University of Chicago to sell research institute CRSP to Morningstar for $375 Million
The University of Chicago and Morningstar, Inc. have announced an agreement for Morningstar to acquire the CRSP, a UChicago-affiliated institution known for its historical market and returns data. The University of Chicago has produced some of the finest minds in the fields of finance and economics, and is considered a leading institution in the field, with the neoclassical "Chicago School" pioneered by UChicago economists. Valued at $375 million, the acquisition marks a significant step for CRSP, established over 65 years ago to support research in the field of finance. This transaction will enable CRSP's survival in the face of pressure on academic budgets in the US, instead setting it on a more commercially-aligned path as it increasingly engages in the investment sector, allowing it to further develop its stock indexes. Morningstar intends to capitalise on CRSP’s extensive data validation and indexing methodologies, bolstering its commitment to providing high-quality investment tools to clients. The deal is projected to close in the fourth quarter of 2025, and funds generated will support ongoing education and research initiatives at UChicago. "The acquisition will enable CRSP to explore additional commercial opportunities beyond its academic roots," said Madhav Rajan, dean of Chicago Booth and chair of CRSP’s Board of Directors. Kunal Kapoor, Morningstar's CEO, echoed this sentiment, emphasizing the potential for innovative investment strategies derived from CRSP’s resources. In a press release, Morningstar describe CRSP as the "premier provider of historical stock market data and indexes". Emphasising the CRSP market indexes as the benchmarks for "more than $3 trillion in US equities", Morningstar predicts that the move will catapult "it to one of the largest index providers for public US equity index funds". The news comes after a recent announcement by Paul Alivisatos, UChicago President, about cost-cutting measures at the University. In this, he communicated that the university is scaling back new building projects, reducing the number of doctoral positions, pausing some master's programs, assessing "certain long-term research outlays" and closing "some of the more than 140 centers and institutes that have grown and grown over time without sufficient periodic review". In this context, the sale of CRSP to Morningstar, as an alternative to closure, may well come as a relief to the staff and faculty employed at the center. Image Credits: uchicago.edu
Morningstar, Inc. has agreed to purchase the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million.
These concepts are often encountered when discussing macroeconomic models, or in econometrics contexts – like when conducting regression analysis. Put simply, "exogenous" is an adjective that refers to a variable, quantity, or phenomena that is derived outside of the current economic model or context. The Merriam-Webster dictionary defines it as follows: "caused by factors…from outside the organism or system". In economics courses, this typically means that you aren’t expected to know how the exogenous variable came to be. Its origins, and how it is determined, are not part of the analysis. "Endogenous" is the opposite; it’s something that is defined within the current context. Merriam-Webster defines it as: "[something] caused by factors inside the organism or system". This means that, given the current economic model, you are expected to be able to describe the origins and determination of the endogenous variable, unlike the exogenous case. These concepts are fairly intuitive once grasped, and often form the basis of more advanced assumptions in econometrics and economic model contexts. To illustrate this further, let’s use a simple market equilibrium example. Market equilibrium example Suppose that we’ve been given information about a market, and we want to find out what the market equilibrium will be. Suppose that the supply curve is defined by QS = 2p, and the demand curve is defined by QD = 12 - p. Then, equilibrium is where QS = QD, or where 2p = 12 - p. Solving, we arrive at an equilibrium price of p = 4, and therefore an equilibrium quantity of q = 8. In this example, we had two equations to describe the market’s equilibrium — the supply side and the demand side. With these two equations, we were easily able to solve for the resulting equilibrium. The equilibrium price was partly determined by the equilibrium quantity, and vice versa. Which parts of this problem — which variables, and which key concepts — were endogenous, and which were exogenous? The equilibrium price and the equilibrium quantity were both determined by the equations we had, and we calculated them as part of our main analysis. Therefore, these variables were endogenous. Conversely, the constant in the demand equation (12, in this case) was a number that was simply given to us. We don’t know how that number came to be there, nor were we concerned with it. It was exogenous. But there’s more. In order to find the price and quantity, we needed to use two equations that were defined for us: the supply curve and the demand curve. How did we know what those were? How did they come to be in such simple linear forms? We have no idea! In this case, both the supply curve and the demand curve were also exogenously given. It wasn’t part of our analysis to determine them, and we took them as given. This simple example points to a useful rule of thumb when trying to decide if something is exogenous or endogenous. Chances are, if a variable, equation, or fact is simply given and isn’t “supposed” to be questioned, it’s probably an exogenous variable. It’s needed to conduct our economic analysis, but how it came to be is not relevant. Another way to think about this is to consider which variables are held constant; these are probably exogenous. In our example, the number “12” was just a constant and was exogenous, while both q and p were not. Conversely, the variables that are given equations or relationships to other variables in the system are probably endogenous. If we changed the price (not the equilibrium price) in the previous example, the quantity would have needed to change, too, and vice versa; but the constant in the demand equation (12) wouldn’t be affected by just p or q changing. That, too, hints that “12” is exogenous and both p and q are endogenous. This is likely a good enough explanation for most introductory economics courses, but we can dive deeper. Let’s take the ubiquitous Cobb-Douglas production function as an example. Exogeneity and endogeneity in Cobb-Douglas The basic form of the Cobb-Douglas production function is as follows: Y = AL𝛼K𝛽 where Y is economic output, A represents technological progress, L stands for labor, K stands for capital, and 𝛼 and 𝛽 are constants. In this case, A, 𝛼, and 𝛽 are often considered exogenous; they are constants whose values are usually given to students, and they aren’t affected by other variables changing. But, this equation defines Y as a function of other economic variables, including the factor inputs of labor, capital, and technological progress. Thus, we can’t define Y without first knowing the values of all other variables. Clearly, in this case Y is endogenous. Any change in another variable will change Y, and further, the point of the Cobb-Douglas function is to see how economic output Y changes when other factors change. Sometimes, it may be unclear whether a variable is endogenous or exogenous. That’s because sometimes, economists can choose! Consider both L and K in the Cobb-Douglas equation above. If values for these variables are given to you on an economics test, then they’d most likely be exogenous for the purposes of the question. However, macroeconomists may use the Cobb-Douglas framework to examine how economic growth changes over time as a response to growth in L and K. To do this, they’d collect a time series of the values of Y, L, and K for many years, and use a computer to fit an equation to them and determine their relationship. In this case, L and K can be considered endogenous! In a time series, previous values of L and K will affect future values. That’s because the population grows at a rate defined by the size of the population itself, and because the economy doesn’t destroy all of its factor inputs and restart from scratch every year. So, L and K must be determined from their own starting values and their growth rates…but the starting values and growth rates can be thought of as exogenous, since we may not know exactly how they came to be. Exogeneity and endogeneity in regression analysis These terms appear very often in econometrics contexts, particularly with regression analysis. In regression analysis, there is typically one dependent variable (usually called the y-variable) that the analysis attempts to explain with a set of independent variables (usually called the x-variables). This language already hints at which variables are endogenous and exogenous in this setting. The dependent or y-variable is usually endogenous, and very often the purpose of the regression is to study how that endogenous variable is affected by, or dependent on, economic forces in the real world. Those economic forces are often measured by collecting data, which then form the independent or x-variables. These are often considered exogenous; the regression model is not concerned with how those variables came to be, but rather with how they affect the y-variable that the model is attempting to explain. For example, consider a regression model that attempts to explain house prices (the dependent or y-variable) using the size of the house in square meters, the distance to the nearest grocery store, and the quality of the school district as independent variables. In this model, the house price is endogenously determined, while the house’s size, proximity to groceries, and location in a good school district are exogenous factors that the price itself probably does not influence (said differently, those factors likely influence the house’s price rather than vice versa). This is a general rule of thumb, but there are a wide variety of regression models and a wide variety of economic variables, and not all of them follow this pattern. Be careful about assuming exogeneity or endogeneity! For example, suppose you’ve constructed a simple regression model to see how various economic factors affect annual GDP. You collect data on inflation, unemployment, and whether or not there was a recession to use in this model. The dependent variable is GDP, which you might consider endogenous, since you’re constructing a model to see how other factors affect it. In this case, you might consider inflation, unemployment, and recession to be exogenous; they’ve been collected to explain how GDP changes from year to year. But there’s a problem with simply applying these labels, because GDP itself can affect all of these other variables! If an economy has a higher GDP in a certain year, it’s much less likely to be in a recession, it’s more likely to experience some inflationary pressure, and it’s more likely to see a reduction in unemployment over the period. This is a thorny case where it’s very difficult to say if any of the variables in the model are truly exogenous. Since all of them can affect each other, they may all be endogenous after all. Advanced regression techniques — such as finding suitable proxy variables — can be employed to test these theories and help the model work. Fortunately for this article, the moral of the story is already clear: it can be very helpful to be aware of the difference between “exogenous” and “endogenous”, to begin understanding other economic relationships. This will be particularly important for higher-level economics courses. After all, your test scores will be endogenously determined by your own understanding (and diligence in studying)!
"Exogenous" and "endogenous" are two words that get thrown around a lot in higher-level economics courses. Since these are real words and not specifically "economics terms", classes seldom define them for you (just like the word "autarky"!). But it can really help to know what they mean before starting some upper-level courses!
Macroeconomics and Monetary Economics (JEL E)
Econometrics, Statistics and Quantitative Methods (JEL C)
New Zealand Appoints Swedish Economist Anna Breman as New Reserve Bank Governor
In a move signalling a new chapter for New Zealand's monetary policy, the government has officially announced the appointment of Swedish economist Anna Breman as the new Governor of the Reserve Bank of New Zealand. Notices of the appointment were shared both by the government, and by the Reserve Bank. Breman, who has previously held notable positions within the Sveriges Riksbank and the European Central Bank, will take over from Christian Hawkesby, who has filled the role on a temporary basis since April 2025 after the previous incumbent, Adrian Orr, stepped down amid criticisms regarding the bank's management and policy directions. Breman's selection has been widely viewed as a positive shift towards reforming the Reserve Bank, which has faced challenges surrounding inflation and interest rates in recent years. The deputy chairman of the RBNZ Board, Rodger Finley, praised the appointment: “Anna’s experience spans central banking, academia and financial markets. She has strong technical knowledge within monetary policy, financial stability and payments systems after several years at the Executive Board at the Riksbank and an extensive international experience.” Since the bank is crucial in controlling inflation and ensuring economic stability, Brennan's appointment is seen as a vital step in restoring confidence among investors and the public. As she transitions into her new role, Breman is expected to focus on balancing inflation control with sustaining economic growth, a task that has proved challenging for many central banks worldwide. The Reserve Bank has already hinted at reviewing its policy framework under her lead, indicating potential updates to ensure more effective economic management. With Breman at the helm, New Zealand hopes to establish a robust monetary policy that not only addresses immediate economic concerns but also prepares for future challenges. Brennan's inauguration as the 14th Governor will formally take place on 1 December 2025, with many stakeholders watching closely to see how her leadership shapes the future of New Zealand's economy. Image Credits: rbnz.govt.nz
Anna Breman has been appointed as the new Governor of the Reserve Bank of New Zealand, marking a significant step in the bank's reform approach following the departure of Adrian Orr earlier this year.
Public Economics & Economic Policy (JEL H)
German Government Appoints Martin Blessing as Investment Tsar
The German Federal Government has announced the appointment of former Commerzbank CEO Martin Blessing to the new position of "Personal Representative for Investment". The role could be understood as equivalent to a "Chief Investment Officer", or "Investment Tsar" advisory role to the government. Apart from his tenure at Commerzbank, Blessing has also held senior positions at UBS and most recently led Danske Bank from 2022-2025. He comes from a banking family: his grandfather was President of the German Bundesbank in the 1960s, and his father a board member of Deutsche Bank in the 1980s. He is married to Dorothee Blessing, who led J.P. Morgan's DACH (Germany, Austria and Switzerland) operations from 2016-2024, and who is now co-head of investment banking internationally. Announcing the appointment at a press conference, German Chancellor Friedrich Merz emphasised the importance of the new role in making Germany attractive for foreign investors. Blessing will act as a personal contact for foreign companies and individuals, and represent Germany as an investment destination internationally. By gaining an overview of the priorities and needs of investors, Blessing will act as an advisor for the government on how to optimise investment frameworks, reduce bureaucracy and accelerate decision processes. Additionally to this advisory and representative role, he simultaneously takes over a formal role as head of Germany Trade and Invest (GTAI), an advisory body for foreign companies investing in Germany. A focus of the new role will be to mobilise private capital for investments in innovation and infrastructure projects. In this sense, Blessing was quoted as saying "Germany needs growth, and growth needs investment". During the press conference, Merz emphasised the challenge ahead for Germany to win back the trust of investors. He also pointed out the success of the government during its first six months, having attracted over 60 major investments worth a total of over 630 Billion Euros over the next three years through the initiative "Made for Germany". Apart from the appointment of Blessing, Merz also signalled the government's intent to initiate major Public-Private Partnerships (PPPs), especially in infrastructure projects. Through this, he presented a strategy to drive economic development, positioning Germany as a destination not only for large industrial companies, but also for middle sized companies. The appointment of Blessing and the announcement of the further initiatives and intentions comes in the context in a stagnation of the Germany economy in recent years. According to the GTAI's own figures, the number of investments continued to decline in 2024, a trend the new government is clearly hoping to reverse. Image Credits: bundesregierung.de
German Chancellor Friedrich Merz has appointed Martin Blessing to the new position of "Personal Representative for Investment", tasked with positioning Germany as an attractive destination for foreign investment.
Claudia Steinwender Awarded 2025 Hermann Heinrich Gossen Prize
The award, which carries a prize of €10,000, was presented by Klaus M. Schmidt, chairman of the Verein für Socialpolitik (VfS), on September 16, 2025, at the University of Cologne. Steinwender’s research focuses on the impact of trade liberalization, information frictions, and research spillovers on productivity and economic development. Her work is recognized for its scientific excellence, innovative methodologies, and international visibility, contributing crucial insights into global economic processes. The Gossen Prize is awarded annually to a German-speaking economist in Central Europe under the age of 45, whose work has achieved international acclaim. Its purpose is to bolster the internationalization of economic research originating from Germany, Austria, and Switzerland, with a key emphasis on publications in global academic journals. Named after the Prussian lawyer Hermann Heinrich Gossen, the award commemorates the contributions of economists to the field. Gossen’s influential work laid the groundwork for modern marginalist theory, despite its initial lack of recognition. Claudia Steinwender’s receipt of the Gossen Prize underscores her remarkable contributions to the understanding of economics in a rapidly globalizing world and her role in shaping contemporary economic discourse. Image Credits: socialpolitik.de
Cologne, Germany – Claudia Steinwender, a prominent economist from LMU Munich, has been announced as the winner of the prestigious Hermann Heinrich Gossen Prize for her significant contributions to empirical trade and innovation economics.
WTO Appoints Robert W. Staiger as Chief Economist
The World Trade Organization (WTO) has appointed Professor Robert W. Staiger as its Chief Economist and Director of the Economic Research and Statistics Division (ERSD). Professor Staiger holds a prominent academic role as the Loren M. Berry Professor of Economics at Dartmouth College, where he has significantly contributed to research in international economics. Additionally, he is affiliated with the National Bureau of Economic Research as a Research Associate. An American national, Staiger earned his Bachelor of Arts in Economics from Williams College and completed his PhD in Economics at the University of Michigan. His extensive background positions him as a leading voice in the field of world trade and is expected to bring valuable insights to the WTO during his tenure. The WTO, as an intergovernmental organization that regulates international trade, is keen on enhancing its research capability to support informed decision-making in global trade policies. The announcement comes during a time of increasing complexity in international trade dynamics, especially in the 2025 context of new (reciprocal) tariffs and renegotiated trade deals from the US Government under President Trump. Staiger expressed scepticism about this approach in an article just before Trump took office for his second term, stating that tearing down a "rules-based multilateral trading system and replace it with a power-based system will likely end in disappointment — if not disaster". Announcing the appointment, the Director-General Ngozi Okonjo-Iweala expressed her enthusiasm about Staiger's expertise in international trade policy, particularly regarding the economics of the General Agreement on Tariffs and Trade (GATT) and the WTO itself. Staiger will take up the position at the start of 2026. Image Credits: wto.org
The World Trade Organization has announced the appointment of Professor Robert W. Staiger as its new Chief Economist and Director of the Economic Research and Statistics Division.
Environmental Economists Paloma Peligry and Grégoire Sempé win FAERE Award 2025
Paloma Peligry, a PhD student at Sciences Po in Paris, and Grégoire Sempé, a PhD student at the Paris School of Economics have been awarded the FAERE Award for the year 2025. The FAERE Award is a significant honor in the French and European academic community, recognizing exceptional individuals for their impactful research and contributions to economics. The ceremony took place recently, celebrating the hard work and dedication of Peligry and Sempé in their respective research areas. Both researchers have demonstrated remarkable innovation, pushing the boundaries of economic theory and application. Their winning paper, titled "Climate Policies in the Housing Market", focused on the macroeconomic and redistributive impacts of climate policies applied to the French residential housing market. The FAERE (French Association of Environmental and Resource Economists) Award intends to highlight new academic talents and encourage further development in economic science. The recognition of Peligry and Sempé showcases the Paris School of Economics' commitment to fostering a vibrant research environment that produces influential scholars. This award serves not only to commend the recipients' achievements but also to inspire future economists to engage in rigorous research aimed at addressing pressing economic challenges. Image Credits: FAERE
At the Paris School of Economics, researchers Paloma Peligry and Grégoire Sempé received the prestigious French Association for Environmental and Resource Economists (FAERE) Award 2025 for their outstanding contributions to the field of economics. This recognition highlights their innovative research and dedication to advancing economic understanding.
Inter-American Development Bank Announces Winners of 2025 IDB Young Economist Award
WASHINGTON - The Inter-American Development Bank (IDB) has announced the recipients of the 2025 IDB Young Economist Award, an esteemed honor acknowledging exceptional research by emerging PhD graduates in economics focusing on Latin America and the Caribbean. Pascuel Plotkin from Argentina secured the first prize for his paper, "Dinner at Your Door: How Delivery Platforms Affect Workers and Firms," which explores the effects of online delivery platforms on restaurants and workers in Brazil, assessing both challenges and benefits particularly in informal economies. The second prize was awarded to Daniel Jaramillo Calderón from Ecuador for his research investigating the impact of mass amnesty on crime rates influenced by former convicts in their neighborhoods. Renata Motta Café from Brazil claimed the third prize with her analysis on how access to government-backed loans influences municipal public spending in her country. Also recognized were Francisco Eslava Sáenz from Colombia, Karla Hernández from Costa Rica, Isaac Martínez Centeno from Chile, Laura Pérez Cervera from Spain, and Víctor Zuluaga from Colombia, who received honorable mentions for their significant contributions. “Recognizing the talents of young economists is critical” stated Laura Alfaro Maykall, the IDB's Chief Economist. “This award underlines the potential of economic research in addressing pressing challenges within the region.” The winners will be honored at the 2nd IDB Research Conference, scheduled for September 15-16 at IDB’s Washington, DC headquarters, which will also tackle how digital technologies are transforming economic development. Image Credits: iadb.org
The Inter-American Development Bank (IDB) has awarded the 2025 Young Economist Award to three outstanding researchers for their impactful studies on economic issues in Latin America and the Caribbean, showcasing academic excellence and policy relevance in economic development.
Economic Development, Innovation and Growth (JEL O)
AcouBatt and Hovanka Triumph at INNOVA Europe Competition
Berlin – In a thrilling Grand Finale held at ESMT Berlin on September 5, 2025, the startups AcouBatt and Hovanka emerged as the champions of the third annual INNOVA Europe competition. This prestigious event witnessed participation from teams representing ten of Europe’s elite business schools plus the SPJIMR business school in India, all vying for a share of €25,000 in prize money while addressing crucial sustainable initiatives. AcouBatt, a team from London Business School led by Arthur Fordham and Chris Haoxin Xu, secured the grand prize in the Rising Stars category, receiving €20,000 and a year of free incubation support. They presented groundbreaking technology that utilizes acoustic sensors and machine learning to optimize battery formation processes, significantly reducing waste and promoting environmentally-friendly production methods. Meanwhile, Hovanka, hailing from the Kyiv School of Economics, won the Young Hopes category. Led by CEO Kris Nadiryan, they were awarded €5,000 to further their innovative mental health app, Mindset Architect. This app is designed to enhance emotional literacy and support users between therapy sessions, demonstrating a strong commitment to mental well-being. The INNOVA Europe competition, founded in 2022 by EDHEC Business School, POLIMI Graduate School of Management and ESMT, focuses on nurturing entrepreneurial talent and sustainable practices that align with the United Nations’ Sustainable Development Goals. This year also marked the debut of the INNOVA Barometer, aimed at evaluating responsible entrepreneurship across European startups. The whole event including the pitches by each of the eleven entries, as well as the announcement of the winners in each category, is available on youtube. Image Credits: esmt.berlin
In a showcase of innovation and sustainability, start-up teams from Europe’s leading business schools competed at the INNOVA Europe competition, where AcouBatt won the Rising Stars category and Hovanka secured the Young Hopes award.
What my Finance Internship Taught me about Economics
1. Finance is a rich area of research…and the industry can be artificially complex Finance is not primarily concerned with the stock market, although that’s what most people immediately think of. TIAA-CREF stands for “Teachers Insurance and Annuity Association of America-College Retirement Equities Fund”. It’s a massive firm that began when US entrepreneur Andrew Carnegie decided to create a not-for-profit pension service for academic professors in 1918. He later created a board of governors to allow educators themselves to help run the non-profit. Even within this one single firm, I was blown away by the sheer amount of different things that existed. Products and services across this huge firm were varied and sometimes had little to do with each other. TIAA has dozens upon dozens of financial products: annuities, IRAs, HSAs, guaranteed and variable lifetime income vehicles, and more. I could scarcely wrap my head around them all…but that’s, I suspect, a natural result of how the finance industry has evolved. For example, if finance was easy to navigate, anyone would be able to plan and execute a sufficient retirement plan for themselves. Choosing the right investment vehicles or the right mix of assets would be straightforward. There are other benefits that firms like TIAA could end up serving — for instance, the ability to pool money with other investors to create larger funds — but overall, from a microeconomics perspective, the finance industry is heavily disincentivized from making finance easy to understand to laypeople. That may be partly because it would cost the finance industry, or society in general, money to broadly educate the public, and partly because some firms’ services benefit from general lack of knowledge about finance. Financial advisors are a great example of this: they’re a useful and thriving service in part because many people don’t have the knowledge (or time to acquire said knowledge) that would let them invest or pursue their financial goals effectively on their own. This isn’t necessarily malicious. After all, medical doctors are hardly incentivized to educate patients about injuries or diseases that they’re not currently facing, just as financial advisors are likely to provide advice about a specific financial need to specific clients, and not attempt to fill in all of the gaps in their understanding. (Keep in mind that many financial advisors exist to help wealthy clients manage their fortunes, too, which is a useful service that falls outside the bounds of this analogy). Still, the dark side of this complexity can be seen in the fallout of the 2008-2009 market crisis, which was made worse by banks packaging subprime mortgages (and other assets of questionable value) into new, nearly-inscrutable investments and selling them off. Overvaluation of these assets — which didn’t properly take into account the risks of default, or how rising interest rates and falling home prices could lead to it — led to a devastating butterfly effect that crashed the global economy. And this is just one example of one type of financial asset, mainly sold by commercial banks involved in real estate. There are many, many different banks, insurance companies, brokerage firms, accounting and tax firms, credit card and payment processing companies, real estate companies, and more, along with plenty of sub-categories for each of these. Each of these organizations might package and sell dozens of products with difficult-to-parse names: CDs, HSAs, ETFs, annuities, commodities, etc. In short, the finance industry is massive. This means that the movement of money throughout the economy can be very complex, too. The interplay between all of these different firms and the markets they participate in, not to mention foreign markets (and the foreign exchange market itself), determine how much money is available in M1 and M2, affect interest rates, can signal the onset of a recession or recovery, and much more. By working alongside the TIAA executives during my internship, I got a very interesting glimpse into how keeping all of this complexity straight was difficult — even for them! In fact, the entire premise of their strategy retreat suggested that… 2. Human capital is critical, even in “quantitative” industries It might be easy to picture a financial firm as a cut-throat, number-crunching entity that doesn’t need any help allocating its resources. Simply get the most money possible from every interaction, and mercilessly cut off any projects that fall below some (at times arbitrary) level of ROI. Yet the entire point of my internship was to help executives strategize about their portfolios, and also give them tools — via a management consulting skills framework — to think strategically in the future as well. It’s not easy to determine what the best course of action is, even for finance executives! And finance is one of the most quantitative industries that exists; finding the optimal course of action is likely even harder in industries that don’t have the ability to measure performance as “easily” or “objectively”. How should an art gallery, nail salon, museum, or fast fashion company decide what product mix to offer, or when a new initiative isn’t worth continuing? The answer usually boils down to the following: people with a lot of experience in the industry make an informed, but not all-knowing, decision. In other words, human capital is extremely important for organizations, something that firms have known for a long time. Salaries are higher for more experienced employees, after all, reflecting this (among other factors) — and it’s much easier to get a job in an industry where you already have experience compared to one you’ve never worked in before. Human capital is the key ingredient that allows companies to parse through uncertain data and find the best course of action. It’s also where innovation comes from — which is the driving force behind creative destruction, and arguably economic growth itself. My finance internship showed me that even in a deeply quantitative organization, human capital was still a key component of success, and was seen as worth investing in. It also challenged many core assumptions of the more basic economic models I’d learned in class — clearly, perfect information was not something the firm had. Of course, this doesn’t necessarily invalidate those models — many of them have specific uses that make them still perfectly valid to teach and utilize. 3. Within firms, it’s not all about the money TIAA is a not-for-profit and was built around the idea of helping professors invest for retirement. As such, it doesn’t have quite the same environment as a for-profit finance entity might. However, my internship still showed me — quite clearly — the value of what economists call a “warm glow”, which is a feeling that comes when you feel good about the work that you’re doing. The TIAA “retreat” I interned with began with a clear reminder to the executives that their company was not for profit, and aimed to serve people and help them reach their financial goals. Framing the business in this way clearly resonated with the executives, and gave them that “warm glow” feeling. The company’s appeal to their core values and the fact that the executives’ work ultimately helps people reinforced the idea that their work was important and meaningful, and helped the executives to feel proud of their role and excited to strategize. I’ve witnessed plenty of for-profit companies using similar tactics as well, such as healthcare companies sharing stories of heroic hospital workers or patients who received care within their facilities. These appeals can increase employee productivity, and in many cases probably firm loyalty as well. In recent decades, there’s been an increasing focus on “corporate social responsibility” (CSR). Firms are increasingly expected to use some of their profits to help improve society around them, and are simultaneously expected to reduce their negative impacts on the environment as much as possible. Certifications have popped up in the past several decades to help consumers find particularly responsible companies, including the “B Corp” designation. This “corporate responsibility” is another important aspect for firms to consider that can be hard to quantify, but can absolutely affect the bottom line. Some for-profit firms are even founded with an explicit mission to make the world a better place in some measurable way — like Patagonia, which aims to have a positive environmental impact (“Protect our home planet” being one of the core values listed on their website). In some countries there are even novel legal corporate forms, for example since 2005 “Community Interest Companies” (CICs) in the UK, or “gemeinnutzliche” (literally “publically beneficial”) limited companies ( gGmbH) since 2013 in Germany. Beyond the firm’s perspective, workers themselves are often increasingly searching for jobs that can give them a sense of purpose, or a “warm glow” from the course of their regular job. Deloitte’s “2025 Gen Z and Millennial Survey” found that “Roughly nine in 10 Gen Zs (89%) and millennials (92%) consider a sense of purpose to be important to their job satisfaction”. When searching for a new job, many potential employees nowadays need a bit more motivation than just earning a salary. This conflicts with the general premise of a cold, hard, economic look at an industry — firms dedicated only to optimizing profits, and employees dedicated only to optimizing their output and thus paychecks — though it doesn’t necessarily disprove it. It’s clear to see how firms could enjoy a boost from a good reputation garnered through CSR initiatives, for one. And, applying an economics perspective, a student might consider how utility-maximizing workers might flock to companies with a strong “warm glow”-giving purpose, because that sense of purpose may increase their personal utility more than a few extra thousand dollars of salary would. Whether or not your internship is within the finance industry or in another sector, the experience is highly likely to teach you valuable things about the real world that you can take into your studies, and consider again through an economic lens. After all, economics is an amazing field with plenty of theory about the economy and how it works — but it can help to get some real, on-the-ground experience too. If you’re considering an internship, be sure to check out INOMICS’ internship listings; we wish you the best of luck in your search. 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Towards the end of my undergraduate degree, I had the chance to work with upper-level managers on a strategy retreat as part of a summer finance internship. The internship was at TIAA-CREF (now known as just TIAA), and the retreat intended to help the firm strategize about the direction they should take in several aspects of the company. As a Bachelor’s student specializing in consulting, it was my responsibility to help them make use of a management consulting framework and mindset while doing it. This experience was my first foray into the finance industry. As I’ve progressed in my own studies, it’s given me plenty to reflect on as I’ve encountered various economic theories of the firm. Read on for the top three things I learned about economics from my finance internship!
UK Prime Minister appoints Minouche Shafik as Chief Economic Advisor and Darren Jones as Chief Secretary
The Prime Minister has announced significant appointments within Downing Street. On 1 September 2025, Darren Jones MP was appointed as the new Chief Secretary (Minister of State) to the Prime Minister. This newly created role involves working collaboratively across the UK Government to ensure the successful implementation of critical policies and priorities directly under the Prime Minister's direction. Additionally, Baroness Shafik has been appointed as the Chief Economic Advisor, a position aimed at enhancing the government's economic strategy. Baroness Shafik is a well-established economist, and brings a wealth of experience from her previous roles, including in the UK’s Department for International Development and at the IMF. She also served as Deputy Governor of the Bank of England, as well as academic roles at Columbia University in New York, and at LSE in London. Her expertise will play a vital role in driving economic growth and improving living standards throughout the UK. Both appointments coincide with the return of Parliament, indicating a new term focused on the pursuit of the government’s "Plan for Change". The Prime Minister emphasized that these appointments are designed to bolster the government's efforts in delivering on their objectives and addressing the pressing needs of citizens. In the announcement the UK government describes the appointments as representing a proactive approach from the government to support UK citizens in a rapidly evolving economic landscape. Image Credits: gov.uk
In a strategic move to enhance the UK government leadership team, the Prime Minister has appointed Darren Jones MP as Chief Secretary and Baroness Minouche Shafik as Chief Economic Advisor, aiming to drive economic growth and address key policy areas.
MOE START Scheme (Early Career Awards) - Business, Communication and Design
At the heart of SIT’s mission is to nurture industry-ready graduates equipped with deep technical expertise and transferable skills to tackle tomorrow’s challenges. SIT collaborates with industry in our education, while benefitting them with our talent supply and collaborative research achievements. The University’s unique applied learning pedagogy integrates work and study, embedding authentic learning experiences within real-world environments. Through strategic partnerships forged by our faculty with industry, learners bridge theoretical knowledge with practical application in and out of the classroom. Such active & authentic learning opportunities ensures graduates step into their careers with applicable skills and competence. In research, SIT faculty aims to bridge knowledge creation and utilisation. Our faculty collaborates closely with industry on translational research and innovation with focus on addressing pertinent industry challenges to impact businesses. The Singapore Teaching and Academic Research Talent (START) Scheme is co-funded by the Ministry of Education (MOE) and SIT to encourage and support outstanding young Singaporeans interested in pursuing an academic career at SIT. The Early Career Awards (ECA) are designed to support Singaporeans who have recently completed their postdoctoral training and prepare them for an academic career at SIT. This award aims to enhance the teaching capabilities of the recipient and help build a strong research portfolio. Eligibility and Selection Criteria Singapore Citizen Recently completed postdoctoral training Excellent academic record plus a high degree of proficiency and motivation for a research area that is strongly aligned with SIT’s supported areas Strong passion for teaching, research and an academic career Benefits Awardees may receive research grants to help build a competitive research portfolio. Upon completion of the award, awardees will be considered for Assistant Professorship. Awardees will also be assigned a faculty mentor for the duration of the scheme. Application Process Applications are open throughout the year. Applications received before 15 January 2026 will be considered for intake 2026. Interview by the respective clusters for shortlisted applicants will be conducted throughout the year. Final Interview by Panel for shortlisted applicants will take place from March to April 2026. Awards for intake 2026 will be finalised by July 2026. Supported Areas for START Business, Communication and Design Financial and Sustainability Accounting: The measurement, reporting, and analysis of an organisation's financial performance alongside its environmental, social, and governance (ESG) and carbon footprint. Integrating traditional financial accounting principles with sustainability considerations to provide stakeholders with a more comprehensive view of a company's long-term value creation. Meetings, Incentives, Conferences and Exhibitions (MICE): The planning, management, and execution of business events, corporate gatherings, and large-scale conferences. This field is a key segment of the tourism and hospitality industry, requiring expertise in event management, business tourism, marketing, logistics, and stakeholder engagement.
The Singapore Teaching and Academic Research Talent (START) Scheme is co-funded by the Ministry of Education (MOE) and SIT to encourage and support outstanding young Singaporeans interested in pursuing an academic career at SIT.
South Africa Appoints Economic Experts for G20 Report on Wealth Inequality
In a historic initiative, South Africa’s presidency of the Group of Twenty (G20) developed and developing nations has launched a comprehensive project to tackle global wealth inequality, with a report set to be presented to G20 Leaders. President Cyril Ramaphosa announced the formation of an Extraordinary Committee comprising six renowned economic experts, including Nobel Laureate Professor Joseph E. Stiglitz. The committee's formation comes amid growing concerns about the alarming increase in global wealth disparity, particularly worsened by shocks to international trade, financing, and the COVID-19 pandemic. Stiglitz pointed out that the wealthiest 1% have accrued wealth exceeding $33.9 trillion, a sum sufficient enough to eliminate global poverty 22 times over, highlighting the urgent need for actionable solutions. During the announcement, Ramaphosa emphasized the detrimental impacts of extreme inequality, which undermines social cohesion and economic progress. He noted that the current trajectory of wealth accumulation by a small elite poses systemic risks to the global economic and social order. The panel, which includes economists from Brazil, Uganda, India, and South Africa, aims to assess the current state of wealth and income inequality and provide policymakers with effective solutions. The urgency of their work is underscored by their commitment to presenting evidence-based policy proposals capable of addressing the challenges posed by escalating inequality. The six independent experts are: - Professor Joseph Stiglitz (USA): Nobel Laureate in Economics; university professor at Columbia University and chief economist of the Roosevelt Institute. - Dr Adriana E. Abdenur (Brazil): Brazilian social scientist, former Special Advisor in International Affairs in the office of President Lula of Brazil; co-founder of the Brazilian think tank, Plataforma CIPÓ, and current co-President of the Global Fund for a New Economy (GFNE). - Ms Winnie Byanyima (Uganda): Executive Director of UNAIDS and an Under-Secretary General of the United Nations; Convenor of the Global Council on Inequality, AIDS and Pandemics, and co-founder and co-chair of the People’s Medicines Alliance. - Professor Jayati Ghosh (India): Professor at the University of Massachusetts at Amherst, and Co-Chair: International Commission for the Reform of International Corporate Taxation. - Professor Imraan Valodia (South Africa): Professor of Economics; Pro Vice-Chancellor: Climate, Sustainability and Inequality, and Director of the Southern Centre for Inequality Studies, University of the Witwatersrand. - Dr Wanga Zembe-Mkabile (South Africa): Senior Specialist Scientist in the Health Systems Research Unit of the South African Medical Research Council, and an Extraordinary Professor at the UWC School of Public Health. As global leaders prepare for the G20 summit, the South African government hopes that the focus on inequality, historically sidelined, will take center stage, thanks to its initiative in launching the taskforce and its advocacy for a more equitable global economic framework. Multiple sessions and meetings are planned at various levels between September and November under South Africa's presidency, with the leaders' summit taking place on 22 and 23 November 2025. Image Credits: sanews.gov.za / g20.org
South Africa has appointed a panel of distinguished economists to address the pressing issue of global wealth inequality as part of its G20 Presidency. The initiative aims to provide comprehensive solutions to counteract the widening wealth gap exacerbated by recent economic shocks.
Hawaii Appoints Seth Colby as Chief State Economist
HONOLULU - The Department of Business, Economic Development and Tourism (DBEDT) of Hawaii announced the appointment of political economist Seth Colby as the new Chief State Economist. Colby will head the Research and Economic Analysis Division (READ), which is responsible for collecting and analyzing data related to Hawaii’s economy, covering crucial areas like tourism, labor, energy, and demographics. Colby joins DBEDT after serving as the tax research and planning officer for the Hawaii Department of Taxation, where he managed research on the state’s revenue system and macroeconomic forecasting. DBEDT Director James Kunane Tokioka expressed excitement over Colby's appointment, emphasizing the importance of comprehensive economic analyses in promoting a competitive and productive Hawaii economy. In his new role, Colby aims to lead the READ team to produce critical analytical products that will empower both public and private decision-making processes. Originally from California, Colby moved to Hawaii in 2016. He is fluent in both Portuguese and Spanish. In a recent interview with the Aloha Daily Newspaper, he revealed that it was as a result of his undergraduate degree in Biological Sciences and subsequent time in Africa in the US Peace Corps that he realised that "good intentions are not enough to bring billions of people out of poverty", and set him on his path towards development economics and political economy. While in Africa, he was confronted with the question of how it could be that people in developing countries could be working "just as hard, if not harder" than people he knew from the US, but were "five to eight times poorer". He was inspired to gain a Masters and later a PhD in Political Economy from John Hopkins University, and gained experience in economic and social development across Latin America, the Caribbean, and Africa with organizations such as the Inter-American Development Bank and the World Bank. Colby is the fourth person to hold the title of Chief State Economist, succeeding Dr. Eugene Tian, who retired after serving 15 years in the position. Image Credits: dbedt.hawaii.gov
Seth Colby, Ph.D., has been appointed as Hawaii's Chief State Economist by the Department of Business, Economic Development and Tourism (DBEDT). He will oversee data analysis on essential aspects of Hawaii's economy.
Master in Development Economics and International Co-operation (MESCI) is a one year international Masters programme (60 credits) in development economics and public policy at the School of Economics of the University of Rome Tor Vergata. The programme, which is taught in English, provides a solid grounding in the most recent economic theories in micro and macroeconomics, as well as in econometrics and statistics. This intensive Masters aims to equip students with an in-depth understanding of economic development issues, as well as with analytical skills and methods for applied research on poverty, inequality, growth, labour, credit, gender, education, corruption, environmental and trade issues. MESCI is targeted to students and professionals pursuing, or intending to embark on careers in international organisations, public and private companies engaged in international activities and non-governmental organisations. Since its inception, this programme has enjoyed international recognition and attracts students worldwide. Students from more than 96 countries have already taken part in the programme.
The MESCI programme is curated by the professors from the School of Economics at the University of Rome “Tor Vergata” and is supported by other guest lecturers of Italian and foreign universities. In order to strengthen practical knowledge and skills, the curriculum is further extended by guest practitioners, researchers, experts from institutions, departments and organizations operating in the field of development economics and international cooperation.
Trump Moves to Remove Federal Reserve Governor Lisa Cook
In a contentious move, Trump has begun the process of removing Federal Reserve Governor Lisa Cook. The news broke as Trump published the termination letter to Cook on his social media platform, Truth Social. However, whether the move is legal or not is unclear. In US law, Fed governors can only be removed for some kind of wrongdoing, or "cause". Cook has not been charged with any crime, although has recently had to defend her actions related to mortgages she has taken out on two properties, after accusations from William Pulte, the Trump-appointed director of the Federal Housing Finance Agency (FHFA). The move has raised eyebrows among economists and politicians alike, spurring debates about the politicization of what has traditionally been viewed as a non-partisan institution. As Trump pushes forward with his agenda—aimed at reshaping governmental bodies to reflect his fiscal philosophies—his engagement in Federal Reserve operations indicates a desire to steer economic policy in a direction he deems more favorable. The implications of Cook's potential removal could be far-reaching, altering the dynamics of the Fed's decision-making and its response to ongoing economic challenges. The Trump administration's history with the Federal Reserve has often been characterized by tension and critique, particularly regarding interest rate hikes and inflation management strategies. Analysts are concerned that such political maneuvers might undermine the Federal Reserve's autonomy, which is essential for effective economic governance. As this story develops, it will be closely monitored by financial markets and political observers alike, with a potential impact on U.S. monetary policy going forward. Appointed during the Biden administration, Cook’s tenure has seen her engage in pivotal discussions regarding interest rates, inflation, and economic policy. Trump's motives appear tied to dissatisfaction with the Fed's current monetary policies, particularly its response to rising inflation rates. Critics argue that her removal could destabilize the Federal Reserve at a time when consistent leadership is crucial for maintaining economic stability. Cook is the first Black woman to serve on the Fed Board and has been a proponent of addressing social and economic inequalities through monetary policy. After completing her first BA at Spelman College, Cook was a Marshal Scholar at Oxford University, where she gained a BA in PPE (Politics, Philosophy and Economics). She moved to Senegal to gain a Master's Degree in Philosophy from Cheikh Anta Diop University. During a field trip in which she climbed Mount Kilimanjaro with an economist, she was inspired to shift from Philosophy to Economics, and gained her PhD from Berkeley in 1997. She has worked as an academic at Harvard, Stanford and Michigan State, and was appointed as a member of the Federal Reserve Board in 2022.
President Donald Trump has initiated steps to remove Federal Reserve Governor Lisa Cook, marking a significant political maneuver as he aims to reshape the Fed's direction. Cook's potential removal surfaces amidst broader controversies surrounding monetary policy amid inflationary pressures.
Commonwealth Bank Appoints Belinda Allen as Head of Australian Economics
In her new role, Allen will focus on creating the Bank's Australian economic forecasts and analysis regarding the Reserve Bank of Australia's cash rate. Currently serving as a Senior Economist within CBA's Global Economic and Markets Research (GEMR) team, she has been with the bank since 2017 and has built a reputation for providing valuable insights on the Australian economy and financial markets. Luke Yeaman, Chief Economist at CBA, stated: Belinda has established herself as a trusted and authoritative voice on the Australian economy over a long period. Her deep expertise will be instrumental as we continue to lead the national conversation on key economic issues. In her own words, Allen expressed her enthusiasm for the role, noting: "It's an honour to take on the role of Head of Australian Economics at CBA. I'm excited to lead our talented team in delivering timely, actionable insights." The appointment is part of a broader restructuring within CBA’s GEMR, which now features four teams. New leadership roles have also been created, with Vivek Dhar heading Commodities and Sustainable Economics, and Adam Donaldson appointed as Head of Market Strategy and Rates Research, further strengthening CBA's research capabilities as they navigate complex economic trends. CBA's reorganization aims to enhance its dedication to providing insightful analysis that can guide customers through an evolving economic landscape, reflecting the increasing complexity of global financial dynamics. Belinda Allen has a wealth of experience as a financial markets economist. She joined the Commonwealth Bank in 2017; prior to joining the CBA, Allen spent over 10 years at Colonial First State Global Asset Management, working as a Senior Analyst in the Economic and Market Research team. Allen holds a Bachelor of Economics and Bachelor of Applied Finance from Macquarie University and has been awarded the CFA designation. Allen is also a Committee Member on the NSW Women in Economics Network. Image Credits: miragenews.com
The Commonwealth Bank of Australia (CBA) has officially appointed Belinda Allen as the new Head of Australian Economics. She brings extensive expertise and insights into the economic landscape, enhancing CBA's economic research capabilities.
Having recently completed my PhD, in this piece I share everything I learned about doing a doctorate, drawn from my own experience. I like to call it the bad kind of advice. You will not find it in official PhD manuals, and your supervisors probably will not spell it out for you either. But you will hear it from those who have cooked in this kitchen: former PhD students like me, who came out the other side with the degree in hand. Marry your research topic A PhD is the kind of commitment you make in a long-term relationship. Over four years (or more), you will likely stay within the same field, so choose wisely. Think of it as keeping the spark alive: you will go to conferences where people mostly discuss your topic, read endless papers about it, and produce your own knowledge within it. All of this, day after day (weekends off are not guaranteed). Of course, you will have some flexibility to branch out within your field, but the core focus tends to remain the same, so genuine curiosity and passion for your topic help immensely. When I began my PhD journey, I felt pretty solid in my choice. I had already written my Master’s thesis on the same topic and worked as a research assistant during my undergrad years on a related project. That early start helped me familiarise myself with the field, the key literature, and the main gaps. Because the topic felt so familiar, I was genuinely excited to keep reading those papers. That kept me going without ever feeling bored. Grow comfortable with asking questions Your first big question will be your research question. But rest assured, many more follow: technical questions like how to cluster standard errors for a tricky model; practical ones like how to book accommodation for a conference using graduate school funds. Later on, you’ll face a bigger one: I am nearly done — what do I do next, and how exactly? I was never shy about asking questions when I felt uncertain, and it helped me learn how things work fast. That efficiency will serve you well in the long run. Ask your supervisors, your grad school support team, your fellow PhDs, and alumni from your faculty. Ask people whose paths you admire about their experience during and after the doctorate (trust me, they’ll be glad to share). A well-asked question can be worth a lot, because so is the answer. Accept a marginal contribution Being ambitious is very important in a PhD, and so is staying true to reality. Many PhD candidates draw pride and drive from aiming for something meaningful: a strong publication or a spot at a top conference. But stay clear-eyed: your core goal is to learn deeply about your topic, develop your toolkit, and finish that manuscript. I found it freeing to accept that my thesis would probably make a marginal contribution (I know, we all massage that phrase in our papers to sound more impressive). There is no shame in not revolutionising your field just now. What matters is that you become a professional, know your domain well, and claim your spot in the community. Strive for technical correctness Your thesis must be technically correct and, if possible, innovative. There is a lot of talk about pushing PhD candidates to the cutting edge of new ideas. And yes, research should be about creativity and discovery. But here is the reality: you are expected to finish a manuscript in four years. After that, funding ends, and so might your contract or visa. This is a daring situation. The risks of betting everything on a high-wire, groundbreaking idea can be huge, with no guarantee of payoff. Nobody wants you stuck mid-air. Your graduate school funds you for a reason: to produce a finished thesis. You want a decent job market paper and a few side projects, all done before your funding runs dry. Keep in mind that your thesis must be methodologically sound, well-written and should explore something that is still under-explored. If it meets those criteria, send it off. Meet people and make connections Remember: after four years, you will need a job. Do not expect the job market to roll out a red carpet for you just because you have “Doctor” title in front of your name. It helps to prepare early. If networking is not your strength, treat it as a skill you can practice. Talk to people at conferences, workshops, and seminars. Ask what they do, share what you do, and show up as a professional-in-the-making (preferably in the field you ‘married’). This builds a clear image of you that the people you meet will remember. With good connections, you can reach out later for advice, collaborations, or references. Do not underestimate this channel: it can open unexpected doors, especially if you are unsure what comes next after the PhD. Take on a side hustle (but only if you can handle it) This one might raise eyebrows, but hear me out. A PhD demands a deep, long focus on one big thing. But sometimes it helps to do something else, too. In economics, it can be quite straightforward: a side gig might be contributing to policy reports or applied research that draws on your academic base but focuses on time-sensitive questions policymakers need answers to now. (On this topic, check out my other INOMICS blog on the difference between an academic and policy economist). During my PhD, I contributed to several policy papers through my earlier connections. It kept my other skills sharp and helped position me for my post-PhD plans. This was to signal: look, I did not just write a thesis; I co-authored reports and stayed connected to the field I wanted to enter next. But be mindful: this can backfire. If you overstretch yourself, your main project may suffer, and you risk delays. Only do it if you know you can manage the load. The best PhD is a done PhD This one kept me sane in the final stretch. I knew how much I could realistically do within the timeframe, and I wanted to finish strong without stalling my post-PhD plans. Research is always some kind of ‘work in progress’. There is always more to find, and more to refine, and that is the beauty of this business. But a PhD has an endpoint. One day, you must put that final dot on the page, also known as ‘submit’. Your supervisors will guide you here: when your projects feel 90% complete, ask them what it takes to wrap them up. Use that moment to turn years of hard work into a finished product and let yourself move on. Good luck — and may my bad advice serve you well. Hanna Sakhno is a policy economist with a PhD from the University of Groningen in the Netherlands. Originally from Ukraine, Hanna has also worked at the European Central Bank and at a leading economic think tank in Kyiv, where she contributed to labour market and education policy reforms. Image Credit: Yaroslav Shuraev from Pexels, via Canva
You are about to start your journey as a PhD student this fall. Congratulations! It must feel like you now have all the time in the world to turn that research proposal you submitted with your application into reality. So, how do you make the most of that experience?
BlackRock's Larry Fink Named Interim Co-Chairman of World Economic Forum
Fink's appointment is seen as a strategic move, given BlackRock's significant influence in the financial sector and Fink's understanding of the interplay between economics, politics, and environmental sustainability. Fink has long been an advocate for corporate responsibility and sustainable finance, aligning closely with the WEF's mission to improve the state of the world through public-private cooperation. His leadership is expected to guide the WEF through upcoming discussions that will focus on crucial challenges such as climate change, inequality, and the future of work. The World Economic Forum, a not-for-profit non-governmental organization and think tank known for its annual meetings in Switzerland, has always been at the forefront of fostering dialogue among global leaders. Fink's interim appointment is anticipated to enhance those discussions. As the world navigates through recovery from the pandemic and economic uncertainties, Fink's insights will be invaluable in shaping the responses of businesses and governments alike. This announcement comes as the WEF looks to bolster its leadership amid shifting global economic dynamics and amid a recent announcement that an internal investigation has cleared WEF founder Klaus Schwab of allegations made by anonymous whistleblowers involving expense irregularities. Schwab stepped down from the WEF in April of this year. Stakeholders in the global economy remain optimistic about the diverse perspectives that Fink will bring to the WEF, especially in advocating for sustainable business practices and investment strategies that prioritize long-term growth and resilience. This appointment marks a significant moment for both Fink and the WEF, indicating a continuation of their commitment to tackling pressing issues while adapting to a rapidly changing global landscape. Image Credits: msn.com
Larry Fink, chairman and CEO of BlackRock, has been appointed as the interim co-chairman of the World Economic Forum (WEF), signaling a strategic shift in the organization’s leadership, as MSN reports.
CEPA plays a crucial role in providing guidance to the United Nations on how best to develop and implement effective governance frameworks that can foster good governance around the world. As such, Nilsson's extensive background in public administration is set to bring valuable insights to CEPA’s functions. Nilsson's dedication and experience illustrate a commitment to enhancing public administration on a global scale; with many years of experience in various governmental roles, he is well-versed in the challenges and opportunities that exist within public service sectors. His appointment has been welcomed by colleagues and experts who recognize the critical nature of governance in achieving the United Nations Sustainable Development Goals (SDGs). As CEPA addresses pivotal issues such as transparency, inclusion, and efficiency in public services, Nilsson's expertise is expected to enhance deliberations and contribute to improved policies. “He brings a wealth of knowledge and experience that will help shape responses to contemporary governance challenges globally,” commented a representative from the UN. As the world faces unprecedented challenges, including the ongoing aftermath of the COVID-19 pandemic, Nilsson's role in CEPA will be instrumental in guiding member states to adopt best practices in governance to ensure that public institutions work effectively for all citizens. For more information about CEPA and its initiatives, visit the United Nations' official page. Måns Nilsson serves as the Executive Director of the Stockholm Environment Institute (SEI). His responsibilities include directing, organizing and delegating all work at SEI and its seven centers worldwide. He is a scholar of policy science with more than 60 published papers whose interests include policy coherence, integrated decision making, energy and industry transitions, and development policy. Nilsson has been an advisor to the UN, the OECD, the European Commission, and the Government of Sweden in recent years. He is a member of the Royal Swedish Academy of Agriculture and Forestry (KSLA). He received his MSc from University of Lund and his PhD from Delft University of Technology. Image Credits: sei.org
Måns Nilsson, current Executive Director of the Stockholm Environment Institute, has been appointed to the United Nations Committee of Experts on Public Administration (CEPA) reports the SEI, bringing his extensive experience in public administration and governance to the important role.
Agricultural and Environmental Economics (JEL Q)