Mental ill-health causes more suffering than physical illness, poverty or unemployment. Greater spending on helping people recover from mental health problems would generate massive savings to national economies. This Vox Talk discusses how successful psychological treatments have been developed and urges policymakers to act. Layard argues that psychological therapy costs nothing.
Complexity science is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. This Vox Talk argues for a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced.
The CEPR Business Cycle Dating Committee recently concluded that there is not yet enough evidence to call a business cycle trough in the Eurozone. Instead, the committee has announced a 'prolonged pause' in the recession. This Vox Talk discusses the possible directions that this situation could lead to and questions whether the Great Recession has harmed the Eurozone’s long-term growth prospects to the extent that meagre growth could become the 'new normal'.
As a measure of economic activity, GDP is imperfect, but no more so than any single indicator of the whole economy. Yet public policy debate about the economy is often focused on GDP growth to the exclusion of other important considerations. This Vox Talk argues the case for a ‘dashboard’ of alternative indicators that, in addition to measuring economic activity, could also capture social welfare, sustainability and the benefits of innovation.
Diet-related chronic diseases are a major public health concern. Addressing this concern is a key government policy objective. This Vox Talk argues that the impact of these policies on diet and health outcomes depends on how consumers adapt their consumption behaviour and on how firms respond in terms of the prices they set and the foods they offer.