Pioneering partnership between LSE and top think tank to be based at Global Governance
The Institute for New Economic Thinking (INET) has created an academic partnership with LSE. INET@LSE will apply ideas from 'complexity social science' to improve the design and effectiveness of economic policy
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 conferences, grants and education initiatives, has announced an academic partnership with the London School of Economics and Political Science (LSE), to create "INET@LSE", a new program that will apply ideas from complexity social science to improve the design and effectiveness of economic policy. INET@LSE will also have a presence in central Europe through extensive collaborative links with Central European University (CEU) in Budapest.
Complexity social science holds that social systems such as economies, markets, and political institutions are networks of dynamically interacting, reflexive agents (e.g. consumers, companies, banks, regulators). Complexity theory has been successfully applied to study other phenomena ranging from managing epidemics to understanding weather patterns, the Internet, and the brain. The financial crisis dramatically showed the need for a deeper understanding of complex global markets and for more effective policy tools. INET@LSE seeks to further understanding and policy tools through expanding the applicability of complexity social science to economics.
'Establishing partnerships with major academic institutions around the world is a key part of our strategy to extend INET's vision globally and provide an infrastructure for scholars to more easily collaborate with each other to stimulate new economic thinking' said Dr Robert Johnson, executive director of the Institute for New Economic Thinking. 'Establishing INET@LSE with its focus on applying the latest tools from complexity science has the potential to deliver new insights into phenomena such as the recent crisis, and new ideas for making economies more robust and resilient.'
Based in the research centre LSE Global Governance, INET@LSE will bring together a management committee of senior LSE faculty, including Professor Stuart Corbridge, pro director of LSE, and external members including Dr Robert Johnson, executive director of INET, and Professor John Shattuck, president and rector of CEU. Danny Quah, professor of economics at LSE and co-director at LSE Global Governance, will serve as INET@LSE's research director alongside a soon-to-be-named executive director.
INET@LSE will host policy practitioners and researchers from a range of institutions. It will lead an active program of research, publishing, and engagement with the academic and policy communities, reaching out to a wide spectrum of technical expertise, including CEU's exciting new Center for Network Science.
'Now more than ever we need innovative thinking for the policy challenges the world faces' said Howard Davies, Director of LSE. 'LSE has always pioneered new approaches to the social sciences, and we are delighted to be partnering with INET and collaborating with CEU on this important new initiative.'
'Bringing CEU together with LSE to study the economic challenges of our time will combine the analytic power of our two institutions to examine problems caused by the global economic crisis. This will be a unique and far-reaching mission for a novel academic collaboration between INET, LSE and CEU', commented Professor John Shattuck, president and rector of CEU.