married couple to jointly win a Nobel or Nobel Memorial Prize.
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Robert A. Pollak is an economist. Pollak has made contributions to the specification and estimation of consumer demand systems, social choice theory, the theory of the cost of living index, and since the early 1980s, to the economics of the family and to demography. He is currently the Hernreich Distinguished Professor of Economics at Washington University in St. Louis, holding joint appointments in the Faculty of Arts & Sciences and in the Olin Business School.
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Imran Rasul is a British Pakistani economist and academic. He is Professor of Economics at the University College London, managing editor of the Journal of the European Economic Association, and co-director of the Centre for the Microeconomic Analysis of Public Policy at the Institute for Fiscal Studies. His research interests include labour, development and public economics and he is considered to be one of the leaders within social norms and capital economics.
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