Webinar: What do economists have to say about the challenges of our time?

The Centre for Political Economy, Governance, Finance and Accountability (PEGFA)researches pathways to a green, caring and equitable economy, financial system, and society.

PEGFA, University of Greenwich

Webinar series exploring the economic questions of our time from a heterodox and pluralist perspective | Every Thursday 3pm

The scale of the COVID-19 crisis and its economic impact is unprecedented. Yet even before the public health crisis struck, there were serious questions about the ecological, financial and social sustainability of our economy. As economists from the <a href="https://www.gre.ac.uk/business/research/centres/gperc/gperc" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Greenwich Political Economy Research Centre</a> and <a href="https://www.gre.ac.uk/business/research/pegfa" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">the Institute of Political Economy, Governance, Finance and Accountability</a> (PEGFA), we are hosting a series of webinars exploring the economic challenges of our time: from COVID-19 to the ecological, financial and social sustainability of modern capitalism. Every week at 3pm, a leading researcher from our research centre will run a free online seminar on their area of expertise, to help us make sense of these tumultuous times. Programme<ul><li>Tuesday July 14: Is the European Green Deal ambitious enough? </li></ul>We will send an email with the link to the webinar 3 days before the event. If you sign up after this date, we will send another email at 2.40pm, just before the event starts. If you want to join the event but haven&#x27;t signed up by 2.40pm, please email gprec.gre.ac.uk and we will try to get back to you as soon as possible with the link. May 21

Title: Fighting the COVID-19 emergency and relaunching the European economy: debt monetization and recovery bonds<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/alberto-botta" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr Alberto Botta</a>, Senior Lecturer in economics at the University of Greenwich and member of the Institute of Political Economy, Governance, Finance and Accounting (PEGFA).Abstract: In this work, we analyse some peculiar characteristics of the current Covid-19 led economic crisis. We stress its exogenous nature with respect to Eurozone countries, as well as the complex mix of supply and demand shocks it entails. We suggest two intertwined policy measures in order to tackle the emergency phase of the crisis and the subsequent recovery. We first advice the pervasive intervention of Eurozone governments in support of business and households income in the context of the “suspended” economy that measures against the diffusion of Covid-19 have forcefully given rise. We advise the ECB to fully monetize all public expenditures linked to this emergency plan. With no signs of inflationary pressures coming, the ECB intervention would avoid Eurozone governments to pile up considerably higher stocks of debts. In the aftermath of the emergency phase, we suggest the implementation of a massive Europe-wide recovery plan centred on public investment addressing the long-lasting technological and environmental challenges of these years, and financed by European institutions through the issuance of European Pandemic Recovery Bonds (EPRBs).Bio: Alberto Botta is Senior Lecturer in economics at the University of Greenwich and member of the Institute of Political Economy, Governance, Finance and Accounting (PEGFA). His research activity focuses on macroeconomic dynamics in the euro area as well as financial instability and economic development in both developed and developing countries. On these topics, Alberto has published several articles on peer-reviewed journals such as Journal of Economic Behavior and Organization, Macroeconomic Dynamics, Cambridge Journal of Economics and Journal of Evolutionary Economics.Paper: Debt Monetization and EU Recovery Bonds 2019, Alberto Botta, Alberto Russo, Eugenio Caverzasi. <a href="https://www.feps-europe.eu/resources/publications/721-debt-monetization-and-eu-recovery-bonds.html" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Policy Paper </a>May 28

Title: Investing in social infrastructure and equality: lessons for macroeconomic policy from the pandemic <a href="https://www.gre.ac.uk/people/rep/faculty-of-business/ozlem-onaran" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Professor Özlem Onaran</a>, Professor of Economics at the University of Greenwich, and the co-director of the Institute of Political Economy, Governance, Finance and Accountability (PEGFA).Abstract: Professor Özlem Onaran will speak on the demand and supply side effects of public investment in social and physcial infrastructure to rebuild the economy in the aftermath of the Covid19 crisis, focusing on the interaction of gender, income and wealth inequalities, employment, productivity and output. The research results show that in order to solve inequalities, socio-economic and ecological sustainability problems, investing in care and green economy and taxing wealth to fund this investment offers a viable policy package. These effects are strongest when coordinated across countries, but fiscal policy effects are still very strong even when applied in a single country. She will present a policy mix of social and physical public investment which adequately values the care economy, increasing wages of women and men with closing the gender gaps via upward convergence, and progressive income and wealth taxation. The presentation builds on the research at the University of Greenwich, and the co-director of the Institute of Political Economy, Governance, Finance and Accountability (PEGFA). See below for papers. Bio: Özlem Onaran is Professor of Economics at the University of Greenwich, and the co-director of the Institute of Political Economy, Governance, Finance and Accountability (PEGFA). She has done extensive research on issues of inequality, wage-led growth, employment, fiscal policy, and gender. She has directed research projects for the UN International Labour Organisation, UNCTAD, ESRC Rebuilding Macroeconomics, the Institute for New Economic Thinking, the Foundation of European Progressive Studies, the Vienna Chamber of Labour, the Austrian Science Foundation, and Unions21. She is member of the Policy Advisory Group of the Women’s Budget Group, the Scientific Committee of the Foundation of European Progressive Studies, Scientific Advisory Board of Hans Boeckler Foundation, and member of the Coordinating Committee of the Research Network Macroeconomics and Macroeconomic Policies, and a research associate at the Political Economy Research Institute of the University of Massachusetts, Amherst. She has more than eighty articles in books and leading peer reviewed journals such as Cambridge Journal of Economics, World Development, Environment and Planning A, Socio-Economic Review, Development and Change, Public Choice, Economic Inquiry, European Journal of Industrial Relations, International Review of Applied Economics, Structural Change and Economic Dynamics, Eastern European Economics, and Review of Political Economy. Before joining the University of Greenwich in 2012, Özlem has worked at several universities including the University of Westminster, Middlesex, the University of Applied Sciences-Berlin, Vienna University of Economics and Business, and Istanbul Technical University, and the Yapi Kredi Bank, Istanbul.Paper: Onaran, O, Oyvat, C., Fotopoulou, F. 2019. The effects of gender inequality, wages, wealth concentration and fiscal policy on demand, productivity, employment and public finance., ESRC/Rebuilding Macroeconomics Project. <a href="https://gala.gre.ac.uk/id/eprint/24018/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Report </a>and <a href="https://gala.gre.ac.uk/id/eprint/24735/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Policy Brief.</a>Obst, T., Onaran, Ö., Nikolaidi, M. 2020 “The effects of income distribution and fiscal policy on aggregate demand, investment and the budget balance: the case of Europe”, Cambridge Journal of Economics, https://doi.org/10.1093/cje/bez045Onaran, Ö. and Galanis, G. 2014 “Income distribution and aggregate demand: National and global effects” Environment and Planning A, 46 (10). 2489-2513Oyvat, C., Onaran, O, 2020. The effects of public social infrastructure and gender equality on output and employment: the case of South Korea. <a href="http://research.american.edu/careworkeconomy/wp-content/uploads/sites/2/2020/03/OzlemOnaranPDFTOPOST-1.pdf" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">CWE-GAM Working Paper</a>: Program on Gender Analysis in Economics (PGAE) June 4

Title: COVID-19 and the public finances: Another ten years of austerity?<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/dr-robert-calvert-jump" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr Rob Jump</a> is research fellow at the University of Greenwich, based in the Institute of Political Economy, Governance, Finance and Accountability.Bio: Dr Rob Jump research fellow at the University of Greenwich, based in the Institute of Political Economy, Governance, Finance and Accountability. He is a member of Reteaching Economics and an associate editor at the Review of Social Economy and Review of Evolutionary Political Economy.Most of his work is on macroeconomics and public policy. He is particularly interested in the sources of economic instability, including financial cycles, self-fulfilling expectations and hysteresis, and institutional changes that might mitigate their effects. More recently he has been working on the political economy of Brexit alongside co-authoring an<a href="https://www.ippr.org/research/publications/inside-the-black-box" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer"> IPPR report</a> on public finances in the wake of COVID-19. A selection of recent papers is listed below - the full list can be found <a href="https://scholar.google.com/citations?hl=en&amp;user=KFaPh80AAAAJ" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">here</a>. June 11

Title: Class in the time of COVID-19: how the crisis has exposed class dividesBen Tippet is an author of <a href="https://www.plutobooks.com/9780745340210/split/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Split: Class Divides Uncovered</a> and PhD student at the University of GreenwichAbstract: How can we make sense of a world where we have both too many billionaires and too many foodbanks? We're supposed to go to university, forge a career, get wealthier, buy a house - but why is that so hard for most of us to achieve? Split makes sense of our world by looking at class society - delving into the deep-rooted economic inequalities that shape our lives. From the gig economy, rising debt and the housing crisis that affects the majority of people, to the world of tax havens and unfair inheritance that affect the few. This talk will look at how COVID-19 has shaped these dynamics and analyse the potential for a fairer world as we emerge from the crisis. Bio: Ben Tippet is author of <a href="https://www.plutobooks.com/9780745340210/split/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Split: Class Divides Uncovered</a>, which asks how we can make sense of a world where we have both too many billionaires and too many foodbanks? His PhD thesis researches the determinants of wealth concentration, with a particular focus on the role class, financialisation and taxes play in increasing inequality. He is a researcher for The Transnational Institute and has written for Novara, Labour List, the Fabian Society and Economy.June 18

Title: Greening the Bank of England COVID-19 QE programme<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/maria-nikolaidi" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr. Maria Nikolaidi </a>is a Senior Lecturer in Economics at the University of Greenwich.Bio: Dr. Maria Nikolaidi is an expert in ecological macroeconomics, stock-flow consistent modelling and financial macroeconomic analysis. She has published in internationally recognised journals, including the Cambridge Journal of Economics, Ecological Economics, the Journal of Economic Surveys and Structural Change and Economic Dynamics. She is a member of the committee of the Post-Keynesian Economics Society (PKES) and she is also a Fellow at the Forum for Macroeconomics and Macroeconomic Policies (FMM). She has worked in projects on ecological macroeconomic modelling, the climate effects of the Eurosystem collateral framework and the links between income distribution and growth.June 22

Title: Cooperatives: democracy, equality, and efficiencyDr Adotey Bing-Pappoe is a lecturer in International Business and Economics at the University of GreenwichBio: Dr Adotey Bing-Pappoe is an expert in cooperatives. He is current Secretary of the <a href="https://www.afrikancooperativeunion.com/profile/adotey-bing-pappoe/" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Afrikan Cooperative Union</a> and is leading on the credit union initiative. He has previously worked as an economist in Zambia, edited reference books on Africa, and been director of the Africa Centre, London. July 2

Title: Reflections on innovation policy after Covid-19: What does the microeconometric evidence tell us?<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/mehmet-ugur" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Professor Mehmet Ugur</a>, Professor of Economics and Institutions at the University of Greenwich Bio: Professor Mehmet Ugur has led and managed research projects funded by the European Commission, the Department for International Development (DFID), and the Economic and Social Research Council (ESRC). He is also co-convenor for the Cochrane and Campbell Collaborations Economics Methods Group (CCEMG) and coordinator of the Centre for Economic Performance, Governance &amp; Regulation (CEPGR) in the Business School.July 9

Title: The political economy of income distribution – why is income inequality increasing and what can we do about it?<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/alexander-guschanski" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr Alexander Guschanski</a> is a lecturer in economics at the University of Greenwich and a member of the Institute of Political Economy, Governance, Finance and Accountability
The last 40 years have seen a remarkable decline in the share of wages in GDP in advanced and emerging economies. This trend coincided with an increase in personal income inequality, driven by increasing top-income shares and stagnant income at the bottom of the distribution. Are these unavoidable outcomes in the age of automation or can we design economic policies to reverse these trends? What role can labour unions play in the context of a globalised economy? This talk, first, discusses competing explanations for the decline in the wage share, focusing on the role of technological change, a decline in the bargaining power of labour, and the rise of superstar firms. Second, we present our empirical analyses of the determinants of the wage share, based on industry- and firm-level data. Our results suggest that the wage share declined due to a fall in labour’s bargaining power driven by integration into global value chains, the rise of shareholder value orientation, and changes in labour market institutions such as union density and social government expenditure. Finally, we will briefly discuss how the Corona crisis might have impacted these processes and consider policies aimed at reducing income inequality. 
Bio: Dr Alexander Guschanski's research focuses on the determinants of functional income distribution at the industry and firm level, unemployment and trade imbalances and has been published by peer reviewed journals such as the Cambridge Journal of Economics. He has been part of the German Network for Pluralist Economics since its founding days and has written for various think tanks and civil society organisations such as the New Economic Foundation, the Institute for Public Policy Research, and the Fabian Society.July 14

Title: Is the European Green Deal ambitious enough?<a href="https://www.gre.ac.uk/people/rep/faculty-of-business/rafael-wildauer" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr Rafael Wildauer</a>, lecturer in economics at the University of Greenwich The European Green Deal (EGD) is the European Union’s flagship strategy to tackle climate change. This webinar compares the ambition and scale of the EGD with the current relevant scientific literature. The goal is to assess whether the current proposals are capable of fulfilling the EU’s commitment to limit global warming to 1.5°C in line with the Paris Agreement. Special focus will be paid on investment requirements in order to achieve carbon neutrality.Bio: Rafael Wildauer&#x27;s research focuses on four areas: First, the investigation of the effects of changes in the distribution of income on economic growth and the indebtedness of the household sector; second, statistical modelling of the distribution of household wealth based on survey data; third, the development of empirical stock flow consistent macroeconomic models for forecasting and structural policy analysis; and fourth, the analysis of national accounts, both with respect to the limitations which come with the attempt to measure household well-being instead of actual incomes and expenditures as well as the distortions in GDP and trade data due to corporate tax avoidance.Postponed until Autumn

Title: Covid-19: is this the end of financialization? <a href="https://www.gre.ac.uk/people/rep/faculty-of-business/jeff-powell" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Dr Jeff Powell</a>, Senior Lecturer in Economics at the University of Greenwich Bio: Dr Jeff Powell is a founding member of Reteaching Economics. He completed doctoral studies in economics at the School of Oriental and African Studies, University of London. His research looked at the distinctive nature of the financialisation of emerging capitalist economies, with a focus on the changes in the funding and investment behaviour of Mexican non-financial firms. Previously, Jeff worked as Policy &amp; Campaigns Director of UK development NGO War on Want, and was Director of the UK NGO the Bretton Woods Project, scrutinising the policies and projects of the international financial institutions. He has extensive experience in community-led economic development projects from Southeast Asia toThese events are supported by the<a href="https://www.gre.ac.uk/business/research/pegfa/home" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer"> Institute of Political Economy, Governance, Finance and Accountability</a>. We are a research centre based at the Univesrity of Greenwich, analysing economic, social and corporate practices and issues from political, economic, governance and risk perspectives.

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Webinar: What do economists have to say about the challenges of our time?

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