Rethinking Economics for the 21st Century:
It seems that Nobel Prize Laureates in Economics often receive a prize for something that is not central to their work. One reason is that formal reason often sticks to mainstream, but the Nobel Committee often supports dissent. This 3-session lecture series explores the idea that an entirely new economics could be created just by adding up a dozen Nobel Laureates.
Lecture 1：Monday, March 11th 2:00 pm
Beyond GDP: Economics of the Anthropocene
Global warming poses great challenges to economic theory and policy, which was recognized by the recent Nobel award to William Nordhaus, who contributed seminal research to the integration of economics and climate models. The lecture discusses the limitations of the established approach and opens new vistas on ecological economics as a part of a new paradigm in Earth system sciences, which have far-reaching implications for policies.
Lecture 2：Wednesday, March 13th 2:00 pm
Beyond Economic Man: The New Economics of Human Behaviour
The rise of behavioural economics has changed many assumptions and methods of economics, which was also recognized by a Nobel award for Richard Thaler (2017), and earlier Daniel Kahneman and Vernon Smith (2002), and other related awards, such as Thomas Schelling (2005), George Akerlof (2001) and Elinor Ostrom (2009). If we put all these contributions together, and add a dose of philosophical reflection, an entirely new paradigm for understanding economic behaviour emerges, which shifts away from axiomatic assumptions on rationality to an approach based on biology, anthropology, psychology and the social sciences, and which is rigorously based on empirical evidence.
Lecture 3：Thursday, March 14th 7:00 pm
Beyond Micro: Institutional and Behavioural Foundations of Macroeconomics
After the financial crisis of 2008, discontent with macroeconomics has grown in almost all quarters of economics, including leaders of the established paradigm, reaching from renowned critics such as Joseph Stiglitz (Nobel award 2001) to established scholars in the policy domain such as Olivier Blanchard. The 2017 Nobel laureate Paul Romer attracted much attention with his 2016 paper on the ‘trouble with macroeconomics’. The lecture presents a new perspective based on the economics of institutions which moves away from complex modelling techniques to behavioural, psychological and sociological approaches, which are emerging, for example, in the new approach of ‘narrative economics’ championed by the Nobel laureate Robert Shiller (2013).
Carsten Herrmann-Pillath is Professor and Permanent Fellow at the Max Weber Centre for Advanced Cultural and Social Studies, University of Erfurt, Germany and Distinguished Visiting Professor at Schwarzman College, Tsinghua University, China. After completing education in economics and sinology at the University of Cologne, between 1992 and 2016 he assumed professorships and chairs in economics, evolutionary/institutional economics and Chinese economic studies at Duisburg University, Witten/Herdecke University and Frankfurt School of Finance and Management. His major fields of research are economics and philosophy, institutional change and economic development, international economics and Chinese economic studies. His publications include 500+ academic papers and 16 books, covering a broad cross-disciplinary range in economics, the humanities and the sciences, including recently: Journal of Economic Methodology, Journal of Comparative Economics, Journal of Evolutionary Economics, Economics & Philosophy, European Economic Review, Copenhagen Journal of Asian Studies, European Journal of Political Economy, Ecological Economics and Entropy. His magnum opus on China was published in 2017, building on three decades of research into culture and political economy of China: China’s Economic Culture: The Ritual Order of State and Markets (Routledge). Written in German, his new book ‘Fundamentals of Critical Economics’ (2018) develops a conceptual framework for a comprehensive disciplinary transformation of the field, which builds on previous work, especially ‘Foundations of Economic Evolution: A Treatise on the Natural Philosophy of Economics’ (Elgar, 2013)
This event is open to Tsinghua students, faculty, and staff. All attendees must present valid Tsinghua ID Card to access Schwarzman College. Tsinghua University community members will be admitted on a first come basis until all seating is full.These lectures will be given in English.