@INET-BW: Who’s the iNETiest of them all?

There are a lot of universities represented here, but who are the most likely candidates for participation and who might one expect INET to be interested in? I don’t have anything to do with INET monetas, but know that so far they have partnered with the LSE in London and Oxford University and I presume they are looking for other friends and partners in crime. Using the participant list and some nimble excel sheets, it turns out that the American North East is well represented (to be expected), and there are definetly a top ten (well, nine) coming out for new thinking:

  TOTAL Student Attendee Grantee inet board
Harvard 7 2 5 0 0
Boston 6 2 3 1 0
Columbia 6 1 3 2 0
New School 5 1 2 1 1
Balsilie int’l affairs 5 4 1 0 0
Berkeley 4 1 2 0 1
U. Mass (Amherst) 4 1 2 1 0
Central European U. 3 0 3 0 0
McGill 3 2 1 0 0

 

So it’s the local schools first, with Harvard and Boston topping, but Columbia, New School and Balsilie have a very strong presence here, with students and faculty showing up. So perhaps some potential partners are to be found in this list, it seems full of good candidates both for new economic thinking and new ideas. As for INET’s current partners, they find themselves in the ‘also rans’ with 2 representatives each. Although, you can’t say they aren’t in good company: Bard, Cambridge, Carleton, Duke, Freie (Berlin), LSE, MIT, New South Wales (Sydney), NYU, Oxford, Roosevelt, Santa Fe Inst, Stanford, UCL & UCLA.

@INET-BW: Revolutionaries at INET, well sort of…

 

Typical anti-capitalist liberals... What do you mean you're Tea-Partyer's?!?

Security is tight here, I mean passport checks in the bus coming in, a K-9 unit, police presence, big private security guys with ear-buds and lapels roaming the corridors, and big signs on everyone’s chest to show that they belong. And for the first time in my life I’ve been picketed. Well, ten guys with placards, but when I went to take a picture and talk to them, they hadn’t yet showed up today. Disappointing as it was already 11am – and we were on-site at 7.15.  So who are these people. Rumours suggest that they are not your usual anti-capitalists (despite their lone sign that was left behind), but they are tea-partyers.

I will try and run out during lunch (it’s a bit of a walk from here to the entrance) and see if I can’t catch them for a chat about their wants and needs. Hey, we are supposed to be rowing bloggers and this is too good to miss. Also, I am a bit baffled about this.

In the meantime, Tiago and Floris interviewed Akerlof (v. cool I am told), Richard Koo (Nomura Research Institute) just gave a talk about what we can learn from Japan. Yes learn from Japan. His slides are really worth looking at as they tell a story of how government can step in, and how money supply changes can occur without affecting the underlying economy. Duncan Foley (paper) preceded him to point out that if you net out the sectors where the national accounts impute Value Added, then the picture of the 2000 and 2008 recessions look a lot worse (and similar) than we may have thought. Oh, and on Q4 2010 figures, the US is looking very double dippish…

@INET-BW: Discipline and punish

Ken Rogoff and Larry Summers were on the program today at Bretton Woods, and they stole the show. Both are Harvard professors, both have been in and out of policy making, both are intellectual leaders of the economics profession. On any criteria, these are not men of “new economic thinking”. Rogoff of his own initiative, Summers pressed towards it, had to defend the state of economics teaching and research.

Two unlikely responses were given, and even more unlikely, they overlapped (when Rogoff spoke Summers was not in attendance).

1. The first was to describe the failing of economics as a subject of “sociology”. As economists, and practitioners, both men were baffled by how young people in the profession are more interested in formal puzzles and define research as model building taking any empirical work as distraction. Both men confessed they were the same when they were starting. Unfortunately, no sociologist was in the audience, however…

2. The other response, more interesting because of its bizarre possibilities, saw Rogoff and Summers defending rational expectations models and efficient market hypothesis as an integral part of economics education and research because both provide “discipline.” No one followed up asking what discipline meant.

The panoptic suggestion hints that economists have a bit of the sociologist in them after all…

@INET-BW: Name Dropping and communists before INET starts

The INET conference is not intimidating at all. It’s 8.20am, the conference has not started, we are getting on a bus to Bretton Woods from Boston, and next to me are Ha-Joon Chang and Robert Skidelsky discussing structural deficits, while Fitoussi is in front of me after we finished a quick chat about welfare measurement. Bad morning to miss coffee. Two and a half hour later we’ve not only reached Bretton Woods but I’ve reached some new ideas and debates.

Lunch got even better, at the table with Skidelsky, Christian Wigstrom (on the INET curriculum board), Richard Brock, John Kay and Duncan Foley… And the name dropping has become silly by the time we’d made it to dinner. Haven’t made an ass of myself, which is always nice. At this point the conference is yet to start. From that I have a host of things, but for now, the best quote of the day about the 1944 US Treasury chief negotiator at Bretton Woods in 1944: “This is an overstatement, but, Harry Dexter White was a communist.”  –Larry Summers, 8 April 2011. That followed a very warm recollection of Mr. White by the IMF Historian… Lovely

@INET-BW: Clear skies with a chance of economics

For the next three days, a few of us are blogging the Institute of New Economic Thinking’s Bretton Woods Conference. It is an unusual event, as unusual as the Institute’s patron, George Soros, who somehow manages to be a player in politics, finance and culture on both shores of the Atlantic. A number of principals are walking about Mount Washington: policy makers (Summers and Sachs will drop by), media (Wolf and Tett from the FT, Cassidy from the New Yorker), bloggers (Huffington in on the guest list) and plenty of economists.

Historians are here too. (Skidelsky, Keynes’s biographer is sitting in front of me.) One of INET’s core business is to foster the teaching and the research into economic history and the history of economics. I am sure this will scramble some folk’s disciplinary grids, of who fits where, and the dangers of being an historian and analyst without due distance to one’s subject, that trouble of being too “embedded”. That is why I am taking this assignment more as the anthropologist (as I imagine them) than as the colleague. As in a field assignment I come prepared with my trusted Marantz recorder, a set of agreed questions that i discussed with colleagues in the course of the last week, and a set of empty notebooks to be filled. I also thought of wearing my khakis to make the transformation complete, but upon visiting weather.com I discovered it was going to be cloudy and cold, and there is still snow on the hillsides.

(Ben and Floris will likely take this experience differently, I am looking forward to some contrast)