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“In his speech, Xi pledged to uphold support for the Greater Bay Area initiative, and the Shenzhen plan includes specific measures to create employment and housing opportunities for Hong Kong’s young people. Driving forward the development of an economy as large and complex as China’s is a monumental feat in the best of times – not least because there are no models to emulate. Amid hostile external conditions, the challenge is even greater. But with the Shenzhen plan – and the broader adaptation and implementation of the city’s successful reforms – China may well be able to meet it.” - INET Expert Andrew Sheng, member of Commission on Global Economic Transformation

Rather than continue to narrow the field, economists need to ask what they’re missing

The financial system no longer funds new ideas and projects — only about 15 percent of the money coming out of financial institutions goes into business investment; the rest is spent buying and selling existing financial instruments.

How do economists make their models work? By assuming that investors have rational expectations and that every market participant is alike. However, things quickly get messy once economists start to acknowledge that people are different, interact with each other, and change heuristic forecasting strategies based on recent performance.

This research project re-examines the debates around the time of the Great Depression and compares them with those before and since the start of the Long Recession in 2007/8, focusing on Keynes, Hayek, and their followers.

This research project develops tools that allow social scientists to understand how and when social factors, such as peer influences, role models, or norms, affect individual choices.

This research project incorporates recent US data to update empirical analyses of regional growth and utilizes case study strategies of American regions to investigate the underlying causal mechanisms of inequality.

This research project documents long-run trends in personal bankruptcy, with special emphasis on the use of the bankruptcy law at the local level and among women.

The president of INET, Johnson(2013) emphasized the importance of Asian tradition for building up the New Economic Thinking. “It ismy sense that the Asian tradition of thought and philosophical perspective are better suited to embracing this radical uncertainty and living in the experimentation of the adaptive complex system that our world appears to resemble than are the Western mindsets that are the product of the Cartesian Enlightenment.” In the summary he argues that “As the Asian societies continue to evolve the architects will be better served by an new economics for Asia and from Asia that is based on the notions of radical uncertainty, complex adaptive systems, mimetic desire, the inseparability of politics and economics, and a vision of a world where policy makers are themselves less knowing and less capable of control than we often yearn to believe is within their power.”

This research project provides us with a greater understanding of why the Coase theorem came to captivate the minds of economics and legal scholars and how its impact on economics and law reshaped both the theoretical landscape and legal-economic policymaking.

Dr. Vamsi Vakulabharanam, an associate professor of economics at the University of Hyderabad and a grantee of the Institute for New Economic Thinking, has won the prestigious Amartya Sen Award, a newly instituted honor given by the Indian Council for Social Sciences Research (ICSSR).

Drug development can better serve public needs—especially in neglected diseases—by reimagining the balance between government, private industry, and nonprofit models.

A tractable formalization of the Knightian uncertainty faced by an economist and market participants in an intertemporal asset-price model.

Despite his opposition to South Africa’s apartheid, Hutt embraced notions of black inferiority

The assumptions economists make in their models have implications not only for policymaking and choosing what data we collect, but also for the very definition of work, says Professor Maria Floro of American University.