| 11661. |
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| 11662. |
- Marmefelt, Thomas, docent, 1962-
(author)
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Artificial Intelligence, Complexity, and the Economy as Emergent Order
- 2019
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In: 31st Annual EAEPE Conference 2019.
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Conference paper (other academic/artistic)abstract
- Artificial intelligence represents technological change that allow machines to calculate by using big data. Human minds construct algorithms, which define such calculation processes, which warrant a corresponding institutional change. The algorithms themselves lack consciousness and reason. The economy is a complex social system, which constitutes an emergent order, involving self-organization. As such it is the outcome of a web of social interaction among many economic agents. Coordination among them is done through the price mechanism. The capital structure of the economy evolves over time becoming increasingly complex. Artificial intelligence and machine learning algorithms are consciously developed by humans for particular circumstances of time and place, i.e. historically specific, stable contexts, for which particular models would be suitable. Algorithms are developed by human minds to address specific contexts. However, no human mind has the knowledge required to understand the economy as a whole, because of its evolving complexity, including change and chance. Institutions guiding the development of artificial intelligence would align the values embodied in such technologies with human values, thus submitting artificial intelligence to social norms. Imitation may not be the best guide to learn moral behaviour. Instead some anchoring in intrinsic values, such as fairness and happiness, would be more effective, using computational social choice theory. Fair allocation is a crucial issue, bringing in interpersonal comparisons and relational considerations, solidarity and robustness to change. Using a utilitarian perspective, computational social choice is fundamentally consequentialist, maximizing a social welfare function, which presumes the existence of single preference ordering, hard to achieve without coercion, which is required due to complexities, that is more fine-tuning by the state. In contrast, a contractarian approach would focus exclusively on fairness, treating all cases alike, but all cases are not necessarily alike, so justice itself, as principle of social choice, is an emergent order. Both rules guiding artificial intelligence and their enforcement then become two spontaneous orders, involving a decentralized approach where many contractual arrangements establish a fair allocation, in which the economy is an emergent order. Social cooperation as near-ultimate criterion in the pursuit of happiness is compared with social coexistence as ultimate criterion, concerning the emergence of virtues of artificial intelligence.
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| 11663. |
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| 11664. |
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| 11665. |
- Marmefelt, Thomas, docent, 1962-
(author)
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COVID-19 and Economic Policy Toward the New Normal : A Monetary-Fiscal Nexus after the Crisis?
- 2020
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Reports (other academic/artistic)abstract
- Current developments during the COVID-19 pandemic involve strongly complementary monetary and fiscal policy, but both as responses to COVID-19 and not the outcome of an emergent monetary-fiscal nexus. Therefore, the ECB maintains its independence by using unconventional monetary policy measures to reach price stability, according to its mandate.This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.
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| 11666. |
- Marmefelt, Thomas, docent, 1962-
(author)
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Cultural and Religious Heritage and Multiple Digital Currencies for a Humane Economy : Standard-Based Stewardship or Preference-Based Regulation of the Blockchain in an Emergent Pan-European Order
- 2021
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In: Culture and Economics. 5th InternationalEconomic Philosophy Conference. ; , s. 30-
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Conference paper (other academic/artistic)abstract
- Alternative currencies involve private monies: complementary currencies, which coexist with national currencies, and cryptocurrencies, which are out of control of central banks, having induced plans for central bank digital currencies. Complementary currencies often have a social dimension and have an established history as moral monies contributing to community development, while cryptocurrencies may do so globally, using blockchain technology. In order to function as moral monies, the latter require standard-based stewardship, whose standards are based on virtues, shaped by the cultural and religious heritage of a society. Market economies rely on market virtues for human flourishing that have their foundation in reciprocity and mutual benefit. This paper analyzes the evolution of complementary currencies and cryptocurrencies as private monies, for a humane economy in a Pan-European context of cultural and religious diversity, where the choice of standard-based stewardship rather than preference-based regulation of the blockchain technology has a cultural foundation. Coudenhove-Kalergi’s interwar Pan-European vision, including co-evolution of ethics and technology, is combined with Röpke’s postwar notion of humane economy, reflecting a shared European cultural and religious heritage, which is Hellenistic and Judeo-Christian, given the Pan-European vision as the roots of the European Union. Standard-based stewardship of complementary currencies and cryptocurrencies is compared to preference-based regulation of central bank digital currencies, targeting total spending, nominal gross domestic product.
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| 11667. |
- Marmefelt, Thomas, docent, 1962-
(author)
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Cultural Norm Compliance and Standard-Based Stewardship of an Ecology of Alternative Currencies in a Digital World
- 2021
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Conference paper (other academic/artistic)abstract
- Macroeconomic stability is an important element of the United Nations Sustainable Development Goals. The economy is a complex social system, which constitutes an emergent order, involving self-organization. As such it is the outcome of a web of social interactions among many economic agents. Coordination among them is done through the price mechanism. The capital structure of the economy evolves over time becoming increasingly complex, using a variety of currencies. Alternative monetary arrangements today involve complementary currencies and cryptocurrencies, as private monies adapted to the capital structure, in addition to the private monies created by commercial banks when they give credit, while central bank digital currencies would be digital public monies, providing liquidity that may distort the capital structure. This paper analyzes standard-based stewardship of the blockchain, in contrast to preference-based regulation, considering intrinsic and epistemic internalization and cultural norm-based law, rather than external norm compliance and legislation. Complementary currencies often have a social dimension and contribute to sustainable community development. Cryptocurrencies involve the potential to do so on a global scale. Central bank digital currencies, issued against government securities, would be able to provide liquidity to the economy, based on NGDP targeting and carbon footprint requirements.
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| 11668. |
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| 11669. |
- Marmefelt, Thomas, 1962-
(author)
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Developing New Monetary Economics Using the Monetary Theory of Schumpeter, Mises, and Wicksell
- 2011
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Conference paper (other academic/artistic)abstract
- According to Schumpeter, money is a clearing device, a social institution rather than a commodity, and money supply constitutes a critical figure that determines the price level.Schumpeter argues that the value of money is independent of its metal content, but also finds a legally defined ticket inappropriate.He pointsout that the purchasing power of money cannot bea matter of exchange value, nor of use value, butthe purchasing power of a unit of income.According to Mises, Schumpeter tries to build a catallactic ticket theory, which requires a comparison of available tickets and opportunity space, using the sum of money incomes and the product of prices and consumption goods. He finds that the commodities relate only to circulating money, while money relates to production goods as well as consumption goods, more commonly tothe turnover of production goods to production goodsthan to the exchange of production goods for consumption goods. For Mises, the value of money must be based upon utility, but the objective exchange value of money reflects subjective individual valuations. Money is an emergent order and the intangible money emerging today represents an institutional form of money with an accounting system of exchange, moving towards Wicksell’s pure credit economy, in itself making monetary separation suitable. According to Wicksell, a pure credit economy requires that the value of money is made independent of its commodity function. Credit is a remedy to scarcity of money, while bills of exchange increase virtual velocity. He argues that the unit of value should be independent of material thingsand thatthe inconvertible paper coinis used as credit medium, implying an abstract medium of account. The New Monetary Economics involves a functional separation of monetary functions making units and media of account distinct from media of exchange. In the Black-Fama-Hall (BFH) system, developed by Yeager and Greenfield, the unit of account is physically defined by the state as a non-convertible nearly comprehensive commodity bundle, which constitutes the critical figure in such a system, while the media of exchange are privately issued.This is contrasted to separation of the functions of media of account from media of exchange, where the media of account are abstract, such as Meulen’s banknote pound.These two approachesto the media of account are analyzed from the perspective of Schumpeter, Wicksell, and Mises.
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| 11670. |
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