Political Economy

The Institute for New Economic Thinking takes a broad view of economic research and supports it in many ways: through its main grant program, through working groups it organizes, and via conferences, panels, and other smaller gatherings of scholars across the globe.

Institute scholars normally publish their work in journals and books. While many – but far from all – of this work appears in working papers sponsored by the Institute and other leading research forums, the Institute also attempts to make its research results accessible to a wider public on its website. Below is a sampling of interviews featuring Institute scholars explaining the significance of their research in non-technical terms.

Post-Financial Crisis Policymaking: Austerity or not?

The financial crisis of 2008 was a substantial blow to the world’s economy, and soon after the crisis, many governments began to intervene strategically to restore confidence in financial markets and stabilize the global economy. (For more detailed background on the financial crisis and deficits, see INET Online’s big questions here and here.)

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An American Labor Transition, the Stimulus, and an "Election that Wasn't"

Thomas L. Friedman, author of The World is Flat, has an interesting column in a recent edition of the New York Times. The article, while short, offers good insight into the upcoming election, and how it will undoubtedly fail to address the real issues that this country faces. Read more

A Stability and Growth Union: Putting EMU on Track

Notre Europe was awarded a grant by the Institute for New Economic Thinking to study the EU’s Economic and Monetary Union (EMU) and recommend measures that need to be urgently undertaken to avoid recurrent tensions in the EMU and to restore market confidence.

Recent decisions taken by the European Council may set the European economy on a path which will prove unsustainable from either an economic, financial, social, or political perspective, or from a combination of the four. Read more

The Divergence of England

Project Members: 

James Robinson of Harvard University and Steven Pincus of Yale University were awarded a grant by the Institute for New Economic Thinking to perform research relating to a new interpretation of the events causing the British Industrial Revolution. Read more

The Global Finance and Law Initiative

Project Leader: 

Katharina Pistor, who directs the Center on Global Legal Transformation at Columbia Law School, was awarded a grant by the Institute for New Economic Thinking to launch the Global Finance and Law Initiative. Read more

Legal Fiction: An Intellectual History of the COASE Theorem

Project Leader: 

Steven G. Medema of the University of Colorado Denver has received a grant from the Institute for New Economic Thinking to write a book-length intellectual history of the Coase theorem, one of the most important, insightful and controversial ideas to emerge in the post-World War II literature in economics. Read more

Economic Theories and Historical Consequences

Project Members: 

Sophus Reinert and Francesca Viano of Cambridge University were awarded a grant by the Institute for New Economic Thinking to deepen understanding of the history of economics as a discipline by making economic texts of historical importance available to students and scholars, and by translating the important historical works of economics into English. Read more

Competition and Equality in Imperial China

Project Leader: 

Qian Dai of Wuhan University in People’s Republic of China was awarded a grant by the Institute for New Economic Thinking for a research project to uncover economic forces which reshaped the evolution of the imperial examination system in traditional China, using a new dataset from archival sources of ancient Chinese Books. Read more

Economics: Value Neutral or Value Entangled

Project Leader: 

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. Read more

Paul Krugman: Hey Small Spender

As the political cycle spins itself into a new election, a lot of candidates and people in the media are asking some big questions, such as if President Obama has presided over such massive government spending, why are new jobs not being created?

Paul Krugman, in an op-ed in the New York Times, says that this question is based on a myth. “There never was a big expansion of government spending,” Krugman writes, “In fact, that has been the key problem with economic policy in the Obama years.”

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