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Economica and LSE Economics

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Abstract

Economica was launched in 1921 as an LSE house journal to cover all aspects of work at the School and in its early years, LSE contributions dominated. In 1934, Politica was launched. Economica would now concentrate on economics, economic history, accounting and statistics, while Politica would cover the remaining subject areas. Economica was involved in the 1930s battle between LSE and Cambridge, with lively exchanges between Hayek, Keynes and Sraffa. Among notable articles were Coase’s ‘Nature of the Firm’, an analysis of cigarette money in a prisoner of war camp by Radford, and the Phillips Curve. As economic research at the School became more specialised, fewer LSE economists published in Economica. It has become a generalist journal based at LSE rather than a house journal.

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Notes

  1. 1.

    Although the editors are not mentioned in the first issue, Hayek (1946: 21) wrote: ‘It [Economica] was started as a journal devoted to all the subjects taught at the School and was issued at first three times a year under the supervision of an editorial board whose original members were Professors Cannan, Wallas and Bowley with T.E. Gregory as secretary’.

  2. 2.

    During this period, a large percentage of articles published in Economica were in-house: an analysis presented to the Editorial Board in 1937 showed that 69% were written by (past or present) staff or students at the school. The corresponding percentage for the 16 issues of Economica (New Series) between 1934 and 1937 was 63%, while for the corresponding issues of Politica (of which more details below) the figure was 53% (see BLPES (c)).

  3. 3.

    For example, see BLPES BEVERIDGE/2B/22/5, which contains correspondence for the period June–July 1923. The membership of the LSE Director on the Editorial Board of Economica continued until at least the 1970s.

  4. 4.

    Theodore Gregory (1890–1970) had been Cassel Reader in international trade at LSE from 1920 and became Sir Ernest Cassel Professor of Economics in the University of London in 1927, so was much more senior than Robbins at that point in time.

  5. 5.

    See Howson (2005) for an extensive discussion of the ‘Robbins Seminar’ and the research that came out of it.

  6. 6.

    Hayek’s reply to Sraffa’s review (Hayek 1932b) ends: ‘That Mr. Sraffa should have made such a suggestion, indeed, seems to me only to indicate the new and rather unexpected fact that he has understood Mr. Keynes’ theory even less than he has my own’ (ibid.: 249). At this point, Keynes re-entered the fray by adding a footnote to Hayek’s concluding sentence: ‘[With Prof. Hayek’s permission I should like to say that, to the best of my comprehension, Mr. Sraffa has understood my theory accurately. – J.M. KEYNES.]’ (ibid.: fn. 2). See also Sraffa’s follow-up (Sraffa 1932b).

  7. 7.

    Although Economic History is specifically mentioned and Eileen Powell was one of the two editors, only nine articles in the discipline were published between 1934 and 1940, one of them being Clapham’s obituary notice following the death of Powell in 1940 (see Clapham 1940).

  8. 8.

    The first issue of Politica stated that: ‘POLITICA is issued twice yearly, in February and August, by the London School of Economics and Political Science. It is devoted to Political Science, Sociology, International Law and Relations and allied subjects, and is under the direction of an Editorial Board composed of Sir William Beveridge, Dr. W. Ivor Jennings, Mr. A.V. Judges, Professor H. Laski (Acting Editor), Professor C.A.W. Manning and Professor C.K. Webster (Acting Editor), with Mr. H.R.G. Greaves as Assistant Editor. The Journal is intended primarily to afford a means to the public of becoming acquainted with the results of investigations, or other work both by the staff and students (past and present) of the School, and by contributors in Great Britain and other countries’ (Politica1934: Inside front cover). The publication of Politica was discontinued at the outbreak of the Second World War.

  9. 9.

    From 1934 on, the names of the members of the Editorial Board were listed on the cover of the journal. Until 1966, editors were listed as ‘Acting Editors’ no matter how long they held the position. Then, in 1966, they were finally referred to as ‘Editors’ and the ‘Assistant Editor’ became the ‘Review Editor’. A complete list of the editors of Economica from 1934 to 2017 is presented in Appendices 2(a) and 2(b).

  10. 10.

    While the minutes of the EEB for 12 July 1940 state that, following the resignation of Robbins, the acting editors will be Hayek and Benham, Benham is not listed on the cover of the journal which, from 1941 to 1945, lists Hayek as the sole acting editor and Frank Paish continuing as assistant editor. From 1946 to 1957, the economic historian, T.S. Ashton, served as a second acting editor.

  11. 11.

    In The Road to Serfdom (Hayek 1944 [2001]: 15, fn. 1), Hayek wrote: ‘The author has made an attempt to trace the beginning of this development in two series of articles on “Scientism and the Study of Society” and “The Counter-Revolution of Science” which appeared in Economica, 1941-4’.

  12. 12.

    In a footnote, Hayek states that the ‘German theoreticians’ that he had in mind in particular were Spengler and Sombart (see Hayek 1941c: 316, fn. 3).

  13. 13.

    For an account of his time as editor, see Yamey (2000).

  14. 14.

    As is clear from Appendix 2(a), the term of office for some editors was quite short. In many of these cases, the editor resigned when moving from LSE to a position at another institution. In other cases, editors were promoted to being professors while in post.

  15. 15.

    Radford was in a P.O.W. camp containing about 2400 prisoners from 1941 until his liberation near the end of the war. At the time of its publication, authors were paid for their contributions and an EEB minute dated 16 January 1946 notes that Radford was paid £3.15.7 for his article (see BLPES (e)).

  16. 16.

    For an account of the refereeing process through which this article was accepted, see Yamey (2000).

  17. 17.

    The Analytical Subject Index provided information on articles, review articles, book reviews and public lectures listed together by categories. It occupied a total of 182 pages. To obtain some idea of the number of items published during the period, I selected 20 pages at random from the index and counted the number of entries. Entry numbers were relatively stable, with the 20 counts lying in a range between 20 and 27, with a modal value of 24, a median of 23 and an arithmetic average of 23. Taking this latter figure and the number of pages in the index, I calculated a total of 4186, or 4200 items as an approximation. I have used the term ‘item’ as it has not been possible with available resources to distinguish between articles, book reviews and any other items.

  18. 18.

    The decline in the number of LSE economists publishing articles in the 1990s reflects the fact that some of them were publishing material in the magazines issued by commercial banks, special supplements to newspapers, publications of the Institute of Economic Affairs and other such bodies; I did not count these as journal articles. Much research material also appeared in the form of the working papers published by the various research centres at LSE before being published as chapters in books or in volumes of conference papers.

  19. 19.

    Liebowitz and Palmer present seven rankings based on three periods and five measures of citations; Laband and Piette offer six rankings based on three periods and two measures, while Ritzberger presents several rankings based on his analysis and summaries of earlier studies. This quantity of information is difficult to summarise, so in Appendix 4, I have quoted the ranking from each study based on the most recent period and using the authors’ preferred method of ranking. For each study, the top 20 journals are listed, together with the ranking of Economica and seven other UK and European journals for comparison.

  20. 20.

    The EJ has four citations, including Davidson et al. (1978), a well-known piece of LSE research, with 537 citations.

References

Archival Material

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Appendices

Appendix 1: Distribution of Articles and Reviews in Economica (Old Series)

Date

Issue no.

Distribution of articles

Reviews

Economics

Statistics

Other

Total

Number

Pages (%)

Jan. 1921

1

3

0

6

9

0

0

May 1921

2

2

2

5

9

0

0

Oct. 1921

3

2

2

4

8

0

0

Jan. 1922

4

0

3

5

8

0

0

Jun. 1922

5

2

0

6

8

0

0

Oct. 1922

6

1

2

5

8

0

0

Jan. 1923

7

0

2

6

8

0

0

Jun. 1923

8

4

1

3

8

11

25

Nov. 1923

9

2

1

6

9

16

25

Feb. 1924

10

2

1

6

9

19

18

Jun. 1924

11

4

0

5

9

21

26

Nov. 1924

12

3

0

6

9

10

15

Mar. 1925

13

3

1

5

9

16

20

Jun. 1925

14

1

3

5

9

15

15

Nov. 1925

15

1

0

7

8

14

20

Mar. 1926

16

1

1

5

7

14

20

Jun. 1926

17

4

0

5

9

12

24

Nov. 1926

18

1

0

6

7

14

26

Mar. 1927

19

2

0

5

7

18

26

Jun. 1927

20

3

0

5

8

13

29

Dec. 1927

21

2

1

3

6

13

22

Mar. 1928

22

2

1

3

6

9

15

Jun. 1928

23

1

1

3

5

9

30

Dec. 1928

24

0

2

3

5

11

16

Apr. 1929

25

1

1

5

7

19

32

Jun. 1929

26

1

0

5

6

15

27

Nov. 1929

27

0

0

6

6

15

26

Mar. 1930

28

2

0

3

5

16

39

Jun. 1930

29

3

0

2

5

11

36

Nov. 1930

30

1

0

4

5

26

41

Feb. 1931

31

2

0

3

5

9

17

May 1931

32

2

0

2

4

12

19

Aug. 1931

33

1

0

4

5

7

36

Nov. 1931

34

4

0

3

7

17

38

Feb. 1932

35

3

0

3

6

8

17

May 1932

36

2

0

3

5

15

27

Aug. 1932

37

4

0

2

6

5

24

Nov. 1932

38

2

0

2

4

16

35

Feb. 1933

39

2

0

4

6

12

29

May 1933

40

3

1

2

6

12

26

Aug. 1933

41

2

0

3

5

13

37

Nov. 1933

42

3

0

2

5

13

26

 

Total

84

26

176

286

476

n/a

 

Average

2.0

0.6

4.2

6.8

13.6

25.8

 

% of total

29

9

62

100

  

Appendix 2(a): List of Editors of Economica (New Series) by Date

Date

    

AssEd/RE

1934

Robbins

Powell

  

Paish

1935

Robbins

Powell

  

Paish

1936

Robbins

Powell

  

Paish

1937

Robbins

Powell

  

Paish

1938

Robbins

Powell

  

Paish

1939

Robbins

Powell

  

Paish

1940

Robbins

Powell

  

Paish

1941

Hayek

   

Paish

1942

Hayek

   

Paish

1943

Hayek

   

Paish

1944

Hayek

   

Paish

1945

Hayek

   

Paish

1946

Hayek

Ashton

  

Paish

1947

Hayek

Ashton

  

Paish

1948

Hayek

Ashton

  

Paish

1949

Hayek

Ashton

  

Paish

Peacock

1950

Hayek

Ashton

  

Peacock

1951

Sayers

Ashton

  

Peacock

1952

Sayers

Ashton

  

Peacock

1953

Sayers

Ashton

  

Peacock

1954

Sayers

Ashton

  

Peacock

1955

Sayers

Ashton

  

Peacock

1956

Sayers

Ashton

  

Peacock

1957

Sayers

Ashton

  

Peacock

Yamey

1958

Sayers

   

Yamey

1959

Sayers

   

Yamey

1960

Sayers

Yamey

   

Yamey

Peston

1961

Yamey

   

Peston

1962

Yamey

   

Peston

1963

Yamey

   

Corry

1964

Yamey

   

Corry

1965

Yamey

   

Corry

Peston

1966

Yamey

   

Peston

Corry

1967

Yamey

   

Corry

1968

Yamey

   

Corry

Thomas

1969

Yamey

Sargan

  

Thomas

1970

Yamey

Sargan

Johnson

 

Thomas

1971

Yamey

Sargan

Johnson

 

Thomas

1972

Yamey

Sargan

Johnson

 

Thomas

1973

Yamey

Sargan

Johnson

 

Thomas

1974

Miller

Richardson

Wallis

 

Thomas

1975

Miller

Richardson

Wallis

 

Thomas

1976

Miller

Richardson

Wallis

 

Thomas

1977

Jackman

Richardson

Smith

 

Thomas

1978

Jackman

Shorrocks

Smith

 

Thomas

1979

Jackman

Shorrocks

Smith

 

Thomas

1980

Jackman

Shorrocks

Glaister

 

Thomas

1981

Jackman

Pissarides

Glaister

 

Thomas

1982

Cowell

Pissarides

Davidson

 

Thomas

1983

Cowell

Pissarides

Davidson

 

Thomas

1984

Cowell

De Meza

Davidson

 

Thomas

1985

Cowell

De Meza

Davidson

 

Thomas

1986

Cowell

De Meza

Davidson

 

Thomas

1987

Cowell

De Meza

van der Ploeg

 

Thomas

Webb

1988

Cowell

De Meza

Webb

van der Ploeg

 

Webb

1989

Cowell

Webb

  

Webb

1990

Cowell

Webb

Schankerman

 

Webb

1991

Cowell

Webb

Schankerman

 

Webb

1992

Cowell

Webb

Schankerman

 

Webb

1993

Cowell

Webb

  

Webb

1994

Cowell

Webb

  

Webb

1995

Cowell

Webb

  

Webb

1996

Cowell

Webb

Manning

 

Webb

1997

Cowell

Webb

Manning

 

Webb

1998

Cowell

Webb

Manning

 

Webb

1999

Cowell

 

Manning

 

Witztum

2000

Cowell

Ellingsen

Manning

 

Witztum

2001

Cowell

Ellingsen

Manning

 

Witztum

2002

Cowell

Ellingsen

Manning

 

Witztum

2003

Cowell

Ellingsen

Manning

 

Witztum

2004

Cowell

Ellingsen

Manning

 

Witztum

2005

Cowell

Ellingsen

Manning

 

Witztum

2006

Cowell

Ellingsen

Manning

Caselli

Michaelides

Witztum

2007

Cowell

Ellingsen

Caselli

Michaelides

Witztum

2008

Cowell

Sørensen

Caselli

Michaelides

Witztum

2009

Cowell

Sørensen

Caselli

Michaelides

Witztum

2010

Cowell

Sørensen

Caselli

Michaelides

Witztum

2011

Cowell

Sørensen

Sheedy

Michaelides

Witztum

2012

Cowell

Sørensen

Benigno

Michaelides

Witztum

2013

Cowell

Sørensen

Benigno

Edlund

Witztum

2014

Cowell

 

Benigno

Edlund

Witztum

2015

Cowell

 

Benigno

Edlund

Witztum

2016

A new editorial arrangement was launched with eight Editors, 20 Associate Editors ‘and all Members of the LSE Economics Department’

2017

As for 2016

  1. Key: AssEd/RE = Assistant Editor/Review Editor

Appendix 2(b): Alphabetical Listing of Editors of Economica

Name

Role(s)

Ashton, T.S.

E: May 1946–May 1957

Benigno, G.

E: Feb. 2012–Dec. 2015

Caselli, F.

E: Nov. 2006–Oct. 2010

Corry, B.A.

AssE: Feb. 1963–May 1965; RE: Nov. 1966–Aug. 1968

Cowell, F.

E: Feb. 1982–Dec. 2015

Davidson, J.E.

E: Feb. 1982–Nov. 1986

de Meza, D.

E: Feb. 1984–Aug. 1988

Edlund, L.

E: Feb. 2013–Dec. 2015

Ellingsen, T.

E: Nov. 2000–Nov. 2007

Glaister, S.

E: Feb. 1980–Nov. 1981

Hayek, F.A. von

E: Nov 1941–May 1950

Jackman, R.A.

E: Feb. 1977–Nov. 1981

Johnson, H.G.

E: Feb. 1970–Feb. 1974

Manning, A.

E: Nov. 1996–Aug. 2006

Michaelides, A.

E: Nov. 2006–Dec. 2012

Miller, M.H.

E: Feb. 1974–Nov. 1976

Paish, F.

AssE: Feb. 1934–May 1949

Peacock, A.T.

AssE: Nov. 1949–Feb. 1957

Peston, M.H.

AssE: May 1960–Nov. 1962; AssE: Aug. 1965–Aug. 1966

Pissarides, C.

E: Feb. 1981–Nov. 1983

Powell, E.

E: Feb. 1934–May 1940

Richardson, R.R.

E: Feb. 1974–Nov. 1977

Robbins, L.

E: Feb. 1934–May 1940

Sargan, J.D.

E: Feb. 1969–Feb. 1974

Sayers, R.S.

E: Aug. 1950–Feb. 1960

Schankerman, M.

E: Feb. 1990–Nov. 1992

Sheedy, K.

E: Jan. 2011–Dec. 2011

Shorrocks, A.

E: Feb. 1978–Nov. 1980

Smith, M.A.M.

E: Feb. 1977–Nov. 1979

Sørensen, P.N.

E: Feb. 2008–Dec. 2013

Thomas, J.J.

RE: Nov. 1968–Aug. 1987

van der Ploeg, R.

E: Feb. 1987–Nov. 1988

Wallis, K.F.

E: Feb. 1974–Nov. 1976

Webb, D.

RE: Nov. 1987–Nov. 1999; E: Nov. 1988–Nov. 1999

Witztum, A.

RE: Feb. 1999–Dec. 2015

Yamey, B.S.

AssE: May 1957–May 1960; E: May 1960–Feb. 1974

  1. Key: AssE = Assistant Editor; E = Editor; RE = Review Editor

Appendix 3: Articles Published in Economica by LSE Economists by Year (1931/1932–1997/1998)

Year

1

2

3

4(%)

Year

1

2

3

4(%)

1931/1932

7

14

4

28.6

     

1932/1933

9

18

9

50.0

1980/1981

18

35

2

5.8

1933/1934

8

17

5

29.4

1981/1982

16

41

5

12.2

1934/1935

11

24

9

37.5

1982/1983

22

45

5

11.1

1935/1936

14

30

10

33.3

1983/1984

26

60

7

11.7

1936/1937

9

20

5

25.0

1984/1985

26

54

3

5.6

1937/1938

14

43

8

18.6

1985/1986

21

45

1

2.2

1938/1939

10

21

3

14.3

1986/1987

23

49

1

2.0

1939/1940

8

20

10

50.0

1987/1988

25

61

4

6.6

Publications not reported during this period

1988/1989

28

75

2

2.7

1946/1947

5

5

2

40.0

1989/1990

21

49

3

6.1

1947/1948

8

12

6

50.0

1990/1991

23

51

1

2.0

1948/1949

8

11

5

45.5

1991/1992

25

88

1

1.0

1949/1950

4

6

3

50.0

1992/1993

29

54

4

7.4

1950/1951

11

17

5

29.4

1993/1994

18

35

0

0.0

1951/1952

10

18

8

44.4

1994/1995

14

35

0

0.0

1952/1953

15

29

11

37.9

1995/1996

11

28

0

0.0

1953/1954

14

19

4

21.1

1996/1997

8

22

0

0.0

1954/1955

19

33

7

21.2

1997/1998

8

36

0

0.0

1955/1956

15

26

6

23.1

Reporting of publications by staff discontinued

1956/1957

12

17

7

41.2

 

1957/1958

16

26

9

34.6

Summary by Decades

1958/1959

18

31

10

32.3

1931/1940

207

63

30.4

1959/1960

15

33

9

29.0

1946/1950

34

16

47.1

1960/1961

17

29

5

17.2

1951/1960

249

76

30.5

1961/1962

27

46

11

23.9

1961/1970

314

77

24.5

1962/1963

21

39

12

30.7

1971/1980

401

44

11.0

1963/1964

12

20

4

20.0

1981/1990

514

33

6.4

1964/1965

16

31

7

22.6

1991/1998

349

5

1.4

1965/1966

19

25

6

24.0

     

1966/1967

12

25

6

24.0

     

1967/1968

13

18

4

22.2

     

1968/1969

15

36

12

33.3

     

1969/1970

18

45

10

22.2

     

1970/1971

16

43

4

9.3

     

1971/1972

16

33

7

21.2

     

1972/1973

16

42

4

9.5

     

1973/1974

19

41

2

4.9

     

1974/1975

20

46

6

13.0

     

1975/1976

23

47

4

8.5

     

1976/1977

26

51

6

11.8

     

1977/1978

18

39

6

15.4

     

1978/1979

18

34

4

11.8

     

1979/1980

15

25

1

4.0

     
  1. Source: Volumes of the LSE Calendar from 1931/1932 to 1997/1998
  2. Key
  3. 1. Number of LSE economists publishing articles that year
  4. 2. Total number of articles published
  5. 3. Number of articles published in Economica
  6. 4. Percentage of articles published in Economica

Appendix 4: Ranking of Journals Based on Citations

 

Studies

 

Liebowitz and Palmer (1984)

Laband and Piette (1994)

Ritzberger (2008)

No. Journals

107

130

261

Citation period(s)

All articles ever published by journals + 1975–1979

1965–1969; 1975–1979 and 1985–1989

2003–2005

Top 20 journals

Based on impact-adjusted citations to articles published 1975–1979

Based on impact-adjusted citations to articles published 1985–1989

Based on the invariant method (Ritzberger: 407). For 2003–2005

1

AER

J. Financial Economics

Econometrica

2

JPE

Econometrica

QJE

3

Econometrica

JPE

R.E.Stud.

4

J. Monetary Economics

J. Monetary Economics

JPE

5

J. Economic Theory

QJE

Inter. Econ. Review

6

R.E. Stud.

R.E. Stud.

Journal of Finance

7

Inter. Econ. Review

AER

J. Monetary Economics

8

Bell J. Economics

Bell J. Economics

AER

9

J. of Finance

J. Economic Theory

J. Economic Theory

10

J. of Econometrics

J. of Finance

J. Financial Economics

11

Scand. J. Economics

J. Economic Literature

Rev. Financial Studies

12

Brookings Papers

J. Acc. Economics

J. Economic Growth

13

J. Public Economics

J. Economic Perspectives

J. of Econometrics

14

J. Financial Economics

J. of Business

J. Internat. Economics

15

R. Econ. Stats.

J. Mathematical Econ.

Game Econ. Behav.

16

J. Amer. Stats. Assoc.

J. of Econometrics

R. Econ. Stats.

17

QJE

Brookings Papers

J. of Labour Econ.

18

J. of Human Resources

J. of Labour Economics

J. of Bus.Econ. Stats.

19

J. of Economic Literature

J. of Finan. Quant. Anal.

J. of Public Economics

20

EJ

Inter. Econ. Review

J. Risk & Uncertainty

Other journals

   

Economica

28

45

77

EJ

20

28

21

Euro. Economic Review

37

49

50

Kyklos

38

66

197

Man. School

42

72

137

OEP

49

64

79

R.E. Stud.

6

6

3

Scan. J. of Econ.

11

51

71

Appendix 5: Journals Cited in LSE Economists’ CVs in 2017

Ranking

Journal title

Number of articles

1

American Economic Review

80

2

Economic Journal

54

3

Quarterly Journal of Economics

52

4=

Journal of Econometrics

39

4=

Journal of the European Economic Association

39

6

Econometrica

32

7

Review of Economic Studies

31

8=

European Economic Review

27

8=

Journal of Public Economics

27

10

Econometric Theory

24

11=

Journal of Labour Economics

22

11=

Journal of Monetary Economics

22

13=

Economica

19

13=

Journal of Political Economy

19

15

American Economic Journal: Microeconomics

16

16=

Journal of Development Economics

15

16=

Journal of Economic Dynamics and Control

15

16=

RAND Journal of Economics

15

16=

Review of Economics and Statistics

15

20

Journal of Economic Theory

13

21

Scandinavian Journal of Economics

12

22=

American Economic Journal: Macroeconomics

10

22=

British Journal of Industrial Relations

10

24=

American Economic Journal: Economic Policy

9

24=

Annals of Statistics

9

24=

Journal of Economic Perspectives

9

24=

Journal of International Economics

9

24=

Labour Economics

9

29=

American Economic Journal: Applied Economics

8

29=

Econometrics Journal

8

29=

Fiscal Studies

8

29=

Oxford Economic Papers

8

33=

Oxford Review of Economic Policy

7

33=

Theoretical Economics

7

35=

Journal of Applied Econometrics

6

35=

Journal of Law and Economics

6

35=

Quantitative Economics

6

 

Total

717

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Thomas, J. (2019). Economica and LSE Economics. In: Cord, R.A. (eds) The Palgrave Companion to LSE Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58274-4_6

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