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, and runs a variety of affiliated programs at major universities such as the Cambridge-INET Institute at the University of Cambridge.

"INET" redirects here. For similar uses, see Inet (disambiguation).
Institute for New Economic Thinking
FormationOctober 2009 (2009-10)
FounderJames Balsillie,
William H. Janeway,
George Soros
TypeThink tank
Legal status501(c)(3) research and education nonprofit organization
HeadquartersNew York City, United States
FieldsMacroeconomic and Post-Keynesian theory
and policy
President
Robert Johnson
Chairman of the Governing Board
Adair Turner
AffiliationsUniversity of Cambridge
Revenue (2017)
$6,229,081[1]
Expenses (2017)$14,841,294[1]
Websiteineteconomics.org

History

INET was founded with an initial pledge of $50 million from businessman and philanthropist George Soros.[2] It has since been supplemented by 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. Later funding has come from the Keynes Fund for Applied Economics and the Isaac Newton Trust at the University of Cambridge.

Advisory board
Economists Amartya Sen (left), Carmen Reinhart, and Joseph Stiglitz serve on INET's advisory board.

The INET advisory board includes nobel laureates George Akerlof, James Heckman,[3] 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, Ottmar Edenhofer,[4] Barry Eichengreen,[5] Thomas Ferguson, Duncan K. Foley, Roman Frydman, Ian Goldin, Charles Goodhart, Andy Haldane,[6] David Hendry,[7] Simon Johnson,[8] Anatole Kaletsky, John Kay, Richard Koo,[9] Axel Leijonhufvud, Perry Mehrling, Zhu Min,[10] Y.V. Reddy, Carmen Reinhart, Hélène Rey, Ken Rogoff, Jeffrey Sachs, John Shattuck, Andrés Velasco,[11] and William White and Yu Yongding.[12]

Affiliates

The Institute has disbursed approximately $4 million annually in research grants to students and professors. The Cambridge-INET Institute (co-funded with William H. Janeway) established an advanced institute for economic thinking at the University of Cambridge, The Cambridge-INET Institute was endowed with $3.75 million grant from the Keynes Fund for Applied Economics, Isaac Newton Trust, and the University of Cambridge Faculty of Economics.[13] In January 2011, the INET partnered with the Centre for International Governance Innovation to support research in economic theory and innovative projects.[14] Similar collaborations exist with the INET at the Oxford Martin School, which was co-funded by James Martin, as well as the INET Center on Imperfect Knowledge Economics (IKE) at the University of Copenhagen.[15]

Programs and projects

Research programs supported by INET include:

Administration

The executive director is Robert Johnson, former managing director at the hedge funds Soros Fund Management and Moore Capital Management.[18]

See also

References
  1. "The Institute for New Economic Thinking Inc" (PDF). Candid. 11 December 2018. Retrieved 26 November 2019.
  2. Gates, Philip. "Ten things you need to know about the Institute for New Economic Thinking and why it's heading to Edinburgh". Insider.co.uk.
  3. "James Heckman". Institute for New Economic Thinking. Retrieved 26 June 2018.
  4. "Ottmar Edenhofer". Institute for New Economic Thinking. Retrieved 26 June 2018.
  5. "Barry Eichengreen". Institute for New Economic Thinking. Retrieved 26 June 2018.
  6. "Andy Haldane". Institute for New Economic Thinking. Retrieved 26 June 2018.
  7. "David Hendry". Institute for New Economic Thinking. Retrieved 26 June 2018.
  8. "Simon Johnson". Institute for New Economic Thinking. Retrieved 26 June 2018.
  9. "Richard Koo". Institute for New Economic Thinking. Retrieved 26 June 2018.
  10. "Zhu Min". Institute for New Economic Thinking. Retrieved 26 June 2018.
  11. "Andrés Velasco". Institute for New Economic Thinking. Retrieved 26 June 2018.
  12. "About INET: Leadership Archived 2014-07-01 at the Wayback Machine." Institute for New Economic Thinking web page. Retrieved 10 June 2013.
  13. "About the Institute". The Cambridge-INET Institute.
  14. "Partnership with the Institute for New Economic Thinking (INET)". CIGI.
  15. "INET-Oxford Martin". Oxford Martin.
  16. "The Human Capital and Economic opportunity Global Working Group". The University of Chicago. 27 December 2011. Retrieved 28 December 2012.
  17. Beinhocker, Eric D. (2006). The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics Archived 2013-08-24 at the Wayback Machine. Harvard Business School Press. Retrieved 8 June 2013. ISBN 978-1-57851-777-0.
  18. Irwin, Neil (29 July 2010). "A crossroads for the U.S. economy". The Washington Post. Retrieved 27 January 2011.
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