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67-851: The Society is led by a Trustee Board that is responsible for developing and executing the Society's policies and activities. The Society's current president is Prof Sir Christopher Pissarides. In addition, the RES supports a number of committees, including the Women’s Committee, the Conference of Heads of University Departments of Economics (CHUDE) and the Standards of Conduct Committee. The RES has two peer-reviewed publications: The Economic Journal , first published in 1891, and The Econometrics Journal , first published in 1998. Both journals are available online through

134-406: A British Society of Economics were drafted as early as 1883. Discussion began between Herbert Somerton Foxwell and Sir Robert Harry Inglis Palgrave . Palgrave had suggested creating a society specializing in the publication of translations and reprints of significant economic works. However, Foxwell had a more ambitious scheme in mind - a society that published a quarterly journal along the lines of

201-501: A better President than Mr. Goschen. After the elections, the BEA wasted no time in carrying out its aims to publish a journal. The first issue of The Economic Journal was printed in March 1891, with the editor’s promise that: The most opposite doctrines may meet here as on a fair field...Opposing theories of currency will be represented with equal impartiality. Nor will it be attempted to prescribe

268-512: A bid to the Council of Legal Education to add economics to its subject of instruction, but failed to succeed in this endeavour. The slow progress of the BEA in its early years may be explained by the difficulties in establishing a financially viable association and journal. Membership fluctuated considerably in the first ten years, rising to a high of 750 members in 1893-4 before falling by around 40 per cent between 1892 and 1900. During this period, it

335-484: A focus on four strategic priorities: In 2023, the RES announced it was launching an Institutional Membership programme. The Bank of England, the Government Economic Service and Frontier Economics were announced as the Society's first institutional members. British Economic Association was founded in response to changing attitudes towards economics in the 1880s. Up until that point, the study of economics

402-473: A letter of invitation to scholars and businessmen interested in economics, drawing around 200 people to the meeting. In the letter, Marshall set out the central aims of the society, to encourage debate and enable the dissemination of economic research through the medium of a British academic journal. Attendees unanimously showed their support for the plans. Edgeworth was formally appointed as editor of The Economic Journal . George Goschen, Second Viscount Goschen,

469-624: A scholarly journal in Britain. The Economic Review was established by scholars in Oxford in 1889, the year before the British Economic Association was inaugurated in London, and its publication, The Economic Journal , was set up. While there was a recognized need for a society of economists in the 1880s, it took a considerable time for Foxwell’s plans to come to fruition. One of the reasons for

536-559: Is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press . The journal was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi ( Libera Università Internazionale degli Studi Sociali Guido Carli & Einaudi Institute of Economics and Finance). According to the Journal Citation Reports ,

603-823: The Quarterly Journal of Economics or the Journal des Économistes . There is no doubt that Foxwell's plans were influenced by foreign models, such as the German body Verein für Socialpolitik , founded in 1887, the French journals, the Journal des Économistes and the Revue d'Economie Politique established in 1841 and 1887, and the American Economic Association inaugurated in 1885. Indeed, in 1887, Foxwell published an announcement in

670-404: The American Economic Association dated 1887 which proposed the formation of an Economic Society in Britain, scholars acknowledged common criticisms of economics and the contemporary disunity in the discipline. They called for a society which would aim to advance theory, consolidate economic opinion, encourage historical research, and critique industrial and financial policy. Initial proposals for

737-599: The Economic Journal . As the journal grew in size and significance, so too did the editorial board. By the 1980s the EJ was publishing 5 issues a year, supervised by at least six editors. In 1991 this was increased to 6 issues a year and in 1999 the current format of 8 issues per year was established. Today, the Economic Journal is overseen by seven joint managing editors. The Economic Journal The Economic Journal

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804-529: The Quarterly Journal of Economics and the Journal des Economistes . This type of publication, he argued, would enable British economists to ‘fraternise’ with the likes of the American Economic Association . Palgrave, Foxwell and Marshall first explored the possibility of establishing such a publication as part of the Royal Statistical Society . After discussions with the society, however, it

871-585: The 1960s, the society liaised with A.W. Coats , providing him with archival access to help with the writing of his paper, "Origins and Early Development of the Royal Economic Society", which was published in The Economic Journal . In 1990, John Hey and Donald Winch co-edited A Century of Economics: 100 Years of the Royal Economic Society and the Economic Journal to celebrate the centenary of

938-575: The Association’s publication saying "it is scarcely doubtful that we shall shortly follow the lead so ably set us on your side of the Atlantic." As the discipline of economics was promoted and strengthened in America and Europe, scholars in the U.K. recognized an increasing urgency to ensure that British economic thought was represented. Certainly, Foxwell was not the only economist to propose the establishment of

1005-632: The British Economic Association (which became the Royal Economic Society in 1902). One of the central aims of the new society was to create a forum through which British economic research could be published. In a circular sent out before the inaugural meeting, Alfred Marshall , one of the founding members of the society, indicated the significant impact a new journal would have on British economic science: ...the need of an economic journal has long been felt in England. Every other country in which economic studies are pursued with great activity offers facilities for

1072-430: The Economic Journal throughout its history. The Economic Journal has been edited by some influential British economists. The first Editor of the Economic Journal in 1891 was Francis Ysidro Edgeworth (1845–1926). Edgeworth held a chair in economics at King's College London in 1888, and was appointed Drummond Professor of Political Economy at Oxford University in 1891. Despite his academic credentials, Edgeworth admitted

1139-564: The Economist, initially proposed setting up a society that specialised in publishing translations and reprints of scarce economic works. Herbert Somerton Foxwell (1849–1936), chair of Economics at University College London however, had a more ambitious venture in mind; a quarterly journal of current scholarship equivalent to such publications as the Quarterly Journal of Economics and the Journal des Economistes . This type of publication, he argued, would enable British economists to ‘fraternise’ with

1206-570: The Medal for Services to the Economics Profession to recognise an individual who has made an outstanding and lasting contribution to the profession. The Society subsequently announced that the inaugural award would be made to Prof Wendy Carlin . The Economic Journal The Economic Journal is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press . The journal

1273-669: The RES conference is an annual event, attracting over 400 presenters speaking on varied topics over several days. The RES established activities to support economists at every stage in their career. The RES Annual Policy Lecture, established in 2001, aimed to expose sixth form students and members of the general public to the research of top economists. The Young Economist of the Year essay competition initiated in 2007, its purpose being to encourage young students to think critically about key economic issues. The Austin Robinson Prize (2007), given to

1340-468: The RES website. The Society's other activities include an annual conference, providing grants and training, a regular member newsletter, and conducting various outreach activities, including an annual public lecture and an essay competition for young economists . In 2017, the Society created a centralised office in Westminster, London, and appointed its first Chief Executive, Leighton Chipperfield. In 2019,

1407-400: The Society launched a new strategy with a greater focus on promoting the discipline and improving diversity. The RES subsequently announced the launch of Discover Economics , a campaign geared to changing perceptions of economics among young people and attracting students from under-represented groups. Following a member consultation, in late 2023 the RES launched its 2024-2028 strategy with

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1474-555: The Society. Royal charter was duly granted on 2 December 1902. The charter indicated the society’s work to further economic science, its collection of a specialist library and its publication of a journal, saying: And whereas in order to secure the property of the said society, to extend its operations, and to give it its due position among the Scientific Institutions of Our Kingdom, we have been besought to grant George Joachim Viscount Goschen, and to those who now are members of

1541-544: The aim of promoting the teaching and studying of Economics in the UK. In addition to these initiatives, the RES founded the Women’s Committee in 1996, developed to promote the role of women in the UK economics profession, with a particular concern for career entrants. One of the most significant of the Royal Economic Society’s recent activities was the inauguration of The Econometrics Journal ( EctJ ) in 1998. Recognizing

1608-409: The application for royal charter in 1900 had some effect on this gradual improvement, establishing the BEA as a well-respected and significant economic institution. The secretary of the BEA, Henry Higgs , proposed that the council apply for royal charter ten years after its inauguration. Ten volumes of the Economic Journal were presented to King Edward VII , with the request that he become Patron of

1675-409: The appointment was a difficult one: ...any number of men with strong views will volunteer, but these are just the persons we don’t want. We want cool heads, keen brains and impartial judgement. With these are required scholarship, information and, if possible, a knowledge of German. It seems to me a most difficult and delicate post. The search for an editor caused serious delays. It was not until 1890,

1742-452: The articles published in the early issues of the Journal were papers expressing socialist, individualist and Ruskinian views. The early insistence on publishing high quality works with impartiality and inclusivity has shaped the Economic Journal throughout its history. The Economic Journal has been edited by some influential British economists. The first Editor of the Economic Journal in 1891

1809-525: The best paper published in The Economic Journal by an author within five years of completing their Ph.D., was instituted to support the development of early-career scholars. The RES Prize (1990), given annually to the best paper published in The Economic Journal , was set up to celebrate the work of established economists. In 1987, the Conference Heads of University Departments of Economics was established to bring together heads of Economic departments with

1876-495: The class who are for me, at least, the most interesting members of the Political Economy Club ...It is men of affairs from whom I learn". Marshall succeeded in persuading his friends. At its inauguration the society was made available to all those with an interest in economics, regardless of their scholarly qualifications. The inclusive attitude of society membership was also extended to the aims of its proposed journal. It

1943-491: The consensus that there was a need for a publication to represent this field in Britain. In response to this overwhelming support, the Economic Journal was published soon after the foundation of the Association, in March 1891. Between the years of 1886 and 1890 there had been much dialogue amongst respected British economists about the formation of a journal of economics. Sir Robert Harry Inglis Palgrave (1827–1919), Editor of

2010-668: The continued publication of the Journal through both the First World War and the Second World War . During his lengthy term he edited alongside the former student of Marshall and Professor of Political Economics at Leeds University D. H. MacGregor (Joint Editor between 1925 and 1933) and one of his own former students Austin Robinson (Assistant Editor 1934–1940). The editorship of Sir Austin Robinson (1897–1993) began in 1934 as an Assistant Editor and ended in 1970 as Editor. Robinson

2077-491: The correspondence was to go on at that rate, he would have to use envelopes with my address printed on them. Edgeworth continued his work as editor until 1911, assisted between 1896 and 1905 by Henry Higgs (1864–1940), one of the founding members of the British Economic Association, and a key player in the Society's application for Royal Charter in 1902. Edgeworth reprised his editorial role between 1918 and 1925 alongside John Maynard Keynes. John Maynard Keynes (1883–1946),

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2144-399: The correspondence was to go on at that rate, he would have to use envelopes with my address printed on them. Despite initial difficulties, Edgeworth’s editorship was highly successful and he remained editor for the next 34 years. After years of discussion and delay, the British Economic Association (BEA) was inaugurated at University College London on 20 November 1890. Alfred Marshall wrote

2211-426: The delay was Alfred Marshall (1842-1924), Professor at Cambridge. Foxwell and Palgrave were keen to involve Marshall in the development of the association and its publication. Marshall was fully supportive of their plans, but as preparations progressed, he became preoccupied in completing his Principles of Economics . His former pupil, Edward Gonner, tried to encourage Marshall to participate in discussions to finalise

2278-431: The difficulty of establishing the new journal. He noted that after his appointment as editor: I wrote to Marshall asking advice on every small difficulty which arose, until he protested that, if the correspondence was to go on at that rate, he would have to use envelopes with my address printed on them. Edgeworth continued his work as editor until 1911, assisted between 1896 and 1905 by Henry Higgs (1864–1940), one of

2345-430: The first edition of the Economic Journal reiterated these intentions: The most opposite doctrines may meet here as on a fair field...Opposing theories of currency will be represented with equal impartiality. Nor will it be attempted to prescribe the method, any more than the result, of scientific investigation. Early issues of the journal indicate the meticulous efforts of the editors to adhere to this promise. Amongst

2412-449: The formation of a journal of economics. Sir Robert Harry Inglis Palgrave (1827–1919), Editor of the Economist, initially proposed setting up a society that specialised in publishing translations and reprints of scarce economic works. Herbert Somerton Foxwell (1849–1936), chair of Economics at University College London however, had a more ambitious venture in mind; a quarterly journal of current scholarship equivalent to such publications as

2479-417: The founding members of the British Economic Association, and a key player in the Society's application for Royal Charter in 1902. Edgeworth reprised his editorial role between 1918 and 1925 alongside John Maynard Keynes. John Maynard Keynes (1883–1946), the leading economic theorist, civil service policy maker and the son of John Neville Keynes , took up the editorial position between 1912 and 1944, ensuring

2546-409: The founding members of the society, indicated the significant impact a new journal would have on British economic science: ...the need of an economic journal has long been felt in England. Every other country in which economic studies are pursued with great activity offers facilities for the publication of thorough scientific work... Englishmen (however)...are sometimes compelled to give their views to

2613-533: The group would come together naturally, centred around scholars at Cambridge. Gonner, however, wanted the society to be an honoured institution of scholars. He argued that members should be selected "not for an interest in economics but for work." "Some scientific qualification" should also be essential for membership. Foxwell seems to have agreed with this approach. However, Marshall opposed the idea. He explained to Foxwell: "I don’t want to include 'mere' businessmen. But I don’t want to exclude Bank Directors and others of

2680-471: The history of economics was also at the forefront of the Royal Economic Society’s activities from its early years. The council funded the repair of Adam Smith’s grave in 1942 and organized the cleaning of Malthus’ memorial in the 1960s. In 1972, it supported the organization of a bicentennial Exhibition on Ricardo at the Drapers Company . The society also took a great interest in recording its own history. In

2747-459: The journal has a 2020 impact factor of 3.178. The journal was conceived in November 1890, at the inauguration of the British Economic Association (which became the Royal Economic Society in 1902). One of the central aims of the new society was to create a forum through which British economic research could be published. In a circular sent out before the inaugural meeting, Alfred Marshall , one of

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2814-661: The leading economic theorist, civil service policy maker and the son of John Neville Keynes , took up the editorial position between 1912 and 1944, ensuring the continued publication of the Journal through both the First World War and the Second World War . During his lengthy term he edited alongside the former student of Marshall and Professor of Political Economics at Leeds University D. H. MacGregor (Joint Editor between 1925 and 1933) and one of his own former students Austin Robinson (Assistant Editor 1934–1940). The editorship of Sir Austin Robinson (1897–1993) began in 1934 as an Assistant Editor and ended in 1970 as Editor. Robinson

2881-501: The likes of the American Economic Association . Palgrave, Foxwell and Marshall first explored the possibility of establishing such a publication as part of the Royal Statistical Society . After discussions with the society, however, it was concluded that a new organisation should be inaugurated to pursue these aims. This decision was supported by the economist and philosopher John Neville Keynes (1852–1949). The founding members decided that an economic society should be created that

2948-407: The method, any more than the result, of scientific investigation. Early issues of the journal indicate the meticulous efforts of the editors to adhere to this promise. Amongst the articles published in the early issues of the Journal were papers expressing socialist, individualist and Ruskinian views. The early insistence on publishing high quality works with impartiality and inclusivity has shaped

3015-404: The method, any more than the result, of scientific investigation. While The Economic Journal provided an outlet for the scholarly assessment of economic theory and policy, and helped to establish economics as a distinct and significant area of research, the BEA was slow to make an impact on the development of economics in other areas. As president, Goschen demonstrated a vehement desire to improve

3082-451: The need for a journal dedicated to econometric research, the RES established the EctJ , with the aim of creating a top international field journal for the publication of macro- micro, and financial econometrics . In 2011 the editors of The Econometrics Journal initiated the annual Denis Sargan Econometrics Prize, awarded annually to the best article published in journal. In 2022 the RES launched

3149-459: The opening meeting of the Association, a demonstration of both the growing interest in economic science in England and the consensus that there was a need for a publication to represent this field in Britain. In response to this overwhelming support, the Economic Journal was published soon after the foundation of the Association, in March 1891. Between the years of 1886 and 1890 there had been much dialogue amongst respected British economists about

3216-808: The publication of economic works from the society's very inception. The RES has supported a number of such publications; for example, the works and correspondence of David Ricardo , Alfred Marshall 's Principles of Economics , Centenary Essays and Correspondence , the Essay on the Principle of Population , Principles of Political Economy , and Travel Diaries of T. R. Malthus , Francis Ysidro Edgeworth 's Mathematical Psychics and Papers on Political Economy and Hiroshi Mizuta ’s work on Adam Smith ’s library. The society also published The Economic Advisory Council: A Study of Economic Advice During Depression and Recovery by Susan Howson and Donald Winch . The preservation of

3283-517: The publication of thorough scientific work... Englishmen (however)...are sometimes compelled to give their views to the world in the columns of a foreign periodical, or as a publication of the American Economic Association; but more frequently they put it aside till an opportunity should offer for working it out more fully and publishing it as a book; and that opportunity too often does not come. His words attracted around 200 people to

3350-509: The revival of fundamentalist, socialist critique of economics. In order to protect the discipline from damaging criticism while still encouraging intellectual discussion, many economic thinkers strove to draw economics more decidedly within the realm of scholarly debate. The establishment of an economic society in this era of change indicated a desire to strengthen economics as a well-respected academic discipline, and to encourage debate and research between specialist scholars. In an announcement to

3417-434: The said society, or who shall from time to time be elected Fellows of the Royal Economic Society hereby incorporated, Our Royal Charter of Incorporation for the purposes aforesaid. The British Economic Association, on accepting the royal charter, became the Royal Economic Society. The Royal Economic Society has supported the study of economics through engagement in a variety of activities. Palgrave had been keen to establish

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3484-492: The society and the journal. The RES also gave support and sponsorship to the publication of the Guide to Archive Sources in the 1970s, a volume which became the basis for a website on economists' papers from the years 1750-2000. The society supported contemporary economic research by hosting specialist conferences on varied topics including Decision Analysis (1973), Wages and Unemployment (1981), and Exchange Rate Systems (1986). Today,

3551-409: The society but was unable to drive Marshall to action. He remarked to Foxwell that: ... for the next two years or so the matter must rest in abeyance unless active measures be taken. Of course, I know he will be glad if such be done and I am sure he will render assistance but he will not take the initiative. Gonner and Foxwell had to move on with the foundation of the society without Marshall. Marshall

3618-445: The statesman and businessman, was selected as president of the society. George Bernard Shaw politely questioned the suitability of "a gentleman who was identified with any political party in the state" as head of the society, but Marshall responded: I am one of those who am not in political support of Mr. Goschen. I believe all agree with me that since we cannot have an economist who has no political opinions at all; we could not have

3685-407: The status of economics in public opinion. At the inaugural council meeting, he warned of a "general idea that economists had finished their proper work in the education of the nation." At the BEA annual dinner in 1895, he argued that economics "was not treated with the respect accorded to other sciences." But despite Goschen’s vocal concern, the BEA could not make an immediate impact. The council made

3752-449: The world in the columns of a foreign periodical, or as a publication of the American Economic Association; but more frequently they put it aside till an opportunity should offer for working it out more fully and publishing it as a book; and that opportunity too often does not come. His words attracted around 200 people to the opening meeting of the Association, a demonstration of both the growing interest in economic science in England and

3819-543: The year of the society’s inauguration, that Francis Ysidro Edgeworth was appointed editor. Edgeworth held a chair in Economics at King's College London and was appointed Drummond Professor of Political Economy at Oxford University in 1891. Though his academic standing made him an excellent candidate for the role, Edgeworth admitted the difficulties of establishing a new journal: I wrote to Marshall asking advice on every small difficulty which arose, until he protested that, if

3886-453: Was Francis Ysidro Edgeworth (1845–1926). Edgeworth held a chair in economics at King's College London in 1888, and was appointed Drummond Professor of Political Economy at Oxford University in 1891. Despite his academic credentials, Edgeworth admitted the difficulty of establishing the new journal. He noted that after his appointment as editor: I wrote to Marshall asking advice on every small difficulty which arose, until he protested that, if

3953-524: Was a Government Adviser to the War Cabinet and the Board of Trade before returning to Cambridge as a lecturer. During his 36-year service for the Economic Journal , Robinson also served as secretary for the Royal Economic Society . As commemoration for his dedicated service to the Economic Journal , a prize is now offered in his honour. Edgeworth and Keynes were the only editors to take sole responsibility for

4020-424: Was a Government Adviser to the War Cabinet and the Board of Trade before returning to Cambridge as a lecturer. During his 36-year service for the Economic Journal , Robinson also served as secretary for the Royal Economic Society . As commemoration for his dedicated service to the Economic Journal , a prize is now offered in his honour. Edgeworth and Keynes were the only editors to take sole responsibility for

4087-421: Was agreed that the publication should provide a forum for all views and opinions. The criteria for selection in the journal would be scholarly excellence, not political or scholarly persuasion. However, there was much difficulty in finding a suitable editor to manage such a journal. Foxwell had favoured the appointment of John Neville Keynes as editor, but he was not available. Foxwell admitted that without Keynes,

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4154-516: Was concluded that a new organisation should be inaugurated to pursue these aims. This decision was supported by the economist and philosopher John Neville Keynes (1852–1949). The founding members decided that an economic society should be created that was open to all those with an interest in economics, be they politicians, policy makers, scholars or laymen. The journal would follow a similar attitude of tolerance, publishing work from all areas of economic science with impartiality. The introduction to

4221-399: Was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi ( Libera Università Internazionale degli Studi Sociali Guido Carli & Einaudi Institute of Economics and Finance). According to the Journal Citation Reports , the journal has a 2020 impact factor of 3.178. The journal was conceived in November 1890, at the inauguration of

4288-413: Was necessary to reconsider the printing arrangements of the Journal to ensure the financial stability of the association. In time, the association established itself as a stable and successful economic institution. By the beginning of World War II , membership had risen to over 4,500 under the management of John Maynard Keynes . Aside from the impact of successive presidents and editors, it is possible that

4355-415: Was only drawn back into the discussion when proposals for the nature of the society did not meet his approval. There had been much debate about what kind of society should be formed. Palgrave, Foxwell, and Marshall had discussed the idea that an economic journal should be attached to the Royal Statistical Society . But after some negative discussions with the society, the idea was dropped. Marshall had hoped

4422-506: Was open to all those with an interest in economics, be they politicians, policy makers, scholars or laymen. The journal would follow a similar attitude of tolerance, publishing work from all areas of economic science with impartiality. The introduction to the first edition of the Economic Journal reiterated these intentions: The most opposite doctrines may meet here as on a fair field...Opposing theories of currency will be represented with equal impartiality. Nor will it be attempted to prescribe

4489-647: Was typically taught as part of a broad curriculum, alongside subjects such as history and philosophy, and those engaging in the study of economics came from a number of professions and academic disciplines. Towards the end of the nineteenth century, there were academic movements to clearly demarcate and to define disciplines as scholarly subjects in their own right. For example, those in the fields of history and philosophy inaugurated such journals as The English Historical Review (1886) and Mind (1887), publications aimed mainly at their respective areas of study. Economic thinkers followed this example. The same period also saw

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