Sir John Anderson Kay, (born 1948) is a British

economist An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...

. He was the first dean of Oxford’s Said Business School and has held chairs at the London School of Economics, the University of Oxford, and London Business School. He has been a fellow of St John's College, Oxford, since 1970.

Career

Born in

Edinburgh Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian on the southern shore of t ...

, Kay was educated at the Royal High School,

Edinburgh University The University of Edinburgh ( sco, University o Edinburgh, gd, Oilthigh Dhùn Èideann; abbreviated as ''Edin.'' in Post-nominal letters, post-nominals) is a Public university, public research university based in Edinburgh, Scotland. Granted ...

, and

Nuffield College, Oxford Nuffield College () is one of the constituent colleges of the University of Oxford in England. It is a graduate college and specialises in the social sciences, particularly economics, politics and sociology. Nuffield is one of Oxford's newer c ...

. He lectured in economics at

Oxford Oxford () is a city in England. It is the county town and only city of Oxfordshire. In 2020, its population was estimated at 151,584. It is north-west of London, south-east of Birmingham and north-east of Bristol. The city is home to the ...

from 1971 to 1978. In 1979, Kay became Research Director and the Director of the independent

think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governmenta ...

, the

Institute for Fiscal Studies The Institute for Fiscal Studies (IFS) is an economic research institute based in London, United Kingdom, which specialises in UK taxation and public policy. It produces both academic and policy-related findings. The institute's aim is to "ad ...

. In 1986 he became a professor at the

London Business School London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). Its motto is " ...

and founded London Economics, a consultancy firm. He was the first director of Oxford's Said Business School from 1997 to 1999, and has written at some length as to why he chose to resign after only two years. He has served as a director of Halifax plc and of several investment companies. In 2003, Kay addressed non-economists, attempting to answer what Robert Lucas has called the most exciting economic question: ''across the globe, why are so few rich and so many poor?'' He is a regular editorial contributor to the ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...

'', where he has also had a weekly column since 1995. He sits on the European Advisory Board of

Princeton University Press Princeton University Press is an independent publisher with close connections to Princeton University. Its mission is to disseminate scholarship within academia and society at large. The press was founded by Whitney Darrow, with the financia ...

. In 2012 he presented a substantial report to the British government on reform of the equity market, which suggested that "the stockmarket exists to provide companies with equity capital and to give savers a stake in economic growth. Over time that simple truth has been forgotten". Kay suggested a series of reforms which he hoped would correct some problems with stock markets; some critics suggested his analysis of the problem was better than his proposed solution. Kay has also served as a member of the Council of Economic Advisers to the First Minister of Scotland from 2007 to 2011. Five months before the 2014 Scottish independence referendum, Kay said it was a "mistake" for voters to think claims of an independent Scotland being one of the world's wealthiest nations would mean more cash in their pockets. Kay warned that using GDP as a measure fails to reveal how much money bypasses locals by going straight to foreign companies and drew comparisons with Ireland, which appeared "better off" than it actually was before economic meltdown. He also spoke as part of Asian Institute of Finance's Distinguished Speaker Series in 2016 entitled "Other People’s Money: Masters of the Universe or Servants of the People?" in Kuala Lumpur, Malaysia.

Honours

In 1997, Kay was elected a Fellow of the British Academy (FBA). In 2008, he was elected a

Fellow of the Royal Society of Edinburgh Fellowship of the Royal Society of Edinburgh (FRSE) is an award granted to individuals that the Royal Society of Edinburgh, Scotland's national academy of science and letters, judged to be "eminently distinguished in their subject". This socie ...

(FRSE). In 2016, he was elected a

Fellow of the Academy of Social Sciences The Fellowship of the Academy of Social Sciences (FAcSS) is an award granted by the Academy of Social Sciences to leading academics, policy-makers, and practitioners of the social sciences. Fellows were previously known as Academicians and used the ...

(FAcSS). Kay received an Honorary Doctorate from Heriot-Watt University in 2009 Kay was appointed

Commander of the Order of the British Empire The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations, and public service outside the civil service. It was established ...

(CBE) in the

2014 New Year Honours The New Year Honours 2014 were appointments by some of the 16 Commonwealth realms to various orders and honours to recognise and reward good works by citizens of those countries. The New Year Honours are awarded as part of the New Year celebrati ...

for services to economics and was knighted in the

2021 Birthday Honours The Queen's Birthday Honours for 2021 are appointments by some of the 16 Commonwealth realms of Queen Elizabeth II to various orders and honours to reward and highlight good works by citizens of those countries. The Birthday Honours are awarded ...

for services to economics, finance and business.

Books

Some of Kay's many

columns A column or pillar in architecture and structural engineering is a structural element that transmits, through compression, the weight of the structure above to other structural elements below. In other words, a column is a compression membe ...

on economics and business topics, published in the ''

'', are reprinted in: *''The Hare & the Tortoise'' (2006) *''Everlasting Light Bulbs'' (2004) *''The Business of Economics'' (1996) Other books include: * ''Greed is Dead'' (2020) with Paul Collier * ''Radical Uncertainty'' (2020) with Mervyn King *''Other People's Money: The Real Business of Finance'' (2015) *'' Obliquity: Why Our Goals Are Best Pursued Indirectly'' (2010) *''The Long and the Short of It: Finance and Investment for Normally Intelligent People Who Are Not in the Industry'' (2009, 2nd edition 2016) *'' The Truth About Markets'' (2003). Published in the

USA The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

in 2004 as ''Culture and Prosperity: Why Some Nations Are Rich But Most Remain Poor''. HarperCollins. *''Why Firms Succeed'' (1995), a slightly revised, shortened version of ''Foundations of Corporate Success'', written for the American market. *''Foundations of Corporate Success'' (1993) *''The British Tax System'', (1979, and four subsequent editions), with Mervyn King. .

References

External links

Personal websiteKay's columns
in the ''Financial Times'' {{DEFAULTSORT:Kay, John 1948 births Living people People educated at the Royal High School, Edinburgh Academics of London Business School Alumni of the University of Edinburgh Alumni of Nuffield College, Oxford Commanders of the Order of the British Empire Scottish columnists Scottish economists Academics from Edinburgh Fellows of St John's College, Oxford Fellows of the Royal Society of Edinburgh Fellows of the British Academy Academics of the London School of Economics Fellows of the Academy of Social Sciences Institute for New Economic Thinking Knights Bachelor