The Importance of Scholarly Research in Business, Economics, and Finance
Laura Pacey, Commissioning Editor, Economics
It is said that money makes the world go round, but it is research and knowledge that enables innovation and application for wider benefit. The study of economics is both multi– and interdisciplinary, connecting all social, cultural, financial, environmental and political issues impacting the world.
Following the 2008 financial crisis economists were under attack – how could they not have foreseen such a crisis and prevented it? If you look at any research field, such as medicine, there will always be epidemics and then breakthroughs that improve quality of care and life. Continued research in Business, Economics and Finance remains crucial to determine how we can use the world's scarce resources efficiently.
Research is the key to greater understanding and the foundation for all real change. Working on the Economics list for Palgrave Macmillan in many ways keeps me aware of the challenges of our time and titles such as Edward Barbier's Nature and Wealth, which puts forward an argument to overcome an imbalance of assets, tackle poverty in developing countries and create a sustainable future, really demonstrate the need for this kind of research.
Scholarly responses to current events are important in making informed judgments at both a private and public level. Ali M. El-Agraa's book The European Union Illuminated marries economic theory, political economy, statistical analysis and institutional economics to make sense of the political compromises the EU has had to make and introduce the general reader to an economic perspective on where the EU is headed. In this digital age, there is a wealth of information on practically any topic one can think of; but how can you evaluate sources and know which to trust? Peer review is such an integral part of publishing, ensuring and maintaining a much needed level of quality and rigour in today's saturated market.
It is for all these reasons that scholarly research is invaluable and we must do all we can to support new research and its dissemination.
Laura can be contacted at firstname.lastname@example.org.