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The Guardians of Economics: How the Royal Economic Society Emerged in 1890
The Royal Economic Society (RES) has been a major force in the development of the science of economics since its founding in 1890. The society was originally established as the British Economic Association and received its Royal Charter in 1902. As a professional association, RES focuses on promoting the study and application of economics in academia, government, banking, industry and public affairs.
"The mission of the Royal Economic Society is to promote the study of economics and its application to public life."
Over time, RES evolved into a sustainable academic organization encompassing a variety of initiatives, including publishing the peer-reviewed academic journals The Journal of Economics and The Journal of Econometrics. Since their inception, these two journals have provided a platform for academic research in economics.
RES activities are not limited to publishing journals, but also include hosting annual conferences, awarding fellowships, holding public lectures and organizing writing competitions for young economists. In 2017, the society opened a dedicated office in Westminster, London, and appointed its first chief executive, Leighton Chipperfield. As society's perception of economics changes, RES launched a new strategy to promote economics research in 2019, with a focus on strengthening the promotion of diversity.
"The promotion of economics and the emphasis on diversity will become the focus of future development."
In 2023, RES announced the launch of an institutional membership program, with the Bank of England, Government Economic Services and Border Economics becoming the first institutional members. This move demonstrates the Society’s commitment to advancing the economics community and profession.
History Review
The founding of the British Economic Association stems from the gradual change in the understanding of economics in the 1880s. During that period, the study of economics was often mixed with other subjects, such as history and philosophy. Scholars of economics want to separate economics and establish it as an independent academic field. As a result of this change, countless economic ideas and criticisms of the economy were constantly colliding at the time.
"We need an academic institution that can advance theory, integrate economic opinion, and encourage historical research."
In 1883, initial proposals were developed at the British Economic Association between Herbert Somerton Foxwell and Robert Harry Inglis Palgrave. Foxwell's vision was to establish a professional economics society in the UK and to publish a scientific journal. The British Economic Association was founded to provide a powerful platform for the then-burgeoning field of economics.
Early ChallengesThe British Economic Association faced many challenges in its early years. The first president of the society was George Goshen, who attached great importance to the status of economics and raised the need to enhance public understanding of economics. However, due to insufficient funds and fluctuations in the number of members in the early stages of development, the society's operations faced difficulties.
In the first few years of its establishment, the Journal of Economics was successfully published and became one of the main channels for academic discussion. However, the BEA's influence in other areas was not immediately apparent. Thanks to the efforts of Chairman Goshen, the society began to work to enhance the public's understanding and attention to economics.
Receive Royal Charter
In 1902, after a decade of development, the British Economic Association was finally granted a royal charter, a milestone that helped consolidate the association's position in economics. At that time, ten volumes of the Economic Journal were presented to King Edward VII of England, laying the foundation for the society to obtain royal approval.
“The Royal Charter not only enhances the Society’s profile, but also reflects the Society’s profound impact on the development of economics.”
Modern Development
Over time, the mandate of the RES has expanded to support various aspects of economics. The society actively organizes conferences and events, and researches and preserves the history of economics and its important figures. Since the 1980s, RES has begun to attach importance to supporting young scholars and encouraging their research and innovation through various award programs.
Today, RES is an internationally renowned economics organization and continues to play an indispensable role in promoting education and research in economics. The society's annual meeting attracts scholars from all over the world and showcases the latest research results in the current economics community.
From a historical perspective, the growth and development of the Royal Economic Society is not only a microcosm of academic institutions, but also an important milestone in the development of economics. Is this important development enough to inspire future economic researchers to continue exploring new academic fields?
