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Commerce Professor Michael Mainelli. Danish Fairy Tales? Arthur Andersen and the Copenhagen Consensus. Outline. The Great ‘Commerce’ Experiment The “End of History” Danish connections Fret-Enomics Might versus Right A theory of Commerce?. - PowerPoint PPT Presentation
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“New Learning”
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CommerceProfessor Michael Mainelli
Danish Fairy Tales?
Arthur Andersen and the Copenhagen Consensus
www.gresham.ac.uk
© Gresham College2005
Outline
The Great ‘Commerce’ Experiment
The “End of History”
Danish connections
Fret-Enomics
Might versus Right
A theory of Commerce?
“Get a detailed grip on the big picture.”Chao Kli Ning
www.gresham.ac.uk
© Gresham College2005
The Great ‘Commerce’ Experiment
Adam Smith
Karl Marx
The Great Transformation
Visible Hand versus the Invisible Hand
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The “End of History”
Francis Fukuyama
Emperor’s new clothes
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Danish Connections
Arthur AndersenEnron
Waste Management
WorldCom
Global Crossing
Qwest…
Tyco, HealthSouth, Adelphia…
Emperor’s new clothes?
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Copenhagen Consensus – 10 out of 33
Climate changeCommunicable diseasesConflicts and arms proliferationAccess to educationFinancial instabilityGovernance and corruptionMalnutrition and hungerMigrationSanitation and access to clean waterSubsidies and trade barriers
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Copenhagen Consensus – Go!
Ranking Challenge Opportunity
VeryGood
1. Communicable diseases Control of HIV/AIDS
2. Malnutrition and hunger Providing micronutrients
3. Subsidies and trade Trade liberalisation
4. Communicable diseases Control of malaria
Good 5. Malnutrition and hunger Development of new agricultural technologies
6. Sanitation and water Community-managed water supply and sanitation
7. Sanitation and water Small-scale water technology for livelihoods
8. Sanitation and water Research on water productivity in food production
9. Governance and corruption Lowering the cost of starting a new business
Fair 10. Migration Lowering barriers to migration for skilled workers
11. Malnutrition and hunger Improving infant and child nutrition
12. Communicable diseases Scaled-up basic health services
13. Malnutrition and hunger Reducing the prevalence of low-birth-weight (LBW)
Bad 14. Migration Guest worker programmes for the unskilled
15. Climate change Optimal carbon tax
16. Climate change The Kyoto Protocol
17. Climate change Value-at-Risk carbon tax
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Fret-Enomics
Homo economicus
Efficient Markets Hypothesis
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Might versus Right
Total Tax Revenue as % of GDP
05
1015202530354045
1970
1980
1990
2000
Source: OECD
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A Theory of Commerce
Economics with finance
Decision theory
Stochastic systems theory
Competitive selection
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Discussion
What are the frontiers of our ignorance?
“Get a big picture grip on the details.”Chao Kli Ning
