New Economics

New economics is the study of human behaviour in social groups, influenced by culture, location and history, in pursuit of monetary gain. It emphasises institutions, uncertainty, altruism, diversity and ethics. It recognises consumer diversity, economics of specialisation and scale, uncertainty, bounded rationality, inherent technological change and the endogeneity of money as critical elements. It is distinguished from the old economics characterised by equilibrium, representative agents, certainty equivalence and determinism.

Other websites promoting new economics:

Relevant papers:

Arestis and González Martinez (2015)
Barker, Terry “Towards new thinking in economics”

New policy model is in:
Martin et al. (2016)

A critical survey of ‘new geography’ in economics is in Martin (1999)


Arestis, Philip and González Martinez, (2015), “The Absence of Environmental the New Consensus Macroeconomics of Numerous Criticisms”, in P. Arestis Sawyer (eds), Finance and the Macroeconomics Environmental Policies, Annual Edition International Papers in Political Economy, (Palgrave Macmillan)

Diane Coyle (2019) Homo Economicus, AIs, humans and rats: decision-making and economic welfare, Journal of Economic Methodology, 26:1, 2-12, DOI: 10.1080/1350178X.2018.1527135

Martin, R., Pike, A., Tyler, P. and Gardiner, B., 2016. Spatially Rebalancing the UK Economy: Towards a New Policy Model? Regional Studies, v. 50, p.342-357. doi:10.1080/00343404.2015.1118450

Martin, R., 1999. Critical survey. The new ‘geographical turn’ in economics: some critical reflections. Cambridge Journal of Economics, v. 23, p.65-91.

View all resources