Press Release: New Economics Association Attracts 3,500 Members from 110 Countries in Seven Days

Frankfurt/London/New York, May 24, 2011

The World Economics Association (WEA) was launched on May 16, 2011. Impetus comes from the embarrassment that is felt within the economics profession for its dismal showing regarding the Global Financial Collapse, and the absence in this global age of a truly international and inclusive association of economists.  The American Economic Association and other nationally based societies of economists provide broad associations mainly for their country’s economists. The World Economics Association will do the same for the world’s community of economists, while promoting a badly needed pluralism of approaches to economic analysis. The WEA is registered as a Community Interest Company in theUK, a not-for- profit institution.

In the first seven days since the association distributed an invitation to join, which was signed by 141 distinguished economists from all regions of the world, more than 3,500 members from 110 countries signed on, making it one of the largest professional associations for economists right from the start. Membership is free, but members are encouraged to donate. The donations received in the first week will cover the cost of setting up the infrastructure for the online journals and conferences that the association will host. The World Economics Association emphasizes that, as a grassroots movement, it has no major donors, neither institutional nor individual, behind it.  

The World Economic Association seeks to increase the relevance, breadth and depth of economic thought. Its key qualities are

• worldwide membership and governance,
• inclusiveness with respect to diverse theoretical perspectives and
• the study of the world’s diverse economies.

Currently it is very difficult for economists who deal with economic issues of countries other than the US to publish their research in the leading journals. Similarly, with few exceptions, economists working outside the confines of the neoclassical approach stand very little chance to have their research published in one of the leading journals and to be regarded as serious economists. This was exposed as a serious problem by the recent worldwide financial crisis. Only non-neoclassical economists had seen the signs of the impending crisis and warned. Due to a lack of public recognition for most of these economists, such warnings were not heard.

To improve on this situation, the World Economics Association will publish two new peer-reviewed journals. Online access will be free to members, with print copies available to libraries and individuals for a fee. The association’s very large membership from which to draw papers will ensure a high standard of scholarship. The general-purpose flagship journal will be the World Economic Journal. The other new journal, Economic Thought, will focus on the history, methodology and philosophy of economics.  In addition, the Real World Economic Review, an existing online-journal will continue under the umbrella of the World Economics Association and will deal with current policy issues.

More information on the World Economics Association is available at
http://worldeconomicsassociation.org/