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.