The facts of social sciences are ones that stem from scientificexpertise, but in the social world, everyone is their own expert.Everyone lives in society, and experiences either first-hand, orclosely second-hand, the same phenomena that social scientistsinvestigate. Consequently, people are not...

The Equalities Review is an independent panel set up by the UK government in2005 to investigate the persistence of social inequalities and to makerecommendations for the development of a unified Commission for Equalityand Human Rights. This paper was originally written for the Review....

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...

[...]In this article, we shed light on the globalizationof international production and trade by demonstratingthe increasingly important role vertical specializationplays in international trade. We use case studies andinput-output tables to calculate the level and growth...

The British industrial revolution created an industrial economy. While casual discourse conflates industrialization and economic growth, Britain was remarkable primarily for the pronounced structural change that occurred rather than for rapid economic growth. Uniquely the British labour force...