On 12 April 2012, the Institute for New Economic Thinking at the Oxford Martin School was announced as a new platform for research collaboration, building on an existing programme of economic modelling, which was already underway at the School.
Our aim is to stimulate innovation and debate in economics, support visionary interdisciplinary research, and radically redefine the education of the next generation of economists and leaders in business and government.
INET@Oxford will benefit from its foundation in the Oxford Martin School, through drawing on its global networks and capacity to work effectively across disciplinary boundaries. INET@Oxford’s team of top scholars from across the sciences, social sciences and humanities will create new opportunities to develop innovative insights into major economic issues.
INET@Oxford will also seek out collaborations with practitioners and policy makers to support the application of those insights to some of our greatest economic challenges.
Economic Modelling (EMod):
INET@Oxford was launched with this research programme on the causes and consequences of the financial crisis, the impacts of shifts in inequality of income and wealth, flaws in mathematical tools underpinning neo-classical economics, and developing new methods of forecasting that are robust after crises.
- Sir David Hendry, Professor of Economics
- Sir Tony Atkinson, Professor of Economics
- John Muellbauer, Professor of Economics
Building on existing efforts by the Oxford CABDyN group based in the Saïd Business School, leading scholars will apply perspectives and tools from complex systems theory, network theory, and evolutionary theory to deepen our understanding of economic phenomena, including financial crises, economic growth, inequality, and the management of systemic risk.
- J. Doyne Farmer, Professor of Mathematics
- Felix Reed-Tsochas, James Martin Lecturer in Complex Systems at the Saïd Business School
Economics, Equity and Growth
This new programme of research is concerned with the links between growth, employment, living standards and working life prospects for the Middle and Below (M&B) group of the income and wealth distribution. It will seek to understand why our current growth models are failing and what may be required for better, fairer growth.
- John Muellbauer, Professor of Economics (acting Director)
Ethics and Economics:
This expanding programme involves economists, philosophers, legal scholars, management researchers, and policy experts examining why financial institutions take such enormous risks which are not always in the interest of their shareholders and clients, and why post 2008 the financial services industry is strongly resisting reforms which would constrain such risk-taking.
- John Armour, Professor of Law and Finance
- David Vines, Professor of Economics
Initiatives Under Development
INET@Oxford has an ambitious programme of research that will be expanded to include new activity in the areas of the economics of employment and inequality, and new models of economic growth. Also in the future, the Institute will develop curriculum materials for economics programmes, business schools and public policy schools to support teaching that is informed by new economic thinking and an increasing understanding of the complexity of global systems.
INET@Oxford has partnerships with the Institute for New Economic Thinking, Center for International Governance Innovation and Central European University. Over time, INET@Oxford will build partnerships with other academic, research and policy-making institutions around the world.
INET@Oxford is an initiative of the Oxford Martin School in collaboration with a number of departments and schools across the University, including the Department of Economics, the Saïd Business School, the Mathematical Institute, the Oxford-Man Institute, and the Blavatnik School of Government.
The formation of INET@Oxford was jointly announced by the Oxford Martin School and the Institute for Economic Thinking (INET) on 12 April 2012. The Institute will be starting-up over the summer of 2012 and will be adding further programmes and initiatives over the coming year. More information will be added to the website as it becomes available.