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“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831-0575 Fax: +44 (0)20 7831-5208

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Presentation on theme: "“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831-0575 Fax: +44 (0)20 7831-5208"— Presentation transcript:

1 “New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831-0575 Fax: +44 (0)20 7831-5208 Email : michael_mainelli@zyen.com www.gresham.ac.uk © 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

2 www.gresham.ac.uk © 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

3 www.gresham.ac.uk © Gresham College 2007 Stealing the Sliver (sic)

4 www.gresham.ac.uk © Gresham College 2007 Creaky Victoriana

5 www.gresham.ac.uk © Gresham College 2007 Intergenerational Transfer

6 www.gresham.ac.uk © Gresham College 2007 Simple NPV

7 www.gresham.ac.uk © Gresham College 2007 Simple NPV with Cash Interest

8 www.gresham.ac.uk © Gresham College 2007 Simple NPV With Interest On Cash And Loan -500 -400 -300 -200 -100 0 100 200 12345678910 Years Cash on Deposit & Interest on Loan Keep-the-CashMega-ProjectMicro-Project

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

10 www.gresham.ac.uk © Gresham College 2007 Garga-Project Income

11 www.gresham.ac.uk © Gresham College 2007 Garga-Project Payoff?

12 www.gresham.ac.uk © Gresham College 2007 Dis-counting Investment

13 www.gresham.ac.uk © Gresham College 2007 Regressive Taxation

14 www.gresham.ac.uk © Gresham College 2007 Waste

15 www.gresham.ac.uk © Gresham College 2007 Biased Social Services

16 www.gresham.ac.uk © Gresham College 2007 Subsidies

17 www.gresham.ac.uk © Gresham College 2007 Lack of Competition

18 www.gresham.ac.uk © Gresham College 2007 Under-provisioning [Source: http://www.bbc.co.uk/tyne/content/images/2006/08/18/kendra_moore_470x353.jpg] (sic) http://www.bbc.co.uk/tyne/content/images/2006/08/18/kendra_moore_470x353.jpg

19 www.gresham.ac.uk © Gresham College 2007 Externalities

20 www.gresham.ac.uk © Gresham College 2007 A Stern Rebuke

21 www.gresham.ac.uk © Gresham College 2007 Stainless Steal

22 www.gresham.ac.uk © Gresham College 2007 Climate Change http://www.climate.org/topics/climate/images/cc-cartoon.jpg

23 www.gresham.ac.uk © Gresham College 2007 Dis-Assemly [Source: www.hightowerlowdown.org/sites/hightowerlowdown.ci vicactions.net/files/images/cartoon_2006_jan.png] Stealing From Ourselves

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

25 www.gresham.ac.uk © 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

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