A very European Christmas

A few months ago a short film called A very European break up took the web by storm with its hilarious take on the European crisis, transformed in a couple crisis between Germaine and Greco. The film laughed at all the stereotypes thrown by media and politicians during the turmoil of August-September by recasting it in a different light. But above all other considerations A very European break up was a very funny piece.

Now its writer and director, Bob Denham, has launched a sequel that puts all European partners in the same Christmas table. All types of funny confusions and mishaps happen before a conclusion that sends a message that everybody should take seriously: We must look for a coordinated and fair solution to the very difficult times Europe is facing.

IFS Annual Lecture

Slides and audio are now available from this year's Institute for Fiscal Studies annual lecture. This year's lecture, Numbers and public policy: the power of official statistics and statistical communication in public policy-making, was given by Andrew Dilnot CBE. Andrew is Chair of the UK Statistics Authority, as well as Warden of Nuffield College, Oxford and recent chair of the Commission on Funding of Care and Support, which published its report Fairer Care Funding in July 2011. Andrew was director of IFS between 1991 and 2002. You can download the full slideshow and audio recording from the IFS website: http://www.ifs.org.uk/publications/6433

It's structural change, stupid!

Last Monday November 5th, Nobel Laureate Joseph Stiglitz gave the inaugural lecture of the Barcelona Graduate School of Economics. You can for information on the lecture here. But let me highlights two things on it, one that Stiglitz mentioned and one that he didn't. Among the very interesting aspects he touched upon, Stiglitz mentioned that the current crisis is above everything else the result of a structural transformation. In the same way, he said, in which the Great Depression marked the transition from an agricultural economy to an industrial economy, right now we are experiencing the consequences of a transition from an industrial economy to one based on services. In that light, the crisis is not financial in its origin; the financial side of it is less a cause than a consequence of a much larger phenomenon. For Stiglitz, thus, governments are making a huge mistake pursuing austerity measures. They should rather help and foster the transition to the new period.

The second aspect, the one which Stiglitz did not mention, was political economy considerations. It is typical of him to say without ambiguity how bad economic policy has been, how many wrong measure have been taken, how income inequalities and irresponsible deregulation has been permitted,and even how bad advising  many macroeconomists have provided. But he seldom provides any reason for that, and for sure no political economy angle, which I sorely miss from his analyses. I understand that Stiglitz does not need these explanation to help him to convey his message but in my view, any explanation that neglects those aspects is incomplete and ultimately unsatisfactory.

For instance, you can find a nice political economy-esque explanation for the explosion of debt in this post by documentary filmmaker Adam Curtis.

More on Spain

As promised, here is my brief appearance in BBC News Channel last Thursday on Spain's general strike and incoming austerity measures. A quite "domestic" appearance full with the *muick muicks* typical of Skype.
Just a disclaimer, when I say that Spanish debt is above the Italian I really meant the spread. It live TV!

On the budget cuts in Spain

Yesterday, Spain announced an unprecedent tax cut of £22bn in order to meet the deficit target imposed by the UE. I have been asked by the BBC to comment on the current economic situation in Spain and its prospects. On Thursday I appeared on BBC News Channel and this morning on BBC5 radio. I will try to post the video of the former, but in the meantime you can listen to my mumblings (too early for a Satuday morning) about 1h14m. Just follow this link. It will be available for a week.

School of Economics Football 2012 - the movie!

School of Economics annual staff vs senior honours students football result

Staff 3-0 Students

It was not a good day for the students but what a performance from the staff team.

The first important decision the students had to make was who would be the substitute. I am afraid that they did not cover themselves in glory when they automatically chose the only girl on the team, Catherine Adley. I am happy to report that there was no such bias in the staff team and the only girl on the team, Andy Snell, played the entire game.

It was clear that it was not going to be the students’ day when from a corner, the staff team decided to fire the ball into the box in the hope that after a few ricochets it would end up in the net. The improbable odds against this working are 2²⁷⁶⁷⁰⁹ to one. It worked.

The highlight of the match came when David (the tank) Comerford was marauding down the left wing and Catherine (the boys finally let her play) came across and took him out. It was a perfectly legitimate American football tackle but as the School of Economics is sensitive to cultural differences, the referee decided not to call a foul. Some other redeeming features of the student team were Alistair Dean who was brilliant in defence (although he got the only yellow card of the game for a spectacular dive) and Jared Anderson who showed some neat skills.

The staff team had a scare when from a staff throw-in, Ed threw the ball back towards the keeper. Sevi had taken over in goal (this was because, as he described it, after a bit of running he felt like his insides were about to fall out) and was turned the other way, looking up at the sky. Jupiter and Venus appeared to be very close together and he was contemplating the connection between this and the fact that the staff team were winning. Fortunately, Andy Snell who orchestrates things (without ever shouting or swearing) saw the danger and simply told Sevi to turn around. Sevi then nonchalantly picked the ball up just before it went over the line. This was the closest the students came to scoring.

The students did show commendable grace in defeat and not once did any one of them suggest that there should be a rematch. They truly understood that it is the taking part that counts.

Some consolation for students, after four years it is 2 wins each but the aggregate score is Staff 10-11 Students. Will the class of 2013 keep the students ahead? Tune in next year to find out.

Man of the match: Nick Vikander for running the equivalent of 7 marathons in less than an hour.

~Match review written by referee/player/match organiser Ahmed Anwar~