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“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0) Fax: +44 (0) © Gresham College 2007 Mercers’ School Memorial Professor of Commerce Michael Mainelli Stealing the Silver: How We Take From The Dispossessed, The Poor And Our Own Children

© Gresham College 2007 Outline “Get a detailed grip on the big picture.” Chao Kli Ning Stealing the sliver Creaky Victoriana Investing for the future At any rate… Seven Subtle Steals Stainless steal Climate change Dis-count me out

© Gresham College 2007 Stealing the Sliver (sic)

© Gresham College 2007 Creaky Victoriana

© Gresham College 2007 Intergenerational Transfer

© Gresham College 2007 Simple NPV

© Gresham College 2007 Simple NPV with Cash Interest

© Gresham College 2007 Simple NPV With Interest On Cash And Loan Years Cash on Deposit & Interest on Loan Keep-the-CashMega-ProjectMicro-Project

© Gresham College 2007 Geometry over Commerce NPV = CF(0) + CF(1)/(1+d) + CF(2)/(1+d) CF(n)/(1+d) n CF = cash flow in period; d = discount rate; n = number of time periods

© Gresham College 2007 Garga-Project Income

© Gresham College 2007 Garga-Project Payoff?

© Gresham College 2007 Dis-counting Investment

© Gresham College 2007 Regressive Taxation

© Gresham College 2007 Waste

© Gresham College 2007 Biased Social Services

© Gresham College 2007 Subsidies

© Gresham College 2007 Lack of Competition

© Gresham College 2007 Under-provisioning [Source: (sic)

© Gresham College 2007 Externalities

© Gresham College 2007 A Stern Rebuke

© Gresham College 2007 Stainless Steal

© Gresham College 2007 Climate Change

© Gresham College 2007 Dis-Assemly [Source: vicactions.net/files/images/cartoon_2006_jan.png] Stealing From Ourselves

© Gresham College 2007 Discussion 1. Are discount rate techniques appropriate under great uncertainty? 2. Is politics the only framework for long-term policy formulation?

© Gresham College 2007 Stealing the Silver: How We Take From The Dispossessed, The Poor And Our Own Children Thank you! “Get a big picture grip on the details.” Chao Kli Ning