Home > Uncategorized > Via Soros-funded INET (The Institute for New Economic Thinking), are economists abandoning Keynesian orthodoxy in favor of an Austrian examination of actual behavior?

Via Soros-funded INET (The Institute for New Economic Thinking), are economists abandoning Keynesian orthodoxy in favor of an Austrian examination of actual behavior?

I just recently stumbled upon INET.

According to award-winning business and energy journalist Anthony Harrington:

It is now widely believed that the 2008-09 global crash discredited the classical economic model of efficient markets beyond repair and that what is needed is a new vision. In fact the financier George Soros believes this so strongly that he has almost single-handedly funded a new body, The Institute for New Economic Thinking, or iNet, the governing board of which includes the Nobel Laureate economist Joseph Stiglitz. 

Though its chief funder George Soros remains confused, this new group appears to have recognized the bankruptcy of current mainstream economic thinking and to be moving in productive directions. I was encouraged by the following interview, for example:,

Domenico Delli Gatti – Microfoundations for the Vision of Minsky

They also listened at their inaugural conference at King’s College, Cambridge last year to this good paper on Hayek and Keynes by Bruce Caldwell.

Of course, they could use some help from Austrians; otherwise, this effort could very easily turn into re-hashed arguments for government intervention.

Here’s the aggregate blog feed of the participating New Thinkers. Below, a video by some of the founding economists:

YouTube: What is the Institute for New Economic Thinking?

[View:http://www.youtube.com/watch?v=SdZgD1DCNq4:550:0]

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