Eric Beinhocker

Executive Director
INET Oxford

Eric Beinhocker is the Executive Director of the Institute for New Economic Thinking at the Oxford Martin School, University of Oxford. INET Oxford is a research center devoted to applying leading-edge interdisciplinary approaches to economic theory and public policy practice. INET Oxford researchers are working on issues ranging from financial system stability, to economic growth, inequality, sustainability, and economics and ethics. Beinhocker is also a Senior Research Fellow at Oxford’s  Blavatnik School of Government, a Supernumerary Fellow in Economics of Oriel College, and a Visiting Professor of Economics and Public Policy at Central European University in Budapest.

Prior to joining Oxford, Beinhocker had an 18 year career at McKinsey & Company where he was a partner and held leadership roles in McKinsey’s Strategy Practice, its Climate Change and Sustainability Practice, and the McKinsey Global Institute.  Beinhocker writes frequently on economic, business, and public policy issues and his work has appeared in the Financial TimesNewsweekThe Times, the GuardianHarvard Business Review, and he is the author The Origin of Wealth:  The Radical Remaking of Economics and What it Means for Business and Society.

My Content

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.  
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.
This article first appeared in the Summer 2013 issue of Democracy: A Journal of Ideas as part of a symposium on 'middle-out' economics. The symposium also features Neera Tanden, Bruce Bartlett, Mona Sutphen, Nick Hanauer and Eric Liu, among others. “Four men sat at a table. Raised sixty floors above the city, they did not speak loudly as one speaks from a height in the freedom of air and space; they kept their voices low, as befitted a cellar.”

My Video Content

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Eric Beinhocker, Executive Director of INET@Oxford and Cameron Hephurn, Senior Research Fellow, Grantham Institute, London School of Economics and Political Science speaking at a panel entitled "New Economics, Climate Change, and New Models of Growth" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012. #inetberlin

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Discussion and Q&A at a panel entitled "New Economics, Climate Change, and New Models of Growth" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012. #inetberlin

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Eric Beinhocker, Senior Fellow at McKinsey and Company, moderates the panel "Exploring Complexity in Economic Theory" at the Bretton Woods Conference on April 10, 2011.