Denis O'Donovan (Fianna Fail) | Oireachtas source

On my own behalf and that of my fellow Senators, I welcome Professor Christopher Pissarides, economist and Nobel laureate, to the House. This newly elected Seanad is determined to modernise its procedures and actively engage with civic society. To begin this process we have changed Standing Orders to allow persons and representatives of public and civic life to address Seanad Éireann. Today our guest, Professor Pissarides, will address Members on unemployment and public policy. Professor Pissarides is the school professor of economics and political science at the London School of Economics. He is an elected fellow of the British Academy and has published widely on macro-economics and the theory of labour markets. In 2005, he became the first European economist to win the IZA Prize in Labour Economics and in 2010 he won the Nobel Prize in Economic Sciences for his analysis of markets with search frictions, in particular, the economics of unemployment, especially job flows and the effects of being out of work. He specialises in the economics of unemployment, labour market theory, labour market policy and more recently he has written about growth and structural change. His book, Equilibrium Unemployment Theory, now in its second edition, is a standard reference in the economics of unemployment.

All Members will agree a key issue for us is how we will tackle the scourge of unemployment, how we will create jobs, from where they will come and how we produce the right conditions for job creation. These are areas that Professor Pissarides has covered and on which he has written extensively. Accordingly, it is an opportune time for Professor Pissarides to address Seanad Éireann on unemployment and public policy.

Economics has an important role to play in informing Government policy in a wide variety of areas not only in employment but also education, the environment, infrastructure, health and agriculture. Nevertheless, Professor Pissarides, I imagine you are perfectly aware and do not need reminding that politicians and economists can make strange bedfellows. We do not always see eye-to-eye or find ourselves in agreement, and politicians may not always wish to hear what economists say to us. I am reminded of the words of the American writer and economist Thomas Sowell, who said:

The first lesson of economics is scarcity: there is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Given your distinguished record and achievements I sincerely hope that your words to the House today will not be disregarded and we look forward to a thought provoking and enlightening exchange. It is a great honour and privilege to invite you to address Seanad Éireann. You are now entitled to address the House.