Royal Economic Society

Royal Economic Society. The Royal Economic Society is a prominent professional association dedicated to the study and advancement of economics. Founded in the late 19th century, it has played a central role in the development of the discipline in the United Kingdom and internationally through its publications, conferences, and support for economic research. The society's activities are aimed at academics, policymakers, and the public, fostering debate and disseminating influential economic ideas.

History

The society was established in 1890 as the **British Economic Association**, with its first president being the distinguished political economist Alfred Marshall. A key founding objective was to launch a scholarly journal, which materialized in 1891 as *The Economic Journal*, with Francis Ysidro Edgeworth serving as its inaugural editor. The association received its royal charter in 1902, becoming the Royal Economic Society, a change that reflected its growing stature and the importance of economics in public affairs. Throughout the 20th century, it was closely involved with major developments in economic thought, from the debates surrounding John Maynard Keynes and his work on *The General Theory of Employment, Interest and Money* to the rise of monetarism associated with Milton Friedman. The society has been headquartered in London and has maintained a continuous presence through periods of significant economic upheaval such as the Great Depression and the reconstruction of Europe after World War II.

Activities and publications

The society's flagship publication remains *The Economic Journal*, one of the oldest and most respected journals in the field of economics. It also publishes *The Econometrics Journal* and a series of policy-focused articles. A major activity is organizing an annual conference, which attracts leading economists from institutions like the University of Oxford, the London School of Economics, and the Massachusetts Institute of Technology to present cutting-edge research. The society frequently hosts public lectures and specialist workshops, often in collaboration with other bodies such as the Bank of England or the International Monetary Fund. These events address contemporary issues ranging from climate change and globalization to financial regulation and inequality, aiming to bridge the gap between academic research and public policy.

Governance and membership

The society is governed by an elected council, which includes a president, vice-presidents, and honorary officers. The presidency is typically held by a distinguished economist for a term of several years; past presidents have included figures like John Hicks, James Meade, and Amartya Sen. Membership is open to anyone with an interest in economics, encompassing academics, students, professionals in finance and government, and institutions. The society maintains formal links with other economic associations globally, including the American Economic Association and the European Economic Association. Its operations are supported by an executive secretary and a small secretariat based in London.

Prizes and awards

To encourage excellence in economic research, the society administers several prestigious prizes. The **Royal Economic Society Prize** is awarded for the best paper published in *The Economic Journal* each year. It also awards medals, such as one named after its first president, the **Alfred Marshall Prize**, for notable contributions to the profession. Additional awards support early-career researchers and outstanding theses, helping to nurture the next generation of economists at universities like the University of Cambridge and the University of Warwick.

Notable members and fellows

The society's membership has included many of the most influential economists in history. Early fellows included pioneers like David Ricardo (elected posthumously as a founding figure) and John Stuart Mill. In the 20th century, key members were John Maynard Keynes, who significantly shaped modern macroeconomics, and Arthur Cecil Pigou, known for his work on welfare economics. Nobel laureates in economic science who have been closely associated include Friedrich Hayek, Paul Samuelson, Christopher Pissarides, and Esther Duflo. The fellowship also encompasses prominent policymakers and thinkers from institutions such as the World Bank, the Treasury, and leading global universities.

Category:Economic organizations Category:Learned societies of the United Kingdom Category:Organizations established in 1890