LSE Business Review (2024)

06/12/2023

Despite some advances in women’s rights in Pakistan, economic and political unrest has increased gender-based violence in the country. A system of legal oppression perpetuated by the country’s customary justice, low female literacy and regional autonomy act as barriers to women’s safety and labour force participation. Simeon Djankov and Emaan Siddique explain why these issues matter for Pakistan as the country prepares for February’s general elections.

Despite some advances in women’s rights in Pakistan, economic and political unrest has increased gender-based violence in the country. A system of legal oppression perpetuated by the country’…

05/12/2023

Ending Stagnation, the final report of the Economy 2030 inquiry, sets out a serious strategy for ending Britain’s relative decline. At its core is the aim to reverse decades of underinvestment – by private and public sectors alike – built on a realistic understanding of Britain’s strengths. Here, researchers from LSE’s Centre for Economic Performance and the Resolution Foundation present their findings and recommendations.

Ending Stagnation, the final report of the Economy 2030 inquiry, sets out a serious strategy for ending Britain’s relative decline. At its core is the aim to reverse decades of underinvestment – by…

30/11/2023

Just transition, a framework to ensure that the benefits of transitioning to a green economy are distributed equitably, is the integral backbone to global action on climate change and must be meaningfully inserted into all aspects of the agenda. Jodi-Ann Wang outlines what this could look like.

Just transition, a framework to ensure that the benefits of transitioning to a green economy are distributed equitably, is the integral backbone to global action on climate change and must be meani…

29/11/2023

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Perceptions of disability are one of the biggest barriers that disabled people face in the workplace. The way in which disability is spoken of influences the attitudes people have, which can result in negative stereotypes and misconceptions. Jasmine Virhia highlights the voices of disabled professionals she spoke with. She writes that the beauty and perils of language are that it has the capacity to change the way in which we think.

Perceptions of disability are one of the biggest barriers that disabled people face in the workplace. The way in which disability is spoken of influences the attitudes people have, which can result…

29/11/2023

Existing analyses have failed to emphasise inflation’s underlying distributional sources and outcomes. Rafael Wildauer, Karsten Kohler, Adam Aboobaker and Alexander Guschanski present a macroeconomic model that analyses how energy price shocks trigger redistribution between workers and firms, and between different sectors of the economy. For them, a windfall tax can redistribute energy profits towards workers, a promising policy tool for reducing inflation without increasing unemployment and income inequality.

Existing analyses have failed to emphasise inflation’s underlying distributional sources and outcomes. Rafael Wildauer, Karsten Kohler, Adam Aboobaker and Alexander Guschanski present a macroeconom…

27/11/2023

The target of countless climate protests, the oil and gas industry has put in place a set of decarbonisation initiatives that generally tinker around the edges of the problem. But with a big step up in ambition, it could play a central role in tackling the climate crisis, reaping benefits in the process, argues Daniel Litvin.

The target of countless climate protests, the oil and gas industry has put in place a set of decarbonisation initiatives that generally tinker around the edges of the problem. But with a big step u…

20/11/2023

Managing language dynamics at work is complex. When someone uses jargon or speaks with a different accent from the other person, misunderstanding could arise. Given the coexistence of both standard and hybrid forms of language in organisations, they must face the challenge of harnessing the benefits of diversity while mitigating its drawbacks. John Fiset and Devasheesh P Bhave outline research-supported interventions organisations could undertake to deal with the problem.

Managing language dynamics at work is complex. When someone uses jargon or speaks with a different accent from the other person, misunderstanding could arise. Given the coexistence of both standard…

20/11/2023

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Common belief paints finance professionals as competitive risk-takers who can be unconstrained by ethical considerations, a narrative fuelled by financial scandals and economic crises. Martin Holmén, Felix Holzmeister, Michael Kirchler, Matthias Stefan and Erik Wengström study how finance professionals differ from the general population in their economic behaviour and personality, and discuss whether policy interventions can be made.

Common belief paints finance professionals as competitive risk-takers who can be unconstrained by ethical considerations, a narrative fuelled by financial scandals and economic crises. Martin Holmé…

16/11/2023

The Russian invasion of Ukraine led to electricity price hikes in Europe mainly because it made natural gas more expensive. Energy prices vary between countries depending on how much gas they use in their power mix. Miguel Gil Tertre, Ignacio Martinez, Manuel Rivas and Andreas Zucker write that countries with a larger share of renewables in the system were better protected against the crisis.

The Russian invasion of Ukraine led to electricity price hikes in Europe mainly because it made natural gas more expensive. Energy prices vary between countries depending on how much gas they use i…

15/11/2023

Investment in diversity, equity and inclusion is critical to business performance and ability to compete, but the lack of meaningful change remains a barrier to progress. An often-overlooked pathway to change is to work inclusively across teams. Teresa Almeida and Grace Lordan write that by hyper-focusing on their teams, leaders can end up working in silos, and the benefits of inclusion efforts do not cascade across the organisation.

Investment in diversity, equity and inclusion is critical to business performance and ability to compete, but the lack of meaningful change remains a barrier to progress. An often-overlooked pathwa…

13/11/2023

Regulators rely on two carbon pricing mechanisms: emissions trading systems and carbon taxes (or a combination of the two). By making pollution costly, carbon pricing mechanisms should provide incentives for firms to reduce their carbon footprint. A key question is how firms attain that. Maria Cecilia Bustamante and Francesca Zucchi constructed a theoretical framework to investigate the incentives that carbon pricing creates for firms and how they should best respond.

Regulators rely on two carbon pricing mechanisms: emissions trading systems and carbon taxes (or a combination of the two). By making pollution costly, carbon pricing mechanisms should provide ince…

10/11/2023

The stakes are high for gender equality in Argentina, which has a chequered history in gender reform. Now the next president might be an extreme-right candidate with an anti-feminist world view. Argentina’s persistent economic challenges have led to frequent changes in government, hindering the political and social will for equality. Simeon Djankov and Karolin Lehmann write that the next election will decide whether a period of stagnation or reform is on the horizon.

The stakes are high for gender equality in Argentina, which has a chequered history in gender reform. Now the next president might be an extreme-right candidate with an anti-feminist world view. Ar…

07/11/2023

Even when people accept and trust artificial intelligence, they may still not tolerate it. Different stakeholders interpret technology adoption differently. Managers focus on efficiency, reliability and convenience. Employees might see the same advantages, but their acceptance and trust can be overridden by questions around job security, autonomy and the impersonal nature of AI. Alessandro Lanteri, Massimiliano L Cappuccio, Jai C Galliott and Friederike Eyssel suggest steps for decision-makers to address employees’ concerns.

Even when people accept and trust artificial intelligence, they may still not tolerate it. Different stakeholders interpret technology adoption differently. Managers focus on efficiency, reliabilit…

06/11/2023

‘Ageing in place’ is a term typically used to refer to people’s preference for staying in the same home as they age. However, the suitability of one’s home at old age varies with the exposure to health shocks. Joan Costa-Font and Cristina Vilaplana show that while ageing decreases the probability of residential change, health shocks revert this trend.

‘Ageing in place’ is a term typically used to refer to people’s preference for staying in the same home as they age. However, the suitability of one’s home at old age varies with …

03/11/2023

An organisation’s culture is strongly influenced by coexisting values. Choosing which values to uphold, especially which combinations of values, has cultural consequences. Michael J Matthews, Jacob M Matthews and Thomas K Kelemen write that two independently neutral or even good values can lead to undesired outcomes when combined. Values react, rather than simply coexist, which is even more important in times of globalisation and hybrid job designs.

An organisation’s culture is strongly influenced by coexisting values. Choosing which values to uphold, especially which combinations of values, has cultural consequences. Michael J Matthews, Jacob…

01/11/2023

Even though technology is largely underused by policymakers, the behavioural public policy of the future will be high tech. Artificial intelligence, virtual reality and robots hold the potential to help people change their behaviour for the better. Dario Krpan, Fatima Koaik, Pujen Shrestha and Robin Schnider envision a future in which policymakers use technological interventions via various personal devices and appliances, from virtual reality glasses to IoT devices.

Even though technology is largely underused by policymakers, the behavioural public policy of the future will be high tech. Artificial intelligence, virtual reality and robots hold the potential to…

31/10/2023

Despite their popularity, non-fungible tokens (NFTs) have been the subject of hype, commotion, and drama as their utility and contribution to value creation have been heavily questioned. Perrine Desmichel, Isabella Maggioni and Saeid Vafainia argue that, like physical goods, NFTs satisfy key psychological needs and can be useful to marketers. They propose a typology of NFT products based on the type of value generated for customers.

Despite their popularity, non-fungible tokens (NFTs) have been the subject of hype, commotion, and drama as their utility and contribution to value creation have been heavily questioned. Perrine De…

27/10/2023

Workers today are being urged to constantly reskill. Artificial intelligence favours certain new skills while making others redundant, but it’s not that simple to choose what to invest in. Fabian Stephany and Ole Teutloff reveal that complementarity – the degree to which skills can be combined – is key to understanding the economic value of a particular skill.

Workers today are being urged to constantly reskill. Artificial intelligence favours certain new skills while making others redundant, but it’s not that simple to choose what to invest in. Fa…

25/10/2023

Critical race theory (CRT) is seen by some as necessary for racial conciliation, while others fear it indoctrinates and divides society. Akwasi Opoku-Dakwa discusses how the core concepts of CRT – systemic racism, racial realism, intersectionality, and interest convergence – can illuminate the minority experience for organisations that seek to be inclusive.

Critical race theory (CRT) is seen by some as necessary for racial conciliation, while others fear it indoctrinates and divides society. Akwasi Opoku-Dakwa discusses how the core concepts of CRT – …

24/10/2023

The UK investment ecosystem needs rewiring across the board to increase firms’ desire to invest in productive and sustainable assets, and to enhance their ability to do so. Paul Brandily, Mimosa Distefano, Krishan Shah, Gregory Thwaites and Anna Valero set out why this matters and what to do about it.

The UK investment ecosystem needs rewiring across the board to increase firms’ desire to invest in productive and sustainable assets, and to enhance their ability to do so. Paul Brandily, Mimosa Di…

23/10/2023

In recent months in the UK, both the Conservative and Labour parties have announced big plans to mobilise private investment for policy priorities. There is huge potential to work with investors to direct more capital to housing, transport, education, health and other sectors, and many examples, from the UK and internationally, that are now ready to be replicated at scale. But lessons must also be learnt from the past to improve outcomes for everyone, writes Sarah Gordon.

In recent months in the UK, both the Conservative and Labour parties have announced big plans to mobilise private investment for policy priorities. There is huge potential to work with investors to…

20/10/2023

When Claudia Goldin’s research on women’s work became influential in the 1980s, the study of gender was far from mainstream in economics. Four decades later, that is no longer the case, in large part thanks to her influential work, which won her the 2023 Nobel Prize in Economics. Barbara Petrongolo discusses Goldin’s legacy in shaping the current research frontier in gender inequalities, from public policy to norms and stereotypes influencing labour market participation.

When Claudia Goldin’s research on women’s work became influential in the 1980s, the study of gender was far from mainstream in economics. Four decades later, that is no longer the case, in large pa…

19/10/2023

Corporate social responsibility (CSR) has been widely embraced. However many examples of corporate irresponsibility like the Volkswagen emissions scandal, the Rana Plaza factory collapse and the opioid crisis demonstrate that business misbehaviour remains widespread. Giulio Nardella, Irina Surdu and Stephen Brammer write that in certain circumstances, the reputational risk of fallout from corporate misconduct is much lower. More nuanced home market policies are needed to help deter multinational enterprises from behaving irresponsibly abroad.

Corporate social responsibility (CSR) has been widely embraced. However many examples of corporate irresponsibility like the Volkswagen emissions scandal, the Rana Plaza factory collapse and the op…

18/10/2023

The United Arab Emirates have taken steps to alleviate gender inequalities in its legal system, amending their labour, personal status and criminal laws. The motivation is subject to debate. Carefully curated images often do not reflect the experiences of ordinary Emirati women, but important strides towards gender equality have been made. Simeon Djankov and Karolin Lehmann write that without reliable data, assessing the effectiveness of gender legal reforms remains a challenge.

The United Arab Emirates have taken steps to alleviate gender inequalities in its legal system, amending their labour, personal status and criminal laws. The motivation is subject to debate. Carefu…

17/10/2023

A multi-country survey showed that six out of ten racial and ethnic minority employees have encountered racism during their career and about half of them are facing it in their current role. These employees say they are sidelined or overlooked for promotions and endure subtle jabs or disrespectful comments because of their race or background. Lucy Kallin writes that exclusionary practices stifle talent and leaders must confront workplace racism.

A multi-country survey showed that six out of ten racial and ethnic minority employees have encountered racism during their career and about half of them are facing it in their current role. These …

16/10/2023

In his party conference speech, Chancellor Jeremy Hunt painted a rosy picture of our future leadership in technology sectors. His words didn’t match the scale of the economic challenge. In the Labour conference, Shadow Chancellor Rachel Reeves avoided the trap of major economic policy commitments, and her vision may be too pedestrian. Rod Dowler writes that post Brexit, COVID, Partygate and Trussonomics, comparing party conference speeches is more interesting than usual.

In his party conference speech, Chancellor Jeremy Hunt painted a rosy picture of our future leadership in technology sectors. His words didn’t match the scale of the economic challenge. In th…

12/10/2023

New technologies are replacing workers in a growing range of occupations, causing loss of earnings and employment. However, these losses are smaller than those suffered by workers who experience mass layoffs. Per-Anders Edin, Tiernan Evans, Georg Graetz, Sofia Hernnäs and Guy Michaels write that, because the occupational decline they studied took years or even decades, its costs for individuals were likely mitigated through retirements, reduced entry into declining occupations and increased exits to other occupations.

New technologies are replacing workers in a growing range of occupations, causing loss of earnings and employment. However, these losses are smaller than those suffered by workers who experience ma…

10/10/2023

Policymakers set standards for firms’ reporting on climate-related matters to enable market participants to factor in risks, instil discipline and encourage firms to adopt cleaner practices. However, the costs and benefits of these rules are not entirely clear. Lucas Mahieux, Haresh Sapra and Gaoqing Zhang study the real effects of mandated disclosures. Their key policy recommendation is that disclosure requirements should not be set in isolation but coordinated globally.

Policymakers set standards for firms’ reporting on climate-related matters to enable market participants to factor in risks, instil discipline and encourage firms to adopt cleaner practices. Howeve…

06/10/2023

There has been a surge in interest in quiet quitting, when employees put in only the minimum effort needed to keep their jobs, not showing interest in much more than that. Odessa S Hamilton, Daniel Jolles and Grace Lordan explore the motivations behind this type of behaviour and list ways in which organisations can revert the situation and turn back the hands of time on people’s intention to quiet quit.

There has been a surge in interest in quiet quitting, when employees put in only the minimum effort needed to keep their jobs, not showing interest in much more than that. Odessa S Hamilton, Daniel…

04/10/2023

Chinese technology giant Huawei has achieved technological breakthroughs perhaps not despite US export controls and trade sanctions, but because of them. Chinese spirit and organisational culture played a big role in how the company reacted to adversity. Grace Wang writes that it is impossible to understand China’s technological development in the last few decades, and Huawei’s innovation experience, without acknowledging Chinese culture.

Chinese technology giant Huawei has achieved technological breakthroughs perhaps not despite US export controls and trade sanctions, but because of them. Chinese spirit and organisational culture p…

03/10/2023

Whereas digital platforms function as intermediaries, the metaverse enables peer-to-peer transactions without intermediaries, increasing the number of feasible transactions and reducing costs. Marvin Hanisch, Curtis M. Goldsby and Vasileios Theodosiadis write that this business model is based on the partial removal of intermediaries, efficiency gains, direct network effects, strong growth patterns and the interoperability of technology standards that enable the seamless transfer of actors, assets and payments across digital spaces.

Whereas digital platforms function as intermediaries, the metaverse enables peer-to-peer transactions without intermediaries, increasing the number of feasible transactions and reducing costs. Marv…

28/09/2023

Giving and receiving feedback should be straightforward. But stress and anxiety make it more complicated than that. We need feedback to learn and grow, but we also have a deep human need to be loved and accepted the way we are. To address this difficulty, Margaret Cheng created a framework to improve how we give feedback, by focusing on people’s observed behaviours, not their values, beliefs and attitudes.

Giving and receiving feedback should be straightforward. But stress and anxiety make it more complicated than that. We need feedback to learn and grow, but we also have a deep human need to be love…

27/09/2023

There is no consensus about the benefits and drawbacks in foreign direct investments. In the aggregate, is there an economic logic to attracting it? Kasper Vrolijk studies the case of Uganda and finds both positive technology spillovers and negative market competition effects, with the latter occurring mostly through domestic buyer-supplier linkages. The Ugandan case shows that policies that curb some of the negative effects may be needed.

There is no consensus about the benefits and drawbacks in foreign direct investments. In the aggregate, is there an economic logic to attracting it? Kasper Vrolijk studies the case of Uganda and fi…

21/09/2023

The rapid developments in artificial intelligence have been causing fears that many jobs will disappear. But Christopher Pissarides sees reason for optimism. In this Q&A with Maayan Arad, he says that the need to deal with new technologies will lead to new jobs, with new skills in demand. We can no longer learn a skill early on and apply it to our jobs for the rest of our lives.

The rapid developments in artificial intelligence have been causing fears that many jobs will disappear. But Christopher Pissarides sees reason for optimism. In this Q&A with Maayan Arad, he sa…

20/09/2023

The accumulation of skills can be a driver of adaptation to climate change. Human capital facilitates occupational change and increases migration opportunities. Tim Dobermann studied how historical investments in education facilitated adaptation in India. He finds that areas that benefited from expansion in schooling saw labour leave agriculture in response to climate change.

The accumulation of skills can be a driver of adaptation to climate change. Human capital facilitates occupational change and increases migration opportunities. Tim Dobermann studied how historical…

19/09/2023

Healthcare forms a complex ecosystem where hospitals, payers, professionals and industry are only loosely tied together, working with siloed systems and data. They follow their own agendas, and the role of the patient shifts constantly. AstraZeneca executives Alexander Bedenkov, Ryan Walton, Carmen Moreno and Timothy Geldard write that the priorities of these varied stakeholders will need to become interoperable, with collaboration centred around real-world data.

Healthcare forms a complex ecosystem where hospitals, payers, professionals and industry are only loosely tied together, working with siloed systems and data. They follow their own agendas, and the…

13/09/2023

Despite the quick pace of changes AI is producing in the workplace, many leaders are still not considering how things might soon be done very differently. ‘Present bias’ keeps them from leveraging new technologies to make the workplace more productive and inclusive. Yolanda Blavo, Grace Lordan and Jasmine Virhia suggest key actions for leaders who want to set themselves up for success over the next decade of workplace transitions.

Despite the quick pace of changes AI is producing in the workplace, many leaders are still not considering how things might soon be done very differently. ‘Present bias’ keeps them from leveraging …

12/09/2023

Tropical ecosystems house an immense biomass, which makes it imperative to understand how they are affected by technology and trade. Igor Carreira, Francisco Costa and João Paulo Pessoa examine the Brazilian rainforest’s exposure to genetically engineered soybeans and increased demand from China between 1995 and 2017. They find that it was the comparative advantage gains in soybean production that accelerated deforestation in the period.

Tropical ecosystems house an immense biomass, which makes it imperative to understand how they are affected by technology and trade. Igor Carreira, Francisco Costa and João Paulo Pessoa examine the…

11/09/2023

The absence of specific financial reporting guidelines for crypto assets has resulted in a jungle of classifications and measurement methods adopted worldwide. Francesco Venuti, Christopher Hossfeld and Anne Le Manh write that this lack of standardised guidance leaves room for interpretation by companies, potentially leading to misleading or incomparable information for investors.

The absence of specific financial reporting guidelines for crypto assets has resulted in a jungle of classifications and measurement methods adopted worldwide. Francesco Venuti, Christopher Hossfel…

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