Peter Urwin is joined by economist Vicky Pryce to talk about her latest book, discussing gender equality. Vicky argues we cannot rely on the free market to bring about gender equality. In theory we might expect discrimination to be short-lived in competitive markets, as it is an inefficient use of resources; this is clearly not happening, however, and Vicky makes a strong case for more forceful intervention to rectify the market failures that perpetuate gender inequality. An inherent short-termism in the capitalist system, a continuing level of support for motherhood that is insufficient, and various conscious/unconscious forms of bias all contribute to this failure of markets. The proposed solutions are radical, but without significant public intervention we will continue to waste vast amounts of female potential.
The Chancellor, Philip Hammond, is reportedly obsessed with the issue of productivity; whilst most of the electorate remain baffled. We talk to Vicky Pryce, Chief Economic Adviser and board member at the Centre for Economics and Business Research (CEBR), who draws on her experience of being ‘responsible’ for productivity targets under the last Labour Government. Numerous explanations have been put forward for the UK’s poor productivity performance since 2008. Recent research suggests we have a particularly long tail of poorly performing companies in the UK, who fail to adopt innovations of the leading 1%. We consider this diagnosis next to many others, and speculate on what a newly formulated Industrial Strategy might do to help.