Luis Garicano facts for kids

Quick facts for kids Luis Garicano
Garicano in 2022
Member of the European Parliament for Spain
In office 2 July 2019 – 1 September 2022
Personal details
Born	1967 (age 57–58) Valladolid, Spain
Political party	Citizens (2015–2022)
Education	University of Valladolid (BA) College of Europe (MA) University of Chicago (MA, PhD)

Luis Garicano Gabilondo (born in 1967) is a Spanish expert in economics and a politician. He was a Member of the European Parliament (MEP) from 2019 to 2022. This means he helped make decisions for Europe. He also held important leadership roles in European political groups.

Before becoming a politician, he taught at top universities. He was a professor at IE Business School in Madrid and the London School of Economics (LSE). After leaving politics, he went back to teaching. He is now a professor at the LSE School of Public Policy.

Luis Garicano's Early Life and Studies

Luis Garicano was born in Valladolid, Spain. His parents are Ana Gabilondo and Luis Garicano. He went to a Jesuit school called San José School in his hometown.

University Education

Garicano studied a lot in university. He earned degrees in economics and law from the University of Valladolid in the early 1990s. Then, he went to Belgium for a master's degree in European economic studies.

He continued his studies at the University of Chicago in the United States. There, he earned another master's degree and then a doctorate (PhD) in economics. His main teacher for his doctorate was Sherwin Rosen, a famous economist. He also learned from Gary Becker and Kevin M. Murphy. These teachers focused on "human capital." This idea suggests that the skills and education of workers are key to a country's economic growth.

Becoming a Professor

After finishing his doctorate, Luis Garicano became a professor at the Booth School of Business. He studied how knowledge works in jobs and companies. He became a full professor there in 2006. During this time, he also taught as a visiting professor at other well-known universities.

In 2007, he won an award for being the best Spanish economist under 40. In 2008, he moved to the London School of Economics (LSE). He became a professor of economics and strategy. He also helped start a new department there.

A Famous Question from the Queen

In 2008, something interesting happened at the LSE. After Luis Garicano gave a talk about a big financial crisis, Queen Elizabeth II asked him a famous question: "Why did nobody see the crisis coming?" This question highlighted how unexpected the crisis was.

At LSE, he also created and led a master's program. He became the head of the Managerial Economics and Strategy Group in 2011.

In 2017, he joined the Business School of IE University. He became a professor there and directed a center focused on the digital economy. He also works with other research groups that study economic policy.

Work as an Economist

Garicano has worked as an economist for different organizations. He worked for the European Commission and a consulting company called McKinsey & Company. He also served on the board of directors for a bank called Liberbank.

His research often looks at how companies are organized and how they use knowledge. He studies how technology affects businesses and how it can lead to differences in wealth. He has written many articles in important economic journals.

Luis Garicano's Activism

For many years, Luis Garicano has worked to improve Spain's economy and public services. He believes in making big changes to areas like jobs, healthcare, and pensions. He often shares his ideas in major newspapers like the Financial Times and El País.

Promoting Economic Ideas

In 2009, he started a blog called "Nada Es Gratis" (Nothing Is Free). The blog aims to share economic ideas based on facts and research. It has become a very popular economics blog in Spanish.

In 2011, he co-wrote a book with the same name as the blog. In this book, he and other experts suggested ways to improve Spain's economy. They wanted to help Spain grow and be more productive.

He also helped a group of experts in 2012 to suggest changes for the Spanish university system. In 2013, he signed a public statement with other thinkers. They called for changes to how political parties work in Spain.

Spain's Challenges

In 2014, he wrote his first solo book, El dilema de España (Spain's Dilemma). In this book, he argued that Spain had to choose its future path. He suggested that Spain could become like Denmark, a country with strong growth and good public services. Or, it could face bigger problems. He proposed changes to education and government to help Spain grow and avoid economic issues.

Garicano has also been a leading economist pushing for changes to Europe's financial system. He helped develop an idea called European Safe Bonds (ESBies). This idea aimed to make banks safer and reduce risks in the financial system. The European Commission later adopted a similar proposal.

Luis Garicano's Political Career

In 2015, Luis Garicano officially joined politics. He became part of a Spanish political party called Citizens – Party of the Citizenry. He quickly became the party's main economist.

Shaping Economic Policy

He was in charge of writing the party's economic plans for the 2015 and 2016 elections. He helped create key ideas for the party. These included a plan similar to the American "earned income tax credit," which helps low-income workers. He also proposed a "single contract" to make job rules fairer for everyone. From 2017, he led the party's work on economy and employment.

His work on the Citizens party's plans is explained in his book Recuperar el Futuro (Reclaiming the Future). He wrote this book with Toni Roldán, who was also an economist and politician.

Garicano also played a big role in shaping the party's overall ideas. He helped the party move towards a more liberal way of thinking in 2017. In 2016, he was chosen as Vice-President of the Alliance of Liberals and Democrats for Europe Party.

In the European Parliament

In 2019, Luis Garicano was part of a team that led a pro-European campaign for the European elections. He was elected as a Member of the European Parliament (MEP).

During his time as an MEP, he made proposals to improve Europe's banking system. He also worked on ideas for a "carbon border adjustment mechanism." This mechanism helps make sure that products from outside Europe follow similar environmental rules.

When the COVID-19 pandemic hit, he was important in shaping Europe's economic response. He suggested ideas for a European plan to protect jobs and a fund to help Europe recover. These ideas were later adopted by the European Union. He helped negotiate the program that distributed most of the European recovery money.

When Russia invaded Ukraine, he was one of the main voices calling for Europe to stop buying Russian oil and gas. He left the European Parliament in September 2022.

Images for kids

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  Garicano in 2022

See also

In Spanish: Luis Garicano para niños