Duke University’s Center for the History of Political Economy to be Awarded a Grant from the Institute for New Economic Thinking

The Institute will fund Professor Bruce and the Center for the History of Political Economy at Duke University

New York, NY, December 04, 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 Bruce Caldwell of Duke University to be awarded a taskforce grant to expand the programs offered through Duke’s Center for History of Political Economy. 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.

Despite the importance of economic history, the history of economics as a field of systematic study and instruction is in decline across economics departments worldwide. Generally, economics departments in American research universities no longer offer history of economics courses to undergraduate or graduate students, in large part due to a lack of teaching professionals who have been trained in the history of economics. Through the expansion of the Center for History of Political Economy, Professor Caldwell plans to use INET’s funding to further prepare young scholars in economics to teach, to research the history of economics, and to promote the use of history of economics in various fields of economics.

“The teachers trained through Professor’s Caldwell’s expansion of programs at Duke’s Center for the History of Political Economy will be key assets in restoring the history of economics as a fundamental part of economic training and academia,” commented Dr. Robert Johnson, Executive Director of INET. “The Institute shares Professor Caldwell’s understanding that an awareness of history and historical context is essential to the practice of economics, and that we need many more talented scholars entering this field.”

Professor Caldwell is a Research Professor of Economics and the Director of the Center for the History of Political Economy at Duke University. He is the General Editor of The Collected Works of F.A. Hayek and a distinguished author whose publications include Beyond Positivism: Economic Methodology in the 20th Century and the intellectual biography of Hayek, Hayek's Challenge. He is the former the President of the History of Economics Society, Executive Director of the International Network for Economic Method, and a Life Member of Clare Hall, Cambridge. In 2011, he will begin serving as President of the Southern Economic Association.

"The mission of the Center for the History of Political Economy is to promote and support research in, and the teaching of, the history of economics, with the overarching goal of reintroducing the study of political economy to the economics curriculum," said Bruce Caldwell, the Center's director. "The grant from INET provides us with the means to achieve this goal, by allowing us to dramatically expand the programs that we offer for the training of young scholars."

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 34 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/

Institute for New Economic Thinking
Bill Fallon
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