The Institute

The Institute for New Economic Thinking was created to broaden and accelerate the development of new economic thinking that can lead to solutions for the great challenges of the 21st century.

The havoc wrought by our recent global financial crisis has vividly demonstrated the deficiencies in our outdated current economic theories, and shown the need for new economic thinking – right now.

INET is supporting this fundamental shift in economic thinking through research funding, community building, and spreading the word about the need for change. We already are a global community of thousands of new economic thinkers, ranging from Nobel Prize winning economists to teachers and students who have emerged out from the shadows of prevailing economic thought, attracted by the promise of a free and open economic discourse.

We are constantly devising ways to support the next generation of economics scholars, by providing money, advice, access to like-minded individuals and new outlets for their ideas, including the widespread use of web video and social media.

My Content

Mathematics as a Common Language A recurrent criticism made about the economics profession is that it has become overly mathematicised, to the extent of allowing “elegant” models crowd out reality. So the advocacy of mathematics as a common language for the economics profession undoubtedly fills many with horror.
It’s official, at least according to the OECD. Rising inequality is estimated to have knocked more than 10 percentage points off growth in Mexico, New Zealand, Sweden, Finland and Norway over the past two decades. In Italy, the United Kingdom and the United States, the cumulative growth rate would have been six to nine percentage points higher had income disparities not widened. On the other hand, greater equality helped increase GDP per capita in Spain, France and Ireland prior to the crisis.
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.
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.
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.

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About the Interview

If you want to understand how fund managers choose a portfolio, why not ask them? That’s what David Tuckett does: he draws on standard sociological techniques of interviewing to understand investors’ decisions to buy or sell assets. He says financial markets cannot be driven by economic fundamentals – because the future is uncertain – instead, they are driven by stories about fundamentals. David Tuckett merges insights from Keynes, from sociology, and from psychoanalysis to develop what he calls emotional finance – this is new economic thinking.