The New School

The Institute on Race, Power, and Political Economy at the New School is a research hub that promotes economic inclusion, civic engagement, and social equity. The work of the institute investigates the roles of power, capital, and identity in shaping our political economy. Collaborating with practitioners of many kinds, the institute works to craft and advance innovative strategies, policies, practices, and investments to empower people with the necessary resources and structures to facilitate economic security, human dignity, and authentic agency.

Orthodox economics, centered on rational individual choice theory and free-market policy stances, has dominated economics scholarship and teaching since the 1920s. The New School for Social Research economists Teresa Ghilarducci and William Milberg will direct a research project addressing why alternatives to orthodoxy struggle to become established in academia and policy. They will author a paper on why heterodox economics has not taken hold, which will then form the basis for a fall 2019 convening of selected economists and writers in New York. The conference will address four themes: strengths and weaknesses in heterodox theory; curriculum; advancing heterodox student careers in policy; and implications for philanthropy.

This grant will support the infrastructure and capacity of the Institute for the Study of Race, Stratification, and Political Economy at The New School — a premier research hub promoting economic inclusion, civic engagement, and social equity — particularly related to race and other social identity stratifications. The Institute provides the intellectual and physical space to craft and advance innovative policies, strategies, and investments that break down restrictive hierarchies, empower people, and move society toward greater equity. Rooted in "values," but challenging "ideology," the work will lead to a better understanding of the roles of power, capital, and identity in shaping our political economy.