Two of the highlights of my job are teaching MSc students and the supervision of PhD students (click here), who have typically come from an MSc course. One of the problems facing British universities is that there is inadequate funding for students to undertake taught postgraduate courses as well as PhDs. There is no systematic funding of postgraduate study as there is with undergraduate degrees, with the result that many bright but poor students are unable to take taught postgraduate courses or do a PhD. In addition, there is a real fear that those who are now paying up to £9,000 fees per annum will not have the appetite or ability to fund postgraduate study whenever they graduate in 2014/15, which deprives the UK of highly-trained specialists and future academics. You can read more about this impending crisis and funding gap here.
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.