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 purpose is to support academic research and teaching in economics "outside the dominant paradigms of efficient markets and rational expectations".
INET was founded with an initial pledge of $50 million from George Soros. It has since been supplemented by major donations 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.
The INET advisory board includes nobel laureates George Akerlof, 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.
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 Copenhagenlaunched 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.
- History of Economic Thought taskforce, headed by Bruce Caldwell of Duke University.
- Weber, Tim (26 January 2011). "Davos 2011: Soros warns UK cuts could cause recession". BBC. Retrieved 27 January 2011.
- Press release, 14 April 2012
- "About INET: Lesdership." Institute for New Economic Thinking web page. Retrieved 10 June 2013.
- "The Human Capital and Economic opportunity Global Working Group". The University of Chicago. 27 December 2011. Retrieved 28 December 2012.
- 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.
- Irwin, Neil (29 July 2010). "A crossroads for the U.S. economy". Washington Post. Retrieved 27 January 2011.