Gavin C Reid

Professor of Economics
The Centre for Research into Industry, Enterprise, Finance and the Firm
The Licensing of CRIEFF

On the 4th November 1991, the Committee on Research in Arts and Divinity, Faculties of Arts and Divinity, University of St Andrews, validated the licensing of the research centre CRIEFF (the Centre for Research into Industry, Enterprise, Finance and the Firm) as follows: ‘The Committee recommended approval of the establishment of a Centre for Research in Industry, Enterprise and the Firm [sic] with Professor G C Reid as its Director’. Minor works were put in process to locate that unit in the basement of St Katherine’s West, The Scores in four rooms at the rear of the building. Refurbishment arrangements started in November 1991.

The Launch of CRIEFF

The formal launch of CRIEFF occurred on March 4, 1993, with a lecture on ‘Economics and Business’ by Professor John Kay, then of the London Business School and London Economics consultancy.
Aims and Objectives of CRIEFF


The aim of CRIEFF is to foster rigorous research in the economics of industry in its broadest sense, to include production (of goods or services), employment and financing.  The methods used can be theoretical, quantitative or qualitative, and may be entirely academic and/or linked to a policy nexus.  The research agenda includes mainstream industrial organization and corporate finance, and extends to cognate areas like: R & D and technological diffusion, the organizational theory of the firm, the economics of entrepreneurship and the small firm, multinational firms, the economics of the single European market, venture capital investment, patenting, high technology clusters, pension reform, tax progression, income inequality, firm dynamics, speculative bubbles, financial reporting.  


The prime objective of CRIEFF is to stimulate a high quality research output, of international quality.  It does so by building on existing areas of strength, aiming to link these together in a synergistic fashion.  To this end, CRIEFF  produces a discussion paper series, acts as host to research visitors and collaborators, and engages in outreach activity in the business and finance community, as well policy circles.

This picture was taken by Peter Adamson, then St Andrews University Photographer, outside St Salvator’s Hall (Sally’s) on 21st March 1996. The occasion was the Network of industrial Economists (NIE) Annual Meeting which Gavin was running out of CRIEFF. Pictured by the sundial are Gavin Reid (left), David Audretsch (centre), and Steve Salant (right). This was a prelude to Gavin later taking up the Chairmanship of NIE, a position he held from 1997 to 2001. Speakers on this occasion included a galaxy of talent (with their themes in brackets): Mark Armstrong (networks), John Sutton (market structure), Steve Salant (cartels), Manfredi La Manna (R&D), Mike Waterson (regulation and competition), David Audretsch (geography of innovation). Chairs/discussants included V Bhaskar, John Beath, and Felix FitzRoy.