[GJM] The Money Effect - LSE Seminar - Associative Economics Bulletin - March 2008 (4)

[robert searle]

--- Arthur Edwards <arthur at talkingeconomics.com>
wrote:

> 
> The Associative Economics Bulletin consists of news
> and views on  
> associative economics, including short extracts from
> Associative  
> Economics Monthly (available electronically for ï¿¡1
> an issue at www.cfae.biz/a 
> em or in a hard copy format - tel (UK) 01227
> 738207). To unsubscribe  
> from this list, reply or send an email to
> ame at cfae.biz with 'bulletin  
> unsubscribe' in the subject line.
> 
> 1. 	Editorial – The Money Effect
> 2.	The Colours of Money -  UK, Spain, Berlin
> 3.	Money Seminar at The London School of Economics -
> Thursday 13th March
> 4.     AE Festival in August
> 	
> 1)	The Money Effect
> 
> This issue focuses on a central problem of our time
> - the role of  
> liberated global capital flows. It leads with The
> Money Effect, a  
> state-of-the-art discussion by Tim Congdon, one of
> Britain's foremost  
> economists, who refines the traditional monetarist
> case.
> 
> This is followed by a Sign of the Times montage that
> gives a sense of  
> how much of today's debate, even about the nature of
> money, is not  
> economic but political. How much clearer the issues
> would become were  
> the economics taken alone, or the prior political
> intentions  
> acknowledged - in particular the view of some that
> the state should be  
> marginalised as regards economic life and of others
> that it should  
> play a central role.
> 
> Then in Too Much Loan Money, Rudolf Steiner's
> contribution to monetary  
> economics, and indeed monetary policy, is
> highlighted using his  
> threefold concept of money in such a way as to show
> how Steiner's  
> terms, though not in general use, can help make
> sense of today's  
> global finance.
> 
> The AE Hero this month is John Hicks, an economist
> most often  
> remembered for his IS/LM construct - an idea that he
> later repudiated.  
> A hero because of his candid approach.
> 
> The edition concludes with Accountants Corner where
> the apt topic is  
> the two-sided and thus social nature of economic
> transactions.
> 
> EDITORS' NOTE
> 
> The strong editorial presence in this issue reflects
> the scarcity of  
> available material linking associative economics to
> today's prevailing  
> paradigm and the fact that most commentators on
> Steiner's work,  
> insofar as that provides a reference for associative
> economics, tend  
> to locate him 'left-of-centre'. That means, however,
> to one side of  
> monetary economics where the measure of Steiner's
> work is perhaps best  
> judged.
> 
> But it is also because of our editorial 'bias',
> which takes its cue  
> from Steiner by being apolitical. We do not, for
> example, put the  
> stress on civil society, the not-for-profit world,
> or Rhenish or  
> solidarity critiques of capitalism. Not because they
> are invalid  
> criticisms, but because Steiner's main concern was
> to advance  
> economics from within itself, rather than from the
> edges, as it were.  
> For this one has to grasp the nettle of what he
> called 'the abstract  
> nature of modern economic life', of which the
> financial economy and  
> global capital flows is an inevitable part.
> 
> One can argue that capital should not flow so
> freely, as indeed many  
> economists do, but the fact is that today capital
> has been 'liberated'  
> by a process in which we are all complicit. Few
> today do not avail  
> themselves of what freed capital markets make
> possible. If this  
> development is unwholesome, the question is how to
> get the horse back  
> into the stable, not how to prevent it leaving. To
> this end,  
> expressions of concern, let alone mere disdain, will
> serve little  
> purpose. The problem will be a fundamental one, both
> conceptually and  
> technically, and will take us back to the point
> where the question is  
> not how to stop capital becoming freed, but how to
> free it in ways  
> that are not untoward. Here, Steiner's contribution
> has its true  
> measure, for his seminal course on economics
> culminates in such  
> concepts as 'three kinds of money' and money as 'the
> world's  
> bookkeeping', insights that enable one to take hold
> of economic life,  
> not by trying to corral it, but by taking hold of
> its trailing reins.  
> Better yet, would be to develop the art of what one
> might call  
> 'economy whispering'.
> 
> Playing into our editorial approach is also the fact
> that as part of  
> our 'bias' we are actively engaged in bringing
> Steiner's ideas to bear  
> on the very monetary and financial economy that many
> today decry. Thus  
> our choice of material and treatment of it have a
> certain  
> autobiographical dimension. We believe, however,
> that if one had to  
> choose it would be more important for associative
> economics to have an  
> effect at the centre of modern economic life, rather
> than at the  
> margins. As a colleague once put it, if one does not
> like what happens  
> at the estuary, one has to change things at the
> source.
> 
> 2).   THE COLOURS OF MONEY 2008 AND OTHER EVENTS
> 
> COLOURS OF MONEY
> This is an introduction to associative economics.
> Its content ranges  
> from larger pictures about today’s events to the
> details of practical  
> business life. The next events will take place as
> follows
> Stroud, England 14-16 March (contact ame at cfae.biz)
> Girona, Spain 25-27 April (contact chb at cfae.biz)
> Canterbury, England, 3-5 October (contact
> ame at cfae.biz)
> 
> BEYOND THE MARKET - BERLIN
> 11th-14th April
> 
> The West's Challenge to Central Europe
> http://www.arthuredwards.net/events/
> 
> 3)   EVENTS AT THE LONDON SCHOOL OF ECONOMICS
> 
> AE at the LSE
> We continue our series of lecture-based
> conversations at the London  
> School of Economics
> •	March 13:
> Three Kinds of Money: The future of monetary policy?
> 6.30 pm, Thursdays, Room D9, Clement House
> ï¿¡ 5.00 / free to students
> 
> 4)    10th-14th  August - Festival
> Associative Economics in the 21st Century -
> Economics Festival 10-14  
> August 2008
> 
> The more global the world becomes, the more it
> stands in need of an  
> associative approach to economics. But what does
> that mean in  
> practice? And not only to those familiar with the
> work of Rudolf  
> Steiner, but for the world in general? How relevant
> is associative  
> economics to today and what are the prospects for
> influencing the  
> current development of economic life?
> 
> This 'festival' will bring together colleagues from
> around 
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