Fourth Annual E.L. ‘Ted’ Wheelwright Memorial Lecture
‘Policy in the Wake of the Banking Crisis: Taking Pluralism Seriously’ // Sheila Dow
On 27 October 2011, the renowned post-Keynesian economist Professor Sheila Dow presented the third annual E.L. ‘Ted’ Wheelwright Memorial Lecture, in which she discussed banking and economic policies in the wake of the global financial crisis.
Professor Dow, from the University of Stirling in Scotland, made the case for a pluralist approach to economics, which can apply a diversity of analyses to a situation while realising the limitations of each.
‘I advocate the use of economic analysis which is not purely technical and prescriptive but reliant on shifting judgements, including of factors not traditionally considered as part of the discipline of economics, such as morality,’ Professor Dow said.
‘Policy-making bodies would benefit from a pluralist approach but this requires recognition that policies and regulatory design are not separate technical matters.’
Sheila Dow is Emeritus Professor of Economics at the University of Stirling, Director of the Stirling Centre for Economic Methodology, and an adviser on monetary policy to the UK House of Commons Treasury Select Committee. She has worked previously as an economist with the Bank of England and the Government of Manitoba. She is internationally renowned for her impressive body of work on money and banking, economic methodology, and the history of economic thought.
A modified version of Professor Dow’s lecture can be viewed here.