The Best Christmas Gift Ideas for an Economist
If you have an economist in your life, but are struggling to come up with economics gift ideas, fear not. We're here with some fun ideas to help you find the best Christmas gifts for economists. INOMICS is a member of the Amazon Associates affiliate program and the Apple affiliate program. This article contains affiliate links from them and other partners, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post. 1. Buy an Economics Bestseller: Empathy Economics or Disorder There is a rich history of books published about economics and by economists. Two economics bestsellers that you might consider are Empathy Economics and Disorder: Hard Times in the 21st Century. The first is a biography of Janet Yellen, the first female secretary of the US Treasury and the first female chair of the US Federal Reserve. In the second book, political economist Helen Thompson examines how energy economics and historic politics come together to affect the challenges facing western democracies today. 2. Arbitrage or The Informant! on DVD Two Hollywood films with economics themes, these are fun movies for specialists and everyone else too. Arbitrage stars Richard Gere as a hedge-fund magnate who has been cooking the books, who must go to extraordinary lengths to protect his secret after a chance accident. The Informant! stars Matt Damon as a corporate whistle-blower who reports his employer to the FBI for price fixing. Based on a true story, it's a funny and snappy movie about the ethics of big businesses. 3. A digital download of Too Big To Fail This documentary covers the financial crisis of 2008, based on the book Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves. Exploring the crisis from the point of view of the inside players as they try to prevent a global economic meltdown, this informative film will be of interest to everyone involved in finance. Frankly, it is reassuring to remind ourselves that not every person working in finance and big business is a greedy, self-interested maniac... 4. A Marx Mug or other humourous left-wing T-Shirt, Mug or Bag It's a statement, for sure, and it looks cool. Rock up to your next seminar on market economics with this Karl Marx mug. After all, you have nothing to lose but your value chains! Or why not go for a jokey Trickle Down Economics T-Shirt. 5. Board Games Board games have experienced an increase in popularity in the past few years, and can make for great economics presents. Many innovative games include economic themes and have strategy elements that economists will enjoy sinking their teeth into. Some great options include: Agricola – build and manage your farm’s resources better than everyone else Viticulture – grow your winery more efficiently than others Settlers of Catan – build your island economy faster than everyone else. Also check out our blog post on the economics of Catan. Camel Up – progressively bet on the outcomes of a statistically zany horse race (but with camels!) Wingspan – manage your resources wisely to attract exotic birds to your habitats, earning you more points than your competitors (and awakening your inner ornithologist!) …and even A Game of Thrones: the Board Game – balance capturing territory with maintaining supplies while managing politics to strive towards victory. 6. The Economist Desk Diary A classy, leather-bound desk diary for the new year, perfect for keeping track of all your important appointments and deadlines. Includes an information and map section of economic, statistical and political facts and street plans for a variety of world cities. Particularly good for busybodies, it is the ideal gift for keeping hectic and on-the-go lives in order. 7. Economists do it with Models T-Shirt Economists who were working in or studying economics from around 2010 may remember the hype around Jodi Begg's YouTube channel, at the time groundbreaking in that she shared her classes online and had a great name for her channel. Been there, seen that? Now you can get the T-Shirt. 8. Can You Outsmart an Economist? - Puzzle Book Do you know an economist who can't resist a challenge (i.e. probably any economist)? Then give them this econ-flavored puzzle book. 9. Get them a novel with economic themes Reading a novel – for fun! – is an enjoyable hobby for many people, economists included. In fact, it can be downright bliss for a hard-working economist to set aside their graphs, theorems, and economic histories to enjoy some inspired fiction. Consider the following books for the economist in your life who likes to read: The Grapes of Wrath by John Steinbeck: A classic novel for good reason, this book explores the economics of poverty and immigration in the United States during the Great Depression – very relevant topics for an economist. Red Plenty by Francis Spufford: a semi-fiction novel that contains a heavy amount of economic theory, perfect for the economist in your life. It details the rise and fall of the Soviet economy, despite all the best efforts of brilliant minds to create a successful planned economy that would rival the capitalists. Brave New World by Aldous Huxley: a novel detailing a future “utopia”, where humans are made in factories, the World State government is obsessed with inducing consumerism for unlimited economic growth, and society has eliminated art, religion, and other elements of culture. This classic novel explores many economic themes and shows how a utopia can be anything but. Bleak House by Charles Dickens: Although not as well-known as Dickens’ other works, Bleak House is sometimes regarded as his best. It follows the story of a family in Victorian England who await the payout from a lawsuit that is supposed to grant them a fortune, but that has become delayed and stymied in the legal system. It also features one of the earliest protagonists working as a detective, which may have fueled the rise of famous works like Sherlock Holmes. The Witcher: The Last Wish by Andrzej Sapkowski: a fantasy novel that follows the life of Geralt of Rivia, a monster hunter for hire. One of Geralt’s main worries is finding enough work to feed himself, as he notes that his profession is designed to put itself out of business forever. A great novel with many sequels for an economist who enjoys fantasy settings, complex characters, and economic themes. As an added fun fact, Andrzej Sapkowski – who originally wrote as a hobby – is actually a trained economist who studied at the University of Łódź. But he is much more well-known as the author of The Witcher novel series, which has spawned massively successful video games and a Netflix series. In fact, he’s not the only economist with a penchant for another hobby… 10. Support their hobby Many famous economists have had interesting hobbies aside from their careers. For example, 2023 Nobel Prize in Economics winner Claudia Goldin and her husband, economist Lawrence Katz, are said to enjoy bird watching together; John Maynard Keynes was known to collect paintings and became a patron of the arts after earning his fortune; and US Federal Reserve Chairman Janet Yellen learned to cook Indian cuisine after the pandemic closed many restaurants. If you’re familiar with your economists’ interests, there will be ample opportunities to support them. 11. Cash According to behavioral economists themselves, the very best gift per dollar spent you could give an economist is cold, hard cash. Giving cash guarantees that the recipient can get exactly the high quality gift that they want, thus eliminating the deadweight loss of Christmas presents. It might not really keep with the spirit of the season, but it is the subject of much debate in economics. You'll just have to argue this one out with your economist friends! 12. The Economics Book Tired of your family and friends not understanding what you do? This handy guide serves as an accessible introduction to the field of economics, covering topics ranging from property, to trade, to game theory. The perfect gift to spark conversations with relatives over Christmas time, and forever after! Best of luck with your gift buying, and from all of us at INOMICS happy holidays! Image Credit: Pixabay (free for use under the pixabay content license)
The holiday season is coming and Christmas is just around the corner. If you want to avoid buying presents for the holidays in a panic, you had better get to planning the gifts you'll be giving.
Nikhil Agarwal (MIT) Wins Infosys Prize 2025 for Groundbreaking Work in Market Design
Nikhil Agarwal's pioneering contributions to market design have set new standards in empirical studies for allocation mechanisms, affecting critical areas such as school choice, medical residency, and kidney exchanges, and make him a worthy winner of the 2025 Infosys Prize in Economics. The selection of Agarwal comes as part of the ISF's initiative to promote early-career researchers by honoring individuals under 40 years of age. This shift, introduced in 2024, underscores the foundation's commitment to recognizing and nurturing talent that shapes the future of scholarship and innovation. Agarwal's research addresses complex "matching problems," scenarios where traditional market principles fall short. His work elucidates how individuals seeking vital resources—like patients in need of kidney transplants or students aiming for college admission—can be systematically matched through innovative market design techniques. By anchoring his theories in empirical data, Agarwal provides profound insights that have the potential to influence policy design and enhance societal welfare. The Infosys Prize is renowned for being one of the most significant awards in India, which not only honors excellence but also fosters a scientific culture that drives innovation across multiple disciplines. Each laureate receives a gold medal, a citation, and a prize purse of USD 100,000, along with international recognition, often leading to further prestigious awards. K. Dinesh, President of the Board of Trustees, ISF, expressed his congratulations to the winners, highlighting their work as an essential bridge between research, science, and societal advancement: "I extend my heartfelt congratulations to the winners of the Infosys Prize 2025, whose achievements reflect the vital connection between research, science, and society, inspiring the next generation of innovators. The Infosys Prize continues to embody our belief that research and science are cornerstones of human progress. It reflects the Foundation’s enduring commitment to nurturing a culture that drives innovation and broadens understanding across disciplines." The five other winners were Sushant Sachdeva (University of Toronto) in the field of Engineering and Computer Science, Andrew Ollett (University of Chicago) in Humanities and Social Science, Anjana Badrinarayanan (NCBS, Bangalore) in Life Sciences, Sabyasachi Mukherjee (Tata Institute, Mumbai) in Mathematical Sciences and Karthish Manthiram (Caltech) in Physical Sciences. As the economics landscape continues to evolve, Agarwal's contributions in the field of market design promise not only to enrich the field of economics, but also to improve the efficacy and fairness of essential public services—a testament to the transformative potential of economic research. You can read more about the justification for the award of the 2025 Infosys Prize to Nikhal Agarwal on the Infosys Laureate Page You can read more about Nikhal Agarwal on his MIT Profile page Credits: infosysprize.org
Recognising innovation in the field of economics, the Infosys Science Foundation (ISF) has awarded the prestigious Infosys Prize 2025 in Economics to Nikhil Agarwal, the Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology.
Public Economics & Economic Policy (JEL H)
Macroeconomics and Monetary Economics (JEL E)
Nobel Laureates Duflo and Banerjee Set to Join University of Zurich
In an exciting development for the academic community, acclaimed economists Esther Duflo and Abhijit Banerjee will be joining the University of Zurich (UZH) in July 2026. The duo, who were awarded the Nobel Prize in Economics in 2019 for their innovative approach to alleviating global poverty, will work within the Faculty of Business, Economics and Informatics. With the financial backing of the Lemann Foundation, Duflo and Banerjee will co-establish the Lemann Center for Development, Education, and Public Policy. This center will focus on fostering policy-relevant research and improving education and health policies, particularly in Brazil where the Lemann Foundation is based. Esther Duflo, currently the Abdul Latif Jameel Professor at MIT, and Abhijit Banerjee, Ford Foundation International Professor of Economics at MIT, are both renowned for their dedication to interdisciplinary research that combines academic insight with significant social impact. UZH President Michael Schaepman expressed his enthusiasm regarding their arrival, recognizing the contribution these economists would make to the university's international profile. The establishment of the Lemann Center, along with two endowed professorships funded by a generous CHF 26 million donation from the Lemann Foundation (approx. 33 million USD as of November 2025), will enhance UZH's commitment to research and education in development economics. Duflo and Banerjee will also expand the existing ADEPT program and introduce new Master's courses, offering opportunities specifically for Brazilian students. Florian Scheuer, head of UZH's Department of Economics, noted that the integration of Duflo and Banerjee into their team represents a significant advancement for UZH, benefitting both faculty and students through their expertise in nurturing educational growth and research. The Center is the sixth such initiative from the Lemann Foundation, following similar partnerships with Harvard, Illinois, Stanford, Columbia and Oxford Universities. Denis Mizne, CEO of the Lemann Foundation, said in a press release on the Lemann Foundation website, “The Lemann Center in Zurich strengthens our global connection with major international universities such as Harvard, Illinois, Stanford, Oxford, and Columbia. This new knowledge hub with the University of Zurich will be a strategic space to generate research, foster debate, and develop solutions for the major challenges of Brazil and the world, always with a focus on children’s learning, reducing inequalities, and achieving large-scale impact.” The Lemann Foundation is a Brazilian non-profit founded and funded by Brazilian/Swiss billionaire and former tennis player Jorge Paulo Lemann, a co-founder of 3G Capital, which is the majority shareholder of multiple international consumer brands, including Heinz, Burger King and Anheuser-Busch. The foundation has the aim of advancing education and tackling social challenges in Brazil, primarily through education initiatives. Credits: Bryce Vickmark / news.uzh.ch
Economists Esther Duflo and Abhijit Banerjee, Nobel Prize winners in Economics, will join the University of Zurich in July 2026, establishing the Lemann Center for Development Economics.
Economic Development, Innovation and Growth (JEL O)
Call For Papers - Conference on Occupational Mismatch and Skill Shortage September 10-11, 2026, Naples, Italy
The conference, funded by the EU Horizon program, will be held in Naples, Italy, on September 10-11, 2026. KEYNOTE SPEAKER: Pierre Cahuc (Science Po), Program Director for the IZA Institute of Labor Economics program and CEPR research fellow. CONFERENCE DETAILS: The conference is a one-and-a-half-day event and will be held in person in Naples, Italy, on Thursday, September 10, and Friday, September 11, 2026. We will cover lunches for all conference participants on both conference days, as well as a dinner reception on Thursday. The conference program will include 10 papers (in addition to the keynote lecture) and a policy panel, featuring Samuel Bentolila (CEMFI), Sandra McNally (Surrey), and Konstantinos Pouliakas (CEDEFOP). TO SUBMIT A PAPER: E-mail the PDF of your paper to Stefania Maddaluno, trailsconference2026@gmail.com. The submission deadline is April 15, 2026. Authors of papers will be notified by May 10, 2026. SCIENTIFIC COMMITTEE: Samuel Bentolila (CEMFI), Alexia Delfino (Bocconi), Alessandra Fenizia (George Washington), Peter Fredriksson (Uppsala), Giulia Giupponi (Bocconi), Lena Hensvik (Uppsala), Thomas Le Barbanchon (Bocconi), Oskar Nordström Skans (Uppsala), Luigi Pistaferri (Stanford), Roland Rathelot (ENSAE, IP Paris & CREST), Alexandra Roulet (INSEAD), Raffaele Saggio (British Columbia), Julien Sauvagnat (Bocconi), Alessandra Voena (Stanford), Andrea Weber (CEU). ORGANIZING COMMITTEE: The conference is organized by the following researchers who contributed to the TRAILS project: Luca Coraggio, Lorenzo Incoronato, Monica Langella, Armando Miano, Marco Pagano, Georgios Panos, Marco Petterson Stenborg, Vincenzo Pezone, Ioannis Pragidis, Paul Redmond, and Annalisa Scognamiglio.
We invite interested authors to submit papers on occupational mismatch and skill shortages for the final conference of the TRAILS Project (www.trails-project.eu).
Graduate Programs in Economics and Business Data Science (MRes+PhD opportunity)
Small-scale programs Admissions are highly selective and competitive. A maximum of 25 students from all over the globe are annually admitted to each program. The small scale allows students to regularly call upon the professors and the Director of Graduate Studies for individual advice. Students become a closely knit group: despite the many hours of hard work they always find the time for leisure. Research Master in Business Data Science The two-year program (120 EC) is designed to prepare future PhD students in the business and econometrics departments (spanning disciplines such as business analytics, human resources, finance, marketing, entrepreneurship, and more), with a strong focus on data science. The first year focuses on building a solid data science foundation and introduces students to a variety of methodological approaches through coursework. Students are challenged at their own level, with the possibility to enroll in an advanced data science track. In the second year, students further specialize in their business discipline, choosing from the following tracks: 1) Management Science, 2) Operation Research Analytics, and 3) Quantitative Finance. Future The growth of big data and advanced analytical methods is reshaping business thinking. As a result, there's a rising need for highly skilled professionals capable of deriving insights to address complex business problems. The program helps students jumpstart their PhD trajectory by solid training in research methodologies and direct research experience through the thesis, electives, research internship, during seminars, research clinic, thesis work, interaction with faculty, and teaching experience (e.g., teaching assistantships). Graduates typically continue into PhD programs and pursue academic careers. However, some graduates also transition into research-oriented roles in the private sector or at regulatory institutions (e.g., European Central Bank). Research Master in Economics The two-year program (120 EC) is designed to prepare future PhD students in economics, econometrics and finance. In the first year, students receive rigorous training in the core subjects and tools of economics, econometrics and finance. In the second year, students specialize in their choice of the institute’s many fields of research through field course work and writing the research master’s thesis. The research master’s thesis marks the final component of the program. It typically becomes a student's first academic paper and a chapter in the PhD dissertation. Future The program helps students jumpstart their PhD trajectory by solid training in research methodologies and direct research experience through the thesis, electives, during seminars, thesis work, interaction with faculty, and teaching experience (e.g., teaching assistantships). Students who complete the master typically continue in a PhD position as the research master in Economics is the main entry point to fully paid PhD positions at the three faculties. Our PhD students work with the best researchers from the three faculties. Tinbergen Institute also provides tailored training to prepare PhD students for the academic job and boasts significant success in placing its students in the best economics departments worldwide. Elective Courses Tinbergen Institute's Research Master's Programs offer a broad range of courses, also open to PhD students and External Participants/Professionals. Browse our course catalogs to view full course lists and learn how to apply: Courses Research Master Business Data Science Courses Research Master in Economics Summer School Every year we organize courses in the summer period, learn more: Summer School - tinbergen.nl.
Tinbergen Institute Research Master's Programs in Economics and Business Data Science are two-year (120 EC) joint degree programs aiming to train future PhD students who will start their doctorate at one of the Schools in Business and Economics of the three partner universities: Erasmus University Rotterdam, the University of Amsterdam, and Vrije Universiteit Amsterdam. Both research master’s programs fit students with strong analytical and quantitative skills, providing rigorous training in preparation for a doctoral degree in business and econometrics departments. The programs are tailored for those who are seeking rigorous training in preparation for an academic career. Students who successfully complete the research master’s program are supported in finding PhD positions at one of the three partner universities.
Urban, Rural and Transportation Economics (JEL R)
Econometrics, Statistics and Quantitative Methods (JEL C)
Agricultural and Environmental Economics (JEL Q)
World’s Safest Banks 2025 Rankings Announced by Global Finance Magazine
November 5, 2025 - Global Finance has unveiled its latest rankings of the World’s Safest Banks, expanding the list to include the top 100 as the global banking sector confronts challenges arising from U.S. tariff policies and fierce competition. The revised rankings provide deeper insights into the banking sector's resilience amid ongoing economic volatility. Amid disruptions to global trade and supply chains caused by changing tariff policies, inflationary pressures and a slowdown in global growth have become prominent concerns. The World Trade Organization (WTO) has adjusted its forecast for global trade volume growth in 2025 to 2.4%, a rise from earlier predictions of 0.9% in August. However, the outlook for 2026 is less optimistic, with anticipated growth falling to 0.5%. Economic forecasts from the OECD indicate a slight decline in global GDP growth, from 3.3% in 2024 to 3.2% in 2025 and further down to 2.9% in 2026. The U.S. economy is projected to experience a drop from 2.8% to 1.8% growth in 2025, while growth in the Euro area is forecasted to decrease to 1.2%. In this environment, banks that have embraced technology and generative artificial intelligence (GenAI) to adapt their business models have emerged as leaders. Institutions such as the Saudi National Bank and Al Rajhi Bank have benefitted from upgrades in credit ratings, allowing them to join the top 100 list. Moody’s recent downgrades of banks in France and China reflect the ongoing impact of sovereign ratings on bank rankings, demonstrating the interconnected nature of fiscal challenges and banking stability. The rating is taken from the 500 largest banks that are rated by at least two of the three major ratings agencies (Fitch, S&P, Moodys): The top four worldwide are, in some way, all part-owned or affiliated with state institutions and all received top scores with all three agencies: KfW Bank (Germany) Zuercher Kantonalbank (Switzerland) BNG Bank (Netherlands) Landwirtschaftliche Rentenbank (Germany) All of the top ten are in based in Europe, with four in Germany, two each in the Netherlands and Switzerland, and one each in Norway and Sweden. The highest rank non-European bank is the Bank of Canada, in 11th spot, which was also rated as the safest commercial bank. Several banks from Singapore and South Korea appear in the top twenty, with banks from Australia, Taiwan, Luxembourg, UAE and France appearing in the top thirty. The highest rank US bank is Agribank, in 45th spot. Eight further US banks made the top 100. The only UK bank to be ranked in the top 100 was Nationwide Building Society, in 77th position. The full rankings will be available in the December issue of Global Finance Magazine, and are available online. Credits: gfmag.com
Global Finance Magazine has released its updated rankings of the world's safest banks, expanding the list from 50 to 100 in 2025 as the banking sector faces increasing volatility and economic challenges due to U.S. tariff policies and competition.
Penny Goldberg Wins 2025 Jean-Jacques Laffont Prize
On October 30, 2025, Pinelopi (Penny) Koujianou Goldberg, the William Nordhaus Professor of Economics and Global Affairs at Yale, was honored with the 2025 Jean-Jacques Laffont Prize by the Toulouse School of Economics (TSE). This annual award recognizes economists whose research aligns with the legacy of Jean-Jacques Laffont, emphasizing the integration of theory with empirical applications. Goldberg expressed her gratitude upon receiving the award, stating, "I am incredibly honored to receive such a prestigious award; I was certainly not expecting it. It means a lot to me as Jean-Jacques Laffont is someone whom I have always admired. His research exemplifies the qualities I aim for in my work, particularly in addressing pivotal questions with analytical rigor and combining theory with real-world evidence." To commemorate the award, Goldberg presented a lecture titled "Global Trade and Economic Development" on the award date, which was followed by an official awards ceremony held at Toulouse City Hall. This recognition not only celebrates Goldberg's significant contributions to the fields of economics but also highlights her role in addressing crucial policy-related issues in trade and development. Goldberg holds positions at both the Yale Department of Economics and the Jackson School of Global Affairs. From 2018 to 2020, she was the Chief Economist of the World Bank Group. Additional roles of note that she has held include President of the Econometric Society, Vice-President of the American Economic Association, and Editor-in-Chief of the American Economic Review. Read more about Prof. Goldberg's work and research interest on her Yale profile page or personal page. Credits: egc.yale.edu
Yale economist Pinelopi Koujianou Goldberg has been awarded the prestigious Jean-Jacques Laffont Prize for her contributions to trade and development research. The award was celebrated with a lecture and ceremony in Toulouse.
Claudia Goldin Appointed Samuel W. Morris University Professor at Harvard
The appointments were announced in the Harvard Gazette. Goldin is among four faculty members awarded the title, which was also granted within the fields of Medicine, Law, and Physical Sciences as well. Harvard President Alan M. Garber praised the newly appointed University Professors as "outstanding colleagues" embodying the university's commitment to academic excellence. He highlighted their contributions to both scholarly pursuits and the wider community. Goldin, currently the Henry Lee Professor of Economics and the Lee and Ezpeleta Professor of Arts and Sciences, is celebrated for her groundbreaking research in economic history, particularly regarding women's labor market outcomes, the gender earnings gap, and the challenges women face in balancing career and family. In 2023 she was awarded the Sveriges Riksbank Prize in Economic Sciences for her advancements in this critical area of study. In a recent statement, Goldin expressed her gratitude for the new role, stating, "I am deeply honored and thank President Garber for this unique opportunity." She plans to introduce a course focused on the interdisciplinary insights of economic history, furthering the mission of a University Professor. Goldin has a long-standing reputation; her notable works include “The Race between Education and Technology” and "Career and Family: Women’s Century-Long Journey Toward Equity," the latter translated into over a dozen languages. She is actively involved in various economic research initiatives and recognized by numerous academic societies. As Goldin steps into her new role, she aims to explore the dynamics of women’s rights and the evolving landscape of caregiving benefits in the U.S., contributing to a deeper understanding of societal change. Credits: Mark James Dunn / Harvard Gazette and Kris Snibbe / Harvard University and Stephanie Mitchell / Harvard University
Harvard University has honored economist Claudia Goldin with her appointment as Samuel W. Morris University Professor. The title of University Professor is one of the highest distinctions a faculty member can receive. This title, introduced in 1935, recognizes individuals whose work transcends multiple disciplines.
A Closer Look at the Research That Won the 2025 Economics Nobel Prize
As was recently announced by the Nobel committee, economists Joel Mokyr, Philippe Aghion, and Peter Howitt won the 2025 Nobel Prize in Economics for their contributions in uncovering how technology-driven growth occurs. In this article, we’ll dive deeper into the specific research that won these luminaries the Prize, and what it means for the field. The Nobel laureates’ research asked and began to answer a very important question: what’s the secret behind such unprecedented, sustained, and world-changing economic growth? Let’s find out! Joel Mokyr Economic historian Joel Mokyr described how continual economic growth has its foundations in knowledge as well as the ability to make use of that knowledge. Specifically, he defined two different types of knowledge — propositional knowledge (which reflects advancements in theory) and prescriptive knowledge (which includes practical formulas, recipes, or etc. for use in industry or everyday life), and stated that sustained economic growth results when entrepreneurs, inventors, and other businesspeople are able to make use of them to produce new goods and services. By Mokyr’s theory, for most of human history these two kinds of knowledge seldom interacted. Artisans and builders knew how to make things, but didn’t always understand why the fundamental properties of their crafts worked. Meanwhile, scientists and philosophers deepened our understanding of the natural world, but were seldom able to connect their discoveries to practical, everyday uses. But scientists during the Enlightenment began to emphasize the importance of controlled experiments and repetition in the scientific process, which helped to bring their discoveries closer to the everyday working world. Further, Mokyr noted that Britain had a strong system of apprenticeship and commerce at the time, which resulted in a large class of workers with the “mechanical competence” to make use of new knowledge. Learning why things worked, and showing how natural relationships could be exploited or repeated, enabled these profit-minded entrepreneurs to turn scientific insights into practical innovations that resulted in new products and industries. Shortly thereafter, the Industrial Revolution exploded onto the scene in Britain, and sustained economic growth began to take off around the world. Yet another of Mokyr’s key observations was that only having the advancement of so-called “useful knowledge” wasn’t enough for sustained economic growth. Society additionally needed to be receptive to new ideas and innovations, and allow them to flourish, even at the expense of existing industries — because innovations tend to create both “winners” and “losers”. In fact, this point is related to other research by past Nobel prize winners (including 2024 Nobel Prize in Economics winners Daron Acemoglu and James A. Robinson) about how society’s institutions strongly influence its economic trajectory. If society is willing to accept the sometimes uncomfortable process of change, it is better able to harness technology-driven economic growth. In this sense, Mokyr identified a combination of factors needed for sustained economic growth: a feedback channel between theoretical and practical knowledge, a certain mechanical competence to continue the development and production of an innovative idea, and finally an openness in a society’s institutions that reduce resistance to change and so enable innovation to flourish and growth to occur, even if it causes initial disruption and discomfort. Philippe Aghion & Peter Howitt Aghion and Howitt contributed to the discussion by creating a model of the economy where firms can patent their innovations. Patents allow firms to legally form temporary monopolies if they invent something useful, and thereby extract profit from an otherwise competitive market. Aghion and Howitt’s model showed how this monopoly profit motive spurs innovation: firms are incentivized to fund research and development (R&D) so that they can acquire a patent and create monopoly profit conditions for themselves. But if one firm succeeds in this endeavor, other firms are then incentivized to innovate such that they can unseat the quasi-monopolist, steal their market share, and become the market leader themselves. Clearly, this very process spurs technological development that increasingly builds off of earlier innovations and increases overall productivity. This is also a good summary of the process that economists call creative destruction (a term that is attributed to Joseph Schumpeter). This creative destruction process in Aghion and Howitt’s model creates a sort of R&D “arms race”: companies that spend more on R&D will tend to remain in a profit-making position longer, and thus the entire field of competitors is incentivized to spend more on R&D than they would have in the absence of competition. Because Aghion and Howitt’s model is a general equilibrium model (i.e., it linked together major economic variables such as firm profits, household savings, economy-wide production, R&D, etc.) they were able to answer questions like “what is the optimal amount of R&D for society?”. As it turns out, market competition isn’t enough to guarantee the optimal amount of R&D for society, for two reasons. First, firms’ incentives to unseat and “steal” the market from one another can push R&D expenses too high relative to what’s optimal. Thus, it’s possible for firms to overspend on R&D. Second, individual firms’ incentives only take into account their future profits, but innovations have benefits for the whole of society and future innovators as well. In other words, research has positive externalities; therefore, it’s also possible for firms to underspend on R&D. Aghion and Howitt studied these forces in a range of markets and model parameters, and as their 1992 general equilibrium model was the first of its kind to be published, they inspired many more papers and much further discussion. The most important question in macroeconomics These economists’ work on the most important question in macroeconomics — “what are the causes of sustained economic growth” — earned them the 2025 Nobel Prize, and for good reason. Today, economic growth and the various factors that affect it, both for rich and for poor nations, is a constant topic of study for macroeconomists around the world. And, a sizeable portion of it builds off of the work of these three economists. Image Credit: nobelprize.org
Technology-driven growth — the topic that won three economists the 2025 Nobel Prize — is a big deal! Throughout the vast majority of human history, living standards and per capita income were relatively unchanged, even despite breakthrough inventions and discoveries like fire, agriculture, and the printing press. Only in the late 1700s and early 1800s did sustained economic growth begin to occur, and economists have shown that most of this sustained growth happens purely because of increases in productivity.
Academic Horror Stories – 5 Real Life Worst Nightmares for Halloween
Here at INOMICS we like to focus on the positive sides of academia – the great economics jobs, programs and other opportunities we encounter every day, and the many successful people taking advantage of them. In the spirit of the season, however, we’ve decided to take a look at the other side of things – scouring the depths of the internet for tales of mishaps, betrayal, embarrassing and outrageous experiences that all happened within the walls of the ivory tower. In this special Halloween blog post, we aim to give you chills and keep you on the edge of your seat with these blood-curdling academic nightmares. While we of course hope that you’ve never had such dreadful encounters, we would love it if you add your stories to our post on Facebook or Instagram! Share your spooky, panic-stricken or downright terrifying tales of academic horror, and offer your fellow academics a vicarious thrill. 1. Trivialized conclusions – A PhD candidate’s horror story This tale comes from the Academic Water Cooler blog. AWC writes that a star PhD candidate was just rounding the corner into the conclusions section of her pre-dissertation defense “brown bag” seminar when a young professor piped up with “Since you haven’t developed a theoretical basis for any substantive hypothesis, aren’t any of your conclusions therefore trivial?” Although the star PhD candidate was already teaching full-time and had numerous publications in the works, such a harsh blow – met with utter silence from everyone else in the room – knocked her off track so fully that shortly after the presentation she simply packed up her belongings, left the office and was never heard from again. An absolute nightmare! Browse jobs for PhD candidates 2. A rescinded offer – A new professor’s horror story This story is taken from a series of posts by The Professor Is In about rescinded job offers. The guest writer for this post tells of how she was in the midst of a postdoc at a large research university when she applied for a tenure track position in a related department. Following an in person interview she was offered the position by the department chair and told to return a few days later with a proposal for her starting package. After working enthusiastically on said package, the postdoc met once again with the chair, only to be told that the dean had reconsidered and a firm offer had already been made to another candidate for the job. Since the postdoc was still employed by the university, her nightmare continued as she had to hear about the negotiations with the new hire and receive muddled sympathy from colleagues. Browse jobs for professors 3. Poisoned research – A scientist’s horror story This is an ongoing story about a Yale graduate student who is now suing her former mentor and the university itself for their inadequate response after a fellow student tampered with her research. The grad student was conducting a study using zebra fish eggs, which kept mysteriously dying despite all signs showing that they should be healthy. After leaving some eggs in the marked container that she had been using and putting others in a separate unmarked container, the student caught a fellow Yale researcher on camera poisoning her fish and thus sabotaging her research. Rather than providing support in the face of this nightmarish sabotage, the grad student’s advisor criticized her work ethic and character and left her out of an awaited co-authorship. The horror story has an open end, as the results of the lawsuit remain unknown. Browse jobs for researchers 4. A blundered interview – An engineer’s horror story An electrical engineer posted this job interview horror story to Reddit not too long ago. During an interview for a job dealing with power systems his interviewer asked to draw a transformer on the white board and explain how it works. Before thinking about it he quipped, “Okay, do you want Optimus Prime or Megatron?” The elderly interviewer clearly had no idea what he was talking about and simply didn’t respond. After blushing a deep red, the engineer proceeded to draw a transformer then stumbled through the rest of the interview. Needless to say, he was not offered the job. 5. Plagiarism and failure – A political science student’s horror story This story was told a few years back in the Huffington Post blog, referencing something that had happened to an acquaintance of the author. When the friend was a senior in college he wrote a term paper on the British Cabinet for a class on the British Political System. The evening prior to the course’s final exam he received word that he was charged with plagiarism, which upset him so much that he bombed the final exam. Believing that he was wrongly accused, the student fought back and the case was brought to a hearing. The professor charged that the student had listed the ten functions of the British Cabinet without a source. Shocked, the student argued that such knowledge was considered general and thus did not need a citation – yet despite the grey area such a case falls in, the horror story ended with the full academic board backing up the professor and the student being charged with full plagiarism. Browse job listings for economists here Image Credit: Harmony Lawrence from Pixabay
In this special Halloween blog post, we aim to give you chills and keep you on the edge of your seat with these blood-curdling academic nightmares.
Combined M.Sc. Economic Research / Doctoral Program at Bonn Graduate School of Economics (BGSE)
Global Opportunities: BGSE conducts all activities in English and provides students with office space, funds for conference participation, and research opportunities abroad. Faculty Excellence: Benefit from an excellent faculty and collaborative research activities.Advanced students can join research units such as the ECONtribute Markets & Public Policy Cluster and the Collaborative Research Center on Economic Perspectives on Societal Challenges. Exceptional Career Prospects: BGSE alumni enjoy outstanding career prospects in academia and beyond. Scholarships: Grants are available to all successful applicants We look forward to receiving your application!
Call for Applications! Program Highlights: A two-stage graduate program, combining challenging coursework and early individual research Earn a Master of Science (MSc) specialized in economic research Continue to a three-year dissertation phase leading to a Doctoral Degree (PhD equivalent) We welcome outstanding students with bachelor's or master's degrees in economics or related fields. Application Details: Visit the BGSE website for application requirements and program information: www.bgse.uni-bonn.de Apply online via our application portal, opening mid November 2025. Application deadline for the program starting in October 2026 is January 15, 2026
Bonn Graduate School of Economics (BGSE)
Winners of 2025 Philip Leverhulme Prize Announced
The Leverhulme Trust has announced the winners of the 2025 Philip Leverhulme Prizes. Chosen from over 350 nominations, the Trust offered five prizes in each of the following subject areas: Archaeology, Chemistry, Economics, Engineering, Geography, and Languages and Literatures. There are six winners for each prize, with each winner receives an award of £100,000 which may be used for any purpose that advances the prize winner’s research. The winners in the economics category for 2025 were: Dr Clare Balboni, Department of Economics, London School of Economics and Political Science, for their work on environmental economics, trade, development economics and spatial economics. Professor Felipe González, Department of Economics, King’s College London, for their work on political economy, economic history, development economics and public economics. Professor Attila Lindner, Department of Economics, University College London, for their work on applied microeconomics, specialising in labour markets and public finance. Dr Ludvig Sinander, Department of Economics, University of Oxford, for their work on economic theory. Professor Constantine Yannelis, Faculty of Economics, University of Cambridge, for their work on financial economics, human capital investment, corporate finance, applied microeconomics and student loans. Announcing the awards, Professor Anna Vignoles, Director of the Leverhulme Trust, said: "We continue our centenary celebrations with the announcement of this year’s prize winners. The Trust is delighted to support them through the next stage of their careers." She also noted the high quality of nominations, saying: "Selecting the winners becomes increasingly challenging year-on-year due to the extraordinarily high calibre of those nominated. We are immensely grateful to the reviewers and panel members who help us in our decision-making." Now in its twenty-fourth year, this scheme commemorates the contribution to the work of the Trust made by Philip, Third Viscount Leverhulme and grandson of William Lever, the founder of the Trust. The prizes recognise and celebrate the achievements of outstanding researchers whose work has already attracted international recognition and whose future careers are exceptionally promising. Credits: lse.ac.uk / kings.ac.uk / Attila Lindner website / economics.oxford.ac.uk / econ.cam.ac.uk
The Leverhulme Trust has awarded £3 million to 30 outstanding researchers, six of which in Economics.
ENERPOL is a European research and training network exploring the role of households in the green energy transition. It addresses challenges such as volatile energy prices, inequality, and household risk exposure, while developing policy-relevant insights for fair and efficient energy systems. A consortium of leading universities and non-academic partners will train 14 doctoral candidates in cutting-edge methods, theory, and transferable skills. More information may be found on the ENERPOL home page: https://cordis.europa.eu/project/id/101226229 The position provides salary according to TV-L 13, which is currently a monthly gross salary of € 4,629, in accordance with EU guidelines for Marie Sklodowska Curie trainees, including mobility payments and, adjusted for family or special needs allowances. Your role Conducting research in the area of electricity price modelling and electricity derivatives Participating in the international doctoral training programme of ENERPOL including several international summer schools and conferences Participating in active research environments including a 4-month academic research stay at KU Leuven, Belgium, and a practical secondment at RWE Trading in London, UK Obtaining experience with teaching or other types of dissemination related to your PhD project Writing a PhD thesis on the grounds of your project Who are we looking for? The successful candidate must hold a university degree (master or equivalent) in finance, economics, applied mathematics or related. Excellent academic performance as well as excellent skills in econometrics and programming are required. Proficiency in English in speaking and writing is essential (knowledge of German is helpful but not necessary). Candidates must not have resided or carried out their main activity (work/study) in the country of the host institution, i.e. Germany, for more than 12 months within the 36 months immediately prior to recruitment and must not hold a doctoral degree. Equal opportunities and diversity are core values at Leibniz University Hannover. Our goal is to tap into individual potential and open up possibilities. We therefore welcome applications from anyone interested in the position, irrespective of gender, nationality, ethnic origin, religion or ideology, disability, age, sexual orientation and identity. We strive towards a balanced and diverse workforce and a reduction in under-representation in accordance with the Lower Saxony Equal Rights Act (Niedersächsisches Gleichberechtigungsgesetz – NGG). We therefore also welcome applications from women for the above-mentioned position. Preference will be given to equally-qualified candidates with disabilities. Why join us? With more than 5.000 employees, Leibniz University Hannover is one of the largest and most attractive employers in the Hannover region. We offer a vibrant interdisciplinary and international working environment, and promote personal and professional development ranging from subject-related skills to leadership and languages. We support employees with balancing work and family life, through services such as back-up childcare, childcare during school holidays, and parent-child offices, as well as providing individual advice regarding family responsibilities and caring for dependants. Remote work (mobile work, work from home) can therefore be arranged upon request. To promote health and well-being among employees, we offer an extensive sports programme with over 100 different sports, as well as a fitness centre with a sauna and climbing space. Health management measures, such as courses on stress management, good nutrition and relaxation, aim to ensure a healthy workplace. Additional information For further information, please contact Prof. Dr. Marcel Prokopczuk (email: mp@fcm.uni-hannover.de). Please submit your application and supporting documents (CV, detailed qualifications, transcripts, statement of intent, at least one letter of recommendation, detailed statement on country of residence over the last 36 months) as one pdf file by 31 January 2026 electronically to Email: sekretariat@fcm.uni-hannover.de or alternatively by post to: Gottfried Wilhelm Leibniz Universität Hannover Wirtschaftswissenschaftliche Fakultät Institut für Finanzwirtschaft und Rohstoffmärkte Königsworther Platz 1, 30167 Hannover http://www.uni-hannover.de/en/jobs Information on the collection of personal data according to article 13 GDPR can be found at: https://www.uni-hannover.de/en/datenschutzhinweis-bewerbungen/
Within the European Union’s Horizon Europe research and innovation programme under the Marie Skłodowska-Curie Action (MSCA), we offer a position for a doctoral student starting 1 October 2026 or as soon as possible hereafter. The position is funded for 36 months by the ENERPOL MSCA Doctoral Network.
Institute of Finance and Commodity Markets - Leibniz University Hannover
Andy Haldane Elected New President of British Chamber of Commerce
Andy Haldane CBE has been elected the new President of the British Chambers of Commerce (BCC) during the BCC’s Annual General Meeting held on October 15, 2025. He is set to take office on February 1, 2026, succeeding Baroness Lane-Fox, whose three-year term concluded in accordance with the BCC Articles of Association. In his new position, Haldane will collaborate with BCC Director General Shevaun Haviland and Chair Sarah Howard to represent the interests of chamber business communities, particularly as the UK economy navigates critical challenges. Haldane's extensive background includes serving as the Chief Economist at the Bank of England and as the Chief Executive of the Royal Society for Arts. His experience also encompasses being a member of the Bank's Monetary Policy Committee and the Permanent Secretary for Levelling Up at the Cabinet Office under former UK Chancellor (finance minister) Jeremy Hunt. Sarah Howard MBE, BCC Chair, expressed her confidence in Haldane’s ability to steer the organization through contemporary geopolitical and economic uncertainties. She also acknowledged Baroness Lane-Fox for her vital contributions to the BCC over the past three years. In his acceptance remarks, Haldane stated, "I am thrilled and honoured to be joining the BCC as President... The Chambers have been celebrating and supporting the brilliance of British business for many decades." He emphasized the essential role BCC will play in fostering UK business growth both domestically and internationally. Outgoing President Baroness Lane-Fox reflected on her tenure, highlighting the significance of the BCC’s role during these challenging economic times and expressing confidence in Haldane’s leadership abilities. Credits: britishchambers.org.uk
Andy Haldane CBE, former Chief Economist at the Bank of England, has been elected as the new President of the British Chambers of Commerce, succeeding Baroness Lane-Fox. He will assume the role on February 1, 2026.
Philippe Aghion - Following Nobel Prize to be awarded Hypatia Prize by the city of Barcelona
The City Council of Barcelona has announced that French economist and professor Philippe Aghion will be awarded the prestigious 6th Hypatia Prize. The award ceremony is set to take place at the Saló de Cent in Barcelona City Hall during the spring of 2026. This accolade, awarded in collaboration with the Barcelona Knowledge Hub of Academia Europaea, recognizes Aghion for his significant contributions to the fields of innovation, economic growth, and the theory of creative destruction. The announcement reflects a timely recognition, as it follows shortly after the Swedish Academy awarded him the Nobel Prize in Economy for his collaborative work with Joel Mokyr and Peter Howitt. The international jury for the Hypatia Prize commended Aghion during their September deliberations, citing his influential theoretical contributions that have shaped public policies worldwide. Barcelona's Mayor, Jaume Collboni, congratulated Aghion in a letter, emphasizing the city’s aim to honor notable scientific achievements and strengthen its role as a European capital of research and innovation. Philippe Aghion, born in Paris in 1956 and a Harvard Ph.D. holder, currently serves as a professor at the Collège de France, INSEAD, and the London School of Economics. His works, including "Endogenous Growth Theory" and "The Power of Creative Destruction", have earned him global recognition with over 136,000 citations, demonstrating his wide-reaching impact on the economic landscape. Established in 2018, the Hypatia Prize is aimed at consolidating Barcelona’s status as a center for science and knowledge and carries a monetary award of 30,000 euros for outstanding research contributions that positively impact humanity. Image Credits: barcelona.cat
The renowned French economist Philippe Aghion will be awarded the 6th Hypatia Prize in a ceremony at Barcelona City Hall in Spring 2026. Recognized for his innovative contributions to economics, Aghion’s work aligns with the city’s commitment to research and innovation.
Joel Mokyr, Philippe Aghion and Peter Howitt win 2025 Nobel Prize in Economics for Insights into Innovation and Growth
The Royal Swedish Academy of Sciences announced on October 13, 2025 that the prestigious Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt. The laureates received the award for their groundbreaking insights into how innovation can drive sustained economic growth. Joel Mokyr, a professor at Northwestern University, received half the prize "for having identified the prerequisites for sustained growth through technological progress". As an economic historian, he emphasized the importance of historical context and the societal openness to new ideas. Philippe Aghion is a professor at Collège de France/LSE/INSEAD and Peter Howitt a professor at Brown University. The were jointly honored with the other half "for the theory of sustained growth through creative destruction". The concept of creative destruction illustrates how new innovations lead to the obsolescence of older products, thereby fueling economic growth but also creating conflicts that must be managed effectively to prevent stagnation. In an accompanying paper "Scientific Background" paper, the Prize Committee commented on Mokyr's contribution as showing... "...how growth became sustained as a result of a set of key prerequisites that were not jointly present prior to the Industrial Revolution, but have been since then. Of central importance is how science interacts with technology, i.e., economic production in practice and that society welcomes technological change. One of his main study objects, quite naturally, was the Industrial Revolution, since it defined the transition between the two [pre-industrial and industrial] regimes." The paper summarizes the contribution of Aghion and Howitt by noting how they... "...were inspired by the sustained economic growth of modern times and how disruptive this process is underneath the aggregate. They developed a theory of growth through “creative destruction”, describing the process of innovation and “business stealing” and how the long-run growth rate of an economy is determined as a result. The theory contains fundamental building blocks of how new technology surpasses old, where some firms win at the expense of other firms, in an economy characterized by constant churning." In their research, the laureates highlight that the past two centuries marked an unprecedented period of sustained economic growth, lifting millions out of poverty. They elucidate how rapid advances in technology have perpetuated a cycle where old practices are continuously replaced by new methods, ultimately improving living standards worldwide. John Hassler, Chair of the Prize Committee, explained the choice of winners: “The laureates’ work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.” The total prize money awarded this year amounts to 11 million Swedish kronor (around 1 million Euro, or 1.15 million US Dollars), divided among the three laureates. The full details of their research and findings can be further explored via the official Nobel Prize website. A "Popular Science Background" paper can be downloaded here. The more extensive "Scientific Background" paper can be downloaded here. Read more about the 2025 Laureates: Joel Mokyr: Profile page at Northwestern University Philippe Aghion: Personal Website Peter Howitt: Profile page at Brown University Image Credits: Johann Jarnestad / The Royal Swedish Academy of Sciences / nobelprize.org / Tamara Sushko/Norrphoto via Canva Main Source: Press release. NobelPrize.org. Nobel Prize Outreach 2025. Mon. 13 Oct 2025.
The Sveriges Riksbank Prize in Economic Sciences for 2025 goes to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth. Mokyr receives half the prize for identifying conditions for sustained growth, while Aghion and Howitt jointly receive the other half for their theory of creative destruction.
Dr. Nicolette Sullivan and Dr. Kiyohito Iigaya Receive 2025 Society of Neuroeconomics Early Career Award
Dr. Nicolette Sullivan, an Assistant Professor of Marketing at the London School of Economics and Political Science (LSE), together with Dr. Kiyohito Iigaya, Assistant Professor in the Department of Psychiatry at Columbia, have been awarded the prestigious 2025 Society of Neuroeconomics (SNE) Early Career Award. The ceremony took place at the SNE Annual Meeting, which was held in Boston, Massachusetts, October 3-5, 2025. This honor is bestowed upon researchers who have made exceptional contributions to the field of neuroeconomics within ten years of defending their PhD. In her response to receiving the award, published in a press release by LSE, Dr. Sullivan expressed her excitement, stating, "I'm thrilled to be the Early Career Award winner. It means a lot to me, as it recognizes the interdisciplinary work that I'm passionate about. This award energizes my commitment to advancing research that bridges neuroscience, economics, and consumer behavior, and opens exciting doors for future collaborations and impact." Neuroeconomics combines economics, psychology, and neuroscience to explore how human decision-making processes work. The SNE aims to foster collaboration among scholars from diverse fields to deepen understanding of economic behavior. Dr. Sullivan's groundbreaking research focuses on the neural mechanisms involved in decision-making and their implications for consumer behavior, public policy, and societal issues. By integrating computational neuroscience with marketing and economics, she sheds light on how various factors influence value-based decisions in different contexts. Dr. Ligaya's research focuses on identifying computational principles underlying learning and decision-making behavior. The recognition includes a monetary prize of $1,000 and an engraved plaque, underscoring Dr. Sullivan’s impactful contributions to the interdisciplinary study of neuroeconomics. Image Credits: lse.ac.uk
Dr. Nicolette Sullivan, Assistant Professor of Marketing at LSE, and Dr. Kiyohito Iigaya, of Columbia University, have been honored with the 2025 Society of Neuroeconomics Early Career Award, recognizing their significant contributions to neuroeconomics.
3rd Modern Finance Conference (MFC 2026)
SCOPE Topics include, but are not limited to: Asset pricing and valuation Banking and financial services Behavioral finance and decision making Capital structure Corporate finance Corporate governance Cryptocurrencies Derivatives Economic development Exchange rates and currency markets Finance and accounting standards Financial econometrics and quantitative methods Financial markets and instruments Financial, management, and tax accounting Financial regulation and supervisions Financial stability Fintech and financial innovation Green finance Investment and portfolio management Insurance Market microstructure Mergers and acquisitions Microfinance Monetary policy and central banking Risk management Sustainable finance and responsible investment KEYNOTE SPEAKERS: Marcin Kacperczyk is Professor of Finance at Imperial College London and Managing Editor of the Review of Finance and former President of the European Finance Association. His research spans climate finance, financial intermediation, and asset management, with publications in Econometrica, JF, QJE, and other top journals and frequent media coverage in FT, WSJ, and Bloomberg. Douglas Cumming is Professor of Finance and Steven Shulman ’62 Endowed Chair for Business Leadership. Research spans venture capital, private equity, crowdfunding, hedge funds, and law and finance. Author of 250+ papers and 20+ books, Editor-in-Chief of the Journal of Alternative Investments and Review of Corporate Finance. SUPPORTING JOURNALS Journal of International Financial Management & Accounting (CiteScore 12.5, IF 8.2) International Review of Financial Analysis (CiteScore 11.1, IF 9.8) Journal of International Financial Markets, Institutions and Money (CiteScore 9.7, IF 6.1) Journal of Multinational Financial Management (CiteScore 7.0, IF 4.0) Eurasian Business Review (CiteScore 6.9, IF 4.0) International Journal of Emerging Markets (CiteScore 7.2, IF 3.0) Innovation and Green Development (CiteScore: 19.6) Investment Analysts Journal (CiteScore 2.8, IF 2.2) Modern Finance EDITORS' FAST TRACK The Editors’ Fast Track connects authors of high-quality papers with editors from finance journals, including the International Review of Financial Analysis, Journal of International Financial Management & Accounting, Eurasian Business Review, and Innovation, Investment Analysts Journal, and Green Development. Selected authors present their work in concise sessions followed by direct editorial feedback and discussion. Outstanding papers may also be considered for a fast-tracked review process with partnering journals. BEST PAPER AWARDS Prizes will be awarded in the following areas: Best Paper Award: 1000 EUR and a fee waiver for the next MFC Runner-up Award: A fee waiver for the next MFC PAPER SUBMISSION Authors are invited to submit their papers (or extended abstracts) in English no later than July 20, 2026, through our submission system. No submission fee is required. Submissions will be reviewed by the Conference Committee, and accepted authors will be notified within four weeks. For more information, see https://mf-conference.com/. IMPORTANT DATES Paper/Extended Abstract Submission: July 31, 2026 Notification of acceptance: Within four weeks of submission Registration deadline: August 10, 2026 Conference: September 14-16, 2026 Submission for proceedings/ journals: December 31, 2026 CONFERENCE FEES Early bird: registration and payment by June 15, 2026. Main author (in-person presentation): 330 EUR Attending co-author / non-presenting attendee (in person): 280 EUR PhD student (in person): 230 EUR Additional paper fee: 200 EUR Online participant (main author or co-author): 200 EUR Regular: registration and payment by August 10, 2026. Main author (in-person presentation): 430 EUR Attending co-author / non-presenting attendee (in person): 380 EUR PhD student (in person): 330 EUR Additional paper fee: 250 EUR Online participant (main author or co-author): 250 EUR The Gala Dinner Fee: 40 EUR. Fee payment details will be provided after acceptance. CONTACT The conference will be organized jointly by the Modern Finance Institute and the Krakow University of Economics. Website: https://mf-conference.com/ Dr Adam Zaremba – zaremba@mf-institute.com Support Team – conference@mf-institute.com
We are pleased to invite finance researchers, academics, and practitioners to the 3rd Modern Finance Conference (MFC 2026), to be held at the Krakow University of Economics in Krakow, Poland, on September 14-16, 2026. The event aims to provide a platform for the dissemination of cutting-edge research, innovative ideas, and novel approaches in all areas of finance. The conference will be held in a hybrid format, combining in-person and online sessions.
1. Understand what type of PhD you want Perhaps surprisingly, there are different ways to acquire a PhD, and some of them are very likely to appeal to you more than others. There are American-style PhD programs and European-style PhD programs, each of which can suit different applicants better than others; further, there are research assistant positions that can lead into PhDs, Master’s programs that can lead to PhDs, and even Master’s programs that are considered part of a larger PhD program. For more detail about these different avenues, be sure to check out our article on the Master of Research (MRes) and our article on American vs. European-style PhD programs. Once you’ve got a good idea of which type of program interests you, next comes the difficult task of identifying the specific institutions you’re interested in. But the first step to doing this is often looking inward, first. 2. Think about your research interests and location preferences You are unique and have your own interests and skills, which unfortunately means that there’s no easy and quick way to discover which economics departments are the most interesting or best fit for you. While there are many places where you can begin your search, it really helps to have an understanding of what you want first. Your research interests are probably the single most important factor determining which economics departments will be a good fit for you. Even if you don’t have any strong research interests (yet!), you still very likely have general areas of economics that interest you more than others. If macroeconomics courses always excited you, you should naturally look for universities with a strong focus on macroeconomic research, and avoid programs with more of a microeconomics focus. If identifying your own interests seems daunting or overly prescriptive, here’s a great way to start narrowing it down: think about the research papers you’ve been exposed to before. If you’ve read any research papers that intrigued you, look up their authors and the institutions where those authors were (or are) employed. Chances are, those universities have a good economics department that conducts research in areas you find interesting, with several potential supervisors for your future work. Many programs will require you to write a research proposal, or at least a personal essay about research topic(s) that you would like to pursue. If you’re still unsure where exactly your interests lie, preparing these materials will help you solidify your feelings about what areas of research you would be most inclined towards. It’s worth noting that many PhD programs understand and accept that you may change your mind about your exact research topic once you start your PhD, and that’s okay. A notable exception to this are some European-style PhD programs that may require you to begin your research immediately; these are typically about 3 years long and you generally need to have a supervisor before being admitted to the program. In any case, in order to acquire a PhD, you will have to conduct research on a specific topic. Figuring out what interests you now is an excellent first step to help you succeed, so that you can ensure you’re studying in a department that can support you and your interests. 3. Find economics PhD programs and make a list of suitable ones After you’ve identified your research interests, you need to make a good list of economics PhD programs that you want to apply to. You ought to apply to four or five institutions minimum (but probably not more than ten). Start building your list with the programs you may have already found or heard about, but cast your net wider than this. Several resources can help you here. Organizations like RePEc and Times Higher Ed maintain ranked lists of economics departments, which can help you identify programs that you ought to look into. Don’t place too much emphasis on ranking alone, however. There are very many economics departments with excellent staff that will prepare you very well for your career as an economist. All else equal, aim for institutions that have consistently high rankings, but it’s more important to ensure that your interests align with those of the department, and that the institution is in a location you would enjoy (or at least not dislike) living in for several years. If you’d be willing to relocate, consider economics departments in other regions or even on other continents that would be suited to your interests. It may well be that a university far from you has the perfect program, and you’ll never know if you don’t look! INOMICS PhD Program Listings can help you get started here, as our program listings include universities around the world. This search process can be as thorough as you need. If you come into the process with a good idea of what institutions you are interested in, consider looking for similar institutions in other regions as a backup plan. If you have no idea where to start, you can avoid boiling the ocean by asking yourself which criteria are most important to you, and start by looking at institutions with those criteria — for example, economics departments that have at least one professor conducting research into microfinance, if that is one of your core interests. Or, perhaps you can filter by region, and begin your search in a specific country or region that you want to study in. 4. Narrowing your list At first, it might turn out to be easy to find dozens of programs at quality institutions that you might enjoy, but then it may be hard to narrow them down. If you’re struggling to differentiate the programs, you may need to do more research. We suggest trying to answer the following questions: What are the research interests of that economics department and its faculty? Are those topics exciting, and can you think of research you’d like to conduct that could build off of those areas? What papers in the last five years have the department’s faculty published? Do any of these interest you? Are there TA or RA opportunities that you could pursue at that university? What do the job placements of recent graduates from that program look like? Are new PhDs from that institution getting jobs that you’d want to have? Does the economics department have any specialized research groups? Does the economics department collaborate with other institutions? How competitive is your application compared to others for that institution? This may not be easy to answer, but sometimes economics departments post the average test scores and/or GPAs of their incoming class, which you can use to compare. Where is the institution located, and do you think you’d enjoy living there? A PhD is a lengthy process, and if you dislike big cities but are only applying to the Paris School of Economics, the London School of Economics, and Columbia University in New York City, perhaps you ought to de-emphasize these and look for campus-based universities, or options in smaller towns or cities. And, all else equal, take both the overall university and the economics department’s rank into consideration. 5. Dive into specific application requirements Once you have a list of places to apply, the most important thing you can do to succeed is stay organized. Keep a spreadsheet or an easy-to-navigate word document where you can keep your notes. These notes should include things like your impressions of an institution, what stage of the application process you’re in, and why you’re interested in that program. Of course, some institutions may have application requirements that are difficult or onerous for you to complete — for instance, most economics departments in the US require at least three academic letters of recommendation, which can be difficult to acquire. Some institutions — particularly some located in northern European countries like Denmark and Sweden — may require you to apply to specific job openings rather than a more general PhD program entry. Many programs require test scores (usually the GRE), while some are waiving those entirely. In cases where the application requirements are difficult or even impossible for you to complete, it pays to know in advance so that you can spend your search time looking at other institutions. Further, there are often minor variations in the type or format of application materials that various institutions want you to submit. Sometimes, universities require that you contact a potential supervisor before applying; you must know this and attempt to do so well in advance of the application deadline. And, whether or not you need to write a personal statement or answer more specific essay questions can vary by institution. These are all examples of things you should keep track of in your notes. Keep it Structured and Start Applying! All of these together will lead you into compiling a pretty comprehensive overview of the institutions you want to apply to. This overview will help you recall the details you found during your search, and also make it easier to extend your search if you need to. Once you’ve begun the application process, use your notes to keep track of the latest correspondence you’ve had with each institution, and any lingering to-dos you may have with them. This will help reduce the stress you feel throughout the process, and when you’re accepted to a program you’re excited about, you can celebrate. We wish you all the best of luck with your search and your applications! Image Credit: James Wheeler / Pexels Free Licence (via Canva Premium)
Economists often need PhDs to reach their career goals. According to INOMICS’ Salary Report data — and as Figure 3 in our PhD pay premium article shows — the vast majority of professional economists earn a PhD at some point in their careers. Academic economists are expected to acquire one in order to do research, while a PhD can often be a prerequisite for high-level industry economist jobs. But no matter how experienced, all PhD economists, at one point, were mere students searching for a good place to study. While important, how to search for the right place to study is seldom discussed…and there are thousands of universities with great economics departments out there. Feeling overwhelmed, and curious for some tips for your own search? Read on!
University of Warwick Professor Dennis Novy Appointed Chief Economist at UK Foreign Office
Professor Dennis Novy from the University of Warwick is the new Chief Economist and Director of Analysis at the Foreign, Commonwealth & Development Office (FCDO). The appointment, originally announcement earlier in the year, has been communicated by both the University of Warwick and by the British Goverment as it came into effect on 1 October 2025. The position is a significant role within one of Britain’s most prestigious government departments. The FCDO is responsible for managing the UK’s diplomatic efforts, development aid, and consular services globally. Novy's appointment marks a pivotal moment for the FCDO, as Novy will serve as the lead economic adviser to the Foreign Secretary, currently Yvette Cooper, offering insight and analysis on foreign and international development policy. In his new position, Novy will not only guide policy based on thorough analysis and evidence but also lead the agency's analysts in creating data-driven recommendations. Novy, who joined the University of Warwick in 2006 after earning his PhD from the University of Cambridge, is widely recognized for his research in international trade and macroeconomics. He has a robust history of government engagement, having served as Specialist Adviser to the House of Lords and as a member of various economic advisory councils in the UK. His recent contributions include recommendations on enhancing the UK’s economic security presented to Parliament. Warwick Vice-Chancellor Professor Stuart Croft expressed his enthusiasm for Novy's appointment in a press release, saying: “It is a wonderful appointment for Dennis, who has an impressive track record in parliamentary and government engagement, and also fantastic news for Warwick. Croft also highlighted the impact of Warwick’s research on real-world problems and the university’s commitment to societal contribution. Novy himself expressed excitement about joining the FCDO at a critical time for the UK, emphasizing the importance of "rigorous economic analysis and principled economic thinking" during globally transformative times, while praising the Economics Department at Warwick for being "at the forefront of that intellectual endeavour". He also noted the many Warwick graduates among his new co-workers. Novy will remain on secondment from Warwick for the duration of his tenure at the Foreign Office. Image Credits: warwick.ac.uk / gov.uk
Professor Dennis Novy from the University of Warwick's Department of Economics has taken up his role as Chief Economist and Director of Analysis at the UK Foreign, Commonwealth & Development Office (FCDO).