Professor Eric Beinhocker, Executive Director of INET Oxford, and Nick Hanauer, were interviewed for the journal Democracy this week.

In the interview, Professor Beinhocker discusses the failures of neoliberal economics and its damaging ‘trickle-up’ effects. He explains how new economic thinking is shaping Bidenomics, and why this represents a significant break from past economic orthodoxy. And he discusses the potential significance importance of the current U.S. infrastructure bill in “creating a modern, inclusive, innovative, and clean-energy based economy.”

“The 2008 crisis blew away the idea that markets are a kind of inherently efficient, self-regulating, self-correcting machine.” Professor Eric Beinhocker

As well as outlining the importance of a healthy middle class for a functioning economy and democracy, Professor Beinhocker explains how more realistic ways of modelling the economy – like those being developed at INET Oxford – can help policymakers.

“My group at Oxford, the Institute for New Economic Thinking, is borrowing techniques from physics, biology, and computer science to model the economy in much more realistic ways than ever done before.” Professor Eric Beinhocker