FMM: Towards Pluralism in Macroeconomics? Welcome
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and let me say that I am delighted grateful and thankful to have been invited to contribute to this session of the 20th Conference of the research Network macroeconomics and macroeconomic policies the FM network the fmm Network seeks to promote an exchange of ideas between competing theoretical paradigms in terms of its organization it is based at the macroeconomic policy institute imk hahnsbach foundation based in Dusseldorf it is politically independent and directed by a Coordinating Committee of 16 members with a special focus on supporting young economists a very important focus might I add I was actually invited to one of the first conferences if not the first one in 1997 when there were a small number of participants in fact there were only 35 with 14 papers I must thank Eckhart who was so helpful then and ever since I very much like to take this opportunity to comment on Eckerd role in promoting the internationalization of the fmm network and related conferences eckers contribution has been phenomenal in letters all thing occurred most warmly due to a cos major role in terms of internationalizing the conferences and of course the relevant contributions of the rest of the organising committee members there has been an increasing number of participants and delighted to observe that the number increased to 200 participants in an after 2007 when in 2007 financialization was the topic of that conference at there I time my diet and a very topical one not only at that time but of course ever since there are now more than 300 attendees from around the world with more than 120 papers over the 20 years of well-organized and always up-to-date contributions the conferences have been extremely interesting and topical just three relevant points the first is that they have highlighted the problems of what we call these days or what they call these days the new consensus macroeconomics suggests the representative and fully rational agent absence of distributional effects nobody would ever default in view of the trans versality condition thereby implying absence of the financial sector and money one type of policy only monetary policy with one objective namely price stability and one instrument to achieve it the rate of interest no role for fiscal policy or indeed other policies the emphasis on the micro foundations of macroeconomics which totally ignores Keynes's fallacy of composition and many other problems the second point is the contribution to the development of Keynesian post-keynesian a comics namely the importance of a kekkai demand and sufficient productive capacity accounting for a monetary production economy in which finance and credit play a significant role along with the notion that there is often of an inadequacy of aggregate demand relative to what would be required for full employment of the factors of production with no market-based mechanism in existence to propel the level of aggregate demand to any specific level of output thereby relevant economic policies are required such as fiscal monetary and financial stability policies and most importantly coordination of them emphasizing distributional effects which are seriously taken on board along with financialization and other important relevant issues the other own focus of economic analysis should be sustainable and equitable economic development and growth full employment should be the objective of economic policy achieving such objectives requires the maintenance of a high level of aggregate demand and sufficient productive capacity the third point I like to make is that pluralism in economics has also been very much emphasized as this is highlighted by by this year's conference all the conference's have been relevant to what I have just pointed out but a couple of examples would make the point stronger the 2008 conference macroeconomic policies on shaky foundations with the mainstream economics the 2009 conference on the world economy in crisis the return of Keynesianism the 2010 conference on stabilizing and unequal economy public debt financial regulation and income distribution the 2012 conference on the state of economics after the crisis the 2014 conference on inequality and the fear and the food in the future sorry of capitalism and of course this year's conference on towards pluralist in macroeconomics in addition the fmm Network contains two important activities the biannual okaz summer school and the introductory lectures from post-keynesian economics at each conference both for graduate students these activities are enormously to the current and future promotion of Keynesian is thought Keynesianism with special focus on supporting young economists I should also mention the relationship of the fmm network with a European Journal of economics and economic policies intervention a JEP as it is now called which is an important journal especially so in terms of the focus of the fmm conferences papers and proceedings of the fmm conferences are published in the a JEP journal in fact the second annual issue of each years a JEP is the special issue out of the fmm conferences conference papers re and Proceedings of the same year this is an extremely important development worth emphasizing it is not at all surprising therefore that the fmm network and series of conferences and colonization of conferences with other networks have contributed to the increased demand for pluralism or for pluralist economics further strong evidence on this issue is the student demand for example in the United Kingdom and and fewer elsewhere of course but more emphasis on pluralist in the economics sorry for more flurries emphasis in the economics decrease also there are the established and developing the relevant networks and relevant initiatives that fmm has been collaborating with such as for example the post-keynesian economics were workshop at the University of Tennessee Knoxville in the United States state which promoted relevant ideas but ended when Paul Davidson retired a few years ago the Bilbao in Spain conferences the cancer city in the United States conferences the post-keynesian study group in the United Kingdom the Brazilian keynesian Association AKB conferences and the recently established opus 2015 Greenwich political economy Research Centre in the United Kingdom which has research collaboration with the foundation for European progressive studies what is called F EPS there is also our Cambridge annual conference which is run by malcolm sawyer and myself at the end of march at st. Catharines College in Cambridge University of Cambridge which is on political economy issues it is repeated at the bilbao annual conference at the end of june and the contributions are subsequently published in a book form of for our international papers in political economy what we call IP PE I am sure there are other links with the FMF mmm there these are just a few examples of the current and no doubt future state of Keynesian post-keynesian and pluralist economics which is very promising indeed the organizers of this conference are very keen that we celebrate on this occasion not merely the fmm Network and conferences but also the whole community I have no doubt in my mind that given the enormous success of the fmm conferences and of course other ones over the last 20 years or so I suggest that equal if not more success will be forthcoming in the next 20 years and more more relevant details on the fmm initiatives are provided in the 2009 paper by Eckhart and Jung entitled the research network macroeconomics and macroeconomic policies F mmm past present and future published in what is now labeled as the European Journal of economics and economic policies intervention EJ AAP volume 6 number two pages 163 66 273 which I strongly recommend finally I very much like to thank Eckert and the rest of the fmm members of the organizing committee for their kind invitations over the last 20 years and looking forward to today's and future F mm conferences many warm thanks indeed with equal equally warm congratulations on such successful conferences and relevant networks thank you very much indeed

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