Blogs

Nobel Win Doesn’t Equate To Policy Prescriptions

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.

A person is walking home late at night and notices an economist searching under a streetlight for his keys. The person stops to help. After searching a while without luck the person asks the economist where he lost his keys. The economist points far off into the dark abyss, to which the person responds incredulously, “Then why the heck are you searching here?” To which the economist responds: “This is where the light is.”

Critics of economics like this joke because it nicely captures what they see as the limitations of economists’ overly mathematical and technical methods. Read more

New Economic Thinking for an Evolving Financial System

A conference organized by INET's Young Scholars Initiative

Amsterdam, November 10-11

The global financial system has evolved over the past decades into a vastly complex architecture. As economists, our understanding of the inner workings of the system is limited and often incoherent.  Read more

The man who will not win the Nobel

Last Spring Larry Summers wounded Thomas Piketty in a friendly embrace. In a review of Capital in the Twenty-first century, Summers praised Piketty’s contributions in data mining and analysis and in a flight of enthusiasm he deemed the contributions deserving of a Nobel. Read more

Institute Grant Recipients Honored For Their Work

The Institute for New Economic Thinking is proud to congratulate three of its researchers – Mariana Mazzucato, Duncan Foley, and Lance Taylor – for their recent honors. Read more

Development and Underdevelopment in Postwar Europe

The question of underdevelopment and development policies in postwar Europe will be the theme of a workshop organized by Michele Alacevich, Sandrine Kott, and Mark Mazower, at Columbia University, the Heyman Center for the Humanities, Friday, October 10, 2014. The program is available here. Below are some of Alacevich’s insights on the issue leading up the event: Read more

The torch that wouldn't burn - UCLA in 1968

New Research Shows Pollution Inequality in America is Even Worse Than Income Inequality

James K. Boyce, professor of economics at the University of Massachusetts, Amherst, directs the environment program of the Political Economy Research Institute, where his research focuses on the effects of inequalities of wealth and power and the dynamics of conflict. His work includes the Toxic 100 Air Polluters, an index identifying the top U.S. air polluters among the world's largest corporations. Read more

FT Features Institute’s CORE Economics Reform Project

The Financial Times turned a spotlight on the curriculum reform movement in economics on Tuesday, with a particular emphasis on the efforts of the Institute for New Economic Thinking.

The story focuses on the CORE project headed by Wendy Carlin at University College London. It also notes the high profile members of the economics community who support the push for a new economics curriculum, including Institute Advisory Board members Joseph Stiglitz and Andy Haldane. Read more

2014 Grant Round Announced

The Institute for New Economic Thinking aims to foster open discourse and to advance new thinking on economic issues and theory. The Institute’s notion of new economic thinking is deliberately open and non-dogmatic. Our hope is to support research that transforms our understanding of major economic problems and improves analysis of policy. Read more