The Economy in Plain English with Dieter Helm

Past event: Monday 5th February 2024

At the David Hume Institute, we're on a mission to get more people talking and thinking about the economy. That's why we've launched a new series of online live events, where you can ask questions and get answers in plain English.

Hosted by journalist Clare English and Susan Murray, Director of the David Hume Institute we discuss the Economy in Plain English.

Last week with Professor Graeme Roy, Economy in Plain English discussed economics being about the allocation of scarce resources.

This week, Sir Dieter Helm, Professor of Economic Policy at the University of Oxford and Fellow in Economics at New College, Oxford discussed what would a sustainable economy look like and how to build it - and why it matters.

Dieter told us he is not considered a mainstream economist - but what does this mean? Have a listen to the conversation and see if you think these ideas are or should be mainstream.

Key points:

• Conventional economists look at the flows of goods, services, expenditures and incomes. The sustainable economy starts with the balance sheet of the assets and asks how well the stocks of these assets are being looked after or stewarded.

• What is left to spend now is net of having first made good any damage we have done. If you own a house and have neglected to fix a hole in the roof, you will not pretend that you are better off and can spend more because the money has not been spent on fixing the roof. Your house would be worth less. You would in effect be eating up your capital, mortgaging the future for the benefit of your spending today.

• Citizens of the sustainable economy have entitlements and rights, as well as duties and obligations to others now and to the next generation.

"What is not sustainable will not be sustained. The consequences of climate change do not go away because we refuse to address its fundamental causes."

Watch the recording below.

Find out more in Dieter's book Legacy: how to build a sustainable economy is available to download for free here.

The Economy in Plain English with Prof Graeme Roy

Past event: Monday 29th January 2024

Have you ever thought about how would you answer the question, what is the economy? If you are not an economist, the answer is probably, "no, I've never thought about it".

Whether you think about it or not, your decisions to do or not do something have an impact on the economy. And, someone else's decision to do to not do something will also affect you.

At the David Hume Institute, we're on a mission to get more people talking and thinking about the economy. That's why we've launched a new series of online live events, where you can ask questions and get answers in plain English.

Hosted by journalist Clare English and Susan Murray, Director of the David Hume Institute we'll discuss the Economy in Plain English.

To start us off, Professor Graeme Roy from the University of Glasgow joined us to answer the question, what is the economy?

We discussed:

• Economics is often misunderstood - lots of people think it is just money and finance but it's really about how society makes choices about the allocation of scarce resources.

• Traditional measures of the size of a country's economy like GDP (Gross Domestic Product) counted things that could be easily measured. This means activities that are harder to measure are not included even if they are of great value.

• Although the short-term is often front of mind when we hear politicians speak, it is important to think beyond election cycles when considering the economy and how to allocate scarce resources.

Listen to the full discussion:

Understanding Scotland Economy Tracker - November 2023 Insights

This briefing of the latest results Understanding Scotland Economy Tracker, produced by the David Hume Institute and the Diffley Partnership, marks its second birthday, showing many Scots continue to take extreme measures to navigate turbulent economic times:

Mark Diffley, Director of the Diffley Partnership and Scott Edgar, Senior Research Manager present the top ten insights from the latest tracker results and with reflections on the long term implications of the data:

• 1 in 6 people (17%) report skipping meals

• 1 in 5 people are using ‘buy now pay later’ payment plans

• 2 out of 3 people (67%) are not putting the heating on to reduce costs

For many, the ongoing challenges with the cost of living are dominating their lives with:

• 3 in 10 (29%) Scots tell us they are losing sleep due to their personal finances

Many Scots are living with severe financial precarity:

• 3 in 10 people (28%) are not confident of covering a £100 emergency expense – up three percentage points since February 2023.

• This rises to 1 in 2 (49%) for an emergency expense of £500.

The survey also shows 8 in 10 Scots perceive the economy as favouring the wealthy (78%), while 53% believe it primarily serves business interests. Only 1 in 10 (10%) believe that the economy works in their own interest.

Corporate Stewardship of the biosphere - what it is and why does it matter for managing future risk?

Event: 30th October 2023

This thought-provoking discussion features global expert speakers and in-depth analysis. Professor Jan Bebbington and Professor Ian Thomson who make a compelling case for corporate biosphere stewardship as a critical part of managing current and future risk in a thriving economy.

Are you interested in how climate change is affecting the world’s resources? This event discussed keystone corporate actors working with the earth’s critical systems and the approach some are undertaking to manage the systems more sustainably.

The event was chaired by Dr Owen Kelly and feature reflections from Dr Sarah Ivory of the University of Edinburgh Business School.

Credit: Professor Jan Bebbington presentation slide discussing transnational corporation keystone actors

The event is of interest to anyone wanting to understand more about the future of our economy and society, from economists and policymakers to business leaders and students.

The David Hume Institute would like to thank the University of Edinburgh Business School for supporting this event.

Understanding Scotland economy tracker August 2023

This event launched the latest findings in our quarterly research series. Our regular survey with the Diffley Partnership helps us to understand and monitor changes in economic attitudes and public opinion over time.

The recent data have shown that skipping meals and cutting down on portion sizes have consistently been coping strategies for up to a quarter of Scottish households as the cost of living has risen.

In this session, Mark Diffley presented the latest tracker results and then we will reflect on the long term implications of the data by asking: is this household response to financial stress a long-term risk to public health and the economy?

To help us explore this question, Kate Elliot, from Rathbone Greenbank Investments, will join us. Her team led the creation of the Investor Coalition on Food Policy - a group of 23 investors representing over £6 trillion in assets under management. The work analyses the systemic risks and compelling business case for investors to include the negative impact of poor dietary health on the workforce and economic growth. 

Mark and Kate were joined by Pete Ritchie, Executive Director of Nourish Scotland. Pete will reflect on the new data from his perspective after many years experience of working to bring change towards a healthier, more sustainable food system.

In the light of recent reports that the average height of UK five year olds is slipping behind other European nations and established evidence that poor diets contribute to four out of the top five risk factors for early death, ill health and disability in Scotland we felt the time is right to ask what action business and policy-makers can take to help avert another growing crisis.

Watch the event recording

Read the research insights

Shattered Nation: how to save Britain from becoming a failed state

Past event: 23rd August 2023

What needs to be done to stop Britain becoming a failed state and is Scotland providing some answers?

Professor Danny Dorling, the Halford Mackinder Professor of Geography at University of Oxford joined us in Edinburgh to preview his new book “Shattered Nation: Inequality and the Geography of a Failing State".

This event explored how Britain lost its role as Europe’s leading economy, made itself one of the most unequal countries and whether policies such as the Scottish Child Payment, universal free school meals and the absence of university tuition fees in Scotland are preventing things getting worse.

In "Shattered Nation," Dorling discusses the need for progressive plans for change to help us tackle inequality, social and political polarisation as well as the economic challenges and repeated crises that have left so many struggling to afford decent housing and the basics of a good life.

The session was chaired by Assa Samaké-Roman, a journalist and newspaper columnist from France who lives in Edinburgh. Assa covers Scotland's politics, culture and society for the French-speaking media (Radio France Internationale, Radio-Télévision Suisse, Le Figaro, Politis). She is also the co-founder and editor of La Revue Écossaise, a new francophone magazine about Scotland's ideas, culture, history and politics.

This event was supported by News Direct.

Understanding Scotland Economy Tracker May 2023

This in-person event discussed the latest insights from the Understanding Scotland quarterly survey of economic attitudes and expectations and was hosted by Ashurst.

Our regular survey tracks economic confidence and buying intentions over time, as well as helping us to understand and monitor economic attitudes and public opinion. Mark Diffley, from the Diffley Partnership shared the latest data and analysis providing vital information for decision-makers across all sectors. We then heard reflections from Junaid Ashraf of the Scottish Asian Business Chamber and Victoria Carson from The Wise Group.

Mark Diffley is a researcher and political pollster with over 20 years’ experience. He founded The Diffley Partnership in 2017. The company delivers research, insight and evidence-led recommendations for clients across the public, private and third sectors in Scotland and further afield.

Junaid Ashraf is co-founder of the Scottish Asian Business Chamber, an organisation established with the support of the Glasgow Chamber of Commerce to improve ethnic minority inclusion in the wider business community. He is formerly a Councillor in North Lanarkshire and a race equality advocate based in Scotland.

Victoria Carson is Director of Engagement at leading social enterprise, the Wise Group. Prior to the Wise Group she led the Scotland Office of the General Medical Council and has held senior roles at the British Library and the Care Quality Commission. 

Is Trust a Must?

Past Event: 25th June 2023

Hot on the heels of our new discussion paper “Is trust an undervalued ingredient for a thriving economy?”  on Thursday 25th June 2023, the David Hume Institute hosted an engaging webinar to explore the critical role of trust in our economy and society.

David Hume Institute Director, Susan Murray was joined in conversation from New York by Dr David M. Bersoff, from the Edelman Trust Institute.  David shared the global context on trust from the 2023 Annual Trust Barometer.  He explored questions such as, ‘What does the Barometer tell us about trust in the UK compared to the rest of the world?’, and ‘What do higher levels of trust mean for the economy and the labour market?’

Susan and David were also joined by Charlie Woods, the author of our recent DHI discussion paper, he reflected on the role of trust and the economy, and leading mediator John Sturrock, who works to build trust in negotiations. 

This thought-provoking discussion featured expert speakers and in-depth analysis. Trust is often overlooked as a key component of a thriving economy and society. Our speakers made a compelling case for its crucial role in a successful economy. 

This event was open to anyone interested in the future of our economy and society, from economists and policymakers to business leaders and students. Throughout the webinar attendees had the opportunity to ask questions and engage in lively debate with others who are interested about the role of trust in economic success.

Scotland's land information system: what is it and why it matters

Past event: 8th March 2023

Scotland’s land information system: what is it and why it matters

On Wednesday 8th March 2023 the David Hume Institute and Built Environment Forum Scotland hosted a webinar to discuss a new report about Scotland’s land information system, written by land reform expert Andy Wightman.

Andy Wightman, writer, researcher and former member of the Scottish Parliament was joined by Professor Stewart Brymer, solicitor and Honorary Professor in law at the University of Dundee to discuss why the lack of a fully functioning land and building information system is holding Scotland back. The event was chaired by Ailsa Macfarlane, Director of the Built Environment Forum Scotland.

Information about land is used everyday by businesses, policy-makers, academics and ordinary citizens. This information ranges from land ownership to valuation, from energy efficiency ratings to building types and from vegetation cover to flood risks.

All of this information exists in some form, however much of it is not easily available and virtually none of it is made available in an integrated form. As the impacts of climate change intensify, there is even greater need for more timely, more comprehensive and more accessible information about land and buildings in Scotland.

Understanding Scotland: public perceptions of the economy

Past event: 1st March 2023

On Wednesday 1st March 2023 we discussed the latest insights from our most recent Understanding Scotland quarterly survey of economic attitudes and expectations. Our regular survey tracks economic confidence and buying intentions over time, as well as helping us to understand and monitor public opinion.

For this event we were joined by Mark Diffley, Shona McCarthy and David Eiser. The conversation brought to life what is valuable data and essential information for decision makers in all sectors.

Mark Diffley is a researcher and political pollster with over 20 years’ experience.

Shona McCarthy joined the Edinburgh Festival Fringe Society as Chief Executive 7 years ago. Shona has championed the Edinburgh Fringe as the world’s leading performing arts festival and expo, founded on the principles of open access and freedom of expression.

David Eiser, is Director of Research, Analysis and Investigations at Consumer Scotland, the recently established statutory organisation for consumers in Scotland.

View Mark’s slide presentation