As Science Evolves, How Can Science Policy?

Benjamin Jones of Northwestern University has written an interesting article on how the changes in the nature of scientific research pose challenges for science policy.  You can read it here.

Summary:

Getting science policy right is a core objective of government that bears on scientific advance, economic growth, health, and longevity. Yet the process of science is changing. As science advances and knowledge accumulates, ensuing generations of innovators spend longer in training and become more narrowly expert, shifting key innovations (i) later in the life cycle and (ii) from solo researchers toward teams. This paper summarizes the evidence that science has evolved – and continues to evolve – on both dimensions. The paper then considers science policy. The ongoing shift away from younger scholars and toward teamwork raises serious policy challenges. Central issues involve (a) maintaining incentives for entry into scientific careers as the training phase extends, (b) ensuring effective evaluation of ideas (including decisions on patent rights and research grants) as evaluator expertise narrows, and (c) providing appropriate effort incentives as scientists increasingly work in teams. Institutions such as government grant agencies, the patent office, the science education system, and the Nobel Prize come under a unified focus in this paper. In all cases, the question is how these institutions can change. As science evolves, science policy may become increasingly misaligned with science itself – unless science policy evolves in tandem.

The Very Bad Luck of the Irish / Irish Miracle – or Mirage?

Peter Boone and Simon Johnson turn their attention to the Irish economy in this Baseline Scenario article (also published in an edited form as “Irish Miracle – or Mirage?” on the NYT Economix blog).

INFINITI 2010 Conference at TCD: International Credit and Finance Markets: After the Storm?

The largest finance conference in Ireland returns for its eight year; The INFINITI Conference on International Finance will be held at TCD from 14th-15th June.

In addition to the keynote and special sessions, there are over 166 papers being presented. Full details including registration are available here.

Highlights of the conference include

  • Opening address by Professor Patrick Honohan, Governor of the Central Bank of Ireland (Monday 14 June)
  • Roundtable on Property and Real Estate Investment, Monday 14 June, afternoon with lead speaker Professor Simon Stevenson, Director of Center for Real Estate Studies, City University Business School, London, and panel members Derek Brawn, Constantin Gurdgiev, and Peter Matthews.
  • Roundtable on Investment in a Post Crisis World, Tuesday 15 June, Afternoon. Sponsored by the CFA Institute Ireland, this roundtable features: “An Update on Latest Trends in Fund Offerings” by David Hammond, CFA, Bridge Consulting,  “Major Challenges in Allocations to Irish and Emerging Markets’ Equities, Liquidity Risk and Product Innovation: The Perspective of a Pension Fund Trust” by Stephanie Condra, CFA,  Invesco Pension Consultants,   “An Update on Current Issues in the EU Government Bond Market” by Catherine McLaughlin, CFA, Irish Life and “Role of the CFA Institute and CFA Ireland in the Changing World” by Oliver McClure, CFA
  • Roundtable on The Structure of the Emerging Bond Market, organized by the OECD Development Centre in collaboration with the Pontifical Catholic University of Argentina Graduate Business School. It will bring together three recent papers on the micro-structure and pricing of emerging bond markets.

166 research papers on a vast array of international financial topics. Highlights include

Love Letters

At VoxEU, Anne Sibert writes on “… how Icelandic banks issued “love letters” to each other – swapping their debt securities and using the other bank’s debt as collateral. This ruse ensnared not just the Icelandic Central Bank, but also the ECB – a fact that has only recently come to light. The ECB’s lack of transparency on this is a serious problem.”

The article is here.

Morgan Kelly on VOX: Whatever Happened to Ireland?

Morgan writes an overview of the Irish crisis at VOX: you can read it here.