Article overview
Normalcy or (Green) New Deal? Joe Biden’s Economic Team and the prospects for a paradigm change
The economists that will be working for the president elect will likely focus on strengthening the power of labor, but will it be an all-encompassing paradigm shift?
Preview: Should Germany issue perpetual bonds for European solidarity? - Discussion of the proposal by George Soros
On December 4 at 4 pm CET, INET and the Young Scholars Initiative will host a discussion on the future of European fiscal capacity.
Mariana Mazzucato & Rainer Kattel in the FAZ: "The State must do better"
In a guest article for the Frankfurter Allgemeine Sonntagszeitung, Mariana Mazzucato and Rainer Kattel plead not for more or less state, but for a better one.
New Economy Working Paper - Challenge-driven economic policy - A new framework for Germany
A new study by Mariana Mazzucato and her team from the Institute for Innovation and Public Purpose at University College London
New Economy Working Paper out – A new paradigm for Germany’s fiscal policy after Corona
A new study by Michael Hüther (IW Köln) and Jens Südekum (DICE) looks into the past and the future of the German debt brake.
Favorite Readings for a New Paradigm – Autumn 2020
Every three months Forum New Economy is showcasing a hand full of selected research papers that lead the way towards a new economic paradigm.
Paradigm shifts in major global institutions
A major study on what has already changed in important institutions around the world since the high-time of market-liberalism.
Robert J. Shiller on “Narrative Economics – How Stories Go Viral and Drive Major Economic Events”
The Nobel Prize-winning economist explains the idea behind his research on economic narratives and enumerates the main findings included in the book.
Forum New Economy and Wirtschaftsdienst: Does Germany need another economic model?
Is the German economy prepared for the tasks of our time? Thomas Fricke details what the Forum New Economy discussed at the seventh New Paradigm Workshop and what it identifies as the pressing issues lying ahead.
Review of the workshop on the future of the German economic model
Almost 60 speakers joined us in analysing the future of the German economic model. What was remarkable? What do we take away with us and what remains to be done?
OUR MAIN TOPICS
New Paradigm
NEW PARADIGM
After decades of overly naive market belief, we urgently need new answers to the great challenges of our time. More so, we need a whole new paradigm to guide us. We collect everything about the people and the community who are dealing with the question of a new paradigm and who analyze the historical and present impact of paradigms and narratives – whether in new contributions, performances, books and events.
Redefining
the role of
the state
REDEFINING
THE ROLE OF
THE STATE
For decades, there was a consensus that reducing the role of the state and cutting public debt would generate wealth. This contributed to a chronic underinvestment in education and public infrastructure. New research focuses on establishing when and how governments need to intervene to better contribute to long-term prosperity and to stabilize rather than aggravate economic fluctuations.
Remaking
finance
REMAKING
FINANCE
More than a decade after the financial crisis there still seems to be something seriously wrong with the financial system. Financial markets still tend to periodically misprice risk and contribute to boom and bust cycles. A better financial system needs to discourage short-termism and speculative activity, curtail systemic risk and distribute wealth more broadly.
Greening
prosperity
GREENING
PROSPERITY
During the high point of market orthodoxy, economists argued that the most 'efficient' way to combat climate change was to simply let markets determine the price of carbon emissions. Today, there is a growing consensus that prices need to be regulated and that a carbon price on its own might not be enough.
Reducing
inequality
REDUCING
INEQUALITY
The rising gap between rich and poor has become a threat to social cohesion in most rich countries. To reverse this trend it will be crucial to better understand the importance of different drivers of income and wealth inequality.
Innovation Lab
INNOVATION LAB
Do we need a whole new understanding of economic growth? What would be a real alternative? How viable are alternatives to GDP when it comes to measuring prosperity? These and other more fundamental challenges are what this section is about.
Globalization
for all
GLOBALIZATION
FOR ALL
After three decades of poorly managed integration, globalization is threatened by social discontent and the rise of populist forces. A new paradigm will need better ways not only to compensate the groups that have lost, but to distribute the gains more broadly from the start.
Europe
beyond markets
EUROPE
BEYOND MARKETS
The euro was planned during a period in which economic policy making was driven by a deep belief in market liberalism and the near impossibility of systemic financial crises. This belief has been brought into question since the euro crisis, which showed that panics do happen. New thinking needs to focus on developing mechanisms to protect eurozone countries from such panics and to foster economic convergence between members.
Corona Crisis
CORONA CRISIS
The current Corona crisis is probably the worst economic crisis of the post-World War 2 era. Economists are working hard on mitigating the economic effects caused by COVID-19 to prevent a second Great Depression, the break-up of the Eurozone and the end of globalisation. We collect the most important contributions.