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Economics is very theoretically comfortable with what may be termed `Keynesian’ waste.

Evidence reveals our remote ancestors were neither brutes nor innocents, but complex beings whose experiments in living have much to teach us. Welcome news as disaster looms in every direction.

History shows robust antitrust enforcement helps promote a prosperous, fair, and balanced economy. Antitrust expert Mark Glick explains how the U.S. went astray during the 1980s, and how to get back on track.

To illustrate the previous post on the difficulties in putting together a chronology, here is tentative chronology of economics at Carnegie. It’s still in process, and links, sources and entries will be updated as I read.

The Young Scholars Initiative and its working groups will be hosting meetings and discussions in and around the 2017 Trento Festival of Economics. 

The financial crisis of 2008 was unforeseen to a significant extent. One reason is that the dominant academic theories influencing political decision makers ignore recent advances and instead rely largely on models and decision science dating back to the Second World War.

In a candid discussion with INET’s Lynn Parramore, Dr. Phillip Alvelda highlights the imminent dangers of long COVID, criticizing governments and health agencies for ongoing preventable suffering and deaths. *This is Part 2 of a two-part interview.

A new book by economist Richard McGahey examines the country’s anti-urban structure and ideology, offering insights on how American cities can thrive.

Some Personal Reflections on a Half Century of Friendship and Appreciation

The global medicine-access crisis is not simply a failure to balance innovation and affordability. It reflects a deeper system in which shareholder-driven pharmaceutical governance and fragmented donor structures undermine public health and block the shift toward more equitable value creation.

Every banking crisis has its own overarching narratives and coincidental streams of various sub-narratives that course through the marketplace day to day.

The youth paradox is accentuated by the effects of Covid-19, while the concrete short- and medium-term prospects for young people remain unclear.

Traditional welfare systems have emphasized the need for redistribution post-production. Are these policies sufficient in the future?

Gilead’s shareholders want exorbitant profits from Remdesivir, even though it was the public that enabled its development.

Economist William Lazonick reveals how the extraction model of American corporations has migrated from business to government.

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks.

A discussion with Michael Grubb, INET Grantee and Professor of Energy and Climate Change at University College of London.

This research project rescues the work of the London and Cambridge Economic Service, arguably the first body in Britain to collect and disseminate economic statistics.

This research project compiles and annotates the archival legacy of the Bellagio Group’s founders Fritz Machlup, Robert Triffin, and William Fellner as they sought to reform the international financial system between 1963 and 1974.

Summers’ influence was immense, but so were his blind spots. It’s time for economics that values people and the planet over power and prestige.

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.

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.

Writing the history of economic journals is not merely a way to reconstruct the development of new fields and new approaches to economics. It also recasts current debates on peer-review, retractions, open-access, replicability, and bias in scientific publishing in a wider perspective. It answers important questions on the influence of editors, publishers and referees on the development or marginalization of various economic approaches. But such endeavour requires the preservation of journals’ archives, the recognition of historical expertise, and economists’ adoption of a more relaxed and humble approach to their history.

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.

An interview with Pr Benno Ndulu, the former Governor of the Bank of Tanzania, for INET’s series on COVID-19 and Africa

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.

The path of austerity could spread economic pain and social woes far beyond the Caribbean island, says public debt expert Martin Guzman 

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.

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?

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

New topics and approaches make their way into two recent conferences on the history of economics

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

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.

One of America’s leading socialists discusses how a collectively owned economy would be structured, the limits of the welfare state, and what Keynes understood that Marx didn’t

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?

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.

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

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?

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.

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

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.

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.

Summers and Stansbury mark a dramatic shift from New Keynesian orthodoxy, but only make it halfway to understanding the demand-driven nature of stagnant growth

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?

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

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