Matheus Gras­selli on math­e­mat­ics for good Eco­nom­ics

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INET has just released an inter­view with my reseach col­league and now good friend Pro­fes­sor Matheus Gras­selli, the Deputy Direc­tor of the Fields Insti­tute, one of the world’s lead­ing insti­tutes for applied math­e­mat­i­cal research. He presents a lead­ing mathematician’s per­spec­tive on math­e­mat­ics as used and abused in eco­nom­ics, and what promise there is for a bet­ter eco­nom­ics in future, based on more mod­ern math­e­mat­ics than is used in Neo­clas­si­cal DSGE mod­els. A highly rec­om­mended video:

About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.
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  • Steve Hum­mel

    I’m all for math­e­mat­ics in what­ever sphere of eco­nom­ics one wants to use it/them in, but can we solve the the fact that it costs more to pro­duce a prod­uct or ser­vice than it does to pay human beings to pro­duce it.…first?

  • Steve Hum­mel

    And please no pal­lia­tive “solu­tions” so that Finance or cor­po­ra­tions can con­tinue to dom­i­nate the mass of indi­vid­u­als. “Sys­tems were made or men, not Men for sys­tems.” No?

  • Steve Hum­mel

    Azi­zo­nom­ics made a very intel­li­gent blog post today.

    http://azizonomics.com/2013/07/05/permanent-employment-stagnation/#comment-36441

    To which I posted this reply:

    Bring on leisure. Bring on Dis­trib­u­tive money and tax­a­tion sys­tems. Bring on the cit­i­zens div­i­dend and the com­pen­sated retail dis­count of Social Credit. Even if one does not choose to believe Douglas’s A +B theorem….the real world cir­cum­stances have brought about the neces­sity of his ACTUAL solu­tions anyway…..that is if you believe that “sys­tems were made for men, not men for sys­tems.” And to any­one who doesn’t actu­ally believe that this state­ment is the cor­rect and eth­i­cal one….everyone else ought to say….Fuck off!

    RWER’s thread on this post has been very thought­ful. My last reply there:

    Eco­nom­ics will never be even a soft a sci­ence until it con­fronts the empir­i­cal mon­e­tary real­i­ties under­ly­ing its most basic actions, namely indi­vid­u­als pur­chas­ing prod­ucts and ser­vices by liq­ui­dat­ing prices with their incomes. If there is an inher­ent and con­tin­ual scarcity of total indi­vid­ual incomes in ratio to total prices, and I assert this is the case, then the econ­omy and pro­duc­tion itself is fun­da­men­tally unsta­ble and requires fix­ing. By fix­ing I do not mean any kind of pal­li­a­tion, “can kick­ing” or “foot drag­ging” strat­egy and I par­tic­u­larly do not mean any dis­trac­tion from or non-con­fronta­tion of this most basic, actual, pow­er­ful and con­se­quen­tial real­ity.
    Peo­ple REQUIRE a sup­ple­ment to their incomes, GIVEN to them in a way that does not imme­di­ately re-cre­ate the scarcity of incomes to prices which again is the inher­ent and con­tin­ual prob­lem to be solved.
    This is NECESSARY if we want to have free mar­ket real­ity instead of just free mar­ket the­ory. No one’s self inter­ested agenda, dom­i­nant posi­tion of power or opin­ion be it eru­dite or oth­er­wise has any bear­ing on this neces­sity.
    Con­front the actual real­ity. Con­front the actual solu­tion. Then act in the only way that can actu­ally resolve the prob­lem. GIVE, empha­sis GIVE, not loan the indi­vid­ual a sup­ple­men­tary income….and then let he/she spend it into the econ­omy. Then we will have an econ­omy that will be able to sta­bly fly because its most basic prob­lem has been resolved. No more delays. No more dis­trac­tions. No more non-con­fronta­tions. No more dom­i­na­tion by var­i­ous and sundry pow­er­ful enti­ties. Do it. Do it now. And do not think that it can or should be delayed. Your own progeny’s exis­tence may very well depend upon the courage and hon­esty such action requires. Surely they deserve your best effort.

  • Steve, Pro­fes­sor ! Matheus Gras­selli — wow so young to be a pro­fes­sor
    I sent him a ‘Maths bod to Maths bod’ email at the Fields Insti­tute with the link to http://www.youtube.com/watch?v=RcpNqF5WyFg — still await­ing a response so it might have been fil­tered. Next time you chat to him can you for­ward the link to him ?
    Thanks
    Damien

  • Robert K

    Hi Steve: Thanks so much for the Gras­selli inter­view; well worth the effort.

    Cheers, {: