Intervention – Autumn 2012

Issue No. 5

“The onward march of Insight continues. Now in our third year of production, our brand new editorial team is delighted to present ‘Intervention’, which is the theme for this semester’s issue. Educated in the logic of supply and demand equilibrium amidst the spectre of Adam Smith’s “Invisible Hand”, intervention could be interpreted as inimical to the instincts of the economics profession. If the multifarious attempts by world governments to deal with the impacts of the global downturn have failed to convince you otherwise, I hope reading this issue will compel you to think again. 

Intervention is, and has always been, pervasive within our economy, causing the realisation of a free market to be elusive. The question is perhaps not whether we should intervene in the economy, but rather how. This semester’s issue surveys government intervention, or lack thereof, across Europe, Asia and the Middle East. All the while, it will provoke you to consider the political and economic justifications for intervention, and caution you to contemplate what future is sown by our actions today. 

Our Comment section continues in fine style. Online currencies, urban farming and articles on UK and Spanish austerity are complemented by critiques of the aid industry, conservationism, and the economics of prediction. This semester’s Academic section considers whether we could have avoided the recent ‘Great Recession’, and is followed by the Review section, which includes a masterful investigation into inequality. 

I would like to extend my thanks to the new editorial team, the writers and illustrators for all their hard work over the last few months, without which this magazine would not be possible. Support from our sponsors, the Economics Society and the School of Economics, has been steadfast, whilst the advice of the Managing Editor has been a constant help. Special thanks must go out to our new Illustration Editor, and above all to our Design Editor, whose painstaking precision infuses every page. 

Knowledge, it is said, is power, and so if you have any feedback on this issue please get in touch – an email is provided on the opposite page. As the ink dries on the pages of this semester’s Insight, the search begins for new writers and illustrators for the next edition; let us know if you’d like to get involved. On behalf of the entire Insight team, to readers old and new, thank you for reading.”

– Letter from the 2012-2013 Editor-in-Chief, Evans Williams, 2012