Albrecht Ritschl, Professor of Economic History at the London School of Economics, gave a lecture at the 75th anniversary celebration of the ifo Institute in the Great Hall of the Ludwig Maximilian University of Munich. It focuses on the Institute’s reliable forecasts, whose methodology dates back to the 1920s. After its foundation, the institute offered economic services and consulting before becoming a leader in empirical economic research in the 1950s and 60s. From the 1960s, budget crises and the departure of important researchers were responsible for the growing dependence on public contracts. Under President Karl-Maria Hettlage, who had previously worked in the Ministry of Finance, the ifo Institute recovered financially by 1976, but Hettlage’s close involvement with the Nazi regime went unnoticed for a long time.
At the end of the 1990s, a reorientation began under Hans-Werner Sinn, which strengthened the institute academically. Today, under the leadership of Clemens Fuest, the institute is one of the most important players in German and international economic research. Despite its successes, Ritschl concludes, the question remains as to how the institute should position itself in the future – whether it should concentrate more on the academic field or also further expand its non-academic activities, such as economic consulting. You can also read an article by Ritschl on the topic in ifo Schnelldienst.
Watch the full lecture by Albrecht Ritschl here: