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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.

We explore 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. 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.

About Us

Rebuilding Macroeconomics (RM) is part of the Institute for Global Prosperity (IGP) at University College London (UCL). The IGP is a world-leading trans-disciplinary research institution with a central mission to rebuild and redesign prosperity fit for the 21st century. Its vision is to build a prosperous, sustainable, future, underpinned by the principles of fairness and justice. Find out more at:

RM will host a series of events next year and we have a fantastic opportunity for PhD students to work with us. See below for details.


Rebuilding Macroeconomics will host 4 events next year as part of the IGP's 10 year anniversary. These events will form a collection of new economic thinking to develop pathways towards navigating a set of complex, intersecting and dynamic challenges as well as advance global prosperity in 2024 and beyond.

  • Date: March 2024
    Location: TBC
    What does a poly-crisis world mean for economic coordination and economic policy frameworks in both domestic and international domains? To what extent can the state continue to set rules and end up as the insurer of last resort – are we nearing the limit of this strategy?
  • Date: May 2024
    Location: TBC
    Strategic competition and economic security pose challenges for economic policymakers focused on optimising trade, commercial relationships and traditional macroeconomics. Countries are examining the role of industrial strategy, subsidies and FDI screening to ensure the production of critical goods.
  • Date: September 2024
    Location: TBC
    This demands an inter-disciplinary, scientific approach which brings together alternative methodologies for considering climate macroeconomics and realistic estimates of climate damages on the economy and strengthens economic resilience to climate stressors and shocks.
  • Date: November 2024
    Location: TBC
    “Our robust finding is that research productivity is falling sharply everywhere we look” (AER, 2020) is one explanation for the productivity slowdown. We look for explanations why and look at the nature of creativity and what conditions are most conducive to greater creativity.


Institute for Global Prosperity, Rebuilding Macroeconomics and Global Solutions Initiative PhD Scholarship

Key Details:

  • For admissions in: September 2024

  • Applications Open: January 2024

  • Closing Date: April 19th 2024

  • Scholarships available: One (UK home students only), tuition fees only

  • Duration: Full time (3 years) or Part time (5 years) MPhil/PhD

  • Location: Institute for Global Prosperity, UCL based in London


About the programme

The Institute for Global Prosperity (IGP) and the Global Solutions Initiative (GSI) are two transdisciplinary organisations committed to achieving shared prosperity for people and planet in the 21st century. Joining this programme allows you to become part of a community of people striving to think bigger, challenge conventional orthodoxy and engage in exciting and thought-provoking research.

This position will be under the guidance and supervision of Professor Angus Armstrong (Director of Rebuilding Macroeconomics at IGP) and Professor Dennis Snower (Founder and President of the GSI). The post will support inter-disciplinary research to develop a new approach to the economy and a new paradigm to influence policy-makers and decision-makers including the G7 and G20 and corresponding Think7 (T7) and Think20 (T20) engagement groups.

Full Details Out Soon


Image by Martin Adams

Thermoeconomics: An axiomatic theory of aggregate economic phenomena

Robert MacKay and Nick Chater | November 09, 2023

Working Paper No 67

Modern Housing Complex

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

Thomas Elston, Germà Bel and Han Wang | May 12, 2023

Working Paper No 66

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 29, 2023

Working Paper No 65


  • ABM for Macroeconomics
    ABM for Macroeconomics
    Tue, 13 Jun
    Bank of England, Moorgate Auditorium
    13 Jun 2023, 14:00 – 17:30
    Bank of England, Moorgate Auditorium
    We co-hosted an event about Agent-Based Modelling (ABM) with the Bank of England and Professor Giovanni Dosi on 13 June in London. The event was tailored to the needs of policy-makers and policy economists.
  • Festschrift for Alan Kirman
    Festschrift for Alan Kirman
    16-17 March
    Bank of England, Moorgate Auditorium
    16-17 March
    Bank of England, Moorgate Auditorium
    We hosted a Festschrift to celebrate the career and research of Professor Alan Kirman on 16-17 March 2023 in London. Keynote speakers included Sam Bowles, Jim Heckman, Lucrezia Reichlin and Joe Stiglitz.

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