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2018 Adam Smith Lecture: The Abolition of Risk - Economics on Speed

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We are living in a super-charged environment, post the financial crisis, which remains largely unresolved. This lecture will examine the growth of the state and micro regulation, a world of structural fiscal deficits and monetary experimentation, increasing societal expectations and heightened political tension leading to an environment where policymakers/politicians are forced to try and abolish ‘the cycle’. While this micro management may well ‘kick the can down the road’ it does not solve the underlying problem, heightening the risk of a major economic dislocation in the longer term.

We are on a monetary policy and fiscal treadmill that we cannot easily escape and the consequences are negative for productivity and distorting for asset allocation with ever greater regulation and micro management.

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Ewen Stewart is the founding director of Walbrook Economics which is a consultancy specialising in the interaction of macroeconomics, politics and capital markets. Clients include major pension funds, asset managers and hedge funds. Ewen’s City career has spanned over 25 years’ where he worked for a number of major investment banks including Dresdner Kleinwort Benson and ABN AMRO .

He also writes for a number of think tanks including the Institute of Economic Affairs and The Centre of Policy Studies. He was the author of Masking the Symptoms which was a critique of monetary policy and the Sottish Research Society paper Much Cost, Little Benefit an economic assessment of the case against Scottish Independence.

Ewen’s work also focuses on fiscal policy writing extensively on public sector spending, fiscal deficits and regional impacts. Ewen is a Director of the think tank Global Britain and on the Advisory Council of The Cobden Centre.

This talk is part of the Pembroke College Talks series.

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