The Institute Blog

Admati and Haldane Named in Time’s "100 Most Influential People"

The Institute for New Economic Thinking would like to congratulate community members Anat Admati and Andy Haldane as being named two of Time magazine’s “100 Most Influential People.” It’s a well-earned distinction for both.

Writing on behalf of Haldane, John Cassidy of The New Yorker, described the soon-to-be chief economist of the Bank of England as the “central banker not afraid to be blunt.” Haldane, who is a member of the Institute’s Advisory Board, was early in noting that government bailouts of financial firms encourage bankers to take more risks. And more recently, he has pointed out the potential systemic risk posed by massive asset management firms like BlackRock and Fidelity. None of this has made Haldane any friends on Wall Street or in the City of London. But it has created admirers around the world.

As for Admati, Rana Foroohar, Time’s assistant managing editor and economic columnist, applauded her 2013 book The Banker’s New Clothes, written with Martin Hellwig as a “call to arms for reformers globally.” Even more significantly, Foroohar said that Admati, who is part of the Institute’s Financial Stability research group, has helped central bankers, global policy makers, and economists view the financial sector in different, more realistic ways. 

While Time’s list of the “100 Most Influential People” may not be the most scientific survey, we praise the magazine’s editors for acknowledging such important visionary voices and, in turn, for recognizing the need for more new economic thinking in the public sphere.

In terms of where Admati and Haldane stand relative to Miley Cyrus, we’ll leave that open to debate.

Comments

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I have championed haldane for a very long time. On this site as well before he was a member. In a just world he'd have his noble. I hope he will in the future.

Like I have said before, he represents what I call a structural economist. Something very lacking in economics.

The only analogy I can make is: You can have an engineer build a plane or a bridge on theory only . I don't want to fly or drive on it. We have built a market structure based on theory only that falls out of the sky, or collapses on a very regular basis.

An engineer can't build a bridge on theory alone, why are markets different.

I don't know where to exactly begin, and lack the language facility to explain myself better. You get it or you don't. If you get it, there is no other way forward. If you don't I'm not sure you have the intellectual capacity to ever "get it"

The lab guy doesn't build a bridge, it takes knowledge of the lab with practical real world experience. Economics needs to meld the two.

Most economists ignore that real world, which is why they usually get it wrong, the plane fall out of the sky or the bridge collapses.

I wrote before on the summers secular stagnation thread. If you want to think summers is benign, he's still the theory guy whose bridge collapses on a regular basis while the contractors retire very well.

0

I think everything is a story look and especially the person.

0

I appreciate the work of Anat Admati. Knowing that the government start interrelating things beyond the book The Banker's New Clothes.
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