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INET team participate in OECD Conference on "New Analytical Tools and Techniques for Economic Policymaking"

17 Jun 2019

(Image Credit: Patrick Janicek, Wikimedia Commons) On 15-16  April 2019, researchers from INET Oxford participated in a pathbreaking conference on new analytical tools in economics at the OECD headquarters in Paris. I...

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Greed is Not Good

11 Jun 2019

INET Oxford Executive Director, Eric Beinhocker, was interviewed on the BBC Radio 4 PM programme on 7 June by Evan Davis.  He discussed misconceptions about Adam Smith’s Invisible Hand and the idea that Smith promoted “greed is good”.  Smith’s actual view that “to restrain our selfishness” was “the perfection of human nature” is much more in tune with modern research on human “prosocial” behaviors that promote cooperation.  Economic prosperity is a product o...

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Making Policy Based on Evidence

16 May 2019

In an era of “fake news” and skepticism of science and other expertise, making public policy based on the best available evidence is more important than ever.  Prof. Robert Hahn of Oxford’s Smith School, the Technology & Policy Institute in Washington DC, and an Associate of INET Oxford has been helping press the case for evidence-based policymaking in the U.S. Government as a member of the bipartisan U.S. Commission on Evidence-Based Policymaking.  Hahn, who previously worked for the President&rsquo...

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Forecasting: An Essential Introduction

02 May 2019

A concise, engaging, and highly intuitive guide to the basic principles of forecasting Making accurate predictions about the economy has always been difficult, as F. A. Hayek noted when accepting his Nobel Prize in economics, but today forecasters have to contend with increasing complexity and unpredictable feedback loops. In this accessible and engaging guide, David Hendry, Michael Clements, and Jennifer Castle provide a concise and highly intuitive overview of the process and problems of forecasting. They explain forecasting c...

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‘Economic butterfly wings can create a climate action tornado’

02 May 2019

"Greta Thunberg could become the Harriet Beecher Stowe of our time" - Photo by Anders Hellberg The answer to the climate crisis could be seizing social and political tipping points where a modest intervention can lead to massive change. In a commentary in the journal Science, a team of researchers from the Oxford Martin Programme on the Post-Carbon Transition have proposed a new approach to designing climate interventions to take advantage of socio-economic and political tipping points. They seek...

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INET Oxford is Moving!

26 Mar 2019

On April 8-9 INET Oxford will be moving offices from its current location at Eagle House on Walton Well Road to Oxford's Manor Road Building.  The move will put INET Oxford in the same building as the University’s Department of Economics, Department of Politics and International Relations, the Centre for Socio-Legal Studies and the Social Science Library.  Executive Director, Prof. Eric Beinhocker said, “INET Oxford is an interdisciplinary research centre and the move to Manor Road will bring u...

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Going “Beyond Neoliberalism”

22 Mar 2019

The Boston Review posted a piece by a group of economists led by Suresh Naidu, Dani Rodrik, and Gabriel Zucman calling for economics to go “beyond neoliberalism” and outlined an agenda for reform.  INET Oxford’s Eric Beinhocker and Doyne Farmer co-authored a response with 11 other members of the complex systems community calling for economics to open up to a more interdisciplinary approach and to ideas from outside the neoclassical/neoliberal paradigm.  Beinhocker said, “This is...

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When does one of the central ideas in economics work?

21 Feb 2019

The concept of equilibrium is one of the most central ideas in economics. It is one of the core assumptions in the vast majority of economic models, including models used by policymakers on issues ranging from monetary policy to climate change, trade policy and the minimum wage. But is it a good assumption? In a new Science Advances paper, Marco Pangallo, Torsten Heinrich and Doyne Farmer investigate this question in the simple framework of games, and show that when the game gets complicated this assumption is problematic. If...

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The Value of Everything - Lecture by Mariana Mazzucato

04 Feb 2019

Image credit: Bright Lens Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at University College London, and author of The Entrepreneurial State: Debunking Public vs. Private Sector Myths and The Value of Everything: making and taking in the global economy, took on the wintery weather at the end of January and gave a lecture at the Blavatnik School of Government. This was a joint event with INET Oxford and the Oxford Martin School. This talk argued that modern economic...

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Ten years After the Financial Crisis: “We Are Safer, But Not As Safe As We Should and Could Be”

22 Nov 2018

Experts from academia and industry gathered at the University of Oxford revisited what went wrong in the run-up to the 2008 financial crisis, whether the actions that were taken since then seem sufficient, and the risks that might forestall a new crisis. The bankruptcy of Lehman Brothers, now ten years ago, was neither the start nor the peak of the financial crisis. Yet, the demise of the iconic investment bank, the fourth-largest in the United States, marked the point at which the unthinkable became real: A landmark institution...

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Generating Prosperity for Working Families in Affluent Countries: New book and conference from Employment, Equity & Growth Programme

13 Nov 2018

Rising inequality has become such a widespread concern in rich countries primarily because it is seen to be associated with long-term stagnation in living standards for ordinary working households, compounded by the Great Recession. This book presents the findings of a comprehensive analysis of performance in improving ordinary living standards over recent decades across the wealthy nations of the OECD. It relates the wide variation in this performance to overall economic growth, exploring why these often diverge substantially and ...

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Mobile Money and the Economy: A Review of the Evidence

30 Oct 2018

Mobile money is a recent innovation that provides financial transaction services via mobile phone, including to the unbanked global poor. The technology has spread rapidly in the developing world, “leapfrogging” the provision of formal banking services by solving the problems of weak institutional infrastructure and the cost structure of conventional banking. This new article by Dr Janine Aron examines the evolution of mobile money and its important role in widening financial inclusion. It explores the channels of econo...

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