Thumbnail for It is time to re-imagine Europe

It is time to re-imagine Europe

28 Nov 2016

EU leaders face a fundamental choice in response to Brexit. Do they defend the existing institutions and arrangements or seek deep reform? The former will ultimately lead to the EU’s disintegration, the latter would see a strengthened EU emerge from its decade of crisis.  In a new paper Eric Beinhocker, INET Oxford Executive Director, explores this important question. To read the full paper please click here.

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Thumbnail for Non-stationarity: a fundamental problem for forecasting

Non-stationarity: a fundamental problem for forecasting

23 Nov 2016

History is littered with forecasts that went badly wrong, a fact sharply illustrated during the recent financial crash and recession. A new Oxford Martin policy paper from Professor Sir David Hendry and Dr Felix Pretisexamines a fundamental problem in economic forecasting: that many models used in empirical research and for guiding policy have been based on treating observed data, such as unemployment or income levels, as timeless, or ‘stationary’. “But historical dates, such those of wars and pa...

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Thumbnail for Time is running out to prepare coastal cities for impact of rising sea levels

Time is running out to prepare coastal cities for impact of rising sea levels

08 Nov 2016

Coastal cities could see rises of more than two metres if global warming exceeds 2°C goal, new research shows. Researchers say urgent action needs to be taken to protect shoreline cities and world heritage sites from coastal flooding, after a new study showed that sea level could be significantly higher than previously thought if global warming exceeds 2°C. The study, by researchers including Dr Luke Jackson at the Institute for New Economic Thinking at the Oxford Martin School is published today i...

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Thumbnail for Revealing the Anatomy of Vote Trading

Revealing the Anatomy of Vote Trading

08 Nov 2016

INET Oxford Researcher, Omar Guerrero, and Ulrich Matter explore the idea of vote trading in a new paper.  Please see the abstract below and click here for the full paper. A broad theoretical literature in economics and political science as well as circumstantial evidence suggest that legislators vote against their usual convictions in order to exchange favors with other legislators. This trade of votes is key to the law making process; however, quantitative evidence of its prevalence and evolution is nonexistent. W...

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Thumbnail for Updates from COP 22

Updates from COP 22

07 Nov 2016

Follow this page for regular updates for our COP 22 reporter and Economics of Sustainabilty Research Assistant, Alexander Pfeiffer. As Reported in The Ecologist: Only 'we the people' can rise above the false promise of COP22 Alexander Pfeiffer, Elizabeth Dirth & Alex Clark 23rd November 2016 The COP22 climate conference in Marrakech was given an impossible mandate: to make the Paris Agreement happen, write Alexander Pfeiffer, Elizabeth Dirth & Alex Clark. But it failed. The task now falls to civ...

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Thumbnail for Finance Ministry Officials Discuss Climate Action

Finance Ministry Officials Discuss Climate Action

31 Oct 2016

Eric Beinhocker, INET Oxford Executive Director, and Cameron Hepburn, Director of the Economics of Sustainability Programme, both participated in a retreat convened by Chatham House for officials from finance ministries and multilateral institutions to discuss post-Paris strategies on climate change.  Hepburn gave a presentation on the latest thinking on carbon pricing, and Beinhocker presented on transitioning to a model of zero carbon economic growth.  The meeting included senior figures such as Olli Rehn who ...

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Thumbnail for Environmental tax reform for climate protection and social justice

Environmental tax reform for climate protection and social justice

20 Oct 2016

Environmental tax reform for climate protection and social justice New study shows how a carbon tax can both protect the environment and advance social justice—when accompanied with a lower income tax. In industrialised nations, an environmental tax reform could greatly reduce social inequality if properly designed. However, to have that impact, revenues from the taxation of carbon emissions would have to be used in full to lower the income tax. This is the result of a new study conducted by INET Oxford’s Linus Ma...

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Thumbnail for Marco Pangallo wins Herbert Simon Society Award

Marco Pangallo wins Herbert Simon Society Award

18 Oct 2016

INET Oxford Complexity Economics' DPhil Student Marco Pangallo was awarded the first prize of the Herbert Simon Society for his extended abstract on "A taxonomy of learning dynamics in 2x2 games". The work is in collaboration with INET Oxford Complexity Economics' Director Doyne Farmer and James Sanders and Tobias Galla from the University of Manchester.    The Herbert Simon Society gathers annually for a workshop on bounded rationality in economics, in the legacy of Herbert Simon. This year&#...

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Thumbnail for INET Oxford and the Bank of England develop an agent-based model of the UK housing market

INET Oxford and the Bank of England develop an agent-based model of the UK housing market

13 Oct 2016

INET Oxford Complexity Economics Director, Prof. J. D. Farmer, Doctoral Student Rafa Baptista, and INET Oxford Alumnus Daniel Tang, have co-authored a Bank of England Staff Working Paper alongside Bank of England researchers Marc Hinterschweiger, Katie Low and Arzu Uluc.  The paper, titled "Macroprudential policy in an agent-based model of the UK housing market", describes an agent-based model that the joint INET Oxford/Bank of England team built and used to explore the dynamics of the UK h...

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Thumbnail for The Radical Remaking of Economics:  Interview with Eric Beinhocker

The Radical Remaking of Economics: Interview with Eric Beinhocker

03 Oct 2016

This year marks the 10th anniversary of Eric Beinhocker’s influential book The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Like an earthquake tremor, Beinhocker’s book rattled the windows of the economic establishment by proposing a new foundation for the discipline that was paradigmatically different than its current foundation inspired by Newtonian physics. Eric has been in conversation with Evonomics editor, David Sloan Wilson, about his book and offers his thoughts on...

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Thumbnail for It’s employment status, not class, that affects mental health

It’s employment status, not class, that affects mental health

28 Sep 2016

What causes psychological well-being to be unequally distributed by social class? It is usually explained in terms of several “causal pathways”. One possible pathway is that people who in the lower classes not only have lower incomes but also probably have less stability in their incomes, making life more stressful. A second pathway is that people in lower classes may experience more job-related stress. Third, people in the lower classes tend to engage in more unhealthy behaviour (including smoking and la...

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Thumbnail for Helicopter money is back in the air

Helicopter money is back in the air

23 Sep 2016

Fiscal policy is edging back into fashion, after years, if not decades, in purdah. The reason is simple: the incomplete recovery from the global crash of 2008. Europe is the worst off in this regard: its GDP has hardly grown in the last four years, and GDP per capita is still less than it was in 2007. Moreover, growth forecasts are gloomy. In July, the European Central Bank published a report suggesting that the negative output gap in the eurozone was 6%, four percentage points higher than previously thought. “A possi...

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