Research – University of Copenhagen

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The center is part of the research Program on Imperfect Knowledge Economics (IKE) under the Institute for New Economic Thinking (INET).

The IKE theory has been developed by Professor Roman Frydman and Professor Michael Goldberg in their book “Imperfect Knowledge Economics” from 2007. A non-mathematical exposition of the IKE theory is given in the book “Beyond Mechanical Markets” from 2011.

IKE’s hallmark is its recognition of the importance of non-routine change and imperfect knowledge for understanding asset markets and the consequences of economic policy. Beyond providing an alternative approach to macroeconomics and finance modeling, opening economic analysis to non-routine change requires rethinking conventional approaches to empirical research, which have assumed away the importance of such change.