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.
LATEST NEWS
KNOWLEDGE BASE
NEW PARADIGM
The Crisis of a Former Paradigm
As a sign of a missing paradigm that holds societies together, liberal democracies today are facing their most serious crisis since World War II.
What Went Wrong
An ever-growing mountain of empirical evidence indicates that large parts of today’s crises are to be linked to the late effects and collapse of the market-liberal paradigm that has guided policymaking in most of the world since the 1970s.
New Economy in Progress
Since the critical financial crisis in 2008, the search for a new paradigm much more adequate than the former market-preference to rise to today’s challenges has accelerated. And, while a coherent new paradigm is not yet ready, a lot of new answers and actors have emerged.
Inflation as Distributional Conflict?
Where does inflation come from? On a simple question without a simple answer.
The New Paradigm Papers of the Month of January
Once a month the Forum New Economy is showcasing a handful of selected research papers that lead the way towards a new economic paradigm.
Looking Back on the Year and Forum Outlook for 2023
We take a look at what the past year has meant for us as a Forum and for all of us, and provide a glimpse into the exciting projects we are planning for 2023.
The New Paradigm Papers of the Month of December
Once a month the Forum New Economy is showcasing a handful of selected research papers that lead the way towards a new economic paradigm.
The End of the Bidenomics Saga and Brits in Retro Mode
If it had needed one more proof of how much governments are currently stuck between the old paradigm of the market-liberal era and something new: The Americans and the British are currently providing some illustrative material.
How the Market Liberal Paradigm Rose to Dominance — And Why It Crumbles
A new book by historian Gary Gerstle traces the forces that led to the rise and fall of the market liberal political order and outlines what this means for the politics of the moment.
Failed Bidenomics? From Thatcher and Reagan to Truss and Trump
Is it a coincidence that democratic functioning is so deeply disturbed in precisely those two countries that were celebrated forty years ago as economic liberal role models?
The New Paradigm Papers of the Month of November
Once a month the Forum New Economy is showcasing a handful of selected research papers that lead the way towards a new economic paradigm.
Directed Technological Change and Good Jobs
Is it time to direct technological change in a labour friendly way? This question was discussed by Anton Korinek, Elisabeth Reynolds, and Ana Dujić.
The New Paradigm Papers of the Month of October
Once a month the Forum New Economy is showcasing a handful of selected research papers that lead the way towards a new economic paradigm.
Top Economists Worry About New Thinkers at OECD
Some of the world's best-known economists have written a letter of protest to the Secretary-General of the OECD. The background is the fear of a significant downgrading of the OECD initiative "New Approaches to Economic Challenges" (NAEC).
The New Paradigm Papers of the Month of September
Once a month the Forum New Economy is showcasing a hand full of selected research papers that lead the way towards a new economic paradigm.
OTHER MAIN TOPICS
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.