New Economic Thinking at OECD
Last week OECD welcomed the Institute of New Economic Thinking (INET) for their annual conference on "Liberté, Egalité, Fragilité". INET is an institute that works and funds economists who aim to challenge established conventional theories. The idea is to think about what is wrong on contemporary economic thinking. Luckily not everything, but as Nicolas Boileau wrote in L'Art Poetique (1674):
Hâtez-vous lentement, et sans perdre courage,
Vingt fois sur le métier remettez votre ouvrage,
Polissez-le sans cesse, et le repolissez,
Ajoutez quelquefois, et souvent effacez
As part of the types of reflexions that INET is conducting, one direction is about how to model the way agents form their expectations. One of the sessions in particular was on:
Information And Economics: How Should Expectations Be Modeled? What Actually Works?
One of the speakers was Michael Goldberg from the University of New Hampshire whose book with Roman Frydman (NYU), (Marchés : la fin des modèles standard, Le Pommier, 2013, 400 pages) I reviewed in the French newspaper La Tribune a couple of years ago.