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Rebuilding Macroeconomics aims to transform macroeconomics into a policy relevant social science by putting direct human interaction in response to fundamental uncertainty at the centre of analysis. 

Our 
Story

About Us

Rebuilding Macroeconomics is a research network part of the Institute for Global Prosperity (IGP) at University College London (UCL). It was previously funded by the Economic and Social Research Council (ESRC).

 

The network explores the self-organising (not necessarily self-stabilising) order that grows from the direct interactions between millions of people as they seek to discover better frameworks to make sense of their changing world. We ask fundamental questions about macroeconomics in the ‘real world’ and encourage rigorous, innovative and interdisciplinary research. 

We take fundamental uncertainty as ubiquitous, and that we respond through our social interactions. This shifts the emphasis to knowledge creation and allows us to return to the time-honoured big macroeconomic questions of wealth creation, sustainability, distribution, power, coordination and institutions.

The core idea of Rebuilding Macroeconomics is to embrace uncertainty. If orthodox economics can be described as the science of choice in well-defined situations, then Rebuilding Macroeconomics looks at choice in ill-defined circumstances.” 

Angus Armstrong 

Our Latest Publications

Thermoeconomics: An axiomatic theory of aggregate economic phenomena

Robert MacKay and Nick Chater, November 2023

The Effect of Inter-Municipal Cooperation on Social Assistance Programs: Evidence from Housing Allowances in England

Thomas Elston, Germà Bel and Han Wang, May 2023

If it ain’t broke, don’t fix it: When (and why) independent service delivery is preferable to collaborative public management

Thomas Elston, Germà Bel and Han Wang, March 2023

Our story

The RM network was initially funded by the UK’s Economic and Social Research Council in 2017. We began at the National Institute of Economic and Social Research and moved to our new home at the Institute for Global Prosperity (IGP), University College London in mid-2021. 

 

 We ask fundamental questions about macroeconomics in the ‘real world’ and encourage rigorous, innovative and interdisciplinary research. We take fundamental uncertainty as ubiquitous, and that we respond through our social interactions. This shifts the emphasis towards questions of generation, innovation and sometimes crises, and away from systems that must always be in equilibrium.​

Meet the Development Team

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Dr. Angus Armstrong

Director of Rebuilding Macroeconomics. 

 In addition, Angus also assumes the role of Chief Economic Adviser to Lloyds Banking Group.

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Prof. Henrietta L. Moore

Founder and Director of the Institute for Global Prosperity

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Prof. Dennis J. Snower

Dennis is founder and President of the Global Solutions Initiative and Professor of Macroeconomics and Sustainability at the Hertie School in Berlin.

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Prof. J. Doyne Farmer

Director of the Complexity Economics programme at the Institute for New Economic Thinking at the Oxford Martin School, Professor in the Mathematical Institute at the University of Oxford, and an External Professor at the Santa Fe Institute.

Contact us

We're always looking for new and exciting collaborations. 

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