Recognized for its leadership and innovation worldwide, Duke’s Center for the History of Political Economy recently received a $750,000 grant from the Institute for New Economic Thinking.
The three-year grant will help expand much of the center’s current programming and fellowships, which include a summer teaching institute, annual conferences, workshops and speakers series. INET, which was founded with a $50 million pledge from billionaire and noted financier George Soros, hopes to change the way in which economists are educated.
“The objectives of the programs are to prepare young scholars in economics to teach and to do research in the history of economics,” according to INET website. “Despite its importance, the history of economics as a field of systematic study and instruction is in poor health in economics departments worldwide.”
INET awarded Duke the grant because it believes Duke has the resources to improve training in the history of economics, said Bruce Caldwell, the center’s director. INET also appointed Caldwell to its advisory board, which is composed of five Nobel laureates in economics.
In addition to the center, Duke also has other resources dedicated to this discipline. Duke University Press publishes “The History of Political Economy,” an academic journal, and the University is also the headquarters of the Economist Papers Project, an extensive collection of texts from historical economic figures. Five Duke professors also have training in the history of economics—an exceedingly rare number relative to other institutions, Caldwell said.
The center has also draws academics worldwide to study in a “unique” environment, said Andrej Svorencik, a graduate student and visiting researcher from the University of Amsterdam. Svorencik cited the Economics Paper Project and the “critical mass” of individuals who study the history of economics at Duke as factors brought him to the University.
Pedro Duarte, an assistant professor from the University of Sao Paulo who is also conducting research, was also drawn to Duke by The Economist Papers Project and commended the staff at the center.
“There is a community of people working here that is unique in the world,” he said.
Caldwell stressed the importance of studying the history of economics because he said past theories can provide insight to future financial dilemmas. He emphasized that the history of economics bridges the gap between other areas of social sciences, which can help foster a broader dialogue to improve the economy.
And despite his focus on the past, Caldwell noted that finding new ways to study economics is exceedingly important. He specifically cited the emerging field of behavioral economics—a popular discipline at Duke—as an example.
Apart from Duke, more than 50 grantees from 11 countries received funding for the renewed initiative in economic education, according to the organization’s website. INET’s Inaugural Grant Program received more than 500 proposals worldwide and chose 34 projects to receive $7 million in funding.
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