Bachelor of Arts, Master of Arts University Liverpool, 1960, 1962.
Assistant Lector, Lector, University Manchester, 1961-1967. Senior Lector, New University Ulster, 1968-1969. Visiting Professor, University of California, Los Angeles, Calif., United States of America.
Senior Research Fellow, Professor of Economics, University Sheffield, 1970-1973, 1973-1979. Mitsui Professor of Economics, University Birmingham, Birmingham, England, since 1980. Co-editor (with J. Hey), Mutsui Lectures Economics Series on Uncertainty and Expectation in Economics (Blackwell).
concentrated on the pure theory of trade, especially on the HeckscherOhlin and Ricardian models. General aspects of those models were investigated, the main research contributions being concerned with the effect on the H-O theorems of variable returns to scale and specific factors of production, and the derivation of an equivalence theorem relating to H-O and Ricardian theorems, which has important implications for the existing empirical tests of those theories. Before the end of the 1960s, disenchantment with the general equilibrium, certainty framework of trade theory led me to concentrate on the work in monetary economics which had been proceeding in tandem.
Theoretical and econometric research was undertaken on the level and structure of interest rates. That research led to two innovations: the first attempt (simultaneously with Kane) to derive and use a ‘monetary aggregate’ or liquidity variable. And the construction of the first disaggregated econometric model of the United Kingdom monetary/financial system. The latter also prompted the development of models of the portfolio behaviour of major financial institutions.
A main thread in the research on financial markets was ‘uncertainty and expectation’. In the last few years my research has been concerned with that theme and has been predominantly theoretical. Amongst the issues considered have been: Shackle’s anti-probabilistic theory of behaviour under ‘uncertainty’ and how it can be transformed into a viable alternative paradigm.
The introduction of multiplicative as opposed to additive, uncertainty into macro models, which has challenged established results (for example, that of Friedman on the stability of money demand and that of Poole on choice of monetary policy). And the effect of uncertainty on the choice of commercial policy. On the empirical side research has been conducted on the rational expectations, structural neutrality hypotheses for several countries.
It points to some methodological problems with existing literature and suggests that there is little support for those hypotheses.