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Institute for New Economic Thinking

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Institute for New Economic Thinking

The Institute for New Economic Thinking (INET) is a New York City-based nonprofit think tank. It was founded in October 2009 as a result of the 2007–2012 global financial crisis. Its mission is "to nurture a global community of next-generation economic leaders, to provoke new economic thinking, and to inspire the economics profession to engage the challenges of the 21st century".[1]

Funding

INET was founded with an initial pledge of $50 million from James Balsillie and William H. Janeway, together with other philanthropists and financiers, including Paul Volcker, David Rockefeller, the Malcolm Hewitt Wiener Foundation, the Alfred P. Sloan Foundation, the Carnegie Corporation of New York, and Stiftung Mercator.[2]

Advisory board

The INET advisory board includes nobel laureates James Heckman, Sir James Mirrlees, Amartya Sen, A. Michael Spence, and Joseph Stiglitz, as well as other prominent economists such as Markus K. Brunnermeier, Willem Buiter, Wendy Carlin, Paul Davidson, Robert Dugger, Thomas Ferguson, Duncan K. Foley, Roman Frydman, Ian Goldin, Charles Goodhart, Anatole Kaletsky, John Kay, Axel Leijonhufvud, Perry Mehrling, Y.V. Reddy, Carmen Reinhart, Hélène Rey, Ken Rogoff, Jeffrey Sachs, John Shattuck, William R. White and Yu Yongding.[3]

Affiliates

The Institute has disbursed approximately $4m annually in research grants. INET @ Oxford was co-funded by James Martin (author) and the Oxford Martin School), INET @ Cambridge was co-funded with William H. Janeway) and the Institute for research into Imperfect Knowledge Economics (IKE) at the University of Copenhagen launched earlier this month at the institute’s annual plenary conference in Berlin.

Programs and projects

Research programs supported by INET include:

  • The Human Capital and Economic Opportunity Global Working Group, headed by James Heckman affiliated with the Becker Friedman Institute for Research in Economics at The University of Chicago.[4]
  • History of Economic Thought taskforce, headed by Bruce Caldwell of Duke University.

Eric Beinhocker, executive director of INET-Oxford, independently authored a book introducing some of the ideas held by some INET-associated economists, The Origin of Wealth.[5]

Administration

The executive director is Robert A. Johnson, former managing director at the hedge funds Soros Fund Management and Moore Capital Management.[6]

References

  1. ^ "Mission statement", INET web site.
  2. ^ INET Press Release, 14 April 2012.
  3. ^ "About INET: Leadership." Institute for New Economic Thinking web page. Retrieved 10 June 2013.
  4. ^ "The Human Capital and Economic opportunity Global Working Group".  
  5. ^ Beinhocker, Eric D. (2006). The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Harvard Business School Press. Retrieved 8 June 2013. ISBN 978-1-57851-777-0.
  6. ^ Irwin, Neil (29 July 2010). "A crossroads for the U.S. economy".  

External links

  • Institute for New Economic Thinking (INET)
  • YouTube channel - INETeconomics
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