“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0) Fax: +44 (0) © Gresham College 2009 Mercers’ School Memorial Professor of Commerce Michael Mainelli Diversity Rules Competition, Liquidity And Equitable Markets
© Gresham College 2009 Outline Diversity matters Evolutionary diversity Fundamentalism in economics and finance Resilient versus robust Long finance “Get a detailed grip on the big picture.” Chao Kli Ning
© Gresham College 2009 Credit Scrunch Liquidity inflation Deluded demutualisation Perverse Incentives Extreme Connectivity Growing externalities Fragile innovation Loss of diversity Over-leveraging Model failure Asset bubbles Lack of Competition
© Gresham College 2009 Evolutionary Diversity
© Gresham College 2009 Closed Belief Systems
© Gresham College 2009 Anarchists Of The World, Unite!
© Gresham College 2009 Current Affairs: What Is The Sound Of An Army’s Footstep?
© Gresham College 2009 Diversity & Competition Disinformation Diversity Competition Open Protected High Low Transitional ResilientRobust Economies of Scale Information
© Gresham College 2009 Long Finance Foundation When we can recommend a financial retirement structure to a 20 year old? When we can fund a forest? [Source:
© Gresham College 2009 Discussion 1. Does diversity improve economic decisions? 2. Without diversity can we have equity? 3. How might global trends affect economic diversity? “Get a big picture grip on the details.” Chao Kli Ning
© Gresham College 2009 Diversity Rules: Competition, Liquidity And Equitable Markets Thank you! “Get a big picture grip on the details.” Chao Kli Ning [Source: