Anatole Kaletsky

Chairman of the Governing Board
Institute for New Economic Thinking

Anatole Kaletsky is founder and co-chairman of GaveKal Dragonomics, an economic consulting and asset management group based in Hong Kong and Beijing. He is also a columnist for Reuters and the International Herald Tribune and Chairman of the Institute for New Economic Thinking. His recent book, Capitlism 4.0, on the post-crisis transformation of the global economy, was nominated for the 2011 Samuel Johnson Prize. Before founding Gavekal, he worked for 30 years as an economic journalist and commentator on the Financial Times, The Economist, and the London Times.

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Several slides that accompanied a presentation by Anatole Kaletsky given at Conference @ King's, April 8th-11th, 2010.

In early 2009, many economists, financiers, and media pundits were confidently predicting the end of the American-led capitalism that has shaped history and economics for the past 100 years. Yet the U.S. economic model, far from being discredited, may be strengthened by the financial crisis.

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Opening remarks at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong on April 4, 2013, by INET Executive Director Rob Johnson, Fung Global Institute Founding Chairman Victor K. Fung, CIGI President Rohinton Medhora, and INET Governing Board Chair Anatole Kaletsky.

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What is a good model in economics? “The Kids” asked a dozen economists in the halls of the Mount Washington Hotel in Bretton Woods, and we invite you to watch what they said.

Good models are those that pass the test of time, says Philippe Aghion. Brad DeLong presents what has come to be called Friedman’s “F-Twist”: assumptions don’t matter – a good model is one that predicts well. Wrong, says Anatole Kaletsky, economists ought to model the whole range of human behavior, and doing so requires re-examining the very assumptions on which our models rest. And to George Akerlof, a good model applies to the specific question asked; it corresponds to the problem at hand.

About The Kids:

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When is one theory better than the other? What is progress in economics? "The Kids" asked a dozen economists in the halls of the Mount Washington Hotel in Bretton Woods, and we invite you to watch what they said.

In 2008, the world avoided making the policy mistakes of the Great Depression. That's progress, says George Akerlof. Anatole Kaletsky tells us what progress is not: to introduce, in the name of rigor, ever more unrealistic assumptions in economics, however mathematically convenient these may be. And James Galbraith compares progress to pornography: it's hard to define, but you recognize it if you ever see it.