Thoth distribution@thoth.pub 20260407T105445

urn:uuid:d95151c4-fb83-4008-86bf-57ecc9ac9937 03 01 01 urn:uuid:d95151c4-fb83-4008-86bf-57ecc9ac9937 15 9781911712442 06 10.31389/lsepress.tlc 00 EB E107 10 Creative Commons License 02 https://creativecommons.org/licenses/by-nc/4.0/ 01 01 The London Consensus Economic Principles for the 21st Century 1 B01 21 0000-0002-8923-6372 Tim Besley 2 B01 Irene Bucelli 3 B01 21 0000-0003-0441-5062 Andrés Velasco 4 A32 Philippe Aghion 5 A32 Matthew Andrews 6 A32 Oriana Bandiera 7 A32 Pranab Bardhan 8 A32 Nicholas Barr 9 A32 Olivier Blanchard 10 A32 Timo Boppart 11 A32 Robin Burgess 12 A32 Pedro Carneiro 13 A32 Joan Costa-i-Font 14 A32 Diane Coyle 15 A32 Ernesto Dal Bó 16 A32 Ashwini Deshpande 17 A32 Tim Dobermann 18 A32 Dave Donaldson 19 A32 Francisco H. G. Ferreira 20 A32 Pierre-Olivier Gourinchas 22 A32 Chryssi Giannitsarou 24 A32 Ricardo Hausmann 25 A32 Dan Honig 26 A32 Paul Johnson 27 A32 Şebnem Kalemli-Özcan 28 A32 Ravi Kanbur 29 A32 Adnan Khan 30 A32 Margaret Levi 31 A32 Santiago Levy 32 A32 Nora Lustig 33 A32 Isabela Manelici 34 A32 Michael Marmot 35 A32 Alistair McGuire 36 A32 Joana Naritomi 37 A32 Chukwumerije Okereke 38 A32 Torsten Persson 39 A32 Barbara Petrongolo 40 A32 Jean Pisani-Ferry 41 A32 Christopher Pissarides 42 A32 Lant Pritchett 43 A32 Carol Propper 44 A32 Danny Quah 45 A32 Ricardo Reis 46 A32 Hélène Rey 47 A32 Elizabeth Robinson 48 A32 Dani Rodrik 49 A32 Thomas Sampson 50 A32 Kirsten Sehnbruch 51 A32 Almudena Sevilla 52 A32 Ranjeeta Thomas 53 A32 Paul Tucker 54 A32 Miguel Urquiola 55 A32 John Van Reenen 56 A32 Anthony Venables 57 A32 Leonard Wantchekon First edition. 01 eng 00 632 03 10 BUS068000 04 HB 93 KC 93 JPP 10 POL028000 01 06 03 00 A generation ago, the so-called Washington Consensus laid out a series of dos and don’ts for policymakers around the world. Today, that vision is recognised as having fallen short in a number of ways – particularly in its neglect of the social and institutional factors that are indispensable for achieving sustained growth and for building fairer and more cohesive societies. The immense challenges humanity faces are easy to list: climate change, pandemics, social inequalities, the far-reaching effects of the tech revolution and AI, a fragmenting world economy, and a wave of populism and political polarisation that has undermined support for liberal democracy in many countries. It is much harder to identify a set of new ideas – and policies – that will solve these seemingly intractable global problems. In this new world, political leaders and policymakers need guidance and principles that can assist when choosing among policy alternatives. To this end, the editors of this volume convened over 50 of the world’s leading economists and policy experts at the London School of Economics and Political Science (LSE). The London Consensus: Economic Principles for the 21st Century is the result of these exchanges. It is not intended as a one-size-fits-all set of economic remedies, but an exercise in assembling the best available evidence and ideas to foster dialogue, and ultimately to develop a set of principles that can address the urgent political, social and economic tasks ahead.For more on the London Consensus project, see: https://www.lse.ac.uk/school-of-public-policy/Research/London-Consensus 04 00 1. Towards a London Economic Consensus: an introduction Tim Besley and Andrés Velasco PART I: INNOVATION AND PRODUCTIVITY 2. Fostering green and inclusive productivity growth Philippe Aghion and John Van Reenen Response to Philippe Aghion and John Van Reenen Diane Coyle Response to Philippe Aghion and John Van Reenen Timo Boppart 3. On productivism Dani Rodrik Response to Dani Rodrik Jean Pisani-Ferry Response to Dani Rodrik Pierre-Olivier Gourinchas PART II: TRADE 4. International trade since the Washington Consensus: the gains and the pains Dave Donaldson Response to Dave Donaldson Thomas Sampson Response to Dave Donaldson Anthony Venables 5. Export-led growth Ricardo Hausmann Response to Ricardo Hausmann Isabela Manelici Response to Ricardo Hausmann Danny Quah PART III: MACROECONOMIC POLICY 6. Fiscal policy and public debt Ricardo Reis and Andrés Velasco Response to Ricardo Reis and Andrés Velasco Olivier Blanchard Response to Ricardo Reis and Andrés Velasco Chryssi Giannitsarou 7. Monetary and financial policies Hélène Rey Response to Hélène Rey Paul Tucker Response to Hélène Rey Şebnem Kalemli-Özcan PART IV: LABOUR MARKET 8. Labour markets and the future of work Christopher Pissarides Response to Christopher Pissarides Kirsten Sehnbruch 9. Labour markets and gender inequality Oriana Bandiera and Barbara Petrongolo Response to Oriana Bandiera and Barbara Petrongolo Ashwini Deshpande Response to Oriana Bandiera and Barbara Petrongolo Almudena Sevilla PART V COHESION, EQUITY AND SOCIAL POLICY 10. Is there a ‘new consensus’ on inequality? Francisco H. G. Ferreira Response to Francisco H. G. Ferreira Ravi Kanbur Response to Francisco H. G. Ferreira Nora Lustig 11. Welfare state Nicholas Barr Response to Nicholas Barr Santiago Levy Response to Nicholas Barr Paul Johnson 12. Addressing the learning crisis: an emergent consensus Lant Pritchett Response to Lant Pritchett Pedro Carneiro Response to Lant Pritchett Miguel Urquiola 13. Towards resilient and sustainable universal healthcare coverage Alistair McGuire, Joan Costa-i-Font and Ranjeeta Thomas Response to Alistair McGuire, Joan Costa-i-Font and Ranjeeta Thomas Carol Propper Response to Alistair McGuire, Joan Costa-i-Font and Ranjeeta Thomas Michael Marmot PART VI: ENVIRONMENT AND CLIMATE CHANGE 14. Climate and environment: what we know and what we need to know Robin Burgess and Tim Dobermann 15. Tackling climate change in low- and middle-income countries Elizabeth Robinson and Chukwumerije Okereke PART VII: POLITICAL ECONOMY AND STATE CAPACITY 16. From liberal economic policies to liberal political institutions? Democracy, development clusters and wellbeing Tim Besley and Torsten Persson Response to Tim Besley and Torsten Persson Margaret Levi Response to Tim Besley and Torsten Persson Leonard Wantchekon 17. State capacity Dan Honig, Adnan Khan and Joana Naritomi Response to Dan Honig, Adnan Khan and Joana Naritomi Matthew Andrews Response to Dan Honig, Adnan Khan and Joana Naritomi Ernesto Dal Bó Afterword Pranab Bardhan 20 00 Open Access LSE Press 01 LSE Press London 04 01 20251016 2025 06 15 9781911712435 06 15 9781911712442 06 15 9781911712459 06 15 9781911712466 09 LSE Press 29 Publisher's website: download the title https://press.lse.ac.uk/en/books/26/files/b1a3c20c-9e9e-47cc-87ec-3575abe20865.pdf 99 01 09 LSE Press 02 Publisher's website: web shop https://press.lse.ac.uk/books/e/10.31389/lsepress.tlc 99 01