The Nature of Invention

The Institute for New Economic Thinking at Oxford researchers and collaborators data mine 200 years of US Patent Office records to uncover the true nature of innovation.

Inequality and the Future of Capitalism

The Research Network Macroeconomics and Macroeconomic Policies (FMM) organises its 18th annual conference on Inequality and the Future of Capitalism with introductory lectures on heterodox economics for graduate students. Read more

Why Standard Macro Models Fail During Crises

David Hendry and Grayham Mizon show why the models used by many policymakers perform so poorly in the face of uncertainty
The standard macroeconomic model used by most central banks and other policymakers are "dynamic stochastic general equilibrium models" or "DSGE" as they are known (economists have a knack for catchy branding).  There has been much discussion and debate about why these models performed so poorly during the 2008 financial crisis.  Not only did these models fail to anticipate the crisis, but during the crisis itself - when they were most needed by policymakers - they often failed to give useful or correct advice.

Why the Economics Curriculum Needs the Context of History

Reforming the economics curriculum is emerging as a hot topic in academic circles.

Critics of the current approach to economics have cited numerous flaws in the way the discipline is taught. But one key area of focus must be to return the study of history to the standard economics text. Because the way economics is taught now, decontextualized from history, fails to explain the selective economic models that it is teaching appropriately and fairly. Read more

Upcoming Grant Round to Highlight Curriculum

The Institute for New Economic Thinking will issue a request for proposals for grants in September 2014 with awards to be announced in March 2015. 
Priority research themes emphasized by the governing board of the Institute of New Economic Thinking will be presented at the time of the announcement, along with a finalized application timeline.
This year, the Institute is additionally interested in grant applications for the provision of a wider range of curricular materials designed to support better economic thinking and teaching.

Inequality as a cause of the financial crisis and current account imbalances

Thomas Piketty’s Capital in the 21st Century has spurred an intense debate over the macroeconomic causes of income and wealth inequality. Meanwhile, a growing amount of research suggests that inequality itself is an important cause of macroeconomic instability.

In the short interview with Deutsche Welle, Institute grantee Till van Treeck explains how inequality can contribute to macroeconomic instability.

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Thoughts On Skidelsky's Rant Against The Current Economics Curriculum

Originally posted on Brad DeLong's Grasping RealityJune 18, 2014

The extremely wise Robert Skidelsky has an excellent rant against Anglo-Saxon economics departments:

Robert Skidesky: Knocking the scientific halo off mainstream economists' teaching and research: "The growing discontent of economics students...

Lifetime Achievement Award for Prof. Sir David Hendry

One of the world's leading economists, INET Oxford's Prof. Sir David Hendry received a unique award from the Economic and Social Research Council (ESRC)

At a ceremony June 6th he was given the Celebrating Impact Lifetime Achievement Award. Sir David is Professor of Economics at the University of Oxford and Director of the Programme in Economic Modelling in the Institute for New Economic Thinking at the Oxford Martin School (INET Oxford).