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Veranstaltungsort

Kuppelsaal, TU Wien

Karlsplatz 13

4th floor

1040 Vienna

Austria

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Beschreibung des Events

Beschreibung

The “Alternative Economic and Monetary Systems (AEMS)” Summer School invites to its opening event: The Economy of the Future. Professor Helga Kromp-Kolb, Professor Ernst Ulrich von Weizsäcker and Professor Christian Kreiss will show why the current worldwide trends are not sustainable and why we need to act now.


Helga Kromp-Kolb
Only one planet: Boundaries economy must respect

Any species that overused its resources for an extended period of time is faced with extinction. But man, claiming to be homo sapiens sapiens, should be in a position to read the manifold signs of overuse and react accordingly. The economic system and the financial system, neither of which includes the concept of “enough”, are drivers of the overuse.
Although the Paris Agreement to curb climate change and the UN Sustainable Development Goals do not explicitly address this, a profound change of these systems is inherent in their provisions.

Ernst Ulrich von Weizsäcker
Doctrinaire Economics Is Outdated but Still Dangerous

Markets are better than states. Selfishness is great; it’s the engine of innovation: and it’s good for the wealth of nations, according to Adam Smith. Deregulated free trade produces even more efficiency, innovation and added value, according to David Ricardo. Competition is the key principle of evolution and must not be restricted by stupid regulation and protectionism, as we can learn from Charles Darwin. In a nutshell, this is the credo of doctrinaire neoliberal economics.

But it’s fundamentally flawed. If you read Smith, Ricardo and Darwin in their original books, you'll find that for Smith the geographical reach of the market was identical with the geographical reach of the law. For Ricardo, capital did not move across borders. And for Darwin it’s essential that ‘protectionism’ (e.g. by geographical isolation) has always been helpful for the evolution of diversity, and modern Darwinism hails the protection from extinction of myriads of weaker variants and genes.

On the political side we see people in most countries unhappy with globalization, i.e. the dominance of financial markets. Originally, critique of globalization was chiefly a topic for the political Left. Recently, the political Right also discovered that topic – if with a different emphasis, namely with neo-nationalism. What unites the two is the desire for controlling financial markets. What we can realistically aim at is a balance between markets and the law – fully in accordance with Adam Smith.

Balance instead of dogmatism is also the guiding principle that the Club of Rome has established in its new paradigmatic book, called “Come On!”. The Club goes as far as demanding a New Enlightenment that fits for the today’s world, a “full world”, to be distinguished from the “empty world” that existed at the time of the old Enlightenment. The Economy of the Future must be guided by more justice, more long-termism, and more balance between humans and nature.


Christian Kreiss
Bubbles, Busts and Crashes -
Why Our Economic System is Financially Unsustainable and What We Can Do About It


This lecture shows how our existing economic system necessarily triggers rising rent payments, thus creating rising inequality of wealth and income. The increasing money flows are used by the rich to invest in all kinds of fixed assets. But mass incomes lag behind creating overcapacities, forming a wedge between offer and demand: a bubble forms and an inevitable bust follows. This is where the world economy now is heading for: Sooner or later we will see a very deep recession if not worse. We could avoid an upcoming depression by very simple political measures: by reducing inequality that has built up during the last 40 years. But not only political measures are necessary. Each of us can do something to improve and heal not only our economic, but our social life. If we want to change the world, we have to change our behavior, thereby changing ourselves.



Programm

9:40 Registration

10:00 Welcome and Intro
Hubert Hasenauer, Rector of BOKU Vienna
Guenther Jedliczka, CEO of OeAD-Housing Office
Helga Kromp-Kolb, Academic Head of AEMS and Initiator of the Center for Global Change and Sustainability at BOKU Vienna

10:30 Only one planet: Boundaries economy must respect
Helga Kromp-Kolb

11:00 Doctrinaire Economics Is Outdated but Still Dangerous
Ernst Ulrich von Weizsaecker, Co-president of the Club of Rome

12:15 Lunch Break

13:15 Bubbles, Busts and Crashes -
Why Our Economic System is Financially Unsustainable and What We Can Do About It
Christian Kreiss, Professor for Finance at Aalen University

14:00 Panel discussion with H. Kromp-Kolb, E.U.v. Weizsaecker and Chr. Kreiss
Moderation: Eric Frey, Der Standard




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Datum und Uhrzeit

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Kuppelsaal, TU Wien

Karlsplatz 13

4th floor

1040 Vienna

Austria

Karte anzeigen

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