NH Media Features INET Imperfect Knowledge Economics Project

Human beings aren’t mechanical. And mechanistic economic theories can’t account for uncertainty or political instability and individual creativity.

The Foster’s Daily Democrat of Dover, N.H., addresses these realities in a spotlight feature on INET Grantee and University of New Hampshire economics professor Michael Golberg and the recently announced INET Center On Imperfect Knowledge Economics (IKE) in Copenhagen, where Goldberg will serve as a Senior Research Associate.

The article quotes INET Executive Director Robert A. Johnson who says, “IKE’s examination of nonroutine change is important to our understanding of financial systems, innovation, and the designs that foster the wellbeing of society.”

“Conventional economics models are just the wrong theory of how rational individuals behave and how fundamentals matter,” Goldberg explains. Rather than presupposing stability and rational expectations, IKE explores economic theory from the point of uncertainty and non-mechanical understandings of human behavior.

According to Dan Innis, Dean of the UNH Whittemore School of Business and Economics, “IKE represents a paradigm shift in our thinking about economics. Professors Goldberg and Frydman have done work that is already having a major impact on the field.”

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