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どうもありがとうございます ええと ローゼル教授の話を聞きながら 私の最初の直感は おそらく私の国籍について謝罪することから始める必要があるのではないかということでした ええと しかしその後思い出したのですが 新古典派電子経済学の創始者たちは誰も実際アメリカ人はヴァラスではなく、ミンジャーではなく、ヤンスではなく、マーシャルではない、フランク・ハンではない、アメリカ人は、私たちの制度が乗っ取られた後の、第二世代、派生世代でしか入ってこなかったし、既存のアメリカの伝統には、過去に遡る経済制度があった。ソースタイン・ヴィン・ジョン・R・コモンズとカナダからの特定の移民が家族の謙虚さについて言及しているため、ここで言及するのは不可能です、えー、それはケスとケンブリッジ・ケインジアンの最後のページにあるケスとルイージ・パネッティの洞察と非常に一致していると思います、えー、パネッティは要約しています貨幣生産経済の構造力学についての彼のビジョンは、革命を前進させるための生涯にわたる努力であり、完全には達成されておらず、実際に彼の生前には野蛮な反革命の細部にまで細心の注意を払って打ちのめされていたが、アシャニ・サの最近の著作でケンブリッジが懸念し、次のように弱体化させた。パネッティは、革命家自身の間での内紛や戦略的・戦術的ビジョンの失敗によって認めているが、振り返ってみると、1930年代の革命的状況は1950年代と1960年代には消滅し、自己満足と新古典派の教義が単純化して曖昧化した完全競争の常態への道を切り開いたと主張する人もいるかもしれない。一般均衡 限界生産性 貨幣の中立性 ソロの成長は言うまでもない合理的な期待 理論と資本の承認の拒否 批判と政策レベルでのワシントンコンセンサス 均衡予算 緊縮財政 民営化 規制緩和 自由貿易の開放 明らかな理由による資本市場 資本市場の失敗この奇妙なお菓子は、今や明らかにパラダイムのほつれが生じている、すでに観察されているように断片化されている、実験と行動、そして何よりも私が言うところの小規模な実証的計量経済統計分析、経済学者が登場するのはここだああ、そして我々はプロト革命の舞台に戻っている 革命はおそらく今再開されるかもしれない、そしてここでの我々のプロジェクトは単なる考古学的なものではない、我々の前にある問題はそれがどのような方向に進むべきかである、パネッティはケンブリッジの精神が次のように機能してきたと描いている2つのレベルのうちの1つは純粋に理論的なものであり、stfaによる「Above All」で表され、もう1つは主に制度的に表されています。杖をほぼ単独で使用するのが好きなら、または確かに両方で同等に機能する卓越した地位にあるニッキカロリーの純粋な経済学と政治経済と言えます。レベルだが、パネッティもシューマーの言葉を引き合いに出し、全体像を理解し、初心者にも実際に一目でそれを伝えることができる統一的なビジョンを求めている、ヴィンにとってこれは進化だった結果ではなくプロセスとしてのダーウィンの自然選択経済学 テイ・ウムをめぐる唯物論 18世紀の停滞から19世紀の科学の変化と混乱に至るまでの経済学の苦悩 20世紀には、少なくともある種の管理された基盤への回帰があった 少なくとも時間の成長理論は再び新しい古典的な統合であり、この停滞は現在始まっているので、実際には溶解の進行した状態にありますが、これは私たちにとっても良い出発点ですが、パンによって定められたガイドラインの範囲内でも、9つのポイントはすでに明確になっています。もっと先に進むこともできるので、K KES とケンブリッジのキヤン・ザ・レスから数行を引用したいと思います。まさにここで、伝統的な理論では別の枠組みが提供されない他の参照枠組みを探すことができる重要な点に到達します。それは私たちを荒野に残し、謎を解くには完全に途方に暮れている、取り繕いを本当にやめるべきだった、新古典派経済学の還元主義的解釈からの真の脱却のための本当に根本的な変化を求めるKの最初の勧めに心から戻らなければならない、時が来た広く自由に彼方へ航海する しかし、ずっと前にロバート・スケリの提案で、私はksの一般理論がアインシュタインの貨幣生産に明確に類似して作られたと主張しました 時空の有効需要は、巨大な物体の存在下での空間の曲率に相対的ですマクロとミクロは、物質が空間にどのように曲がり、空間が物質にどこに行くかを伝えるというジョン・アーチボルド・ウィーラーの格言に似ています。私はこれが、まだ常識や常識を持たない学部生に一般理論を紹介する比較的簡単で効果的な方法であると今でも思っています。 「より広い世界」のビジョンは、新古典派経済学のコースによって打ち砕かれましたが、理論レベルと制度レベルを統一することがまだ残っています。このためには、熱力学法則に支配される生物物理原理が適切なツールであると提案させていただきます。 UniFi の経済学と社会科学を一般的に物理学と生物学に結び付け、全体を共通の用語で理解できるようにし、新古典主義の体系の前科学的幻想を暴露しました。私がジョーン・ロビンソンに初めて会ったとき、私は最初の日、それは大学院生でした。ケンブリッジ、彼女は私を大学図書館のバターリーに昼食に連れて行き、説明してくれました。イスラム教図に時間をかけることはできないと彼女がはっきりと言ったのを覚えています。その瞬間には彼女が何を言っているのか分かりませんでしたが、今では次のように言い換えます。生物物理学を一言で言えば、経済学は他のものと同じようにエントロピーの影響を受ける。すべての活動には資源が必要であり、その資源を抽出するのにかかるコストよりも大きな利益をもたらす余剰を生み出す必要がある。これは学術界では新しい考えではないが、現在アルバーにいる彼らは完全にCIOになるだろう。もしあなたがここにいたら、私がそれを第一に考えてくれたことに感謝してくれるでしょう、第二に、光合成について話しているかどうかにかかわらず、すべての抽出には事前の固定投資が必要ですあるいは、割引率と資本信用マネーのコストに影響される不確実な状況下で利益を期待してのみ行われる核漁業。ここでは貨幣生産について話しているので、資本を集中させるための装置であるこれを導入する必要があります。それを使える手には、海賊行為や略奪に代わる多かれ少なかれ文明的な代替手段が与えられている えーっと、これを達成するためのこれまでの一般的な方法 投資には期限がある 永遠に続くものは何もない 均衡など存在しない 永久的なものは何もない これまでの歴史に終わりはない私が言えるのは、KES Calder Safaのパネッティのビジョンのすべての要素がこのビジョンと互換性があるということであり、特にパネッティは、ヴァラスのように以前に不可解に生産された商品の交換ではなく、生産と生産の決定を分析の中心に置くよう主張しているため、マーシャル・アローの残骸計画 パネッティは常に非常に懸念しており、先ほど聞いたように、価値井戸の生産とは経済的価値の実現に関する理論であり、私は共著者と議論しています。ジン・チェンは論文と今後出版予定の本で、価値は 2 つの考慮事項によって決まります。 希少性 ヴァル・ラサが好む、市場規模と市場支配力、あるいはジョン・ロビンソンの研究ですでに認められている競争の程度に関する定式化不完全競争では、これらは両方とも簡単な対数関数で捉えることができます。ここで、希少性は確率を表す引数であり、供給者の数または独占の程度は、市場浸透率としてのこの非常に単純なスキームの対数の底に過ぎません。あるいはサプライヤーの数が増えると価値が下がる さまざまな製品やプロセスの平均を取ると、その数式はエントロピーやチャン理論の情報と同じになります。これはさまざまな分野の非常に一貫した CA です。式とその数式は、根底にある概念は本質的に動的である 市場拡大と市場制御における独占性における新規性における価値の探求を強調する 生産する決定も同様に、固定費と変動費のプロジェクト期間の割引率と不確実性を考慮した、やや単純ではない微分方程式によって捉えることができる 直観現代生活の効率性と利便性は、不確実性が低く、すぐに利用できるジープのリソースが急速な技術的改善を促進する環境下での大規模な固定投資によって可能になったという点で、あらゆるビジネスによく知られています。これは、ケインズ流のマクロ管理と、2000年に始まる石油の時代の並外れた融合です。 1940年代以降、米国が管理する世界的枠組みと国連を含む特定の機関を通じて長期にわたって安定していた世界に、本格的に根付いたのは1930年代であり、再び停滞や有利な均衡は存在しない。変化することで状況が崩れる可能性がある物理的状態 資源の枯渇、または資源資源の管理の変更による、または利用可能な資源の放置、管理ミスによる、またはシステム全体の管理の、管理の概念、つまり広範な基盤での経済発展の促進から、管理の概念への移行によるもの捕食の傾向、つまり資源をため込み、資源を希少なものにしようとする衝動が、世界の人口の大部分にとって、これらのことは 1970 年代以降、特に 1980 年代以降、さらに特に 2000 年代初頭以降、その結果として減少した特徴となっています。生物学的収益率、つまり人類種の再生産率と将来の人口減少は、今や何百万もの住宅側の非常に単純な経済的決定の明らかな結果である。貨幣生産はお金と経済的利益を前提としている。教育学的および政治的観点 えー、私のアメリカ人の同僚を代表して話すのを聞かなければなりません えー、もう一度私の弁護をしてください、全国的に少しは救われました えー現時点での展望 えー、
でもこれはパネッティ革命の達成に向けた最近の最大の進歩ですこの地域は、ミンスキー氏の貨幣に関するK氏の批判的な信頼と、金融不安定性に関する彼の議論に基づいて構築されており、これは現代貨幣理論MMTという言葉を生み出した学者グループの見解であり、その軽蔑から新古典派主流に対する脅威は極めて明白である。それは、著名な地位にある学者たちによってこれらの人々に注ぎ込まれているが、実際のところ、彼らの仕事は、お金が特定の集合的な有効需要を生み出すために政府や銀行によって生み出されているということを明らかにするのに役立っている。ここで重要な違いは、ソブリンとソブリンとの間にある。前者については、世界金融の階層における主権のお金はそうではありません。完全雇用へのアプローチは、現実の資源によってのみ制限されます。カン氏が主張したように、できることは何でもできると解釈できます。唯一の制約は、実際にできないことです。立場にあまり有利でない人々は、現実の資源へのアクセスが外部資金へのアクセスによって制限され、このようにして植民地主義システムがポスト植民地時代にいわば裏口で永続されたのである。生物物理学の枠組みは、植物がそうであることを前提としている。これは、どのような種類のシステムにも、さまざまな機能に応じたさまざまな部分があり、通常は連携して動作しますが、時々故障するという事実に注意を喚起するものだと言えます。これは、他の生き物や機械と同じであり、安定でも粒子の相互作用でもありません。エージェントベースのモデルのように複雑でも混沌でもありませんが、差別化され統合されており、あらゆる生物学的または機械的システムと同じように、人間の社会とその経済は計画と生命体に従って機能しており、これらは遺伝子、機械、建物、設計図にコード化されています。社会と経済にはさまざまな方法で進化する規制と法律が存在しますそれが、経済政策に普遍的な最善の公式が存在しない理由であり、ワシントンのコンセンサスに戻ろうとするすべての試みに反対するすべての試みが失敗に終わる理由であり、ましてや市場が時には放っておけば何とか自主規制や自主規制が行われるだろうという無駄な期待は言うまでもない。ああ、それらの概念を、杖やパスティの静脈の生物学の力学や経済学と一致する生物物理学的観点に同化することはできません、最終的に、生物物理学の枠組みは、貨幣生産を単に機能的分布だけでなく、ああ、賃金や賃金の分配の研究に分配の研究に統合します世帯収入によって、国および地域のデータセットに記録された世界レベルでの不平等の進展がマクロ経済パフォーマンスの成果物となるように、これがマクロ経済の影響がミクロ経済の結果と経済力の行使をどのように制御するのか、私はその特定の議論を長年にわたって構築してきました。 hry tile のエントロピーに基づく不平等尺度を行政データセットと産業データセットに適用することから始まるボトムアップ。最終的には、イノベーションがどのように不平等を駆動するかを示すことにつながる。uh in advanc 世界的な金融・金融体制の行動とその変化の一方で、イノベーションが先進国における不平等をどのように推進するかが示される。時間が経つにつれて、地球上のほとんどの国々における不平等の動きを支配しているほとんどの場合、この研究は、不平等の安定化または縮小が規制機能であることを確立しています、規制機能がなければ社会は非常に不安定になる傾向があります、必要に応じてです有効総需要の制御としてのAEDですが、これは強力な制度を備えた比較的強力な国家でのみ使用されるAEDであり、世界政府レベルでは革命はまだ達成には程遠いものであるため、これがルイージ・パシネッティのものであることを認めたいと思います。この仕事についての好奇心 彼の直接の理解 私は、彼がこの機関への選出のために私の名前を提案することが、彼のより大きな物事の計画にどれほどよく適合しているかを考えています、したがって、このプラットフォームからあなたと話すことができることを私は光栄に感じています今日は、特に経済学において真剣に考える仕事に就きたい人にとって本当に素晴らしいロールモデルであるこの偉大な穏やかな口調の謙虚な男に敬意を表することができるのは、ただただ非常に光栄であり、仲間の革命家たちと一緒に立つことができて光栄です。移動中は、彼が話したプロジェクトを完了したいと思っています アバンテ [拍手]単に機能的分布だけでなく、給与や世帯収入の分布も研究し、国や地域のデータセットに記録された世界レベルでの不平等の進展がマクロ経済パフォーマンスの成果物となるようにする。これが、マクロ経済がミクロ経済に影響を与える方法である。私は、hry tile のエントロピーに基づく不平等の尺度を行政データセットや産業データセットに適用することから始めて、何年にもわたってその特定の議論をボトムアップで構築し、最終的には、高度なイノベーションにおいてイノベーションがどのように不平等を引き起こしたかを示すことにつながりました。先進国における不平等を推進する一方で、世界的な通貨金融体制の行動とその時間の経過に伴う変化が、ほとんどの場合、地球上のほとんどの国々における不平等の動きを支配しているこの研究は、不平等の安定化または縮小が規制であることを確立しています。機能する規制機能であり、それがなければ社会は非常に不安定になる傾向がありますが、それは有効総需要の制御と同じくらい必要ですが、AEDは強力な制度を備えた比較的強力な国家でのみ使用され、世界政府レベルでは革命です。革命はまだ達成にはほど遠いので、この仕事に対するルイージ・パシネッティの好奇心だったことを認めたいと思いますが、彼がこの機関への選出に私の名前を提案することが彼のより大きな計画にどれほどうまく適合しているかをすぐに理解したと思います。したがって、えー、とても光栄なことですが、今日このプラットフォームから皆さんとお話しできることを光栄に思います。この素晴らしい穏やかな口調で謙虚な男性に敬意を表することができて、本当に光栄です。特に経済学について真剣に考えるという彼らの仕事に真剣に取り組んでいます、私たちが前進する際に仲間の革命家たちと一緒に立つことができて光栄です、私は彼がアバンテで話したプロジェクトを完了したいと思っています[拍手]単に機能的分布だけでなく、給与や世帯収入の分布も研究し、国や地域のデータセットに記録された世界レベルでの不平等の進展がマクロ経済パフォーマンスの成果物となるようにする。これが、マクロ経済がミクロ経済に影響を与える方法である。私は、hry tile のエントロピーに基づく不平等の尺度を行政データセットや産業データセットに適用することから始めて、何年にもわたってその特定の議論をボトムアップで構築し、最終的には、高度なイノベーションにおいてイノベーションがどのように不平等を引き起こしたかを示すことにつながりました。先進国における不平等を推進する一方で、世界的な通貨金融体制の行動とその時間の経過に伴う変化が、ほとんどの場合、地球上のほとんどの国々における不平等の動きを支配しているこの研究は、不平等の安定化または縮小が規制であることを確立しています。機能する規制機能であり、それがなければ社会は非常に不安定になる傾向がありますが、それは有効総需要の制御と同じくらい必要ですが、AEDは強力な制度を備えた比較的強力な国家でのみ使用され、世界政府レベルでは革命です。革命はまだ達成にはほど遠いので、この仕事に対するルイージ・パシネッティの好奇心だったことを認めたいと思いますが、彼がこの機関への選出に私の名前を提案することが彼のより大きな計画にどれほどうまく適合しているかをすぐに理解したと思います。したがって、えー、とても光栄なことですが、今日このプラットフォームから皆さんとお話しできることを光栄に思います。この素晴らしい穏やかな口調で謙虚な男性に敬意を表することができて、本当に光栄です。特に経済学について真剣に考えるという彼らの仕事に真剣に取り組んでいます、私たちが前進する際に仲間の革命家たちと一緒に立つことができて光栄です、私は彼がアバンテで話したプロジェクトを完了したいと思っています[拍手]規制機能 規制機能がなければ、社会は非常に不安定になる傾向がありますが、それは有効総需要の制御と同じくらい必要ですが、AEDは強力な制度を備えた比較的強力な国家にのみ使用され、世界政府レベルでは革命です革命はまだ達成には程遠いので、この仕事に対するルイージ・パシネッティの好奇心だったことを認めたいと思いますが、彼がこの団体に選出するために私の名前を提案したことは、彼のより大きな計画にどれほどうまく適合しているかをすぐに理解したと思いますしたがって、えー、とても光栄なことに、今日このプラットフォームから皆さんとお話しできることを光栄に思います。この偉大な穏やかな口調で謙虚な男性、つまり、それを望むすべての人にとって本当に素晴らしいロールモデルである彼に敬意を表することができて、ただただ非常に光栄です。特に経済学について真剣に考えるという彼らの仕事に取り組むこと、そして私たちが前進する際に仲間の革命家たちと一緒に立つことができて光栄です、私は彼がアバンテで話したプロジェクトを完了したいと思っています[拍手]規制機能 規制機能がなければ、社会は非常に不安定になる傾向がありますが、それは有効総需要の制御と同じくらい必要ですが、AEDは強力な制度を備えた比較的強力な国家にのみ使用され、世界政府レベルでは革命です革命はまだ達成には程遠いので、この仕事に対するルイージ・パシネッティの好奇心だったことを認めたいと思いますが、彼がこの団体に選出するために私の名前を提案したことは、彼のより大きな計画にどれほどうまく適合しているかをすぐに理解したと思いますしたがって、えー、とても光栄なことに、今日このプラットフォームから皆さんとお話しできることを光栄に思います。この偉大な穏やかな口調で謙虚な男性、つまり、それを望むすべての人にとって本当に素晴らしいロールモデルである彼に敬意を表することができて、ただただ非常に光栄です。特に経済学について真剣に考えるという彼らの仕事に取り組むこと、そして私たちが前進する際に仲間の革命家たちと一緒に立つことができて光栄です、私は彼がアバンテで話したプロジェクトを完了したいと思っています[拍手]
15:07and this is the purview of a group of
15:08Scholars who have coined the phrase
15:11modern monetary Theory
15:13mmt whose threat to the neoclassical
15:18mainstream is extremely evident from the
15:21scorn that is poured on these people by
15:24uh uh academics in prominent uh
15:27positions but the fact is their work
15:31helps to clarify that money is created
15:35by governments and by Banks to do things
15:39to create specific and aggregate
15:43effective
15:44demand here a critical distinction is
15:47between Sovereign and not so Sovereign
15:50monies in the hierarchy of World Finance
15:54for the former the approach to Full
15:56Employment is limited only by real
15:58resource constru as kan's argued
16:00anything you can do you can afford to do
16:04the only constraint is what you can't
16:06actually do uh for those who are not in
16:10so favor in a position the access to
16:13real resources is rationed by the access
16:16to external finance and this way a
16:19colonial system was perpetuated in the
16:22postcolonial era so to speak by the back
16:27door the biophysical
16:31framework
16:33presupposes
16:36plant that is to say it calls our
16:39attention to the fact that an a system
16:44of any kind has different parts for
16:47different functions which generally work
16:49together but sometimes break down this
16:51is like any living creature or any
16:55machine it is not the interaction of
16:58particles neither stable nor uh uh nor
17:04complex nor chaotic as in agent-based
17:08models but differentiated and
17:11integrated and here to restate the point
17:15like every biological or mechanical
17:17system human societies and their
17:20economies work according to
17:22plans and living entities these are
17:25encoded in genes and machines and
17:26buildings and blueprints and societies
17:28and economies inhabits regulations and
17:32laws these evolv in different ways in
17:34different places which is why there is
17:37no
17:38Universal best formula for economic
17:41policy and why all attempts to oppose
17:44one to come back to the Washington
17:46consensus are
17:48doomed let alone the vain hope that
17:52market sometimes how somehow left alone
17:55will self-regulate or
17:57self-organize you
18:00cannot uh assimilate those Concepts to a
18:05biophysical perspective consistent with
18:08Biology mechanics or economics in the
18:11vein of canes and
18:13pasti
18:15finally uh a biophysical framework
18:19integrates monetary production to the
18:22study of
18:24distribution not merely the functional
18:26distribution but also the uh
18:29distribution of pay or household income
18:32so that the evolution of
18:34inequalities at the global level
18:38captured in National and Regional data
18:40sets becomes an artifact of
18:44macroeconomic performance this is how
18:46macroeconomics impact controls
18:48microeconomic outcomes and the exercise
18:51of economic
18:52power I have built up that particular
18:55argument over years from the bottom up
18:59beginning with the application of hry
19:01tile's entropy based measures of
19:03inequality to administrative and
19:05Industrial data sets leading ultimately
19:09to showing how Innovation driven
19:12inequality uh in advanc Innovation
19:16drives inequality in advanced countries
19:19while the actions of the global monetary
19:22and financial regime and its changes
19:25over time uh dominate the movement of
19:29inequalities within countries over most
19:33of the globe most of the time this work
19:37establishes that the stabilization or
19:40reduction of
19:41inequalities is a regulatory
19:45function a regulatory function without
19:47which uh uh societies tend to become
19:50quite unstable it is as necessary as the
19:54control of effective aggregate demand
19:57but it is a AED only in relatively
20:01strong states with strong institutions
20:04and at the level of global governments a
20:07revolution it is a revolution still far
20:11from being
20:13accomplished so I would just like to
20:15acknowledge that it was Luigi
20:18pasinetti's curiosity about this work
20:21his immediate understanding I think of
20:23how well it fit under his larger scheme
20:27of things that him to suggest my name
20:30for election to this body and therefore
20:33uh to my the privilege I feel of being
20:35able to speak to you from this platform
20:38today it is simply a very great honor to
20:41be able to Tribute to pay tribute to
20:44this great
20:47softspoken modest man the really
20:51marvelous role model for
20:54anybody who wants to take their business
20:56of thinking seriously particularly in
20:59economics and it's a pleasure to stand
21:02with fellow revolutionaries as we move
21:05uh I hope to complete the project of
21:08which he
21:10spoke Avante
21:14[Applause]
0:01ありがとうございます 0:04ええと、先生の話を聞いていて 0:09ローゼル、私の最初の直感はこう思いました 0:12もしかしたら、まず最初に 0:16私の国籍について謝る必要があるの かもしれません 0:19国籍についてええと、しかし、その後、思いつきました 0 :22思い出してもらいたいのですが、 0:27新古典派の創始者や 0:30経済学の創始者は実際にはアメリカ人ではありませんでした 0:34ヴァラスでもミンジャーでもヤンスでもマーシャルでもありませんでした 0:38確かにアメリカ人はフランク・ハンではありませんでした 0:42二番目と派生でのみ登場しました 0 :46ええと 0:47ええと、私たちの制度 が追い抜かれた後の世代 0:50そしてそこには 0:53それは 0:55 既存のアメリカの 0:58 経済的伝統 1:01それはソースタインに遡る 1:03ヴィン・ジョン・R 1:05コモンズとええ確かな 1:08家族の謙虚さを排除するカナダからの移民 1:12私がここで言及したのは、ああ、それは私は1:20ケスとルイージの 洞察と非常に一致していると思います1:23ケスとケンブリッジの最後のページ1:26パネッティケインズ主義者1:35 ああ、パネッティは貨幣経済の構造力学についてのビジョンを要約する 1:43 生産経済1:47 完全には達成されなかった革命を前進させるための生涯にわたる努力1:51 実際に彼の生涯で圧倒された1:55 野蛮人1:58 反革命2:01ケンブリッジがアシャニの最近の研究に懸念を抱いていた限り細心の注意を払って 2:07そしてパネッティが認めるように弱体化した2:11革命家たちの間での内紛と戦略的ビジョンの失敗によって 2:14そして戦術的ビジョンの失敗によって2:16革命家たち自身も 2:18しかし探している2 :20戻る2:221930 年代の革命的状況は2:251950 年代と 1960 年代には消え去ったと主張する人もいるかもしれない2:29自己満足への道を切り開くものと2:34新古典派の教義は単純化と2:39曖昧主義的な完全競争2:41一定の利益 一般均衡2 :44 限界生産性 お金の中立性2:46 言うまでもなく合理的な期待2:50 ソロの成長理論とその拒否2:53 資本を認めることへの批判と2:57 政策レベルでのワシントンの短所2:59 コンセンサス 均衡ある予算 緊縮財政3:03 民営化・規制緩和取引3:06オープン 資本3:07明らかな理由で市場が失敗3:11この奇妙な3:14菓子は今では明らかに損なわれている 3:18パラダイムはほころび、それは断片化している3:22すでに観測されているように、 3:25実験と行動だけでなく 3:27何よりも、私が説明する小さなこと 3:30実証的な計量経済統計 3:36分析 ああ、ここがあなたの出番です 3:38経済学者とは経済学者がやることです 3:42ええと、私たちはプロトに戻りました 3:47 革命は革命を起こす 5 月 3:50 おそらく今再開され、 ここでの 3:54 プロジェクトは単なる考古学的なものではないことを強くお勧めします3:58 ああ、それは4:00 前の質問は、どの方向に進むべきかということです4:04 パネッティはケンブリッジ4 を描いています。 08理念は2つのレベルで運営されている4:12そのうちの1つは純粋に理論的であり、 4:14アバブ・オールによって代表されているのはstfaであり、もう1つは制度的に代表されている4:22ほとんどは純粋なニッキー・カロリーだと私は言うだろう4:26経済と政治経済4:29杖をほぼ単独で使用しているか、4:32確かに優れた位置にある4:34両方のレベルで同等に機能しているが、4:38パネッティはまた、シューマーを引用して、4:42全体像を理解できる統合ビジョンと4 :48伝えて、実際にそれをひと目で伝えて4:52一目見て4:54ヴィンにとってこれは小屋の初心者だった4:58進化 ダーウィンの自然選択5:01結果ではなくプロセスとしての経済学5:05唯物論を超えて5:08経済学の苦悩を教えてください5:1118 世紀の変化の停滞と5:16 19 世紀の混乱5:20 20 世紀の科学には5:23 ある種の管理された基盤への回帰があった5:25 少なくとも時間成長理論は再び5:28 新しい古典的総合5:30そして、この停滞が始まっているので5:35実際、それは進行した状態で5:38溶解 これは私たちにとっても良いスタート地点です 5:40ポイント しかし、パン・ザ・ナインが定めた 5:43ガイドラインの範囲内でも5:46ポイント5:49もうはっきりと表現されているので、さらに先に進むことができます。 5:51 えー、K KES と5:54 ケンブリッジのキヤン・ザ・レスから数行引用したいと思います。5:58 ここで、どちらかが重要な点に到達します6:02 他のどれか6:05のフレームワークのフレームを参照してください。伝統的な6:08 理論は別のフレームワークを提供しません。6:11 我々は荒野に残され、6:13謎を解くのに完全な敗北を喫します。6:22本当に根本的な変化を求めて6: 25Kの最初の勧告に心から立ち返らなければならない 6:30新古典 6:32経済学の時代が広く航海するようになった 6:35そして自由に 6:37それを超えて 6:40ずっと前に 6:43ロバート・スケリの提案で、私は、KS の一般的な 理論は明示的なアナロジーで作られたと主張した 6:52to 6 :53 アインシュタインの貨幣 6:55 生産 6:57 時空間の有効需要 7:00 は空間の曲率と相対的である 7:03 大規模な物体の存在 7:06 マクロと 7:08 ミクロの統合はジョン・アーチボルド・ウィーラーの 7:12 物質が語る格言に似ている 7:15空間の動かし方7:15 曲線と空間が問題を告げる 7:19 これは比較的簡単で、7:26 まだ常識も持っていない学部生に一般理論を 紹介する効果的な方法であると私は今でも思っている7:29 7:35 「より広い世界」のビジョンは、新古典派経済学のコースによって打ち負かされていますが、理論レベルと制度レベルを統合することはまだ残っています7:45そしてこのために、私は、7:48生物物理学7:50原則が支配していることを示唆したいと思います。熱力学7:53法則は少なくとも適切なツールである7:57なぜなら、それらはすぐにUniFi経済学8:00そして社会科学一般を物理学8:03そして生物学に共通の用語で全体を理解可能にし8:05科学以前の幻想を暴露する 8:11新古典主義8:14私がジョーン・ロビンソンに初めて会ったときの建物8:17最初の日、それは大学院生でした8:19私が過ごした1年間の学生時代8:21ケンブリッジで彼女は私を昼食に連れて行ってくれました8:23大学図書館のバターリーと8 :26説明してくれて、彼女がこう言ったのを覚えています8:28明示的に 8:33イスラム教の図表に時間を置くことはできません 8:36その瞬間には彼女が何を言っているのか分かりませんでしたが、8:38経済学は主題8 なので言い換えます。 42 エントロピーを他のものと同じように増やすには8:46 生物物理学的に言うと8:48 一言で言えば、すべての活動にはリソースが必要です8:51それには、抽出にかかる費用よりも大きな利益が得られる余剰が必要です 8:54 これは学術界では新しいアイデアではありませんし、今8:59 アルバーにいる彼らは、あなたがここにいたら、かなりの CIO になるだろう9:03 ここにいたら、私を信じて感謝してくれるだろう9:06 それを第一に考えて、二番目に9:10 すべての抽出には事前の固定投資が必要だ9:16光合成のことを話しているのか、核のことを話しているのか9:13 9:19条件下での利益の期待だけで行われる釣り9:22 9:25不確実性は、 9:27割引率と資本のコストに影響されます 9:30クレジットマネー、そして ここでは貨幣生産について話しています 9:33これは、9:37資本を手元に集中させるため の装置である必要があります9:41それを使用することは、多かれ少なかれ文明的です9:43著作権侵害と略奪の代替手段9:46ええと、以前の一般的な方法9:50これをすべて達成すること9:53投資には期間が限られています9:55何も永遠に続くことはありません9:58均衡はありませんそこには永続的なものは何もない10:00 10:02 歴史に終わりはない私が言える限り、KES カルダー・サファ・パネッティの 10:05 要素はすべて10:09 ビジョンは10:12 においてこれと互換性があり、特にパネッティが10:15 プロダクションを配置するよう促したので、10:19 分析の中心にあるのは生産の決定であり、10 :22 何らかの不可解な交換ではなく10:24 10:27 ヴァラス・マーシャル・アローの破片のような以前に生産された商品10:30 10:33ものの計画10:34 パネッティは常に非常に懸念しており、10 :38彼の人生の最後まで続きます10:40今聞いた理論では10:44価値のある井戸の生産とは経済的価値の実現 10:47価値の実現に関するものであり、私はそう主張するでしょうし、私は共著者のジンと議論しています10:53チェンの論文10:55論文と近々出版される本10:58価値は2つの考慮事項に依存する11:01希少性 ヴァル・ラサの好むうーん11:05市場規模と市場支配力、あるいは競争の程度との関係での定式化これは明らかに11:16 ええと、ジョンですでに認められています11:19 不完全競争に関するロビンソンの研究11:22 どちらも次の方法で捉えることができます11:24 単純な対数関数によって、11:27 希少性は引数であり、 11:30 確率を表し、サプライヤーの数11:32つまり、独占の程度は、この非常に単純なスキームの対数の底にすぎません11:37市場浸透または11:40サプライヤーの数は価値を増加させます11:43全体の平均を取ると、減少します 11:44 11:48製品またはプロセスの範囲の場合11:51数学式は11:53エントロピーまたはチャン理論の情報と同一です11:58これはさまざまな分野の非常に一貫した CA 12:00式とその基礎となる12: 02コンセプトは本質的に動的である12:05価値の探求を強調する12:08市場における独占性における斬新さ 12:11拡大と市場 12:13生産の決定を制御することも 12:16同様に、やや緩和された 12:18単純な微分方程式で捉えることができる 12:20固定費と変動費を考慮する 12:23プロジェクト期間の割引率と 12:25不確実性は直感でよく知られている～ 12:29 現代生活の効率性と 12:31利便性に関するあらゆるビジネスは、 12:34不確実性が低く、 12:39不確実性が低く、すぐに入手できるジープ12:43資源が急速な技術的改善を促進する12:37 気候における大規模な固定投資によって可能になった12:47これは、並外れた12:50ケインズ流マクロ経営の合流12:54そして 12:57石油の時代は1920 年代に始まったが、実際には13:001930 年代に根付いた13:031940 年代以降の世界は、13:06グローバル経済によって長い間安定していた13:10米国によって管理される枠組み13:12そして特定の機関を通じて13:14国連を含む13:16国家には再び停滞は存在しない13:19そして均衡に有利な条件はない13:22物理的な条件の変化によって動揺する可能性がある13:25資源の枯渇または13:27 リソースに対する制御の移行13:29 リソースの管理ミスによる13:33 利用可能なリソースの放置 13:35 リソースのアイドル化または13:40 システム全体の管理の 13:43 13:44スチュワードシップの概念からの移行13:46広範な経済発展から13:49略奪の 13:52資源をため込み、13:54資源を希少なものにしようとする動き13:57世界の人口の大部分にとって13:59これらのことは特徴的なものとなっている14:021970 年代以降、特に14:041980 年代以降、さらに特に14:072000 年代初頭以降、その結果14:11生物学的収益率の低下 14:15つまり、人類の再生産率 14:17 14:19将来の人口減少は今や明白である14:22何百万もの住宅の一部に関する 14:24非常に単純明快な経済的決定の結果14:29貨幣生産は前提14:33お金と教育的、14:36政治的14 :37視点 ああ、私は14:41アメリカ人の同僚の代わりに話を聞かなければなりません14:43私のことをもう一度擁護してください14:47数人の救世主を救います14:50国内のええと現時点での見通し ええと、
しかし 14:53 この地域におけるパネッティ革命の達成に向けた最近の最大の進歩は 14:58K の批判的な 15:01お金に対する信頼、ミンスキーと彼の 15:04金融不安についての議論に基づいて構築されたものであり 、これはあるグループの権限である 15:07 15:08 「現代貨幣理論」というフレーズを作った学者たち 15:11現代貨幣理論 15:13新古典主義 15:18主流に対する脅威は、15:21著名な地位にある学者たちによってこれらの人々に注がれる軽蔑から極めて明白で あるしかし、事実は彼らの仕事です15:31お金が創造されることを明確にするのに役立ちます15:35政府と銀行によって物事を行うために15:39具体的で集約的なものを作成する15:43効果的15:44ここでの要求は、15:47ソブリンとそうでない間の決定的な区別です主権15:50世界金融の階層におけるお金15:54前者の場合、完全へのアプローチは15:56雇用は実質によってのみ制限される15:58カン氏の主張のように資源の解釈16:00できることは何でもできる16:04唯一の制約それはあなたにはできないことです16:06実際にできるのは、そうでない人たちのために 16:10だからある立場に有利に 16:13本物の資源へのアクセスは、外部金融へのアクセスによって配給され、 16:16こうして植民地システムは 16:19 16:22ポストコロニアル時代に、いわば裏側で永続されている16:27生物物理学的な扉16:31フレームワーク16:33前提16:36植物、つまり植物は、私たちに16:39どんな種類のシステムでも16:44 16:47さまざまな部分通常は一緒に機能するさまざまな機能16:49 時には機能しなくなる16:51 それはどんな生き物や機械にも似ている16:55 それは粒子の相互作用ではなく16:58 安定でもなければ、うーん、でも17:04 複雑でも混沌でもない17:08エージェントベースのモデルと同様ですが、分化され、 17:11 統合されています。 ここで要点をもう一度言います17:15 あらゆる生物学的または機械的システムと同様に、 17:17 人間社会とその経済は17:22 計画と生命体に従って機能します。 これらは次のとおりです。 25 遺伝子と機械、17:26 建物、設計図、社会17:28 そして経済には規制と法律が存在する 17:32これらはさまざまな場所でさまざまな形で進化する17:34だからこそ、経済のための普遍的な最良の公式が存在するのは次のとおりである17: 41政策とすべての試みが反対しようとする理由 17:44ワシントンに戻る人は 17:46コンセンサスは 絶望的 17:48無駄な希望どころか 17:52市場は時々どういうわけか放っておかれても 17:55自主規制したり 17:57自己組織化したり 18:00ああ、それらの概念を吸収することはできない18:05 生物物理学的な観点は、18:08 杖の静脈と18:13パスティ における生物学の力学または経済学と一致する18:15 最後に、生物物理学的な枠組み18:19 金銭的生産を18:22 18:24 単に機能的なものではなく分配の研究に統合する18:26分配だけでなく、ええと18:29給与や世帯収入の分配18:32したがって、世界レベルでの不平等の進展18:38国と地域のデータで捉えられる18:40セットは、18:44マクロ経済パフォーマンスの成果物になる、これは18:46マクロ経済が制御にどのような影響を与えるか18:48ミクロ経済の成果とその行使18:51経済的権力の行使18:52私はその特定の18:55議論を何年にもわたってボトムアップから構築してきました18:59時間的な19:01タイルのエントロピーに基づく尺度の適用から始めて19:03行政上の不平等と19:05最終的に導く産業データセット19:09イノベーションがどのように推進したかを示す 19:12不平等は前段階のイノベーション19:16先進国における不平等を推進する19:19一方、世界的な通貨政策19:22金融制度とその政策変化19:25 時間の経過とともに、19:29 各国内の不平等の動きを支配し19:33 地球上のほとんどの場合、この研究は19:37不平等の安定化または 19:40 削減は規制であることを確立しています19:45 規制の機能です19:47 社会は非常に不安定になる傾向があります19:50有効総需要の制御と同じくらい必要です19:57 しかし、AED は比較的強力な制度を持つ強い州でのみ20:04 そして世界政府のレベル20:07革命 それはまだ遠い革命だ20:11達成には程遠い 20:13だから、 20:15それがルイージだったことを認めたい20:18この仕事に対するパシネッティの好奇心20:21彼の即座の理解20 :23 それは、彼のより大きな計画にうまく当てはまります20:27 彼が私の名前を提案することについて20:30 この機関への選出のために、したがって20:33 ああ、私はこの特権を私に感じています 20:35このプラットフォームから皆さんとお話しできること 20:38今日は、 20: 41この偉大な人物に敬意を表することができてとても光栄です 20:44この偉大な 20:47穏やかな口調で控えめな男性、本当に 20:5120 の素晴らしいロールモデルです 。 54自分の仕事に取り組みたい人は誰でも 20:56特に経済のことを真剣に考えています20:59経済のことを真剣に考えています21:02革命家たちと一緒に行動すること ができて光栄です21:05ええと、彼が21:10アバンテ21について話した21:08のプロジェクトを完了したいと思っています:14[拍手]
thank you very much uh as I listened uh to uh Professor Roselle my my first instinct was that perhaps it was necessary uh to begin by apologizing for my nationality uh but then it occurred to me to remind you that none of The Originators of neoclassical e economics were actually American not Valas not minger not Jans not Marshall certainly not Frank Han the Americans only came in in a second and derivative uh generation uh after our institutions were overtaken and there was in a pre-existing American tradition an economic which went contrace back to thorstein Vin John R Commons and uh certain immigrant from Canada who name family modesty precludes my mentioning here uh that was I think very much in line with the insights of Kes and of Luigi panetti in the closing pages of Kes and the Cambridge Keynesian uh panetti summarizes his vision of the structural dynamics of a monetary production economy a lifelong effort to advance a revolution not fully achieved and indeed overwhelmed in his life time by a Savage counterrevolution detail metic meticulously so far as Cambridge was concerned in recent work by Ashani sa and undermined as panetti acknowledges by infighting and failures of strategic and tactical Vision amongst the revolutionaries themselves but looking back one may argue that the Revolutionary conditions of the 1930s had disappeared in the 1950s and 1960s clearing a path for complacency and neoclassical Dogma both simplifying and obscurantist perfect competition constant returns General equilibrium marginal productivity money neutrality rational expectations not to mention Solo's growth Theory and the refusal to acknowledge the capital uh critique and at the policy level the Washington cons consensus balanced budgets Tight money privatization deregulation free trade open Capital markets for obvious reasons the failure of this bizarre confection is now impar apparent the Paradigm is frayed it is fragmented as has already been observed into uh experimental and behavioral but also above all what I would describe small bore empirical econometric statistical analysis uh this is where you come in with economists are what economists do uh and we are back in a Proto revolutionary setting the revolution May therefore perhaps now resume and our project here I would urge is not merely archaeological uh it the question before us is what direction should it take panetti depicts the Cambridge ethos as having operated at two levels one of them is purely theoretical it's represented by Above All by stfa and the other is institutional represented mostly I would say by Nikki calor pure economics and political economy if you like with canes almost alone or certainly in a preeminent position operating equally at both levels but panetti also cites shumer in calling for a unifying Vision something that can make sense of the whole picture and convey uh convey it practically at a glance to the uninitiated for shed as for Vin this was evolution Darwin's natural selection economics as process rather than result materialism over Tey um the wrenching of Economics from 18th century stasis to the change and turmoil of 19th century science in the 20th century there was a return to a kind of managed basis at least for a Time growth Theory again the new classical synthesis and so since this stasis has now begun in fact it's in an advanced state of dissolution this is a good starting point even for us but even within the guidelines laid down by Pan the nine points have already been uh articulated we can go further and I want to just quote a few lines from uh K KES and the Cambridge kyian the wres it is precisely here that one reaches the crucial point which other frame of framework of reference can we look for traditional theory does not provide another one it leaves us in the Wilderness at a complete loss to Solve the Riddle was must really stop the patching up one must genuinely go back to K's initial exhortation for a really radical change for a genuine Breakaway from the reductionist conr straints of neoclassical economics time has come to sail widely and freely Beyond but where long ago at the suggestion of Robert skeli I argued that ks's general theory was crafted in explicit analogy to Einstein monetary production SpaceTime effective demand is relative to the curvature of space in the presence of massive objects the integration of macro and micro is akin to John archbald Wheeler's dictum that matter tells space how to curve and space tells matter where to go I still find this a relatively easy and effective way to introduce the general theory to undergraduates who who have not yet had common sense and a vision of The Wider World beaten out of them uh by courses in neoclassical economics but it remains to unify the theoretical and the institutional levels and for this let me suggest that biophysical principles uh governed by thermodynamic laws are the suitable tool not least because they immediately UniFi economics and social science generally to physics and biology making the whole comprehensible on common terms and exposing the pre-scientific illusions of the neoclassical edifice when I first met Joan Robinson I was on first days it was graduate student one the one year I spent at Cambridge she took me to lunch in The Buttery of the University library and explained and I remember her saying this explicitly you can't put time on an islm diagram I had no idea at that moment what she was saying but I would now rephrase it as economics is subject to entropy just as much as anything else in a biophysical nutshell all activity requires resources which must yield a surplus a greater return than they cost to extract this is not a new idea at the Academia n and now they in Alber quite CIO would if you were here would I I trust appreciate my putting it in the first place secondly all extraction requires prior fixed investment whether you're talking about photosynthesis or nuclear fishing which is made only with the expectation of profit under conditions of uncertainty which are influenced by discount rates and the cost of Capital Credit money and we are talking about monetary production here so we have to bring this in is a device for concentrating capital in hands capable of using it a more or less civilized substitute for piracy and pillage um and previous common uh ways of achieving this all Investments have a limited term nothing goes on forever there is no equilibrium nothing is permanent there is no end of History so far as I can say every element of The KES Calder Safa panetti vision is compatible with this one in particular as panetti urged it places production and the decision to produce at the heart of the analysis not the exchange of somehow mysteriously previously produced Goods as in the Valas Marshall Arrow debris scheme of things panetti was always very concerned and continuing to the uh end of his life as we just heard with a theory of value well production is about the realization of economic value and I would argue and I am arguing with co-author Jing Chen in a paper papers and and a forthcoming book the value depends on two considerations scarcity Val rasa's preferred uh formulation in relation to the size of the market and Market power or the degree of competition which obviously is uh uh already acknowledged in John Robinson's work on imperfect competition both of these can be captured by the way by a simple logarithm function where scarcity is the argument expresses a probability and the number of suppliers or the degree of Monopoly is just the base of the logarithm in this very simple scheme as Market penetration or the number of suppliers increases value goes down if one takes an average across a range of products or processes then the mathematical expression is identical uh to entropy or to information in Chan theories that's a quite consistent CA of a range of fields the expression and its underlying concept are inherently Dynamic highlighting the Quest for Value in novelty in exclusiveness in Market expansion and Market control the decision to produce can likewise be captured by a somewhat less simple differential equation taking account a fixed and variable cost project duration discount rate and uncertainty the intuition is familiar to any business in that efficiencies and conveniences of Modern Life were made possible by large fixed investments in a climate of low uncertainty and readily available Jeep resources facilitating rapid technical Improvement this is the extraordinary Confluence of Keynesian macromanagement and the age of oil beginning in the 1920s but really taking root in the 1930s in a world from the 1940s onward that was for a long time stabilized by a global framework managed by the United States and through certain institutions including the United Nations once again there is no stasis and no equilibrium favorable conditions can be upset by changing physical conditions resource depletion or by shifting control over resource resources uh or by mismanagement leaving the available resources uh idle or by a shift in the management of the whole system from a concept of stewardship that is say fostering of Economic Development on a broad basis to one of predation which is to say the drive to hoard the resources and make them scarce uh for a large part of the world's population these things have become characteristic since the 1970s especially uh since the 1980s and even more especially since the early 2000s with the resulting decline in the biological rate of return that is to say the rate of reproduction of the human species and prospective population declines are now the evident consequence of what is a very straightforward economic decision on the part of millions of houses holds monetary production presupposes money and from a pedagogical and political perspective uh I have to hear speak on behalf of some American colleagues of mine uh again defending my my the the saving a few saving Graces in the national uh Outlook at the moment uh but the greatest recent progress toward accomplishing panetti revolution in this area has has built on K's critically the trus on money himman Minsky and his arguments about financial instability
thank you very much uh as I listened uh to uh Professor Roselle my my first instinct was that perhaps it was necessary uh to begin by apologizing for my nationality uh but then it occurred to me to remind you that none of The Originators of neoclassical e economics were actually American not Valas not minger not Jans not Marshall certainly not Frank Han the Americans only came in in a second and derivative uh generation uh after our institutions were overtaken and there was in a pre-existing American tradition an economic which went contrace back to thorstein Vin John R Commons and uh certain immigrant from Canada who name family modesty precludes my mentioning here uh that was I think very much in line with the insights of Kes and of Luigi panetti in the closing pages of Kes and the Cambridge Keynesian uh panetti summarizes his vision of the structural dynamics of a monetary production economy a lifelong effort to advance a revolution not fully achieved and indeed overwhelmed in his life time by a Savage counterrevolution detail metic meticulously so far as Cambridge was concerned in recent work by Ashani sa and undermined as panetti acknowledges by infighting and failures of strategic and tactical Vision amongst the revolutionaries themselves but looking back one may argue that the Revolutionary conditions of the 1930s had disappeared in the 1950s and 1960s clearing a path for complacency and neoclassical Dogma both simplifying and obscurantist perfect competition constant returns General equilibrium marginal productivity money neutrality rational expectations not to mention Solo's growth Theory and the refusal to acknowledge the capital uh critique and at the policy level the Washington cons consensus balanced budgets Tight money privatization deregulation free trade open Capital markets for obvious reasons the failure of this bizarre confection is now impar apparent the Paradigm is frayed it is fragmented as has already been observed into uh experimental and behavioral but also above all what I would describe small bore empirical econometric statistical analysis uh this is where you come in with economists are what economists do uh and we are back in a Proto revolutionary setting the revolution May therefore perhaps now resume and our project here I would urge is not merely archaeological uh it the question before us is what direction should it take panetti depicts the Cambridge ethos as having operated at two levels one of them is purely theoretical it's represented by Above All by stfa and the other is institutional represented mostly I would say by Nikki calor pure economics and political economy if you like with canes almost alone or certainly in a preeminent position operating equally at both levels but panetti also cites shumer in calling for a unifying Vision something that can make sense of the whole picture and convey uh convey it practically at a glance to the uninitiated for shed as for Vin this was evolution Darwin's natural selection economics as process rather than result materialism over Tey um the wrenching of Economics from 18th century stasis to the change and turmoil of 19th century science in the 20th century there was a return to a kind of managed basis at least for a Time growth Theory again the new classical synthesis and so since this stasis has now begun in fact it's in an advanced state of dissolution this is a good starting point even for us but even within the guidelines laid down by Pan the nine points have already been uh articulated we can go further and I want to just quote a few lines from uh K KES and the Cambridge kyian the wres it is precisely here that one reaches the crucial point which other frame of framework of reference can we look for traditional theory does not provide another one it leaves us in the Wilderness at a complete loss to Solve the Riddle was must really stop the patching up one must genuinely go back to K's initial exhortation for a really radical change for a genuine Breakaway from the reductionist conr straints of neoclassical economics time has come to sail widely and freely Beyond but where long ago at the suggestion of Robert skeli I argued that ks's general theory was crafted in explicit analogy to Einstein monetary production SpaceTime effective demand is relative to the curvature of space in the presence of massive objects the integration of macro and micro is akin to John archbald Wheeler's dictum that matter tells space how to curve and space tells matter where to go I still find this a relatively easy and effective way to introduce the general theory to undergraduates who who have not yet had common sense and a vision of The Wider World beaten out of them uh by courses in neoclassical economics but it remains to unify the theoretical and the institutional levels and for this let me suggest that biophysical principles uh governed by thermodynamic laws are the suitable tool not least because they immediately UniFi economics and social science generally to physics and biology making the whole comprehensible on common terms and exposing the pre-scientific illusions of the neoclassical edifice when I first met Joan Robinson I was on first days it was graduate student one the one year I spent at Cambridge she took me to lunch in The Buttery of the University library and explained and I remember her saying this explicitly you can't put time on an islm diagram I had no idea at that moment what she was saying but I would now rephrase it as economics is subject to entropy just as much as anything else in a biophysical nutshell all activity requires resources which must yield a surplus a greater return than they cost to extract this is not a new idea at the Academia n and now they in Alber quite CIO would if you were here would I I trust appreciate my putting it in the first place secondly all extraction requires prior fixed investment whether you're talking about photosynthesis or nuclear fishing which is made only with the expectation of profit under conditions of uncertainty which are influenced by discount rates and the cost of Capital Credit money and we are talking about monetary production here so we have to bring this in is a device for concentrating capital in hands capable of using it a more or less civilized substitute for piracy and pillage um and previous common uh ways of achieving this all Investments have a limited term nothing goes on forever there is no equilibrium nothing is permanent there is no end of History so far as I can say every element of The KES Calder Safa panetti vision is compatible with this one in particular as panetti urged it places production and the decision to produce at the heart of the analysis not the exchange of somehow mysteriously previously produced Goods as in the Valas Marshall Arrow debris scheme of things panetti was always very concerned and continuing to the uh end of his life as we just heard with a theory of value well production is about the realization of economic value and I would argue and I am arguing with co-author Jing Chen in a paper papers and and a forthcoming book the value depends on two considerations scarcity Val rasa's preferred uh formulation in relation to the size of the market and Market power or the degree of competition which obviously is uh uh already acknowledged in John Robinson's work on imperfect competition both of these can be captured by the way by a simple logarithm function where scarcity is the argument expresses a probability and the number of suppliers or the degree of Monopoly is just the base of the logarithm in this very simple scheme as Market penetration or the number of suppliers increases value goes down if one takes an average across a range of products or processes then the mathematical expression is identical uh to entropy or to information in Chan theories that's a quite consistent CA of a range of fields the expression and its underlying concept are inherently Dynamic highlighting the Quest for Value in novelty in exclusiveness in Market expansion and Market control the decision to produce can likewise be captured by a somewhat less simple differential equation taking account a fixed and variable cost project duration discount rate and uncertainty the intuition is familiar to any business in that efficiencies and conveniences of Modern Life were made possible by large fixed investments in a climate of low uncertainty and readily available Jeep resources facilitating rapid technical Improvement this is the extraordinary Confluence of Keynesian macromanagement and the age of oil beginning in the 1920s but really taking root in the 1930s in a world from the 1940s onward that was for a long time stabilized by a global framework managed by the United States and through certain institutions including the United Nations once again there is no stasis and no equilibrium favorable conditions can be upset by changing physical conditions resource depletion or by shifting control over resource resources uh or by mismanagement leaving the available resources uh idle or by a shift in the management of the whole system from a concept of stewardship that is say fostering of Economic Development on a broad basis to one of predation which is to say the drive to hoard the resources and make them scarce uh for a large part of the world's population these things have become characteristic since the 1970s especially uh since the 1980s and even more especially since the early 2000s with the resulting decline in the biological rate of return that is to say the rate of reproduction of the human species and prospective population declines are now the evident consequence of what is a very straightforward economic decision on the part of millions of houses holds monetary production presupposes money and from a pedagogical and political perspective uh I have to hear speak on behalf of some American colleagues of mine uh again defending my my the the saving a few saving Graces in the national uh Outlook at the moment uh but the greatest recent progress toward accomplishing panetti revolution in this area has has built on K's critically the trus on money himman Minsky and his arguments about financial instability
and this is the purview of a group of Scholars who have coined the phrase modern monetary Theory mmt whose threat to the neoclassical mainstream is extremely evident from the scorn that is poured on these people by uh uh academics in prominent uh positions but the fact is their work helps to clarify that money is created by governments and by Banks to do things to create specific and aggregate effective demand here a critical distinction is between Sovereign and not so Sovereign monies in the hierarchy of World Finance for the former the approach to Full Employment is limited only by real resource constru as kan's argued anything you can do you can afford to do the only constraint is what you can't actually do uh for those who are not in so favor in a position the access to real resources is rationed by the access to external finance and this way a colonial system was perpetuated in the postcolonial era so to speak by the back door the biophysical framework presupposes plant that is to say it calls our attention to the fact that an a system of any kind has different parts for different functions which generally work together but sometimes break down this is like any living creature or any machine it is not the interaction of particles neither stable nor uh uh nor complex nor chaotic as in agent-based models but differentiated and integrated and here to restate the point like every biological or mechanical system human societies and their economies work according to plans and living entities these are encoded in genes and machines and buildings and blueprints and societies and economies inhabits regulations and laws these evolv in different ways in different places which is why there is no Universal best formula for economic policy and why all attempts to oppose one to come back to the Washington consensus are doomed let alone the vain hope that market sometimes how somehow left alone will self-regulate or self-organize you cannot uh assimilate those Concepts to a biophysical perspective consistent with Biology mechanics or economics in the vein of canes and pasti finally uh a biophysical framework integrates monetary production to the study of distribution not merely the functional distribution but also the uh distribution of pay or household income so that the evolution of inequalities at the global level captured in National and Regional data sets becomes an artifact of macroeconomic performance this is how macroeconomics impact controls microeconomic outcomes and the exercise of economic power I have built up that particular argument over years from the bottom up beginning with the application of hry tile's entropy based measures of inequality to administrative and Industrial data sets leading ultimately to showing how Innovation driven inequality uh in advanc Innovation drives inequality in advanced countries while the actions of the global monetary and financial regime and its changes over time uh dominate the movement of inequalities within countries over most of the globe most of the time this work establishes that the stabilization or reduction of inequalities is a regulatory function a regulatory function without which uh uh societies tend to become quite unstable it is as necessary as the control of effective aggregate demand but it is a AED only in relatively strong states with strong institutions and at the level of global governments a revolution it is a revolution still far from being accomplished so I would just like to acknowledge that it was Luigi pasinetti's curiosity about this work his immediate understanding I think of how well it fit under his larger scheme of things that him to suggest my name for election to this body and therefore uh to my the privilege I feel of being able to speak to you from this platform today it is simply a very great honor to be able to Tribute to pay tribute to this great softspoken modest man the really marvelous role model for anybody who wants to take their business of thinking seriously particularly in economics and it's a pleasure to stand with fellow revolutionaries as we move uh I hope to complete the project of which he spoke Avante [Applause]
0:01thank you very much
0:04uh as I listened uh to uh Professor
0:09Roselle my my first instinct was that
0:12perhaps it was necessary uh to begin by
0:16apologizing for my
0:19nationality uh but then it occurred to
0:22me to remind you that none of The
0:27Originators of neoclassical e
0:30economics were actually American not
0:34Valas not minger not Jans not Marshall
0:38certainly not Frank Han the Americans
0:42only came in in a second and derivative
0:46uh
0:47generation uh after our institutions
0:50were overtaken and there
0:53was in a
0:55pre-existing American
0:58tradition an economic
1:01which went contrace back to thorstein
1:03Vin John R
1:05Commons and uh certain immigrant from
1:08Canada who name family modesty precludes
1:12my mentioning here uh that was I think
1:16very much in line with the insights of
1:20Kes and of Luigi
1:23panetti in the closing
1:26pages of Kes and the Cambridge Keynesian
1:35uh panetti summarizes his vision of the
1:39structural dynamics of a monetary
1:43production economy a lifelong effort to
1:47advance a revolution not fully achieved
1:51and indeed overwhelmed in his life time
1:55by a Savage
1:58counterrevolution detail metic
2:01meticulously so far as Cambridge was
2:03concerned in recent work by Ashani sa
2:07and undermined as panetti acknowledges
2:11by infighting and failures of strategic
2:14and tactical Vision amongst the
2:16revolutionaries
2:18themselves but looking
2:20back one may argue that the
2:22Revolutionary conditions of the 1930s
2:25had disappeared in the 1950s and 1960s
2:29clearing a path for complacency and
2:34neoclassical Dogma both simplifying and
2:39obscurantist perfect competition
2:41constant returns General equilibrium
2:44marginal productivity money neutrality
2:46rational expectations not to mention
2:50Solo's growth Theory and the refusal to
2:53acknowledge the capital uh critique and
2:57at the policy level the Washington cons
2:59consensus balanced budgets Tight money
3:03privatization deregulation free trade
3:06open Capital
3:07markets for obvious reasons the failure
3:11of this bizarre
3:14confection is now impar apparent the
3:18Paradigm is frayed it is fragmented as
3:22has already been observed into uh
3:25experimental and behavioral but also
3:27above all what I would describe small
3:30bore empirical econometric statistical
3:36analysis uh this is where you come in
3:38with economists are what economists do
3:42uh and we are back in a Proto
3:47revolutionary setting the revolution May
3:50therefore perhaps now resume and our
3:54project here I would urge is not merely
3:58archaeological uh it the question before
4:00us is what direction should it
4:04take panetti depicts the Cambridge
4:08ethos as having operated at two levels
4:12one of them is purely theoretical it's
4:14represented by Above All by stfa and the
4:19other is institutional represented
4:22mostly I would say by Nikki calor pure
4:26economics and political economy if you
4:29like with canes almost alone or
4:32certainly in a preeminent position
4:34operating equally at both levels but
4:38panetti also cites shumer in calling for
4:42a unifying Vision something that can
4:45make sense of the whole picture and
4:48convey uh convey it practically at a
4:52glance to the
4:54uninitiated for shed as for Vin this was
4:58evolution Darwin's natural selection
5:01economics as process rather than result
5:05materialism over
5:08Tey um the wrenching of Economics from
5:1118th century stasis to the change and
5:16turmoil of 19th century
5:20science in the 20th century there was a
5:23return to a kind of managed basis at
5:25least for a Time growth Theory again the
5:28new classical synthesis
5:30and so since this stasis has now begun
5:35in fact it's in an advanced state of
5:38dissolution this is a good starting
5:40point even for us but even within the
5:43guidelines laid down by Pan the nine
5:46points have already been uh articulated
5:49we can go further and I want to just
5:51quote a few lines from uh K KES and the
5:54Cambridge kyian the wres it is precisely
5:58here that one reaches the crucial point
6:02which other frame of framework of
6:05reference can we look for traditional
6:08theory does not provide another one it
6:11leaves us in the Wilderness at a
6:13complete loss to Solve the Riddle was
6:16must really stop the patching up one
6:19must genuinely go back to K's initial
6:22exhortation for a really radical change
6:25for a genuine Breakaway from the
6:28reductionist conr straints of
6:30neoclassical
6:32economics time has come to sail widely
6:35and freely
6:37Beyond but
6:40where long ago at the suggestion of
6:43Robert skeli I argued that ks's general
6:47theory was crafted in explicit analogy
6:52to
6:53Einstein monetary
6:55production
6:57SpaceTime effective demand
7:00is relative to the curvature of space in
7:03the presence of massive objects the
7:06integration of macro and
7:08micro is akin to John archbald Wheeler's
7:12dictum that matter tells space how to
7:15curve and space tells matter where to
7:19go I still find this a relatively easy
7:23and effective way to introduce the
7:26general theory to undergraduates who who
7:29have not yet had common sense and a
7:33vision of The Wider World beaten out of
7:35them uh by courses in neoclassical
7:39economics but it remains to unify the
7:42theoretical and the institutional levels
7:45and for this let me suggest that
7:48biophysical
7:50principles uh governed by thermodynamic
7:53laws are the suitable tool not least
7:57because they immediately UniFi economics
8:00and social science generally to physics
8:03and biology making the whole
8:05comprehensible on common terms and
8:08exposing the pre-scientific
8:11illusions of the neoclassical
8:14edifice when I first met Joan Robinson I
8:17was on first days it was graduate
8:19student one the one year I spent at
8:21Cambridge she took me to lunch in The
8:23Buttery of the University library and
8:26explained and I remember her saying this
8:28explicitly you can't put time on an
8:33islm diagram I had no idea at that
8:36moment what she was saying but I would
8:38now rephrase it as economics is subject
8:42to entropy just as much as anything else
8:46in a biophysical
8:48nutshell all activity requires resources
8:51which must yield a surplus a greater
8:54return than they cost to extract this is
8:56not a new idea at the Academia n and now
8:59they in Alber quite CIO would if you
9:03were here would I I trust appreciate my
9:06putting it in the first place secondly
9:10all extraction requires prior fixed
9:13investment whether you're talking about
9:16photosynthesis or nuclear
9:19fishing which is made only with the
9:22expectation of profit under conditions
9:24of
9:25uncertainty which are influenced by
9:27discount rates and the cost of Capital
9:30Credit money and we are talking about
9:33monetary production here so we have to
9:35bring this in is a device for
9:37concentrating capital in hands capable
9:41of using it a more or less civilized
9:43substitute for piracy and
9:46pillage um and previous common uh ways
9:50of achieving this all
9:53Investments have a limited
9:55term nothing goes on forever there is no
9:58equilibrium nothing is permanent there
10:00is no end of
10:02History so far as I can say every
10:05element of The KES Calder Safa panetti
10:09vision is compatible with this one in
10:12particular as panetti urged it places
10:15production and the decision to produce
10:19at the heart of the analysis not the
10:22exchange of somehow mysteriously
10:24previously produced Goods as in the
10:27Valas Marshall Arrow debris
10:30scheme of
10:33things
10:34panetti was always very concerned and
10:38continuing to the uh end of his life as
10:40we just heard with a theory of
10:44value well production is about the
10:47realization of economic
10:49value and I would argue and I am arguing
10:53with co-author Jing Chen in a paper
10:55papers and and a forthcoming book the
10:58value depends on two considerations
11:01scarcity Val rasa's preferred uh
11:05formulation in relation to the size of
11:08the market and Market power or the
11:11degree of competition which obviously is
11:16uh uh already acknowledged in John
11:19Robinson's work on imperfect competition
11:22both of these can be captured by the way
11:24by a simple logarithm function where
11:27scarcity is the argument expresses a
11:30probability and the number of suppliers
11:32or the degree of Monopoly is just the
11:34base of the logarithm in this very
11:37simple scheme as Market penetration or
11:40the number of suppliers increases value
11:43goes
11:44down if one takes an average across a
11:48range of products or processes then the
11:51mathematical expression is
11:53identical uh to entropy or to
11:56information in Chan theories that's a
11:58quite consistent CA of a range of fields
12:00the expression and its underlying
12:02concept are inherently Dynamic
12:05highlighting the Quest for Value in
12:08novelty in exclusiveness in Market
12:11expansion and Market
12:13control the decision to produce can
12:16likewise be captured by a somewhat less
12:18simple differential equation taking
12:20account a fixed and variable cost
12:23project duration discount rate and
12:25uncertainty the intuition is familiar to
12:29any business in that efficiencies and
12:31conveniences of Modern Life were made
12:34possible by large fixed investments in a
12:37climate of low
12:39uncertainty and readily available Jeep
12:43resources facilitating rapid technical
12:47Improvement this is the extraordinary
12:50Confluence of Keynesian macromanagement
12:54and the age of
12:57oil beginning in the 1920s but really
13:00taking root in the 1930s in a
13:03world from the 1940s onward that was for
13:06a long time stabilized by a global
13:10framework managed by the United States
13:12and through certain institutions
13:14including the United
13:16Nations once again there is no stasis
13:19and no equilibrium favorable conditions
13:22can be upset by changing physical
13:25conditions resource depletion or by
13:27shifting control over resource
13:29resources uh or by mismanagement leaving
13:33the available
13:35resources uh idle or by a shift in the
13:40management of the whole system from a
13:43concept of
13:44stewardship that is say fostering of
13:46Economic Development on a broad basis to
13:49one of predation which is to say the
13:52drive to hoard the resources and make
13:54them scarce uh for a large part of the
13:57world's population
13:59these things have become characteristic
14:02since the 1970s especially uh since the
14:041980s and even more especially since the
14:07early 2000s with the resulting
14:11decline in the biological rate of return
14:15that is to say the rate of reproduction
14:17of the human species and prospective
14:19population declines are now the evident
14:22consequence of what is a very
14:24straightforward economic decision on the
14:27part of millions of houses
14:29holds monetary production presupposes
14:33money and from a pedagogical and
14:36political
14:37perspective uh I have to hear speak on
14:41behalf of some American colleagues of
14:43mine uh again defending my my the the
14:47saving a few saving Graces in the
14:50national uh Outlook at the moment uh but
14:53the greatest recent progress toward
14:55accomplishing panetti revolution in this
14:58area has has built on K's critically the
15:01trus on money himman Minsky and his
15:04arguments about financial instability
0:01thank you very much
0:04uh as I listened uh to uh Professor
0:09Roselle my my first instinct was that
0:12perhaps it was necessary uh to begin by
0:16apologizing for my
0:19nationality uh but then it occurred to
0:22me to remind you that none of The
0:27Originators of neoclassical e
0:30economics were actually American not
0:34Valas not minger not Jans not Marshall
0:38certainly not Frank Han the Americans
0:42only came in in a second and derivative
0:46uh
0:47generation uh after our institutions
0:50were overtaken and there
0:53was in a
0:55pre-existing American
0:58tradition an economic
1:01which went contrace back to thorstein
1:03Vin John R
1:05Commons and uh certain immigrant from
1:08Canada who name family modesty precludes
1:12my mentioning here uh that was I think
1:16very much in line with the insights of
1:20Kes and of Luigi
1:23panetti in the closing
1:26pages of Kes and the Cambridge Keynesian
1:35uh panetti summarizes his vision of the
1:39structural dynamics of a monetary
1:43production economy a lifelong effort to
1:47advance a revolution not fully achieved
1:51and indeed overwhelmed in his life time
1:55by a Savage
1:58counterrevolution detail metic
2:01meticulously so far as Cambridge was
2:03concerned in recent work by Ashani sa
2:07and undermined as panetti acknowledges
2:11by infighting and failures of strategic
2:14and tactical Vision amongst the
2:16revolutionaries
2:18themselves but looking
2:20back one may argue that the
2:22Revolutionary conditions of the 1930s
2:25had disappeared in the 1950s and 1960s
2:29clearing a path for complacency and
2:34neoclassical Dogma both simplifying and
2:39obscurantist perfect competition
2:41constant returns General equilibrium
2:44marginal productivity money neutrality
2:46rational expectations not to mention
2:50Solo's growth Theory and the refusal to
2:53acknowledge the capital uh critique and
2:57at the policy level the Washington cons
2:59consensus balanced budgets Tight money
3:03privatization deregulation free trade
3:06open Capital
3:07markets for obvious reasons the failure
3:11of this bizarre
3:14confection is now impar apparent the
3:18Paradigm is frayed it is fragmented as
3:22has already been observed into uh
3:25experimental and behavioral but also
3:27above all what I would describe small
3:30bore empirical econometric statistical
3:36analysis uh this is where you come in
3:38with economists are what economists do
3:42uh and we are back in a Proto
3:47revolutionary setting the revolution May
3:50therefore perhaps now resume and our
3:54project here I would urge is not merely
3:58archaeological uh it the question before
4:00us is what direction should it
4:04take panetti depicts the Cambridge
4:08ethos as having operated at two levels
4:12one of them is purely theoretical it's
4:14represented by Above All by stfa and the
4:19other is institutional represented
4:22mostly I would say by Nikki calor pure
4:26economics and political economy if you
4:29like with canes almost alone or
4:32certainly in a preeminent position
4:34operating equally at both levels but
4:38panetti also cites shumer in calling for
4:42a unifying Vision something that can
4:45make sense of the whole picture and
4:48convey uh convey it practically at a
4:52glance to the
4:54uninitiated for shed as for Vin this was
4:58evolution Darwin's natural selection
5:01economics as process rather than result
5:05materialism over
5:08Tey um the wrenching of Economics from
5:1118th century stasis to the change and
5:16turmoil of 19th century
5:20science in the 20th century there was a
5:23return to a kind of managed basis at
5:25least for a Time growth Theory again the
5:28new classical synthesis
5:30and so since this stasis has now begun
5:35in fact it's in an advanced state of
5:38dissolution this is a good starting
5:40point even for us but even within the
5:43guidelines laid down by Pan the nine
5:46points have already been uh articulated
5:49we can go further and I want to just
5:51quote a few lines from uh K KES and the
5:54Cambridge kyian the wres it is precisely
5:58here that one reaches the crucial point
6:02which other frame of framework of
6:05reference can we look for traditional
6:08theory does not provide another one it
6:11leaves us in the Wilderness at a
6:13complete loss to Solve the Riddle was
6:16must really stop the patching up one
6:19must genuinely go back to K's initial
6:22exhortation for a really radical change
6:25for a genuine Breakaway from the
6:28reductionist conr straints of
6:30neoclassical
6:32economics time has come to sail widely
6:35and freely
6:37Beyond but
6:40where long ago at the suggestion of
6:43Robert skeli I argued that ks's general
6:47theory was crafted in explicit analogy
6:52to
6:53Einstein monetary
6:55production
6:57SpaceTime effective demand
7:00is relative to the curvature of space in
7:03the presence of massive objects the
7:06integration of macro and
7:08micro is akin to John archbald Wheeler's
7:12dictum that matter tells space how to
7:15curve and space tells matter where to
7:19go I still find this a relatively easy
7:23and effective way to introduce the
7:26general theory to undergraduates who who
7:29have not yet had common sense and a
7:33vision of The Wider World beaten out of
7:35them uh by courses in neoclassical
7:39economics but it remains to unify the
7:42theoretical and the institutional levels
7:45and for this let me suggest that
7:48biophysical
7:50principles uh governed by thermodynamic
7:53laws are the suitable tool not least
7:57because they immediately UniFi economics
8:00and social science generally to physics
8:03and biology making the whole
8:05comprehensible on common terms and
8:08exposing the pre-scientific
8:11illusions of the neoclassical
8:14edifice when I first met Joan Robinson I
8:17was on first days it was graduate
8:19student one the one year I spent at
8:21Cambridge she took me to lunch in The
8:23Buttery of the University library and
8:26explained and I remember her saying this
8:28explicitly you can't put time on an
8:33islm diagram I had no idea at that
8:36moment what she was saying but I would
8:38now rephrase it as economics is subject
8:42to entropy just as much as anything else
8:46in a biophysical
8:48nutshell all activity requires resources
8:51which must yield a surplus a greater
8:54return than they cost to extract this is
8:56not a new idea at the Academia n and now
8:59they in Alber quite CIO would if you
9:03were here would I I trust appreciate my
9:06putting it in the first place secondly
9:10all extraction requires prior fixed
9:13investment whether you're talking about
9:16photosynthesis or nuclear
9:19fishing which is made only with the
9:22expectation of profit under conditions
9:24of
9:25uncertainty which are influenced by
9:27discount rates and the cost of Capital
9:30Credit money and we are talking about
9:33monetary production here so we have to
9:35bring this in is a device for
9:37concentrating capital in hands capable
9:41of using it a more or less civilized
9:43substitute for piracy and
9:46pillage um and previous common uh ways
9:50of achieving this all
9:53Investments have a limited
9:55term nothing goes on forever there is no
9:58equilibrium nothing is permanent there
10:00is no end of
10:02History so far as I can say every
10:05element of The KES Calder Safa panetti
10:09vision is compatible with this one in
10:12particular as panetti urged it places
10:15production and the decision to produce
10:19at the heart of the analysis not the
10:22exchange of somehow mysteriously
10:24previously produced Goods as in the
10:27Valas Marshall Arrow debris
10:30scheme of
10:33things
10:34panetti was always very concerned and
10:38continuing to the uh end of his life as
10:40we just heard with a theory of
10:44value well production is about the
10:47realization of economic
10:49value and I would argue and I am arguing
10:53with co-author Jing Chen in a paper
10:55papers and and a forthcoming book the
10:58value depends on two considerations
11:01scarcity Val rasa's preferred uh
11:05formulation in relation to the size of
11:08the market and Market power or the
11:11degree of competition which obviously is
11:16uh uh already acknowledged in John
11:19Robinson's work on imperfect competition
11:22both of these can be captured by the way
11:24by a simple logarithm function where
11:27scarcity is the argument expresses a
11:30probability and the number of suppliers
11:32or the degree of Monopoly is just the
11:34base of the logarithm in this very
11:37simple scheme as Market penetration or
11:40the number of suppliers increases value
11:43goes
11:44down if one takes an average across a
11:48range of products or processes then the
11:51mathematical expression is
11:53identical uh to entropy or to
11:56information in Chan theories that's a
11:58quite consistent CA of a range of fields
12:00the expression and its underlying
12:02concept are inherently Dynamic
12:05highlighting the Quest for Value in
12:08novelty in exclusiveness in Market
12:11expansion and Market
12:13control the decision to produce can
12:16likewise be captured by a somewhat less
12:18simple differential equation taking
12:20account a fixed and variable cost
12:23project duration discount rate and
12:25uncertainty the intuition is familiar to
12:29any business in that efficiencies and
12:31conveniences of Modern Life were made
12:34possible by large fixed investments in a
12:37climate of low
12:39uncertainty and readily available Jeep
12:43resources facilitating rapid technical
12:47Improvement this is the extraordinary
12:50Confluence of Keynesian macromanagement
12:54and the age of
12:57oil beginning in the 1920s but really
13:00taking root in the 1930s in a
13:03world from the 1940s onward that was for
13:06a long time stabilized by a global
13:10framework managed by the United States
13:12and through certain institutions
13:14including the United
13:16Nations once again there is no stasis
13:19and no equilibrium favorable conditions
13:22can be upset by changing physical
13:25conditions resource depletion or by
13:27shifting control over resource
13:29resources uh or by mismanagement leaving
13:33the available
13:35resources uh idle or by a shift in the
13:40management of the whole system from a
13:43concept of
13:44stewardship that is say fostering of
13:46Economic Development on a broad basis to
13:49one of predation which is to say the
13:52drive to hoard the resources and make
13:54them scarce uh for a large part of the
13:57world's population
13:59these things have become characteristic
14:02since the 1970s especially uh since the
14:041980s and even more especially since the
14:07early 2000s with the resulting
14:11decline in the biological rate of return
14:15that is to say the rate of reproduction
14:17of the human species and prospective
14:19population declines are now the evident
14:22consequence of what is a very
14:24straightforward economic decision on the
14:27part of millions of houses
14:29holds monetary production presupposes
14:33money and from a pedagogical and
14:36political
14:37perspective uh I have to hear speak on
14:41behalf of some American colleagues of
14:43mine uh again defending my my the the
14:47saving a few saving Graces in the
14:50national uh Outlook at the moment uh but
14:53the greatest recent progress toward
14:55accomplishing panetti revolution in this
14:58area has has built on K's critically the
15:01trus on money himman Minsky and his
15:04arguments about financial instability
15:07and this is the purview of a group of
15:08Scholars who have coined the phrase
15:11modern monetary Theory
15:13mmt whose threat to the neoclassical
15:18mainstream is extremely evident from the
15:21scorn that is poured on these people by
15:24uh uh academics in prominent uh
15:27positions but the fact is their work
15:31helps to clarify that money is created
15:35by governments and by Banks to do things
15:39to create specific and aggregate
15:43effective
15:44demand here a critical distinction is
15:47between Sovereign and not so Sovereign
15:50monies in the hierarchy of World Finance
15:54for the former the approach to Full
15:56Employment is limited only by real
15:58resource constru as kan's argued
16:00anything you can do you can afford to do
16:04the only constraint is what you can't
16:06actually do uh for those who are not in
16:10so favor in a position the access to
16:13real resources is rationed by the access
16:16to external finance and this way a
16:19colonial system was perpetuated in the
16:22postcolonial era so to speak by the back
16:27door the biophysical
16:31framework
16:33presupposes
16:36plant that is to say it calls our
16:39attention to the fact that an a system
16:44of any kind has different parts for
16:47different functions which generally work
16:49together but sometimes break down this
16:51is like any living creature or any
16:55machine it is not the interaction of
16:58particles neither stable nor uh uh nor
17:04complex nor chaotic as in agent-based
17:08models but differentiated and
17:11integrated and here to restate the point
17:15like every biological or mechanical
17:17system human societies and their
17:20economies work according to
17:22plans and living entities these are
17:25encoded in genes and machines and
17:26buildings and blueprints and societies
17:28and economies inhabits regulations and
17:32laws these evolv in different ways in
17:34different places which is why there is
17:37no
17:38Universal best formula for economic
17:41policy and why all attempts to oppose
17:44one to come back to the Washington
17:46consensus are
17:48doomed let alone the vain hope that
17:52market sometimes how somehow left alone
17:55will self-regulate or
17:57self-organize you
18:00cannot uh assimilate those Concepts to a
18:05biophysical perspective consistent with
18:08Biology mechanics or economics in the
18:11vein of canes and
18:13pasti
18:15finally uh a biophysical framework
18:19integrates monetary production to the
18:22study of
18:24distribution not merely the functional
18:26distribution but also the uh
18:29distribution of pay or household income
18:32so that the evolution of
18:34inequalities at the global level
18:38captured in National and Regional data
18:40sets becomes an artifact of
18:44macroeconomic performance this is how
18:46macroeconomics impact controls
18:48microeconomic outcomes and the exercise
18:51of economic
18:52power I have built up that particular
18:55argument over years from the bottom up
18:59beginning with the application of hry
19:01tile's entropy based measures of
19:03inequality to administrative and
19:05Industrial data sets leading ultimately
19:09to showing how Innovation driven
19:12inequality uh in advanc Innovation
19:16drives inequality in advanced countries
19:19while the actions of the global monetary
19:22and financial regime and its changes
19:25over time uh dominate the movement of
19:29inequalities within countries over most
19:33of the globe most of the time this work
19:37establishes that the stabilization or
19:40reduction of
19:41inequalities is a regulatory
19:45function a regulatory function without
19:47which uh uh societies tend to become
19:50quite unstable it is as necessary as the
19:54control of effective aggregate demand
19:57but it is a AED only in relatively
20:01strong states with strong institutions
20:04and at the level of global governments a
20:07revolution it is a revolution still far
20:11from being
20:13accomplished so I would just like to
20:15acknowledge that it was Luigi
20:18pasinetti's curiosity about this work
20:21his immediate understanding I think of
20:23how well it fit under his larger scheme
20:27of things that him to suggest my name
20:30for election to this body and therefore
20:33uh to my the privilege I feel of being
20:35able to speak to you from this platform
20:38today it is simply a very great honor to
20:41be able to Tribute to pay tribute to
20:44this great
20:47softspoken modest man the really
20:51marvelous role model for
20:54anybody who wants to take their business
20:56of thinking seriously particularly in
20:59economics and it's a pleasure to stand
21:02with fellow revolutionaries as we move
21:05uh I hope to complete the project of
21:08which he
21:10spoke Avante
21:14[Applause]
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