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Challenges And Emerging Perspectives

It’s no secret that wealth inequality has grown, both in the US and abroad over the past several decades. What has been particularly notable about the work of Emmanuel Saez is the quantification of that inequality.

This course aims to introduce graduate students to the “standard” basic methods and topics of microeconomics as taught at the Ph.D. level, while providing a very different teaching approach than is prevalent in introductory doctoral-level microeconomics courses. Typically, much effort is focused on mastering a large technical apparatus consisting of axioms, theorems, propositions, and corresponding proofs, often leaving students longing for an informed and critical understanding of the deeper significance of the methods and results.

Economists have gone to great lengths to write humans out of economics, pushing self-interest and generally providing two choices—faith in markets or the state.

Anyone watching the stock market has seen this: a post hits Twitter containing old news, and investors react as if it were new.

Strong enforcement of property rights is good for economic growth, says the conventional wisdom. The link may not be as clear cut, says Suresh Naidu

The recently observed surge in wealth doesn’t equate to growth of productive capital. Joseph E. Stiglitz, Branko Milanovic, Paul Krugman and Duncan Foley discuss these issues and more.

Pari passu clauses were deliberately crafted to gain an upper hand in sovereign bankruptcy disputes brought to the London stock exchange’s jurisdiction

Climate change is already here, and we are on a path towards catastrophic global warming. Governments have failed to curb carbon emissions, and fossil fuel production continues to increase. This is not merely a political failure; it is also a failure of economic analysis.

Research by INET grantees Atkinson, Casarico and Voitchovsky shows that women are starkly underrepresented in top earning brackets across a range of different countries

Remarks by IMF managing director Christine Lagarde remind us why gender remains a major research and policy focus for the Fund — and for the Institute for New Economic Thinking

Has the Dodd-Frank Act had its intended effect?

Axiomatic bargaining is presented in MWG in the context of welfare economics (Ch. 22), the aim being the formulation of reasonable criteria for dividing gains resulting from cooperative endeavors (the “joint surplus”). It is further presented as an application of cooperative game theory, in which an arbitrator distributes the joint surplus in a manner that reflects “fairly” the bargaining strength of the different agents (although we could conceive of a situation where the parties are bargaining without an external party). If bargaining fails, the outcome is the parties’ own fallback positions (the threat point, or status quo).

In this “New Economic Thinking” interview, EBRD Chief Economist and Special Adviser to the President Erik Berglof, who also is a member of the Institute for New Economic Thinking’s Governing Board, discusses the report’s findings with Institute President Rob Johnson.

Together with Azim Premji University (APU), we’re creating opportunities for advanced PHDs, leading academics and experts to focus on the urgent problems facing the world’s most populous democracy.