Economics failed to predict the biggest economic event in generations, failed to repair the damage, and fails to provide relief to real businesses and real people in the aftermath. Our goal is to educate policy-makers, the public and economists in the Three Basics. IDEA is dedicated to the reform of economics.
Support, amplify and collaborate with the work of Economists already in the field.
“The fundamental cause of the economic and financial crisis that began in late 2007 was lending by the finance sector that primarily financed speculation rather than investment. The private debt bubble this caused is unprecedented, probably in human history and certainly in the last century. Its unwinding now is the primary cause of the sustained slump in economic growth."
Steve Keen is chief economist for IDEA and guides the substantive activities of the organization, currently head of Economics, History and Politics at Kingston University London.
MINSKY Dynamic Economic Modeling Software. A revolutionary free open-source computer program for building and simulating dynamic, monetary economic models. A vital tool for a new approach to economics, optimized for accounting-based, flow-of-funds analysis.
The book: Finance and Economic Breakdown. A comprehensive, foundational book that develops an explicitly monetary, dynamic approach to the analysis of capitalism and its periodic financial crises.
TSL/IDEA Data Store. A data tool for serious economists and students, offering functionality not elsewhere available. Developed and hosted in-house.
IDEA Effective Unemployment Rates. A Simple, robust methodology converts the headline US unemployment rate and the "All-In" U-6 rate to a single, descriptive number that accounts for the drop in the participation rate. This IDEA effective unemployment rate more closely corresponds to the pre-crisis unemployment rates.