George Soros can spend his money any way he pleases. He earned it. But he insists that economic theory and policy must be rethought. He is certainly entitled to his opinion, and I also agree with him that we need to re-examine economic theory and public policy. His new think tank is going to be named the Institute for New Economic Thinking, and it is intended to challenge current teaching in economics as a "dogma whose time has passed."
But the dogma we are told that has become entrenched in the economics profession is free market fundamentalism. And his board of advisors will consist of Jeff Sachs, George Akerloff, Ken Rogoff, and Joe Stiglitz. So to challenge the economic establishment which doesn't permit creative thought outside of free market fundamentalism, we are going to enlist 2 professors from Columbia (1 a Nobel Prize winner, and the other the closest thing the profession has to a rock star), 1 from Harvard, and another from UC-Berkeley (who also won the Nobel Prize). Because I guess the profession has been dogmatic in the treatment of their ideas, or that the US government hasn't been influenced for the past 20 years by their ideas on regulation of markets, managament of the macroeconomy, and foreign aid goals.
What is wrong with this story?
HT: Don Boudreaux