We support dynamic ideas through wide-ranging research that embraces both pure theory and applied work where advances in economics can help solve the great challenges of the 21st century. The Institute’s research is interdisciplinary, incorporating concepts from fields including history, political science, psychology, the physical sciences and the humanities.
We support in-depth, multidisciplinary research that carefully examines the conceptual frameworks of economic thinking. This series focuses on critical areas in the discipline that are relevant right now. View details
Economists’ infamous failure at predicting the recent financial crisis has brought new impetus to studies on diversity in the economics profession. Such studies have underlined how diversity plays a prominent role in enriching economic analyses.
It is commonly overlooked that the concept of market efficiency embowers a time-dimension.
Illustrating with an example from the class of persistent random walks, we show that a price
process can be a martingale on one time-scale but inefficient on another.
An autobiographical paper by William J. Baumol, in which he recounts his academic life and career. The paper is a contribution to a series of recollections and reflections on the professional experiences of distinguished economists which the Banca Nazionale del Lavoro Quarterly Review (now PSL Quarterly Review) started in 1979.
The U.S. economy is widely diagnosed with two ‘diseases’: a secular stagnation of potential U.S. growth, and rising income and job polarization. The two diseases have a common root inthe demand shortfall, originating from the ‘unbalanced’ growth between technologically ‘dynamic’ and ‘stagnant’ sectors.
Long term labor shortages do not happen naturally in market economies. That is not to say that they don’t exist. They are created when employers or government agencies
tamper with the natural functioning of the wage mechanism.
Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives