Judy Tsui Joins Institute as Special Advisor in China

The Institute for New Economic Thinking is proud to announce that Dr. Judy Tsui is joining the organization as a Senior Advisor in China.

The Institute, which has held conferences in Hong Kong and Tsinghua, China, is in the process of building a strong presence in Asia. Dr. Tsui will play a key role developing these programs and spreading the Institute’s message about the need for new ideas to replace outmoded ways of thinking about the economy. Read more

FT Scholars at the Institute's Human After All Conference

In April 2014, the Financial Times supported the Young Scholars Initiative by sponsoring scholarships for seven students from around the world to attend the Institute's Human After All conference in Toronto. With more than 600 submissions, interest was overwhelming. Read more

Curriculum Reform Can End Our Dogmatic Economics (Part 2)

How can we transform economics and move it away from its current state of unproductive dogmatic thinking?

One key way would be in reforming the way economics is taught to students around the world.

In a recent post I argued that in the discipline of economics rational debates of ideas have been replaced by dogma, to the detriment of society. A dogma is a set of principles that are laid down by an overarching authority and are seen as incontrovertibly true. That is what economics has become. Read more

Alex Salmond Pound-Foolish on Scottish Independent Currency

Alex Salmond, leader of Scotland's independence party and the nation’s First Minister, continues to dig his heels over the question of what currency an independent Scotland would use.  Following a debate in Scotland last week in which he was consistently challenged on the point, Salmond continued to insist that there was "no Plan B," and that nothing could stop a newly independent Scotland from continuing its use of the pound. Read more

Political Dogma is Holding Back Reform in Economics (Part 1)

Do you know what we need before we can have a sound monetary system, a reformed economic curricula, and wealth redistribution instruments?

We need critically sound economic discourse. Today’s global economic conversation has been fractured by political agendas and irrational dogma. But if this doesn’t change soon our economic scholarship is going nowhere, which will have a profound impact on our society.

In light of this predicament, the obvious questions are why does economics lack a productive discourse, and how can we restore economics to its critical nature instead of its judgmental current mode?   Read more

The Elephant Is Still In The Room

The wound of the financial crisis of 2008, and the challenge to the legitimacy of our governance, is still very much with us.

Despite the frequent claims of policy officials who presided over the bailouts and regulators, it would be impossible to say that the public demoralization has been rectified and that that a balanced social contract between society and the large complex financial institutions has been achieved. As Andy Haldane wrote in 2009, financial Institutions continue banking on the state and the legitimacy of governance continues to be doubted.  Read more

Preparing for the Next Global Public Debt Crisis

In response to the international financial crisis of 2008, global debt has been driven to high levels, and in the coming years macroeconomic conditions are likely to push debt burdens to even higher ratios across the developed and emerging worlds. Read more

Pasinetti on Institutional Forces and the Discipline of Economics

Ever since 2008, increasing numbers of economists, students, and even market professionals have protested the way economics is currently taught and practiced.

By now the revolt is close to a worldwide phenomenon. The discussion thus far has centered mostly on textbooks, pedagogic procedures, and what might be termed the broad “ecology” of the profession of economics, which frequently seems too close to the markets it purports to study for critical perspectives to emerge. Read more

Destabilizing A Stable Crisis

Readers of Minsky are familiar with the idea that governments should act as financial stabilizing agents for their economies by running surpluses in times of boom and deficits in times of crises. Read more