Soros funds Institute for New Economic Thinking with $50M donation

The hope is it'll be matched up to about $200M.

In case you aren't aware, "traditional" economics and it's models as it's taught in virtually all renowned universities completely failed in the last several years culminating in the economy blowing up in Fall of 2008.

Many believe, including me, that the entire global banking system needs completely overhauled asap. But:

... it's all happening very slowly. And with no rules of the road, we have entered a Mad Max world of economics in which even the most eminent of our top regulators and central bankers can't seem to agree on the fundamental nature of financial markets.

Soros with his resources is looking to speed up the massive shift that must take place to bring reality to economics, it's philosophies, models, etc.

Watch an interview explaining the Institute for New Economic Thinking at FT.com.

"The dogma has lost touch with reality."

Grants will be available from the new Institute.
More about Mr. Soros.