science

The Review of Economic Studies

The Review of Economic Studies is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand The Review of Economic Studies rather than just read about it. In short: The Review of Economic Studies (also known as REStud) is a quarterly peer-reviewed academic journal covering economics. The journal is widely considered one of the top 5 journals in economics.

Key takeaways

The Review of Economic Studies belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect The Review of Economic Studies to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of The Review of Economic Studies from memory before moving on to harder problems.

Reference excerpt

The Review of Economic Studies (also known as REStud) is a quarterly peer-reviewed academic journal covering economics. The journal is widely considered one of the top 5 journals in economics. It is managed by the editorial board currently chaired by Ruben Enikolopov. The current joint managing editors are Jan De Loecker at KU Leuven, Xavier D’Haultfoeuille at CREST, Attila Lindner at University College London, Elias Papaioannou at London Business School, Antonio Penta at Universitat Pompeu Fabra, Jakub Steiner at CERGE-EI and University of Zurich, Vincent Sterk at University College London, Victoria Vanasco at CREI, and Noam Yuchtman at the London School of Economics. According to the Journal Citation Reports, the journal has a 2020 impact factor of 6.345.

History The journal was founded in 1933 by a group of economists based in Britain and the United States. The original editorial team consisted of Abba P. Lerner, Paul Sweezy, and Ursula Kathleen Hicks. It is published by Oxford University Press. From the beginning, the board of editors has operated independently of any university department or learned society. The founding document of the journal stated that "The object of the Review is to supplement the facilities for the publication of new work on theoretical and applied economics, particularly by young writers." and that "Any member" of the editorial board "who becomes a Reader or Professor in a British University must resign his membership." In its early years, the journal was used to log the macroeconomic debates of younger followers of Friedrich Hayek (such as Abba Lerner) and John Maynard Keynes (such as the members of the Cambridge Circus).

Notable papers Some of the most path-breaking and influential articles published in The Review of Economic Studies are:

Lipsey, R. G.; Lancaster, Kelvin (1956). "The General Theory of Second Best". The Review of Economic Studies. 24 (1): 11–32. doi:10.2307/2296233. JSTOR 2296233. Arrow, Kenneth J. (1962). "The Economic Implications of Learning by Doing". The Review of Economic Studies. 29 (3): 155–173. doi:10.2307/2295952. JSTOR 2295952. S2CID 155029478. Mirrlees, J. A. (1971). "An Exploration in the Theory of Optimum Income Taxation". The Review of Economic Studies. 38 (2): 175–208. doi:10.2307/2296779. JSTOR 2296779. S2CID 15311903. Stiglitz, Joseph E. (1974). "Incentives and Risk Sharing in Sharecropping" (PDF). The Review of Economic Studies. 41 (2): 219–255. doi:10.2307/2296714. JSTOR 2296714. Breusch, T. S.; Pagan, A. R. (1980). "The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics". The Review of Economic Studies. 47 (1): 239–253. doi:10.2307/2297111. JSTOR 2297111. Galor, Oded; Zeira, Joseph (1993). "Income Distribution and Macroeconomics" (PDF). The Review of Economic Studies. 60 (1): 35–52. doi:10.2307/2297811. JSTOR 2297811. S2CID 141057231. Manski, Charles F. (1993). "Identification of Endogenous Social Effects: The Reflection Problem" (PDF). The Review of Economic Studies. 60 (3): 531–542. doi:10.2307/2298123. JSTOR 2298123. S2CID 154470582. Mortensen, Dale T.; Pissarides, Christopher A. (1994). "Job Creation and Job Destruction in the Theory of Unemployment". The Review of Economic Studies. 61 (3): 397–415. doi:10.2307/2297896. JSTOR 2297896. Heckman, James J.; Ichimura, Hidehiko; Todd, Petra E. (1997). "Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme". The Review of Economic Studies. 64 (4): 605–654. doi:10.2307/2971733. JSTOR 2971733. Levinsohn, James; Petrin, Amil (2003). "Estimating Production Functions Using Inputs to Control for Unobservables" (PDF). The Review of Economic Studies. 70 (2): 317–341. doi:10.1111/1467-937X.00246. JSTOR 3648636. Bénabou, Roland; Tirole, Jean (2003). "Intrinsic and Extrinsic Motivation". The Review of Economic Studies. 70 (3): 489–520. doi:10.1111/1467-937X.00253. JSTOR 3648598. S2CID 14666099.

References

External links Official website

Worked examples

Example 1 — a first encounter with The Review of Economic Studies

Start with the simplest possible case. Write down what The Review of Economic Studies claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to The Review of Economic Studies before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about The Review of Economic Studies ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of The Review of Economic Studies

In research: The Review of Economic Studies appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses The Review of Economic Studies in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: The Review of Economic Studies is common in secondary-school and first-year university syllabi. It links to neighbouring topics Academic journals established in 1933, Economics journal stubs, Economics journals, so understanding it makes those chapters shorter.
In everyday life: Look for The Review of Economic Studies outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study The Review of Economic Studies in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what The Review of Economic Studies means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain The Review of Economic Studies out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is The Review of Economic Studies in simple terms?

The Review of Economic Studies (also known as REStud) is a quarterly peer-reviewed academic journal covering economics. The journal is widely considered one of the top 5 journals in economics.

Why does The Review of Economic Studies matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study The Review of Economic Studies?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on The Review of Economic Studies.