Professor Pedro Gomes's Inaugural Lecture: Economics and its "Sins of Omission"
When:
—
Venue:
Birkbeck Clore Management Centre
Economics is an extraordinarily powerful science that has evolved significantly since the time of Keynes and Hayek. Modern economics is characterized by its technical rigor, reliance on mathematical modelling, and advanced statistical methods. While these advancements have strengthened the discipline, they have also introduced limitations.
First, a communication gap has emerged, making it difficult to convey economic insights to general audiences and policymakers without formal training. Second, the focus on technical methods has narrowed the scope of research, side-lining important but complex questions. Nobel laureate George Akerlof described these neglected areas as “sins of omission.”
The four-day week is a notable example of such a “sin of omission.” Despite its growing global traction - evidenced by an increasing number of company trials and advocacy from political and trade-union initiatives - mainstream economics has been slow to explore its broader implications.
Many economists argue that reducing working hours would harm the economy, echoing concerns from a century ago during the transition from a six-day to a five-day week. However, this view is not universal. Paul Samuelson, the 1970 Nobel laureate and a foundational figure in modern economics, called the four-day week a “momentous social invention.”
In this lecture, Prof. Pedro Gomes will reflect on the science of economics, the path that led him to research on the four-day week, and what he learnt about how such change could impact work, the economy, and society.
This inaugural lecture will be followed by a drinks reception in the Clore foyer.
Contact name:
Chris Fray