Richard Layard, Baron Layard

Richard Layard, Baron Layard (born 15 March 1934) is a British economist and Labour life peer, renowned for his work on happiness and well-being in economics. He is also known for his contributions to the field of labour economics, particularly his research on unemployment and inequality. Layard's work has significantly influenced both academic research and public policy, making him a key figure in the development of welfare economics.

Early Life and Education

Richard Layard was born in 1934. He pursued his education at King's College, Cambridge, where he studied the Classics before turning his attention to economics. He later attended the London School of Economics and Political Science (LSE), where he completed his PhD in economics. His academic journey laid the foundation for a career that would blend rigorous economic analysis with a deep concern for societal well-being.

Career

Layard's professional career began in academia, where he joined the faculty of the LSE. Over the years, he has held various positions, including that of the Director of the Centre for Economic Performance at LSE. His research has covered a wide range of topics within economics, but he is perhaps best known for his pioneering work on happiness and economics.

In the late 20th and early 21st centuries, Layard shifted the focus of his research to the study of happiness, arguing that economic progress should be assessed not just by traditional measures like GDP, but also by the impact on human happiness and well-being. His book, Happiness: Lessons from a New Science, published in 2005, brought widespread attention to the idea that public policy should aim to maximize happiness.

Contributions to Public Policy

Layard has been instrumental in applying his research findings to public policy. He has advocated for changes in areas such as mental health services, education, and employment policy, emphasizing the importance of well-being as a policy goal. His work has influenced governments and international organizations, leading to the adoption of well-being measures in various countries.

House of Lords

In 2000, Richard Layard was elevated to the House of Lords as a life peer, taking the title Baron Layard, of Highgate in the London Borough of Haringey. As a member of the House of Lords, he has continued to advocate for policies that enhance well-being, drawing on his extensive research in the field.

Legacy and Impact

Baron Layard's contributions to economics and public policy have been widely recognized. His work on happiness and well-being has sparked a global conversation about the goals of economic policy and the importance of prioritizing human happiness. Through his research, writing, and public service, Layard has played a crucial role in shaping contemporary understanding of what constitutes societal progress.

Selected Works

• Happiness: Lessons from a New Science (2005)
• Other notable publications in the fields of unemployment, inequality, and well-being.

See Also

• Economics of happiness
• Welfare economics
• Labour economics