Soros asks for a 'New Economics'

Frustrated with the inability of economics to develop realistic thinking, fund manager and global investor George Soros has decided to set up an institute 'New Economic Thinking'

The group, to be called the Institute of New Economic Thinking, will gather luminaries in the field of economics to reflect on the ideas that allowed the latest economic crisis to transpire and to bring new ideas to a profession that some argue has become too deeply entrenched in free-market ideology.

The group’s advisory board will be studded with economists such as Jeffrey Sachs, George Akerlof, Kenneth Rogoff and Joseph Stiglitz as well as public commentators such as Anatole Kaletsky and John Kay, a Financial Times columnist. Mr Soros is pledging $5m a year for 10 years.

While we wait for output from that institute, realistic academic economic thoughts can be found at the new  Real World Economic Review Blog