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![]() 6 E 16th St, NYC -
The home of the New School for Social Research | |
Type | Private Not-for-Profit |
---|---|
Established | 1919 (The New School)
1933 (The University in Exile) 1960 (Economics Department) |
Location | New York City |
Campus | Urban |
Website | https://www.newschool.edu/nssr/economics/ |
The Department of Economics is an academic department at The New School, within The New School for Social Research.
The faculty emphasize alternative approaches to economic theory, such as Post-Keynesian Economics, Marxian Economics, Institutionalist Economics, Structuralist Economics, and Political Economics more generally. [1]
The New School for Social Research was founded in 1919 by a group of progressive intellectuals (mostly from Columbia University and The New Republic) who had grown dissatisfied with the growing bureaucracy and fragmentation of higher education in the United States. [2] In its earliest manifestation, The New School was an adult education institution that gave night lectures to fee-paying students. There were no admissions requirements and The New School did not confer degrees. In the first full semester, classes were offered in the evenings to any individual with $20 ($300 in 2023 dollars). [3]
The first set of lectures included courses by influential economists Thorstein Veblen, Wesley Clair Mitchell, and Harold Laski. [4] Even in 1919, Veblen and Mitchell were core figures in the nascent American Institutionalist School of economics. [5] Other founding faculty, in particular James Harvey Robinson and Charles Austin Beard, were historians who focused on economic issues.
Early advertisements for the New School emphasized that "The school confines its work almost entirely to economics and maintains a graduate standard for all, although it neither requires nor confers degrees." [6] In addition to the coursework, The New School also created a Labor Research Bureau whose goal was to conduct economic research useful to labor unions. [7]
However, in the early years, the economics classes were not well attended. In the fall of 1919, Veblen taught a course entitled "Economic Factors of Civilization" to a class of 28, Mitchell taught "Business Cycles" to 8 and "Types of Economic Theory" to 5. Administrators attributed this lack of demand to two phenomena. First, in the roaring twenties, New Yorkers did not believe they had anything useful to learn about economics. Second, students who wanted to engage with graduate level economics coursework also wanted to receive credit for their hard work. [8] This lack of demand led Veblen and Mitchell to resign, unsatisfied with the caliber of the non-matriculating students at The New School. Likewise, in 1922, the Labor Research Bureau was closed down during The New School's first budget crisis. [9]
Because students were not registering for the politically and economically focused coursework, the administration elected to offer more courses on psychology, the arts, psychoanalysis. Coursework on political science or economics went from 60% of The New School's offerings in 1919-1924 to less than 25% of the courses offered in the period 1922-1933. [10] Enrollments increased from an average of 800 students a year in 1919-1922 to an average of 2,500 in 1925-1929. [11] This experiment in education was managed by an economist-turned-administrator Alvin Johnson and Clara Mayer, an early student administrator at The New School. [12]
In the 1922 budgetary crisis, many founders including Croly, Beard, Robinson, and Mitchell resigned and found positions at conventional universities. [11] With that said, many economists remained on as instructors at The New School. Two core economics instructors from 1922 to 1933 were Leo Wolman, a labor statistician with the Amalgamated Clothing Workers of America, and Frederick Macaulay, who later formalized the financial concept Bond Duration. [13] During this period, John Maynard Keynes and Benjamin Graham also gave guest lectures at The New School. [14] [15]
In response to the Nazi Germany's 1933 Civil Service Restoration Act, an act that dismissed over 1,200 Jewish or radical academics from German state-run institutions, Alvin Johnson raised $120,000 from Hiram Halle to create a "University in Exile" at The New School comprised of the dismissed academics (this amounts to $2.86 million in 2023 dollars). [16] Johnson knew the European intellectual community well from his work editing a massive 15-volume Encyclopedia of the Social Sciences with his mentor Edwin Seligman. When Hitler rose to power, Johnson organized the funding and began sending invitations to displaced intellectuals across Europe. [17]
The initial group included Emil Lederer, Frieda Wunderlich, Hans Staudinger, Eduard Heimann, Karl Brandt, Hans Simons and Gerhard Colm. [4] A second wave of academics fleeing Europe after France fell to the Nazis in 1939 included Adolph Lowe, Jacob Marschak, Abba Lerner, Franco Modigliani, Hans Neisser, and Emil J. Gumbel. [4]
Six of the original ten University in Exile members were economists. The largest contingent came from the Kiel Institute for the World Economy. At Kiel, Lowe, Colm, Neisser, and Marschak, transformed the institute into what the Rockefeller Foundation called the "Mecca" of German economic research because of its collection of statistical data, analyses of business cycles, and its internationally oriented research. [18] [19] The second largest contingent of émigrés came from the University of Heidelberg, enough that external American academics would later refer to The New School as "Heidelberg on Twelfth Street." [20]
In 1934, the émigré faculty received a provisional charter from the State of New York to grant graduate degrees. With the charter, the faculty changed their name from the University in Exile to the Graduate Faculty of Political and Social Science. The faculty taught night classes in English to New Yorkers. In 1935, there were 150 registered graduate students; in 1940, this had grown to 520 students. Prior to 1960, the Graduate Faculty was not split into academic departments. Many faculty had interests that crossed disciplinary boundaries, from economics into sociology or philosophy. Accordingly, students (like Franco Modigliani) received M.Sc.'s and D.Sc.'s in the Social Sciences rather than in Economics, Psychology, or Sociology. [21]
On top of regular teaching responsibilities, all of the faculty participated in a General Seminar on a broad topic in the social sciences. In 1933, the General Seminar was on the topic of "Methods and Objectives in the Social Sciences." [22] By 1934, Alvin Johnson had pushed the Graduate Faculty to found a quarterly journal called Social Research. [23]
In the years until 1945, the Graduate Faculty was regularly consulted by the Roosevelt Administration on both domestic matters and the war with Germany. [24] Much of this research was conducted through the "Institute of World Affairs," an international research institute that was run by Adolph Lowe. The institute supported "seven research groups, directed by fifteen members of our Faculty, employing sometimes more than twenty trained research assistants." [25]
The Graduate Faculty quickly earned a reputation in both American and international circles of intellectuals. Paul Samuelson emphasized in 1988 that, "The triumphant rise of American economics after 1940 was enormously accelerated by importation of scholars from Hitlerian Europe." [26]
When the war ended in 1945, the Graduate Faculty were less useful to the United States government, so received less research funding. Many émigré faculty moved on to prestigious roles outside of The New School. Jacob Marschak moved on to the University of Chicago where he was appointed Director of the Cowles Commission. [27] Gerhard Colm worked until 1946 for Roosevelt's Bureau of the Budget then joined Truman's Council of Economic Advisors. [28]
Rutkoff and Scott, authors of the first history of the New School, called the period 1945 to 1960, "A Return to Social Theory." With no war-related applied research projects, the Graduate Faculty largely devoted themselves to more abstract, theoretical projects. [29]
From 1958 to 1963, The New School suffered from another budgetary crisis. The school was running a $490,000 deficit that it could not repay (equivalent to $4.2 million in 2023). [16] Economists and administrators Alvin Johnson and Hans Staudinger led a "Save the School" fundraising campaign that narrowly saved the school from bankruptcy. [30] In order to make the school more conventional and fundable, the administration reorganized the Graduate Faculty into five departments: Economics, Psychology, Sociology, Philosophy, and Political Science. This reorganization began in the late 1950's, but was only solidified in the 1960 course catalogs. [31] [4]
As the German émigrés retired, the Economics department began to appoint new economists, beginning with David Schwartzman, an industrial organization economist who had studied with Milton Friedman and George Stigler, and Thomas Vietorisz, a specialist in the economics of planning.
In 1968, Robert Heilbroner (Ph.D., 1963) was appointed assistant Professor of Economics. Heilbroner had, while a graduate student at The New School, published The Worldly Philosophers: The Lives, Times and Great Ideas of the Great Economic Thinkers. The Worldly Philosophers was inspired by a class on Adam Smith taught by Heilbroner's teacher, Adolph Lowe. [32] In the book, Heilbroner discusses the evolution of economic thought using of the lives and times of the great economists. This focus on the history of economic thought permeated Heilbroner's teaching and writing. [33]
In 1969 and 1970, Edward Nell and Stephen Hymer were appointed to the faculty. Nell's work focused on economic methodology and Post-Keynesian Economics while Hymer was a Marxian economist whose Ph.D. supervisor was Charles Kindleberger. [34] [35]
Together, the faculty launched a graduate program in Political Economy in 1971. In the May 1971 press release, Heilbroner emphasized that the goal of the faculty was to give students training in a variety of traditions of economic analysis. [36] In 1972 and 1973, the faculty hired Anwar Shaikh and David Gordon, two young and radical economists with divergent approaches to economics: Shaikh initially focused on international trade and Marxian economic theory while Gordon focused on labor research and econometric models. [37] In 1974, Heidi Hartmann joined the faculty to develop a gender and economics program. [38]
These faculty offered students quantitatively rigorous training in multiple different approaches to economic theory and policy research. The New School's location in New York also allowed the faculty to attract eminent visitors to teach. In 1975, Paul Sweezy taught a course on Karl Marx. The size of The New School also peaked in the 1970's. In 1962, the Graduate Faculty had 2,661 students registered. In 1972, that number had grown to over 10,000 students. This exponential growth in enrollment was accompanied by a lenient admissions policy and low tuition costs: courses only cost $255 a semester ($1,900 in 2023). [39] [16]
In the late 1970's, Gita Sen, Ross Thomson, and Willi Semmler joined the faculty. In 1982, John Eatwell joined the Department on a part-time arrangement. [40] During the 1980's and 1990's, the faculty had many shorter-term appointments and visitors, including Nancy Folbre, Heinz Kurz, Rhonda Williams, Alice Amsden, and Thomas Palley.
In the 1990's, the department hired a number of faculty who would remain for decades: William Milberg, Lance Taylor, and Duncan Foley. [4] In 1995, David Gordon, John Eatwell, and Bill Janeway together founded the Center for Economic Policy Analysis (CEPA), though Gordon died soon after founding CEPA. [41]
In 2004, the student union founded The New School Economic Review, a student run peer-reviewed journal. [42] The department's faculty continues to advocate a methodologically pluralist and quantitatively rigorous approach to economic theory. [43]
The Economics Department currently offers four graduate degree programs [43]
In addition, graduate students elsewhere in The New School can earn a Graduate Minor in "Methods and Concepts of Political Economy" by taking classes in the department. [44]
The Department of Economics also offers an undergraduate major and minor in economics to students of Lang College, The New School's undergraduate college. [45] The undergraduate program is directed by Professor Ying Chen and teaches the same interdisciplinary and critical approach to economics taught at the graduate level.
The Department of Economics is home to the Schwartz Center for Economic Policy Analysis (SCEPA), currently directed by Professor Teresa Ghilarducci. [46] SCEPA is a New York City based policy research think tank whose research currently focuses on retirement equity, climate change economics, and critical economics.
Two more research centers are run by faculty of the department: the Robert Heilbroner Center for Capitalism Studies, currently directed by Professor William Milberg, [47] and the Institute on Race, Power, and Political Economy, currently directed by Professor Darrick Hamilton. [48]
Faculty and students in the Department of Economics are also employed by and contribute to:
All the information provided below on the faculty is sourced from the New School Archives' Digital Course Catalog Collection, unless otherwise noted. [4] The parentheticals denote the dates that the below faculty taught at The New School.
Willi Semmler (1980-Present)
David Howell (1987-Present)
William Milberg (1991-Present)
Darrick Hamilton (2003-2019, 2021-Present)
Teresa Ghilarducci (2008-Present)
Sanjay Reddy (2009-Present)
Mark Setterfield (2014-Present)
Paulo Dos Santos (2014-Present)
Clara Mattei (2016-Present)
Ying Chen (2016-Present)
Kirsten Munro (2023-Present)
Nikolaos Chatzarakis (2023-Present)
Alvin Johnson (1919-1945)
Wesley Clair Mitchell (1919-1922)
Thorstein Veblen (1919-1926)
Harold Laski (1919-1919)
Leo Wolman (1919-1930)
Herbert J. Davenport (1922-1922)
Frederick Macaulay (1922-1927)
Walton Hamilton (1929-1932)
Arthur Feiler (1933-1942)
Eduard Heimann (1933-1961)
Emil Lederer (1933-1939)
Frieda Wunderlich (1933-1961)
Gerhard Colm (1933-1939)
Karl Brandt (1933-1937)
Alfred Kahler (1934-1982)
Fritz Lehmann (1934-1940)
Hans Staudinger (1934-1959)
Hans Simons (1935-1960)
Adolph Lowe (1940-1983)
Jacob Marschak (1940-1943)
Abba Lerner (1943-1947)
Hans Neisser (1943-1975)
Franco Modigliani (1946-1947)
David Schwartzmann (1960-2006)
Robert Heilbroner (1963-1993)
Thomas Vietorisz (1963-1995)
Paul H. Douglas (1967-1969)
Michael Hudson (1969-1972)
Edward Nell (1969-2014)
Stephen Hymer (1970-1974)
Anwar Shaikh (1972-2022)
David Gordon (1973-1996)
Heidi Hartmann (1974-1976)
Gita Sen (1978-1982)
Ross Thomson (1977-1990)
John Eatwell (1982-1996)
Howard Stanback (1983-1986)
Michel Juillard (1983-1991)
Nancy Folbre (1983-1985)
Nilufer Cagatay (1983-1989)
Gunseli Berik (1985-1993)
Heinz Kurz (1985-1991)
Rhonda Williams (1987-1993)
Alice Amsden (1989-1993)
Thomas Palley (1991-1997)
Lance Taylor (1993-2022)
Duncan Foley (1999-2022)
Deepak Nayyar (2008-2012)
Vela Velupillai (2013-2015)
Emil J. Gumbel (1943-1960)
Julius Hirsch (1942-1960)
Franco Modigliani (1943-1946)
Hans W. Singer (1948-1960)
Haskell P. Wald (1956-1962)
Robert Heilbroner (1963-1968)
Harry Magdoff (1967) [49]
Peter L. Bernstein (1969, 1974)
Paul Sweezy (1975)
Makoto Itoh (1978) [50]
Ernest Mandel (1978) [50]
Jan Kregel (1979, 2023)
Suzanne de Brunhoff (1981)
Bertram Schefold (1983)*
Gerard Dumenil (1984)
Volker Caspari (1984)*
Pierangelo Garegnani (1987-1990)
Heinz Kurz (1990)*
Martin Hollis (1995)
Salih Neftci (1997-2009)
Stephan Seiter (1999)*
Michael Piore (2000-2001)
Stefan Mittnik (2012)*
Stephan Klasen (2013)*
Stephanie Kelton (2018)
*Denotes the Professors whose visit was funded by the Heuss Professorship and Lectureship, a program funded by the German government in honor of the German academics that The New School hosted within the University in Exile [51]
Franco Modigliani (Ph.D., 1944) - Dissertation: The General Theory of Employment, Interest and Money Under the Assumptions of Flexible Prices and of Fixed Prices
Robert Heilbroner (Ph.D., 1963) - Dissertation: The Making of Economic Society
Franklin Delano Roosevelt III (Ph.D., 1976) - Dissertation: Towards a Marxist Critique of the Cambridge School
Robert Pollin (Ph.D., 1982) - Dissertation: Corporate Financial Structures and the Crisis of U.S. Capitalism
Eduardo Ochoa (Ph.D., 1984) - Dissertation: Labor Values and Prices of Production: An Interindustry study of the US Economy 1947-1972
Dimitri B. Papadimitriou (Ph.D., 1988) - Dissertation: The structure of the Greek economy: 1958-1977. An empirical analysis of Marxian economics
Patrick Mason (Ph.D., 1991) - Dissertation: Competition, noncompensating wage differentials, and racial discrimination in the labor market
Jim Stanford (Ph.D., 1996) - Dissertation: Social structures, labor costs, and North American economic integration
Heather Boushey (Ph.D., 1998) - Dissertation: The Social Structures of Insulation Theory and Evidence on the Relationship Between Unemployment, Wages, Discrimination, and Social Policy
Mariana Mazzucato (Ph.D., 1999) - Dissertation: Four Essays on Evolutionary Market Share Dynamics: A Computational Approach
Salimullah Khan (Ph.D., 2000) - Dissertation: Theories of Central Banking in England, 1793-1877
Stephanie Kelton (Ph.D., 2001) - Dissertation: Public Policy and government finance: A comparative analysis under different monetary systems
Nelson Barbosa (Ph.D., 2001) - Dissertation: Essays on structuralist macroeconomics
Rania Antonopoulou (Ph.D., 2005) - Dissertation: An alternative theory of real exchange rate determination for the Greek economy
Isabella Weber (Ph.D., 2019) - Dissertation: Essays on Theories of Money and International Trade
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