General Economics (econ.GN)

Abstract: This report addresses challenges and opportunities for innovation in the social sciences at the University of Oxford. It summarises findings from two focus group workshops with innovation experts from the University ecosystem. Experts included successful social science entrepreneurs and professional service staff from the University. The workshops focused on four different dimensions related to innovative activities and commercialisation. The findings show several challenges at the institutional and individual level, together with features of the social scientific discipline that impede more innovation in the social sciences. Based on identifying these challenges, we present potential solutions and ways forward identified in the focus group discussions to foster social science innovation. The report aims to illustrate the potential of innovation and commercialisation of social scientific research for both researchers and the university.

Abstract: Research on politically motivated unrest and sovereign risk overlooks whether and how unrest location matters for sovereign risk in geographically extensive states. Intuitively, political violence in the capital or nearby would seem to directly threaten the state's ability to pay its debts. However, it is possible that the effect on a government could be more pronounced the farther away the violence is, connected to the longer-term costs of suppressing rebellion. We use Tsarist Russia to assess these differences in risk effects when unrest occurs in Russian homeland territories versus more remote imperial territories. Our analysis of unrest events across the Russian imperium from 1820 to 1914 suggests that unrest increases risk more in imperial territories. Echoing current events, we find that unrest in Ukraine increases risk most. The price of empire included higher costs in projecting force to repress unrest and retain the confidence of the foreign investors financing those costs.

Abstract: How can governments attract entrepreneurs and their businesses? The view that new business creation grows with the optimal level of government investments remains appealing to policymakers. In contrast with this active approach, we build a model where governments may adopt a passive approach to stimulating business creation. The insights from this model suggest new business creation depends positively on factors beyond government investments--attracting high-skilled migrants to the region and lower property prices, taxes, and fines on firms in the informal sector. These findings suggest whether entrepreneurs generate business creation in the region does not only depend on government investments. It also depends on location and skilled migration. Our model also provides methodological implications--the relationship between government investments and new business creation is endogenously determined, so unless adjustments are made, econometric estimates will be biased and inconsistent. We conclude with policy and managerial implications.