Economics without jargon

Economics is something everyone can and should understand.

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Meet our GWM Chief Economist, Paul Donovan

Paul Donovan

I am the Chief Economist of UBS Global Wealth Management. I believe passionately that economics is something everyone can and should understand. We all make economic decisions all of the time. The problem is that economists tend to wrap economics in jargon and equations. We do not need to do that. It is my job to help people realise what they probably already know – by developing and explaining the UBS economic view in a clear way. To do this, I publish research (most of which you can find here), make short videos, and appear in various print and broadcast media.

I tend to think of myself as a political economist, not a mathematical economist. I get very excited about lots of things in economics. Diversity, inflation, education, trade, inequality, sustainability and social change are some of the topics I am very enthusiastic about (to the point of writing books about them).

I joined UBS back in 1992 as an intern economist working in our investment bank. Decades later, I am still working as an economist at UBS. That probably says something about me, being an economist, working for UBS, or all three. As Chief Economist I sit on the Global Investment Committee. I am a UBS Opinion Leader, a member of UBS Pride, and (no doubt to the astonishment of my former art teacher at school) a member of the UBS Art Board. I am also part of the UBS Nobel Perspectives program, and a supporter of the UBS Women in Economics program.

I have an MA in Philosophy, Politics and Economics from Oxford University and an MSc in Financial Economics from the University of London. I am also an Honorary Fellow of St Anne’s College, Oxford and sit on their investment committee and development board. In my spare time, I am an amateur heavyweight boxer (prepared to defend my forecasts in the ring), a keen if very definitely amateur skier and a small scale farmer with apples, pears, and sheep.

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        Read important disclaimer
        Various apples on a sideboard

        Diversity & inclusion in conversation

        Paul Donovan and Dr. Vivenne Ming discuss the impact of diversity and inclusion on the modern workplace.

        Rainbow colored flag against a white wall

        Investing in equality: A collection of LGBTQ+ research

        Explore the breadth and depth of LGBTQ+ research from CIO

         

        Discover the Chief Economist's comment

        Occasional articles answering some of the important economic questions of today.

        14 March 2025 How do tariffs impact inflation?

        Trade taxes, or tariffs, have been a burden for consumers for over four thousand years. Modern trade has become a lot more complex, and that means that the relationship between trade and inflation has also become more complex. There are eight mechanisms by which tariffs can impact inflation.

        Download full reportpdf, 808 KB

        15 January 2025 China's Bermuda Triangle?

        China exports more to the US than the US imports from China. Are ships disappearing in the middle of the Pacific Ocean?

        Download full reportpdf, 951 KB

        01 November 2024 Is inflation a long-term problem?

        Cyclical inflation is contained, causing pessimists to cast around for something else to worry about. Is a return to inflation in the longer term a valid concern? It could happen, but on balance low inflation and disinflation seems more likely.

        Download full reportpdf, 1 MB

        08 April 2024 The economics of getting thin

        Weight loss drugs have both positive and negative implications for a country’s economy and society

        Download full reportpdf, 453 KB
        Were tight labour markets just a mid-life crisis?

        07 December 2023 Were tight labour markets just a mid-life crisis?

        More job vacancies may be more to do with people changing employer than labour market shortages.

        Download full reportpdf, 849 KB
        artificial intelligence

        23 August 2023 What happens when AI takes over?

        The hype around artificial intelligence (AI) has reached a fever pitch. But what are the economic implications of this new technology?

        Download full reportpdf, 522 KB
        Bitcoin Housing

        16 March 2023 What is profit-led inflation?

        Developed economies have had three waves of inflation since the pandemic: transitory inflation for durable goods; commodity inflation; and finally profit margin-led inflation.

        Download full reportpdf, 731 KB
        Bitcoin Housing

        14 December 2022 Did housing cause the Bitcoin bubble?

        The rise in speculation in crypto and meme stocks might be caused by the struggles of Gen Z to buy a house

        Download full reportpdf, 609 KB
         

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        UBS Nobel Perspectives: Answering questions that will shape tomorrow

        Groundbreaking insights from Economic laureates.

        Women in Economics 

        Women in Economics is an expansion of our ongoing Nobel Perspectives program, with the aim to focus on economists who are in the middle of their careers, but have already made a major impact in their fields.