The University of Sheffield’s Post

🚨New analysis out today showing the economic impact of Russell Group universities research and innovation activities It shows that our universities in 2021/22: 💰Contributed 38bn to the UK Economy 👩💼Created over 250,000 jobs 📈Have 1,200 active spin out companies To support long term sustainable growth, and maximise this economic impact, it is vital government supports universities and the wider research and innovation sector by committing to spend at least 3% of GDP on R&D by 2030

NEW analysis by London Economics Ltd out today shows how our universities drive economic growth across the UK 📈     As a group, we contribute nearly £38bn to the UK economy and employ over ¼ million people through research, innovation and the creation of new business 💡 Read the full report and learn more about the successful spin-outs established thanks to university research - and why we need the Government to maximise our potential by guaranteeing future investment 👇 https://lnkd.in/ez7Jvq3w

💡 If you are involved in #research and #innovation, you will love the evolving economic theory of growth and the role of technological innovations shaped by two Nobel Prize winners in economics. 🦅 Here is a 1-minute bird's eye view: ❓ When is an economy capable of steady growth that can, in turn, lead to societal well-being? 📚 Classical economics consider growth to be based on fixed factors (capital and labor supply, and national investments) that operate in a closed box. 📝 Robert Solow (who won the #nobelprize in 1987) challenged this thinking and noted that the bulk of growth in the early 20th century in the US was due to a new factor not considered in the classical theory of economic growth. He called it "#technology and related #innovation." 📝 Solow, however, didn't see how to measure this factor. He, therefore, treated technological innovation as exogenous (i.e., outside the understood economic system). The #model doesn't explain how or why #technologicalinnovation occurs. ✍ Paul Romer (who won the Nobel Prize in 2018) found this unacceptable, and he then developed a new model that considered technological progress to be endogenous (i.e., part of the economic system, not outside of it). ✍ Technological change is driven by intentional investments in Research and Development and human capital (#researchers). Too little human capital devoted to research will lead to lower growth rates. The key input, therefore, is human capital engaged in research. 💡 Getting this understanding left me with a newfound appreciation for the value of research and why countries need to invest in research and development to promote societal good. If you want to learn more, follow the link in the description. Happy Learning!

At best, we have fuzzy ideas of prosperity. Are we building institutions that invest in value creation within local economies or extract value instead? These researchers are drawing distinctions we can use to drive change. The Nobel Prize committee states: This year’s laureates in the economic sciences have helped us understand differences in prosperity between nations. Daron Acemoglu, Simon Johnson and James Robinson have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why. MIT shares this about their work: Daron Acemoglu and Simon Johnson won this year’s economic prize for work on institutions and prosperity. Their research on AI, labor, and automation point the way to a future of shared well-being. #NobelPrize

📢 Welcome Emanuel Schuller, PhD student at IHS, kicking off the Spring PhD Colloquia Series with his thesis entitled "Conflicts over Inclusive Labor Markets in the Knowledge Economy." 📚 In his research, Emanuel examines #labourmarkets, #technology, and #globalisation while addressing crucial questions about how diverse nations adapt their labour market policies amidst rapid technological and global shifts. 👇 Read more about his findings via the link below: https://lnkd.in/dsac5mKQ

A new report has been published by The Royal Society that sets out how science benefits and underpins the economy. It identifies four different yet interconnected paths in which science contributes to the economy: - New knowledge and ideas - Innovation and productivity - Skilled people and jobs - Wider economic impacts which are not directly monetised. The report was created as part of the Science 2040 programme, which seeks to articulate the value of science to society and advocates for a long term vision for UK science. Explore it here - https://ow.ly/Nczr50Svkuz

Join us at our upcoming event with BCAM (Birkbeck Centre for Applied Macroeconomics) as we delve into the Future of Work and Sustainable Growth with the IMF's groundbreaking findings on Artificial Intelligence and Structural Reforms! 🗓 Date: 20 March 2024 🕕 Time: 18:00 — 21:00 📍 Venue: Birkbeck, Gordon Square Link: https://lnkd.in/emampWJx 🔍IMF economists Giovanni Melina and Marina Tavares will present the findings of two recent reports. “Gen-AI: Artificial Intelligence and the Future of Work” shows that AI will affect almost 40 percent of jobs around the world, replacing some and complementing others. Policies to tap its potential will also be discussed. “Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies” demonstrates that achieving higher growth and lower absolute carbon emissions over time requires a well-designed strategy that includes both macrostructural and green reforms. Yunus Aksoy #BCAM #AI #SustainableGrowth #FutureOfWork #IMFFindings

How a culture of #excellence drives innovation: MIT and Nobel prize winners Massachusetts Institute of Technology (MIT) economists Daron Acemoglu and Simon Johnson, together with political scientist James Robinson from the University of Chicago, have just won the 2024 Nobel Prize in Economic Sciences. Their groundbreaking research on how political systems influence economic growth marks another addition to MIT’s long list of Nobel laureates in economics. MIT’s history of Nobel winners includes: Paul Samuelson (1970) Franco Modigliani (1985) Robert Solow (1987) Peter Diamond (2010) Bengt Holmström (2016) Abhijit Banerjee and Esther Duflo (2019) Josh Angrist (2021) This achievement highlights MIT's exceptional environment for research. The Institute thrives on intellectual freedom, interdisciplinary collaboration, and an emphasis on practical impact. MIT doesn’t just reward #innovation—it creates a safe space for scholars to explore, fail, and succeed. Private organizations can take a lesson from this: building an innovative and high-performing culture means creating an open and collaborative environment where talent is encouraged to ask big questions and develop bold solutions. Prioritizing real-world relevance and fostering continuous learning are key strategies for attracting and retaining top talent and cultivating transformative ideas. edoardo demarchi Dr. Nancy Tennant

“We were then and we are now interested in questions of why do some countries become so much richer than other countries,” MIT economist and Nobel laureate Simon Johnson said on Boston Public Radio. “Within countries, do you generate shared prosperity or not? What determines that?” Johnson and MIT economist Daron Acemoglu spoke with Boston Public Radio about how strong democracies create strong economies. MIT Department of Economics https://lnkd.in/eETuDAGz #miteconomics #economics #finance #politics

📌 10th GENED - German Network for New Economic Dynamics Meeting at Technische Universität Chemnitz The Technische Universität Chemnitz and Fakultät für Wirtschaftswissenschaften will host the 10th Meeting of the GENED from September 30th to October 2nd, 2024. This event, organized by Prof. Torsten Heinrich, promises to be an enriching experience for all attendees. 🔍 Event Highlights: - A special tutorial on "Topics in Complexity Economics" by jean-philippe bouchaud (Capital Fund Management (CFM) | Imperial College London | Ecole normale supérieure). - A diverse range of contributed talks focusing on the latest developments and applications in agent-based modeling, complex systems, computational models, empirical studies, and innovative methods in economic dynamics. 📝 Call for Submissions: Extended abstracts are welcomed. You can submit your abstracts by August 1st, 2024, to [email protected] 📅 Registration Details: Interested in participating without presenting? Register by emailing [email protected] to secure your spot. There is no conference fee, ensuring open access to all interested parties. Additional info available here: https://lnkd.in/e-Q38TRs 🌍 Join us for this important academic gathering to share insights, foster collaborations, and advance the field of new economic dynamics. #GENED2024 #EconomicDynamics #AcademicConference #ABM #complexity #complexsystems #EconomicsResearch #empiricalresearch