ECONOMIC POLICY AND COMPLEXITY

Transcription

1 CALL FOR APPLICATIONS ECONOMIC POLICY AND COMPLEXITY Poznań University of Economics and Business 2 nd edition

2 The School is intended for PhD Students and early-career researchers interested in heterodox approaches to studying complex economic phenomena. We provide an international learning environment for those interested in deepening their knowledge of heterodox economics or considering applying it to their own research area. Over five days, participants will have an opportunity of attending lectures, presenting their findings and ideas, as well as discussing them with highly competent faculty. They will also take part in workshops or seminars that will improve their analytical skills. This year will focus on post-keynesian, institutional and evolutionary perspectives of economic policy. The full programme and short description of topics can be found below. CONFIRMED SPEAKERS: WOLFRAM ELSNER University of Bremen MAGDA FONTANA University of Turin STEVE KEEN Kingston University ZOFIA ŁAPNIEWSKA Glasgow Caledonian University PAOLO RAMAZZOTTI University of Macerata LOUIS-PHILIPPE ROCHON Laurentian University, Review of Keynesian Economics GUILLAUME VALLET University of Grenoble Alpes The School is organized by the Poznań University of Economics and Business, in cooperation with the European Association for Evolutionary Political Economy. For more information, please contact the Organizing Committee through or FACEBOOK. APPLICATION DEADLINE: MAY 15 TH, 2017 ACCEPTANCE DECISION: MAY 31 ST, 2017 Application form can be found HERE and should be sent to: SCHOOL FEE: 150 EURO/650 ZŁ Fees include lunches and coffee breaks. Budget accommodation can be provided by organizers upon request. DEADLINE FOR PAYMENT: JUNE 30 TH, 2017 THE ORGANIZING COMMITTEE: AGNIESZKA ZIOMEK Poznań University of Economics and Business KRZYSZTOF CZARNECKI Poznań University of Economics and Business MARCIN CZACHOR Wydawnictwo Ekonomiczne Heterodox Publishing House Heterodox

3 HOUR/DAY 29/09 FRIDAY 30/09 SATURDAY 1/10 SUNDAY 2/10 MONDAY 3/10 TUESDAY 9: Welcome address (RECEPTION Introductory lecture 15:00-21:00 Paolo Ramazzotti 28/10 THU + Historical overview FRIDAY of heterodox approaches MORNING) 10:30-10:45 Coffee break 10:45-12:45** Paolo Ramazzotti Evolutionary economics essential readings Wolfram Elsner Introductory reading in complexity economics Minsky introduction to the model Investing in the Care Economy Guillaume Vallet The sociological roots of money Workshop Magda Fontana Simulation methods for institutional economics 12:45-13:45 Lunch break 13:45-14:45 What s wrong with economic policies today a post-keynesian perspective Analysing the impact of financial markets on economic policy of developed countries Feminist economics and the ethics of care Wolfram Elsner Complexity economics as heterodoxy. Theory and policy implications Closing ceremony 14:45-15:00 Coffee break 15:00-16:00 Wolfram Elsner Open lecture Monetary policy enhancing employment and growth 16:00-16:30 Coffee break 16:30-18:00 Open lecture *** Debunking economics (PL) - book launch and promotion presentations Wolfram Elsner, How to get published in academic journals? Open lecture Gender and Well- -Being Budgeting Ideas Farewell coffee * Participants presentations: 15 minutes + 15 minutes of discussion. ** Participants will be asked to choose between participating in the 5-day workshop or in the set of seminars. *** Open lectures are addressed to wider academic audience but they are the integral part of the school programme

4 PAOLO RAMAZZOTTI INTRODUCTORY LECTURE: Historical overview of heterodox approaches Abstract The lecture will consist of three strictly connected parts: 1) A survey of institutional approaches, with special emphasis on their theoretical and methodological differences; 2) A discussion of systemic openness and synchronic complexity, and their implications for an evolutionary approach to economic theory; 3) An outline of the specific institutional especially monetary - characteristics of a modern capitalist market economy. The common thread will be how these issues affect views concerning economic policy. SEMINAR: Evolutionary economics essential readings Abstract Participants will receive a list of lectures to be discussed during the seminar. LOUIS-PHILIPPE ROCHON LECTURE: What s wrong with economic policies today a post-keynesian perspective Abstract The recent history of monetary and fiscal policies before and after the financial crisis has both contributed to and exacerbated the crisis. From a post-keynesian perspective, the crisis was unavoidable. This lecture will offer an analysis of mainstream economic policies, dominated by austerity and monetary policy dominance, and a critical analysis from a post-keynesian perspective. It will also argue the set of policies is based on an erroneous understanding of the real world. In the end, we are left with a necessary return to the Master in order to make sense of the complexities of modern capitalism, its inherent problems, its workings, and policy prescriptions. WOLFRAM ELSNER LECTURE: Complexity economics as heterodoxy. Theory and policy implications Abstract Complexity economics became a powerful research program for a real- -world economics. We give an overview and argue that it is incompatible with equilibrium / optimality of the mainstream- market, but develops older heterodox, including evolutionary-institutional, issues, such as self-organization /emergence, path-dependence/idiosyncrasies, lock-ins, or skewed power distributions. Also, there is space for emergent institutions through intentionality of agents, including improving collective performance, reducing complexity etc. We consider Complex Adaptive Systems through games on networks in an evolution-of-cooperation perspective. Also, a surge of policy implications has emerged, however still rather general. With some more specific implications derived, we again reveal similarities with heterodoxies, namely pragmatist conceptions.

5 SEMINAR: Introductory reading in complexity economics Abstract Participants will receive a list of lectures to be discussed during the seminar. STEVE KEEN LECTURE: Analysing the impact of financial markets on economic policy of developed countries Abstract I will explain why credit is an essential but neglected component of aggregate demand and income, use credit data to identify countries that are suffering from credit stagnation today, and those that are likely to suffer a credit crisis in the near future. Finally I will derive a complex systems model of capitalism including finance from macroeconomic definitions of three key variables: the employment rate, the wages share of output and the private debt to GDP ratio. SEMINAR: Minsky introduction to the model Abstract Minsky is an Open Source system dynamics program with the unique feature of using double-entry bookkeeping tables to develop stock-flow consistent differential equations for modelling financial flows. This seminar will quickly introduce the system dynamics modelling paradigm, show Minsky s improvements here (support for LaTeX formatting, direct entry of variables and operators onto the canvas, live simulation of models with embedded plots), and then show how to quickly design a monetary model of an economy with multiple interlocked double entry tables. ZOFIA ŁAPNIEWSKA LECTURE: Feminist economics and the ethics of care Abstract Feminist economics, as one of heterodox approaches to economics, is a criticism of and an alternative to the mainstream trend that is currently neoclassical economics, also known as neoliberal economics. We - feminist economists - oppose the rational, economic man model set at the core of economic analyses and instead we call for the inclusion of women as subjects and objects of economic inquiries. We focus as well on reformulating macroeconomic goals in such a way as to be guided by the ethics of care. Therefore, the dominant individualistic perspective is changed into a more social and collective one based on reciprocity, solidarity, and equal rights. My lecture will introduce the participants to the main fields of interest of feminist economics and care - both required and provided - so societies could reproduce and everyone would have the opportunity to live a good life. SEMINAR: Investing in the Care Economy Abstract An economy based on care is a concept recently discussed in many political circles. The care economy is defined as a system in which care for others, especially dependent persons, as well as for nature constitutes the basis for future production and reproduction, exchange and consumption in the real economy. In such economy invest-

6 ment in social infrastructure, perceived as education, health and care services, not only substantially contributes to economic growth and increase in employment but also reduces gender inequalities and increases citizens well-being. During the seminar participants will familiarize themselves with an economic tool based on input-output tables for estimating direct, indirect and induced effects of such investments on economic outcomes as well as with a discussion on the value of introducing care economy accompanied by human rights and well-being. GUILLAUME VALLET SEMINAR: The need for pluralism: the contribution of Sociology to Economics Abstract In the neoclassical tradition, money is only viewed through its external functions, especially as a medium of exchange: money exists in order to facilitate trade. Money is considered neutral, and as Turgot stated, every money is a good and every good is money. This presentation will take the opposite approach, largely influenced by sociology. Money should be defined according to its ontology, meaning the three meanings of money: significance, direction, emotion. Above all, money refers to its ability to build social links within a community, which is consistent with the Keynesian or Schumpeterian traditions. I argue that relationships within the community are both stable and permanent thanks to the unit of account function of money. The presentation will be based on the thought of eminent scholars, such as Simmel, Weber, Simiand, Small, Schumpeter for the historical view, and Dodd, Ingham or Zelizer of the actual view. MAGDA FONTANA WORKSHOP: Simulation methods for institutional economics Abstract The workshop focuses on agent-based modeling (ABM) as a tool to understand economic and social phenomena. The core idea is that phenomena can be effectively modeled with agents, an environment and a description of agent-agent and agent-environment interactions: ABM is a form of computational modeling whereby a phenomenon is modeled in terms of agents and their interactions. It is particularly beneficial when agents are heterogeneous and interaction is non linear. ABM helps in figuring out aggregate patterns when we only have knowledge on how individual elements behave. Else, it is also used when the aggregate pattern is known in order to find the behavior of the elements that could generate it. ABM will be introduced through the discussion of several applications (social segregation, technology diffusion and networks, economic inequalities). Participants will actively take part to the workshop by writing elementary code in Netlogo (no prior programming knowledge is required) and by conducting analyses on the simulated data.

7 WYDAWNICTWO EKONOMICZNE