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MiR@W day: The Dynamics of Money

4 February 2019

Organisers: Sam Forbes, Stefan Grosskinsky, Alexander Karalis Isaac (Economics)

Confirmed speakers: Giacomo Livan (UCL), Rob Macquarie (Positive Money), Marcus Miller (Warwick)

What is money?
For the ordinary person, money is what you need to pay the bills and lead a decent live in a capitalist society. And, unfortunately it does not grow on 'magic money trees', as assured to us by the PM as the main reason for 10 years of austerity policy.
For the economist, money is a medium of exchange for goods or services within an economy, and has further functions as a unit of account, a store of value or a standard for repayment of debts.
From a mathematical modelling perspective, money is also a locally conserved quantity that is created by well-defined sources within the economy, similar to energy in an open nonequilibrium physical system.
While not trees in a traditional sense, the sources of money creation certainly appear 'magic' to many of us who have little background in this area, and are an interesting topic to learn more about.

The aim of this meeting is to bring together researchers from economics and mathematical modelling to exchange ideas on how to model monetary dynamics and its impact in the modern economy. The 2008 financial crisis triggered renewed scientific interest in this question, and has seen a revival of quantitative monetary theories from the past. It has also led to calls for alternative monetary systems, which allow the state to take back control of money creation. We also plan to have one or two talks aimed at a general audience (including scientists), to illustrate how the current monetary system influences the every-day lives of ordinary people, e.g. by facilitating an upward spiral in house prices.

Proposed schedule:

11-12: Introductory talk on the current monetary system (Alexander Karalis Isaac)
12-1: lunch
1-3: talks
3-3:30: coffee break
3:30-6: talks, including one or two aimed at the general public
from 6: some drinks and nibbles for all and hopefully some discussions
around 7: dinner with speakers