New York, NY, November 05, 2010 --(PR.com
)-- The Institute for New Economic Thinking (INET), launched with a $50 million pledge from George Soros to promote changes in economic theory and practice through research grants, Task Force groups, academic partnerships, and conferences, announced that it has selected D. Wade Hands of University of Puget Sound to be awarded a project grant through the Institute’s Inaugural Grant Program to conduct the initial research and archiving work at Duke University’s Paul Samuelson archives. The grant program, along with other INET initiatives, was created in direct response to arguably the worst economic crisis in world history, and has been designed to encourage and support new economic thinking. Starting in 2011, INET will conduct two grant cycles annually.
Paul Anthony Samuelson (1915-2009) was one of the most influential economists of the twentieth century. Samuelson, more than any other person, set the intellectual and political tone for the American economics profession during the period 1946-1969: the period Anatole Kaletsky calls Capitalism 2.2, the Keynesian Golden Age. Professor Hands plans to use INET’s funding to conduct research leading to a greater understanding of Samuelson’s intellectual development and how he managed various tensions within his economic and political vision.
“Hands is going to embrace the work and the papers of Paul Samuelson who may have been the most formidable economist in the period since the Great Depression. He certainly set the tone and came up with many of the innovations and ways of looking at things and employing mathematics that led to the prevailing paradigm,” commented Dr. Robert Johnson, executive director of INET. “We are looking forward to the product of Hands’ research to gain a better understanding of the Samuelson’s work and how he may have approached the current crisis.”
D. Wade Hands is Professor of Economics at the University of Puget Sound in Tacoma WA. He has written on a number of topics in the history and philosophy of economics. He is currently co-editor of The Journal of Economic Methodology. He is the author of Reflection Without Rules: Economic Methodology and Contemporary Science Theory, Cambridge University Press, 2001, and his Agreement on Demand: Consumer Choice Theory in the 20th Century, Edited with Philip Mirowski, was published in 2006 by Duke University Press.
“In economic theory, as in hiking, the best move – when it is clear that you have completely lost the trail – is to return to where the trail was well-marked and retrace your steps to discover where the mistake was made,” commented D. Wade Hands, Professor of Economics, University of Puget Sound. “In the current crisis of economic theory this means returning to the Keynesian-neoclassical synthesis of Paul Samuelson. The INET grant will allow me the opportunity to investigate this important topic through research in the Samuelson archives.”
INET’s Inaugural Grant Program has been designed to harness the new economic thinking we recognize as crucial to effecting change. The program was launched this summer and received more than 500 applications from around the world and has selected 31 initiatives to be awarded grants totaling $7 million. INET's Grant Program will continue with two similar grant cycles annually, the next one commencing in the spring of 2011.
For further details regarding INET’s Grant Program or additional projects and people to be awarded grants please visit the Institute’s website.
About the Institute for New Economic Thinking:
Launched in October 2009 with a $50 million commitment from George Soros and driven by the global financial crisis, the Institute for New Economic Thinking (INET) is dedicated to empowering and supporting the next generation of economists and scholars in related fields through research grants, Task Force groups, academic partnerships, and conferences. INET embraces the professional responsibility to think beyond current paradigms. Ultimately, INET is committed to broadening and accelerating the development of innovative thinking that can lead to insights into and solutions for the great challenges of the 21st century and return economics to its core mission of guiding and protecting society. For more information please visit http://www.ineteconomics.org/