George Soros wants to re-make economics

October 30, 4:19 PMMidland County Public Policy ExaminerJarrett Skorup

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George Soros, the liberal billionaire is launching a $50 million dollar effort to "purge" economics of its free-market "zeal."

This week Soros is gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of "free-market fundamentalism," among them Nobelists Joseph Stiglitz, George Akerlof, Michael Spence, and Sir James Mirrlees. He's also creating an "Institute for New Economic Thinking" to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions of free-market zealotry who have dominated it for decades, and to correct the failures of decades of market deregulation. Soros hopes matching funds will bring the total endowment up to $200 million. "Economics has failed not only to predict and explain what happened but has also failed to protect society," says Robert Johnson, a former managing director at Soros Fund Management, who will direct the new institute. "That's what the crisis revealed. The paradigm has failed. There is no guidance."

 Interesting.  It's not clear what field of economics Mr. Soros want to get behind, but assuming it is one high with regulation, supportive of forced-unionization, strong teacher unions and high taxes...I'm wondering if he won't just look to Michigan?  How about California?  Better:  The City of Detroit.

All of these are being done in those places, so how has it worked out?