Sanjay Reddy

Associate Professor of Economics
The New School for Social Research

Sanjay G. Reddy is an associate professor of economics at The New School for Social Research. His areas of work include development economics, international economics, and economics and philosophy

Professor Reddy possesses a Ph.D. in economics from Harvard University, an M.Phil. in social anthropology from the University of Cambridge, and an A.B. in applied mathematics with physics from Harvard University.

Sanjay has held fellowships from the Center for Ethics and the Professions, the Center for Population and Development Studies at Harvard University, and the Center for Human Values at Princeton University. He has conducted extensive research for development agencies and international institutions, including the G-24 (group of developing countries), ILO, Oxfam, UNDESA (Department of Economic and Social Affairs, UN Secretariat), UNICEF, UNDP, UNU-WIDER (World Institute for Development Economics Research), UNRISD (UN Research Institute for Social Development), and the World Bank.

Professor Reddy has been a member of the advisory panel of the UNDP's Human Development Report, and of the UN Statistics Division's Steering Committee on Poverty Statistics. He has been or is a member of the editorial advisory boards of Development, Ethics & International Affairs, the European Journal of Development Research, Humanity, the Review of Income and Wealth, and the Journal of Globalization and Development. He is Associate Editor of the Journal of Human Development and Capabilities and is Editor of the New School’s India China Institute working paper series.

My Content

In introducing game theory (in chapters 7-9), MWG build upon the theory of rational choice by individual agents, developed previously in the book to attempt to analyze (describe, explain, and even predict?) the interactions of such agents as well as the outcomes to which they give rise.   In previous chapters, MWG discuss interactions only in the form of the arms-length interactions of numerous firms and consumers in specific markets (e.g. under  ‘perfect competition’, in chapters 3 and 5).

In a previous post we queried whether the theory of the consumer as developed in the first three chapters of Mas-Colell, Whinston and Green (and indeed other comparable texts) provides anything by way of content beyond what is implied by the abstract description of consumers as agents who are maximizing something.  [We did not discuss chapter four, on aggregation of demand, to which we may return later].  As we noted then, a comparable point can be made about the theory of the firm.

Mathematics and the ‘Whiz Kids’

Microeconomics: A Non-definition

This blog is a modest contribution to New Economic Thinking. We hope through it to contribute in a small way to changing graduate education in economics and the subject itself. The blog presents critical commentary on the standard textbook, “Microeconomic Theory” (by Andreu Mas-Colell, Michael Whinston and Jerry Green) or MWG, which is used in Ph.D. programs in economics around the world and widely viewed as an academic standard. Our goal is to selectively comment on the material presented in MWG, which forms the core of what is often thought to be the most technical and difficult material in the standard first year Ph.D.

My Video Content

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Panel on "Inequality in China, India, and America: Causes and Consequences" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include  Director of Research of the Fung Global Institute Xiao Geng,  Senior Researcher of the Fung Global Institute John McArthur, and INET Grantees Steven Durlauf and Sanjay Reddy, with OECD Chief Economist Pier Carlo Padoan moderating.

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About the interview

Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting. Sanjay Reddy did, too, but soon recognized that a sound answer required making normative criteria explicit. Much confusion and many technical muddles in poverty measurement can be avoided, Reddy says, only if we become conscious and deliberate about how values enter the analysis. Fact and value are entangled, and Reddy shows how recognizing this leads to greater analytical clarity -- this is new economic thinking.

My Grants

Sanjay Reddy of The New School for Social Research was awarded a grant by the Institute for New Economic Thinking to write a book making a broad case for the resurrection of normative reasoning in economics.