Articles
Articles and analyses from the INET community on the key economic questions of our time.
Start-Up Governments, or Can Bureaucracies Innovate?
For most economists and indeed for social scientists in general such a question induces shudders as already asking this seems wrong – aren’t governments more prone to failures than markets, and aren’t governments supposed to provide basic and stable institutions for markets to function?
Renminbi to the Rescue?
Replication and Transparency in Economic Research
In 2003, McCullough and Vinod wrote, “Research that cannot be replicated is not science, and cannot be trusted either as part of the profession’s accumulated body of knowledge or as a basis for policy.”(1)
RMB in SDR, Now What?
“Governments propose, markets dispose,” as Charles Kindleberger liked to say.
Printing Money
Theory vs data, computerization, old wine and new bottles
In 1953, Oskar Morgenstern proposed to reform the eligibility criterion for fellows of the Econometric Society, in an attempt to foster empirical work.
What the Steve Jobs Movie Won’t Tell You About Apple’s Success
Public funding behind the technology is the secret ingredient.
The Teaching of Economics
$1.90 Per Day: What Does it Say?
The Efficiency of Markets
A student of microeconomics learns that any competitive equilibrium leads to a Pareto efficient outcome (First Fundamental Theorem of Welfare Economics). What do we mean by the efficiency or inefficiency of markets?
The Fairness of Markets
A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?
Travelling Knowledge and Tools
Joseph Stiglitz: “Deep-seatedly wrong” economic thinking is killing Greece
The latest austerity deal is terrible for Greece and Europe.
Is it Just a Greek Problem?
In the last couple of months, Greece has once again become the center of attention of politicians, academics, and the general public. The debate has, for a large part, focused on Greece’s fiscal deficit as if it were just a self-inflicted Greek problem. But is it?
Latest Institute Grants Announced
The Institute for New Economic Thinking has awarded $2 million in grants to fund 21 different projects as part of the latest round of its research grant program.