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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. 

What is at stake : Increasing doubt over the virtue of democracy. One cannot doubt the ubiquitous lack of confidence and hope in the so-called democratic institutions by a large majority of the people. The fundamental cause is the blatant contradiction between the principle of democracy, promoting the rule and thereby the welfare of the people, and the indomitable tendency of rising and unsustainable inequality in terms of income, standard of living and wealth.

By 1812 the U.S. already had more business corporations than any other country, and possibly more than all other countries put together, securing its role as the world’s first “corporation nation.”

There is a mix of common-sense opinions, political prejudices, conventional business practice, and pragmatic rules of thumb, supported in an ad hoc, opportunistic way by bits and pieces of economic theory.

In my last post I argued that if we want a Fed that is ready for the next crisis, we had better understand what happened to it during the last one.

I am writing a paper about an economist that was at the Treasury in the second half of the 1950s and 1960s.

Price inflation, marginal cost pricing, and principles for electricity market redesign in an era of low-carbon transition

Why are we paying for corporate behavior that crushes innovation, cheats taxpayers, cost jobs, and heightens inequality?

This research project studies the evolution of monetary policy since the financial crisis, as regards to changes in implementation mechanisms and use of conventional/unconventional instruments of monetary policy, as well as its mpact on macroeconomic variables, including income distribution.