Leading economists spark new economic thinking in Oxford

28 October 2011

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Some of the world’s foremost academics, commentators and business people in the field of economics will today gather in Oxford to hold a launch conference for the Institute for New Economic Thinking at the Oxford Martin School. This research Institute, based at Oxford University, was made possible as a result of matching donations made by the Oxford Martin School’s founder, Dr James Martin, and global financier, George Soros through the Open Society Institute. Led by Professor Sir David Hendry, the Institute’s research will advance economic thinking and modelling, providing insights to address the recent failures in economic theory and practice.

The Institute’s five-year programme of research will help understand the impacts of large abrupt and unanticipated shifts in economic conditions on macroeconomic analysis, inequality, financial risk and regulation, and econometric modelling. It will develop innovative tools for better economic forecasting, and improve models and methods to help anticipate future global economic shocks.

“All economies are intermittently subject to large shocks which alter previous economic relationships and lead to poor forecasts, recently highlighted by the largest global economic and financial crisis since the Great Depression. The establishment in Oxford of this new Institute for analyzing and modelling economic behaviour facing such shifts will play a key role in advancing research to confront future challenges”, said Professor Sir David Hendry.

The conference on Friday 28 October will bring together leading economists to lay the groundwork for this acceleration of the new economic thinking. Featured speakers include leading academics based at the Institute (Professor Sir David Hendry, Professor Sir Tony Atkinson and Professor Peyton Young); Nobel Prize winner in Economics Robert Engle; and Dr Neil Ericsson, who is at the Board of Governors of the US Federal Reserve System. The programme will also include welcoming comments by the University of Oxford’s Vice-Chancellor, Professor Andrew Hamilton, the Oxford Martin School’s founder, Dr James Martin, and Robert Johnson, the Executive Director of the Institute for New Economic Thinking.

The Institute is a member of the Oxford Martin School, and it is also undertaking collaborative research with the Central European University, and developing master classes and lecture courses based on its research findings.

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Images provided by John Cairns Photography