Institute for New Economic Thinking

Institute for New Economic Thinking
Name	Institute for New Economic Thinking
Founded	2011
Founders	George Soros
Location	New York, United States
Type	Research institute
Focus	Economic research

Institute for New Economic Thinking is an international research organization established to support heterogeneous inquiry into economic theory, policy, and history. It fosters networks among scholars, practitioners, and institutions to challenge prevailing paradigms associated with crises such as the Global financial crisis of 2007–2008 and institutional failures seen in episodes like the Great Depression. Its activities connect actors across academe and policy circles including scholars linked to Harvard University, Massachusetts Institute of Technology, and London School of Economics.

History

Founded in the aftermath of the Global financial crisis of 2007–2008, the institute drew attention from patrons and public figures associated with George Soros, Open Society Foundations, and philanthropy networks centered in New York City. Early advisory and research networks included economists and intellectuals connected to Nassim Nicholas Taleb, Paul Krugman, Joseph Stiglitz, Robert Shiller, and scholars from University of Chicago and Princeton University. Initial workshops and conferences built on legacies from institutions such as the Royal Economic Society, American Economic Association, and initiatives inspired by critiques originating in works like John Maynard Keynes' General Theory and analyses by Hyman Minsky. Over time the institute developed offices and programming that engaged partners in cities including Cambridge, Massachusetts, London, Oxford, Beijing, and Berlin.

Mission and Research Focus

The institute articulates a mission emphasizing pluralism in the tradition of debates involving figures linked to Milton Friedman, Friedrich Hayek, and Karl Polanyi. Research strands include methodological pluralism drawing on schools associated with Austrian School, Keynesian economics, Post-Keynesian economics, and complexity approaches informed by thinkers like Stanislaw Ulam and Brian Arthur. Empirical programs address systemic risk analyses comparable to work at Federal Reserve Bank of New York, European Central Bank, and research directions overlapping with scholars at Columbia University, Yale University, University of California, Berkeley, and University of Michigan. The institute sponsors projects on financial instability reminiscent of themes from Hyman Minsky, macro-financial linkages discussed by Olivier Blanchard, and regulatory reform debates involving policymakers from International Monetary Fund and World Bank.

Programs and Initiatives

Signature programs include funded research grants, visiting scholar fellowships, and conferences aligned with events like the Berkshire Conference-style gatherings and symposia akin to sessions at Royal Economic Society meetings. Initiatives have supported research groups on topics of inequality associated with analyses by Thomas Piketty, climate and economy intersections connected to discussions around the Paris Agreement, and network science collaborations reflecting work by Mark Granovetter and Duncan Watts. The institute has hosted workshops featuring scholars from New York University, University College London, Stockholm School of Economics, Santiago institutions, and policy participants from Bank of England, Deutsche Bundesbank, Bank for International Settlements, and Organisation for Economic Co-operation and Development. Educational activities parallel programs at Institute for Advanced Study and exchange programs similar to arrangements with Russell Sage Foundation and Andrew W. Mellon Foundation.

Funding and Governance

Initial endowments and ongoing funding streams involved philanthropists and entities associated with George Soros and linked foundations such as Open Society Foundations and grantmaking institutions comparable to Ford Foundation and Carnegie Corporation of New York. Governance structures include boards and advisory councils drawing from academics and administrators with affiliations to Columbia Business School, Harvard Kennedy School, Princeton School of Public and International Affairs, and research directors with prior roles at International Monetary Fund and World Bank. Oversight mechanisms reference best practices found in governance discussions at Council on Foreign Relations and fiduciary norms observed by entities like Brookings Institution and Carnegie Endowment for International Peace.

Partnerships and Collaborations

The institute partners with universities and research centers including Harvard University, Massachusetts Institute of Technology, London School of Economics, University of Cambridge, Oxford University, Princeton University, Yale University, Columbia University, New York University, University of Chicago, Stanford University, European University Institute, Sciences Po, Tsinghua University, Peking University, Australian National University, University of Toronto, University of British Columbia, ETH Zurich, University of Amsterdam, University of Stockholm, and think tanks such as Brookings Institution, Center for Economic and Policy Research, and Peterson Institute for International Economics. Collaborative projects have included engagement with central banks including Federal Reserve System, European Central Bank, and multilateral organizations such as the International Monetary Fund and World Bank as well as NGOs that intersect with efforts by United Nations agencies.

Impact and Criticism

The institute influenced discourse among scholars connected to Joseph Stiglitz, Paul Krugman, Amartya Sen, Esther Duflo, and Angus Deaton by funding heterodox and empirical projects that informed debates in venues like American Economic Review and policy forums at G20 and International Monetary Fund conferences. Critics have raised concerns similar to critiques of philanthropic influence voiced regarding Bill & Melinda Gates Foundation and Rockefeller Foundation about agenda-setting and donor-driven priorities; commentators with ties to Chicago School scholars and publications such as The Economist have debated the intellectual balance and institutional independence of grant-funded research. Scholarly assessment of outcomes references citation networks involving journals such as Quarterly Journal of Economics, Journal of Political Economy, Review of Economic Studies, and evaluation frameworks comparable to those used by National Bureau of Economic Research.

Category:Research institutes