Written by Chris Weatherspoon | 19 February 2012
Posted in Features - News

Photography: Felix Li

Despite the poor state of the world economy, the 2012 Warwick Economics Summit managed to adroitly find the right mix of optimism and pragmatism this past weekend. Even gloomy weather on the first two days of the event could do little to dampen the spirits of the diverse audience, as a blockbuster cast of speakers shed some light on many of the issues currently troubling some of the world's best minds.

Such a mix could be seen early on, in just the second talk of the summit on Friday evening. Dr Adam Posen, a member of the Bank of England Monetary Policy Committee, optimistically stated his belief that he expects a return to previous levels of UK productivity, a change that will be much welcomed, but also that the current eurozone crisis still has the potential to throw the UK “horribly off course.”

Posen himself was a significant coup for the WES team, a fact underlined in how his arrival also saw the entrance of a gabble of mainstream journalists, with each dashing outside at the end of his speech in order to grab an interview.

Of course, this was not just a one man show. The weekend saw a schedule fit to burst with excellent speakers - none disappointing, all illuminating.

Professor Steven Landsburg, author of the acclaimed book The Armchair Economist, proved to be a particular highlight of the weekend. Embracing the audience with soothing mix of humour and humility that resides in only the best of public speakers, Landsburg's talk – 'Some Surprises from Economic Theory' – invoked everything from pollution levels to how much casual sex people are having to drive home his belief that the benefits of a growing world population far outweigh the costs involved.

The professor from New York signed off with an enlightening ethos: “Follow logic wherever it may take you,” leaving the packed-out crowd with a warmer outlook than the world's current economic climate would perhaps otherwise convey.

Sunday morning got underway with a possibly contentious topic broached ably by Dr Johannes Abeler. Abeler, a lecturer at the University of Oxford, led a talk on whether or not women lie more than their male counterparts.

Despite the obvious gender frictions such a discussion could bring to the fore, Abeler cleverly meandered through these in a harmless manner that convinced all in attendance of his impartiality. His conclusion – that women actually lie less than men – drew raucous applause from the female sections of the crowd, though Abeler was quick to offer the caveat that “women aren't saints either!”

With 400 delegates attending the summit from very far and very wide, it was only fitting that its speakers mirrored that global appeal. Friday evening welcomed Lamido Sanusi, Governor of the Nigerian Central Bank, to relay to onlookers just how he has sought to deal with corruption in his home country.

Though there remains a lot more to do in rooting out undesirable elements in the African state, Sanusi's message was a welcome positive one in an area that for too long has had little to shout about economically, and he proclaimed his desire to build on the newfound Nigerian stability of the last year or so.

The weekend's curtain was brought down rather ceremoniously by Professor George Akerlof. Akerlof, to the uninitiated, is a Nobel Laureate, winning the 2001 prize in Economics Sciences – thus becoming the second Nobel prize winner to appear at a Warwick Economics Summit.

Akerlof gave a captivating talk entitled 'Phishing for Phools', in which he outlined the ways the economic market seeks to take advantage of people's emotional and cognitive weaknesses. Though much of it went soaring over the head of this economics knowledge-deficient observer, the famed professor had the audience hanging on his every word, and his speech was a fitting finale for a successful weekend.

In truth, this was an event so laden with excellence that it is impossible to do it complete justice. The speakers noted above are just a small selection of a line-up that thankfully failed to disappoint.

Once the 71-year-old Nobel Laureate had taken some questions, he stepped aside for summit coordinators Winston Yap and Stela Bonifacic to end proceedings.

The two remarked that the summit had been the culmination of “almost twelve months of unbelievable hard work” from a team numbering roughly fifty-strong. Bidding everyone farewell, they espoused their hope that it had been a weekend that would live long in the memory of those who attended.

Considering the way WES 2012 managed to bring light to an otherwise darkened economic world, it seems likely their wishes will be granted.

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