New York, NY, November 08, 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 John B. Davis of Marquette University and University of Amsterdam, and D. Wade Hands of the University of Puget Sound are to be awarded a project grant through the Institute’s Inaugural Grant Program to conduct research on herding behavior in the economics and professional investment community. 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.
The project will examine the economics methodology basis for "dominance" producing "herding" propensities in theories, models, and policies in both the academic economics and institutional investment professions. Professor Davis and Professor Hands plans to use INET’s funding to stage a workshop organized and co-sponsored by the Journal of Economic Methodology, which is edited by the grantees to examine the economics methodology basis for "dominance" producing "herding" propensities in theories, models and policies in both the academic economics and institutional investment professions. The planned output of the project is a special issue of the journal and a follow-up expanded book published by Routledge that would include comments by leading economists and financial experts on the original workshop and special journal issue contributions.
“The special issue of the journal as well as the follow-up expanded book would serve as a pragmatic guide to approaching finance theories,” commented Dr. Robert Johnson, Executive Director of INET. “The Institute shares Professor Davis and Hands’ understanding that the important focus in recent post-crisis criticism of the economics profession concerns the incentives for research and the organization of academic economics.”
John Davis and Wade Hands are editors of the Journal of Economic Methodology. Both have published extensively in the fields of economic methodology and history of economic thought, including books published by Cambridge University Press and Routledge. Hands was also a participant at the April INET conference in Cambridge. The journal is the official journal of the International Network for Economic Method, which is the only professional association in economics devoted to the field of economic methodology.
”We hope the workshop, special issue of the Journal, and the subsequent book will help economists reflect on whether how the profession is structured reduces diversity in economic thinking,” said John Davis of Marquette University and University of Amsterdam. “We believe the grant should especially help economists think critically about the nature of graduate training in economics and the organization of research.”
INET’s Inaugural Grant Program has been designed to harness the new economic thinking they 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/