Aug 16, 2016
Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?
Aug 9, 2016
How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them
Jul 19, 2016
One thing is now certain about the upcoming presidential election in the United States: the next president will not be a committed free trader.
May 23, 2016
Mass protests challenging the government to focus on job-creation rather than on market liberalization and trade deals may carry a cautionary message to Western policy makers, too.
Apr 27, 2016
Capitalism will destroy itself, the former Greek finance minister warns, if economic calculation excludes human needs and ignores democratic verdicts
New Report on Trans-Pacific Partnership Trade Deal Raises Serious Concerns about Corporate Misalignment
Mar 9, 2016
The Haas Institute for a Fair and Inclusive Society’s report analyzes the Trans-Pacific Partnership and examines the widespread global implications in the event of its passage.
Dec 7, 2015
There is a deeper story to be told about the inclusion of the Renminbi.
Nov 19, 2015
How much does the standard theory of externalities and public goods really say?
Oct 13, 2015
A new online course challenges typical teaching approaches.
Oct 2, 2015
Hot on the heels of the BIS, now comes the IMF Global Financial Stability report, “Corporate Leverage in Emerging Markets–A Concern?”. Yes, a concern, and just in time for the annual meeting in Peru next week.
Oct 7, 2015
Do we need to rethink the teaching of economics?
Sep 30, 2015
A student of microeconomics learns that any competitive equilibrium leads to a Pareto efficient outcome (First Fundamental Theorem of Welfare Economics). What do we mean by the efficiency or inefficiency of markets?
Sep 28, 2015
A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?
Sep 23, 2015
Have economists fallen in love with an idealized vision of an economy in which rational individuals interact in perfect markets? To what extent is standard microeconomics responsible for this state of affairs?
Jul 17, 2015
The Institute for New Economic Thinking has awarded $2 million in grants to fund 21 different projects as part of the latest round of its research grant program.