TheSKNIS Published on May 30, 2019 Dr. Halla Sahely, Environment Engineer gives overview on New Basseterre High School Site
Causality is, as often said, not a law but the form of a law; a discourse used to bring some understanding to a chaotic world. In that discourse the two words “cause” (C) and “effect” (E) are subject to rules of speech: E cannot precede C in time. And the connective relating them, an arrow, like C–>E, translated as “C causes/leads to/is followed by E”, or some synonyms, is two-way.
Applying network science concepts and methods to economic systems is not a new idea. In the last few decades, however, advances in non-equilibrium thermodynamics (i.e., self-organizing, open, dissipative, far-from-equilibrium systems), and nonlinear dynamics, network science, information theory, and other mathematical approaches to complex systems have produced a new set of concepts and methods, which are powerful for understanding and predicting behavior in socio-economic systems. In several previous papers, for example, we used research from the new Energy Network Science (ENS) to show how and why systemic ecological and economic health requires a balance of efficiency and resilience be maintained within a particular a “window of vitality”. The current paper outlines the logic behind 10 principles of systemic, socio-economic health and the quantitative measures that go with them. Our particular focus is on “regenerative aspects”, i.e., the self-feeding, self-renewal, and adaptive learning processes that natural systems use to nourish their capacity to thrive for long periods of time. In socio-economic systems, we demonstrate how regenerative economics requires regular investment in human, social, natural, and physical capital. Taken as a whole, we propose these 10 metrics represent a new capacity to understand, and set better policy for solving, the entangled systemic suite of social, environmental, and economic problems now faced in industrial cultures.
Regenerative economics | Resilience | Economic networks | Self-organization | Autocatalysis | Socio-ecological systems | Network analysis
The Gower Initiative for Modern Money Studies
Published on May 20, 2019
The Gower Initiative for Modern Money Studies was delighted to host this event at which founding proponents of Modern Monetary Theory, Professor Bill Mitchell and Warren Mosler, were joined by their colleague and fellow internationally respected author, Professor Martin J Watts.
Following the launch in March of the textbook ‘Macroeconomics’ and the inauguration of the MMT training college later this year the event focused on giving academics, teachers and the wider public the tools with which they can take a more critical approach to the subject by comparing and contrasting heterodox and orthodox approaches to theory and policy.
This event aimed to challenge preconceptions about how money works and explained how such an understanding offers a lens through which we can develop solutions to the pressing economic, social and ecological issues we face.
Table of Contents
♦ MODERN MONEY THEORY: THE BASICS
♦ Taxes and the Public Purpose
♦ CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS
♦ Tax Bads, Not Goods
♦ DEBT-FREE MONEY: A NON-SEQUITUR IN SEARCH OF A POLICY
♦ Why Money Matters
♦ MODERN MONEY THEORY: How I came to MMT and what I include in MMT
♦ An MMT View of the Twin Deficits Debate
♦ A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling
♦ A Must Read: Why does everyone hate MMT?
♦ HOW TO PAY FOR THE WAR Read More
Economic stimulus packages can never satisfactorily address the real problem of unemployment and underemployment in market economies, according to Randall L. Wray. He estimates real unemployment is close to 30 million people or 20% of the workforce in the USA. But there is an effective and affordable to achieve full employment through direct job creation programs financed by the US Government. In this webcast, Professor Wray discusses the short and long term causes of unemployment, the right to employment, the hidden costs of unemployment, the unrecognized benefits of full employment, theory of how job guarantee programs can effectively balance full employment and currency stability along with practical examples of successful programs. This presentation will be of interest to all those looking for a realistic practical strategy for addressing the problem of unemployment. Wray is Professor of Economics and Research Director of the Center for Full Employment and Price Stability at the University of Missouri–Kansas City and Senior Scholar at the Levy Economics Institute of Bard College in New York. He is author of numerous books including Money and Credit in Capitalist Economies and Understanding Modern Money: The Key to Full Employment and Price Stability. For a complete bio and list of Professor Wray’s publications and links to working papers, click here
So far, we have remained within a fundamental premise implicitly built into economic thinking: that the economy is a closed system where monetary exchanges determine what is going on. In this chapter, we will start having a peek “outside of the box.”
My basic premise is that no single metaphor can provide us with a full picture for the possibilities offered by revisiting our unconscious assumptions about money. Multiplying the perspectives through different metaphors should therefore help to dispel the illusion that any one of them describes the real world.
Each metaphor gives only an insight from one particular angle. It is a bit as if someone tried to make an inventory of the Louvre Museum by looking through key holes. The more keyholes we can look through, the better the chance to grasp the real picture, although we should never have the illusion that we really have figured it all out. The view from the keyhole of traditional economics will be complemented by eight additional metaphors which each provide an interesting insight, and together allow us to better map the terrain. Through this diversity of viewpoints, I also hope to dispel the notion that any one of them fully describes reality as it is.
Here are nine metaphors:
- Traditional Economics Viewpoint
- Alternative Economics Viewpoint
- Biological Metaphor
- The Brain Metaphor
- Mythological Viewpoint
- A Western Philosophical Viewpoint
- A Humanistic Viewpoint
- A Taoist Viewpoint
- A Whole Systems Viewpoint
One last time, we will play our game of “tell me what your objectives are, and we can design a currency that supports it.” This chapter deals with one last “money question”; i.e. “how can financial interests become compatible with long-term sustainability?” Another way to ask the same question: is a win-win approach possible for finance, business and society?
This issue may be the most important because even the survival of our own and many other species is at stake. As prominent French monetary theorist Jacques Rueff claimed “Money will decide the fate of mankind.”[note]Title of Introduction of Rueff, Jacques The Age of Inflation translation by A. H. Meeus and F.G. Clarke (Chicago: Henry Regnery Co., 1964)[/note] Will we have to see the last fish die, or the last rainforest cut down, before we realize that we will not be able to eat money?
It is presented in this late chapter because — in contrast with the new currency designs presented in the previous chapters — this proposal breaks new ground and has therefore no contemporary case to demonstrate it.
This chapter addresses another “money question” of our Time Compacting Machine; the one relating to the Age Wave; i.e. “how will society provide the elderly with the money to match their longevity?” (see sidebar on US Congress’ own retirement plan)
But it also goes beyond that specific topic by tackling the broader issue of community breakdown. Problems in elderly and child care, education, reduction of criminality, and improvement of the general quality of life are all symptoms of the same phenomenon of community crises.
Community breakdown has become a universal pattern all over the modern world. Although it is usually not perceived that this trend relates to money, this chapter will show that both the cause of the problem and its solution can be found in money systems.
Chapter by Chapter Outline
Throughout Part Two we will play a game: let us define an objective and design a new currency that will promote it.
For instance, if we want to reduce joblessness without inflation we will see that well over a thousand communities — particularly in Australia, New Zealand, Canada, Brazil, and Northern Europe — have already started using their own complementary currency with significant results (chapters 5: Work-Enabling Currencies).
Similarly, a growing number of grass-root initiatives are tackling the sense of loss of community occurring worldwide by introducing cooperation-inducing community currencies. (Chapter 6: Community Currencies).
Various practical issues involved in setting up such currency systems are analyzed, such as their legality, their tax implications, and their impact on inflation from a Central Bank regulatory perspective. (Chapter 7)
If we want to reconcile the conflict between ecological sustainability and economic growth, a new kind of global currency could muster the massive resources of the multinational corporations to get us there. (Chapter 8: A Global Reference Currency – Making Money Sustainable)
This multiplication of different currencies for different purposes does not have to create chaos. In fact, all the pieces of the new money puzzle can fit nicely together if we just look at the broader context (Chapter 9: A Broader View).
The whole even constitutes a coherent skeleton around which Sustainable Abundance can be built. (Chapter 10: Sustainable Abundance).