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The heterodox scholar was a fierce critic of neoclassical economics. But she also insisted that economics be driven by science, not ideology.

Sadly, it is questionable whether the economy has really improved.

An interview with INET Global Commissioner Winnie Byanyima

Nobel laureate James Buchanan is the intellectual linchpin of the Koch-funded attack on democratic institutions, argues Duke historian Nancy MacLean

Milwaukee-born short-seller Jim Chanos, founder and managing partner of New York-based Kynikos Associates, teaches University of Wisconsin and Yale business students about corporate fraud. During his life and career, he has witnessed seismic shifts in economic thinking and the relationship between labor and capital. Chanos shares his thoughts on the world emerging from the election of Donald Trump and the tumultuous political events of 2016. 

Many voters, feeling disillusioned, are searching in vain for narratives that resonate with their experiences.

Patrick Lawrence, writer and executive editor of The Scrum, analyzes the roots of US foreign policy failures, how these are reflected in the current confrontation with Russia, which can be found the US establishment’s weddedness to power and to an unwillingness to see the other’s perspective.

Government safety nets give protected institutions an implicit subsidy and intensify incentives for value-maximizing boards and managers to risk the ruin of their firms. Standard accounting statements do not record the value of this subsidy and forcing subsidized institutions to show more accounting capital will do little to curb their enhanced appetite for tail risk.

The limitations of the benchmark E-DSGE framework and how these limitations restrict the ability of this framework to meaningfully capture the macroeconomics of the climate crisis.

Ten years ago, the financial crisis washed away faith and trust in economics as a guide to social prosperity. Filling a void is difficult. We are still hard at work. 

Beatrice Cherrier remembers Tony Atkinson’s influential intellectual, educational and institutional contribution to the field of public economics

This research project develops a theoretical framework to examine the relation between arbitrage capital and the price properties of different asset markets.

A review of regional integration in Africa

The notion of “field” is so pervasive that economists hardly pay conscious attention to it.

Under the shared premise that no country alone can address the multiple challenges posed by intertwining and intensifying economic, social and environmental crises, this year’s lectures will discuss prospects and obstacles for a green and equitable transformation of the global economy.

Economist Alicia Girón explains why a feminist perspective is crucial to new economic thinking.

Economic growth and rising prosperity does not happen at the moment of invention. Only an innovation policy aiming to maximise activities throughout the innovation cycle will succeed in capturing economic growth that enhance the welfare of all citizens.

Our partnership with the Oxford Martin School at the University of Oxford, is conducting visionary interdisciplinary research on a wide range of economic and public policy challenges.

This research project traces the history of German energy policy from 1945 to the present. It explores the political economy behind Germany’s transition from coal, to oil, to green energy, the crises driving these shifts, and the evolving efforts to balance affordability with security and environmental protection.

The pandemic has caused havoc to the world’s health and economy, worsening inequality and disparities already disrupted by geopolitical rivalry, climate change, financialization and technology. Health, wealth and self are entangled in anger over rising inequality and temperatures.

This research project improves our understanding of the effects of intellectual property rights—and in particular copyrights—on creativity and innovation.

In this paper, we deal with the complex relationship connecting inequality to innovation, and the ways through which public investment, in particular public participation to R&D initiatives, may affect it. We first stress that multiple different equilibria may exist in the inequality-innovation space.

This research projects aims to understand Buddhist thinking in rational choice terms and apply that to some important contemporary economic problems.

New book by Sarah Chayes reveals the country’s descent into a level of corruption usually associated with places like Nigeria and Afghanistan

Alessandro Roncaglia has mulled the topic of power over his long and distinguished career – a topic most economists avoid. His new book explores the historical dynamics of power and asks how we can change its distribution today.

Storm argues the AI data-centre investment boom is creating a bubble that will be socially and financially expensive when it pops.

Inclusive development especially the role of employment opportunities in a changing world of work and the environment in envisioning inclusiveness

Affordable medicines remain out of reach for millions because pharmaceutical innovation is organized around value extraction, not public health. How do shareholder-driven governance and fragmented global health financing reinforce inequity, and what structural reforms are needed to reverse it?

Peter Conti Brown’s new book explores and debunks a powerful meme shaping public understanding of the role of the Fed

Keynes passed away 70 years ago today, with his copyright now expiring, there is an opportunity to build a digital archive of all his work

In a significant new study published by the Institute for New Economic Thinking, Canadian economist Mohsen Javdani reveals that gender shapes views on power, equality, and inclusion in ways politics alone can’t explain.

This research project investigates the reasons behind the US financial crisis by applying the tools of the history of economic thought to the postwar evolution of US antitrust law and economic

Creating the post-2008 global safety net for mega-banks

Hughes discusses his recent book Marketcrafters, and how markets are deliberately built with outcomes that can serve the public good – or not. He uses this lens to unpack today’s economic flashpoints, from the Fed to crypto to climate.

HCEO’s new three-question series will regularly publish quick Q&As with members who will discuss their work, frontiers in the field of inequality that could use more knowledge, and advice for emerging scholars.

The Institute for New Economic Thinking (INET) and the World Economic Forum today announced plans for closer collaboration to foster new approaches to economic thinking.

INET is pleased to announce that Roman Frydman, Chair of INET’s Program on Imperfect Knowledge Economics, has published a book with Edmund Phelps, 2006 Nobel laureate and Director of the Center on Capitalism and Society at Columbia University, Rethinking Expectations: The Way Forward for Macroeconomics (Princeton University Press).

New economic thinking is no passing fad. The movement for new economic thinking is here to stay - with broad-based, worldwide support from undergraduate and graduate students as well as both young and established professors and Nobel laureates.

The financial and economic crises started by the fall of Lehman Borthers came as a big shock, a financial shock, an economic shock, a psychological shock, and a political shock among others.

For thirty years after the Civil Rights Act, a sizable share of white Southerners still voted Democrat. That changed when the party embraced trade deals that hurt American workers.

Economic distress in rural areas and opioid exposure in cities are key indicators of overdose deaths

The National Institute of Public Finance and Policy (NIPFP) in collaboration with the Institute of New Economic Thinking (INET) are organizing India’s first “Law Economic Policy Conference (LPEC 2016)”. The aim is to bring together economic, legal and policy thinkers together to consider policy issues in a holistic manner.

The YSI Gender and Economics Working Group will host a workshop during the pre-conference of the 27th IAFFE Annual Conference. Members of the Gender and Economics WG will also be welcomed to take part in the workshop and mentoring activities organized by IAFFE in the pre-conference.  

INET Grantee & Academic Advisor Perry Mehrling talks about his new book “Money and Empire: Charles P. Kindleberger and the Dollar System”

Restoring faith in governance and public action is itself a public good that would prepare us for a whole myriad of challenges on the horizon

Can education stop the country’s backward slide?

An interview with the Industrial Development Advisor in the Office of the Director-General of the South African Department of Trade, Industry and Competition (DTIC).

Former Deputy Chairman of India’s Planning Commission, Montek Ahluwalia, and Nobel Laureate Michael Spence discuss Ahluwalia’s book BackStage: The Story Behind India’s High Growth Years, and explore the challenges for the developing world more generally.

The short answer is yes. For the long answer I will make you sit through seven paragraphs.

Perry Mehrling’s new book traces the rise of the dollar through the life and career of influential economist Charles Kindleberger

Recent developments in AI have added fuel to debates that have long simmered amongst economists, which could lead to a rethinking of economics itself.

Containing Slaves, Freedmen, Jim Crow laws and the Great Migration

In the future, how will work be different, what jobs are most at risk, what jobs are likely to grow?

Can society continue its long-run trajectory and commit to institutional, legal, social, fiscal, and educational systems that can advance equality?

US regulators can step in to ensure drug pricing both supports patient access and drug development

The Kauffman Foundation provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography.

Dr. Phillip Alvelda tells INET’s Lynn Parramore about persistent political and public health failures exposing us to devastating diseases, while vastly underestimating their long-term health effects.

This note comments on Eric Weinstein’s, “How and Why Government, Universities, and Industries Create Domestic Labor Shortages of Scientists and High-Tech Workers,” posted recently on INET’s website.

A Nobel Prize-winning economist and the second-most-famous democratic socialist in America sit down together

Austerity measures have battered the region and created instability throughout the Eurozone. Here’s one way out of the mess.

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

The Ukrainian government has committed to implement far-reaching reforms in exchange for the support it is getting from the international community, led by the International Monetary Fund (IMF). Understandably, given Ukraine’s disappointing transition history, there is widespread scepticism on whether the country will live up to its commitments. Three failed IMF programmes later, the fundamental question is: Is it different this time?

On the reflexive relationship between inflation and inflation narratives

The history of the political relations between Hitler and the NSDAP leadership and the German “coal industrialists” from 1926 to 1933

Researchers reveal the enemies to stability and prosperity that threaten us all.

Trying to predict the financial future is a fool’s errand, even for a genius

Author Supritha Rajan argues that self-interested competition may be the official line, but it’s far from the whole story

Our usual problem in history (of economics) is a lack of information.

Medicare negotiators need to have a deep understanding - both theoretical and empirical - of the learning processes involved in developing a drug to negotiate a price that is fair.

This paper examines in detail the interrelationships between the EU’s concerns, its energy policies, and the resulting challenges and uncertainties facing European gas through the rest of the decade, and beyond.

The (very) recent rise of quantitative analysis in history of economics working papers calls for a closer examination of the prospects and limitations of this approach, and of the impediment to its large-scale development.

Corporate responsibility needs to evolve if businesses are going to rebuild trust and provide real value for society.

What That Means For Biden’s Inflation Policy Trilemma

John Kenneth Galbraith noted in 1973 that establishment economics had become the “invaluable ally of those whose exercise of power depends on an acquiescent public.” If anything, economists’ embrace of that role has grown stronger since then.

What can emerging economies learn from the financial meltdown in advanced economies?

Most sociologists believe that formal and informal institutions are more critical in explaining the rising inequality observed in advanced economies. In this light, changing institutions such as the ascendance of shareholder-centered corporate governance model, finance-friendly policies since the late 70s, credentialism, and deunionization all contribute to the earnings dynamics at different parts of the distribution.

Honorary Vice President at IMANI Center for policy and education, Bright Simons, on the challenges Ghana is facing

Donald Trump’s presidency is a symptom of an interregnum between economic orders – a period that will result in a new balance between state and market. While his administration’s economic policies are unlikely to provide the right answer, they may at least show the world what not to do.

Inaugural conference addresses pressing issues around emerging technologies’ impact on economies and communities

What is the relationship between pluralist economics and interdisciplinary socio-economics? How does pluralist academic teaching need to be structured in economics or business administration in order to be successful? What should interdisciplinary socio-economic study programs look like, and how should teacher training in the field be designed? What kinds of new study materials, textbooks, and teaching methods are required?

Veteran researcher sheds light on what’s going on, how long the pain might last, and possible paths forward.

Jonathan Haidt deploys insights from moral psychology to help us see ourselves and each other more clearly

From physicists to engineers to meds to plumbers: thoughts on Esther Duflo’s ASSA 2017 lecture on rediscovering the last art of economics

Central bankers pursue a “neutral” rate that doesn’t exist

Europe’s social media crackdown is less about “speech wars” than a long-overdue attempt to price the public damage created by large platforms.

Patrick Honohan, Governor of the Central Bank of Ireland, discusses the Irish banking crisis.

A few days ago, I began researching on the history of a subfield of economics which was born in the sixties, then thrived and institutionalized itself in the early seventies.

The History of Economic Thought and the Philosophy of Economics working groups are organising a Young Scholars Workshop on the methods and approaches to the history of economics that have consolidated during the last two decades.  

The vision of Dr. Martin Luther King Jr. 50 years later, and the relevance of his economic ideas today

The theoretical approaches to analyzing crises have behind them contrasting conceptions of the way the economy works

China is now the world’s largest greenhouse-gas emitter, accounting for over 25% of the global total. But the country has also demonstrated a growing understanding that a truly green economy promises to improve quality of life and create enormous opportunities for technological and political leadership.

The 2008 financial crisis was a shock to faith in entirely free financial markets. But the neoliberal assumptions underlying the previously dominant “Washington Consensus” continue to inform much Western commentary on China’s economy.

The big question in Asian countries right now is what lesson to take from Donald Trump’s victory in the United States’ presidential election, and from the United Kingdom’s Brexit referendum, in which British voters opted to leave the European Union. Unfortunately, the focus is not where it should be: geopolitical change.

With the publication of Thomas Piketty’s Capital in the 21st Century, the American public has become increasingly concerned about the scale and impact of inequality in economic life.