Category Archives: ECAEF | CEPROM

ECAEF CEPROM

CEPROM/ECAEF Conference Postponed to 30 MARCH 2021

Due to the current development of the Covid 19 pandemic regretfully we are forced to postpone our V. CEPROM/ECAEF Conference (scheduled Dec. 16, 2020) to March 30, 2021. Please mark your calendar. We apologize for the inconvenience and will keep you posted.

Principality of Monaco:

V. International
CEPROM/ECAEF Conference

(In honor of Jacques Rueff, 1896-1978)

Topic:

“Is the Public Interest
really in the public’s interest?”

– with Lessons from the Past Pandemic –

The conference is developed and organized by ECAEF (European Center of Austrian Economics Foundation, Liechtenstein). It is hosted by CEPROM (Center of Economic Research for Monaco). By invitation only. Stay tuned for updates regarding the Conference Program.

Designed and Arranged by ECAEF – European Center of Austrian Economics Foundation (LI)

Locally hosted and organized by CEPROM- Center of Economic Research for Monaco (MC)

By invitation only

Academic Director: Kurt R. Leube (ECAEF; krleube@gmail.com)
Administrative Director: Emmanuel Falco (CEPROM; cecile@mlp.mc)
Media Contacts: nsaussier@palais.mc
Conference Date: 30 March 2020
Location: Musee Oceanographique de Monaco, Principality of Monaco
Conference Languages: English/French; simultaneous translation

Conference Program

09:00-9:30 Registration
09:30-9:45 Welcome: H.S.H. Prince Albert II and H.S.H. Prince Michael of Liechtenstein

9:45-12:00
Session I: The Public Interest: On its Substance as a Governmental Concept
09:45-10:00 Chair: Peter A. Fischer (CH)
10:00-10:30 Limits and Necessities of Regulation: Public Interest Lessons from the Past Pandemic – Henry I. Miller (USA)
10:30-10:45 Discussion
10:45-11:15 Coffee break for all participants
11:15-11:45 A false Dichotomy? The Public Interest and Inequality – Axel Kaiser (CL)
11:45-12:00 Discussion

12:00-13:45 Break

13:45-15:30
Session II: The Public Interest: On its Meaning as an Economic Policy Function
13:45-14:00 Chair: Carlos A. Gebauer (D)
14:00-14:30 Bliss Point Economics: On the Root of Public Interest Evil – Terry L. Anderson (USA)
14:30-14:45 Discussion
14:45-15:15 In the Name of the Public Interest? Government Debts and Reckless Monetary Policies – Lars P. Feld (D)
15:15-15:30 Discussion
15:30-16:00 Coffee break for all participants

16:00-18:00
Session III: The Public Interest: As a Guide to and a Fact-Check on Public Policy Measures
16:00-16:15 Chair: Peter A. Fischer (CH)
16:15-16:45 Conjectures, Refutations or Fakes? Only an Unbiased Science is in the Public’s Interest – Josef H. Reichholf (D)
16:45-17:00 Discussion
17:00-17:30 On the Zeitgeist and the Public Interest – Johan Norberg (S)
17:30-17:45 Discussion
17:45-18:00 Closing Remarks: Kurt R. Leube (A/USA)
18:00 End of Conference

Please note: Some paper titles might be edited or changed.

Mark your Calendar: IV. International ECAEF/CEPROM Conference on Dec 10 in Monaco

gottfried-von-haberler-conference-2019
ECAEF/CEPROM Conference, Monaco, Dec 10, 2019

“If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand”.  Milton Friedman (1912-2006)


Topic of the IV. International ECAEF/CEPROM Conference:

Towards a Viable Alternative

Markets and Entrepreneurship
to Protect the Environment

The IV. International ECAEF/CEPROM conference in Honor of Jacques Rueff*  is an academic event by invitation only, planned and organized by ECAEF –
European Center of Austrian Economics Foundation (FL); hosted
by CEPROM – Center of Economic Research for Monaco (MC).

Academic Director: ECAEF: Kurt R. Leube (krleube@gmail.com)
Administrative Director: CEPROM: Emmanuel Falco (cecile@mlp.mc)
Media Contacts: nsaussier@palais.mc
Conference Date: Dec. 10, 2019 (by invitation only)
Location: Musee Oceanographique de Monaco, Principality of Monaco
Conference Languages: English/French; simultaneous translation.

Dec 9, 2019:
Opening Dinner at the Hotel Ermitage in the presence of H.S.H. Prince Albert II. for invited guests and speakers only. Dinner speaker: Henrique Schneider (CH) on “Climate Change and Global Governance: A Dilemma”.

Conference Program

09:00-9:30 Registration
09:30-9:45 Welcome by H.S.H. Prince Albert II and H.S.H. Prince Michael of Liechtenstein

Session I:  All Flows, Nothings Stays: The Environment and Natural Change (9:45-12:00)

10:00-10:30 “Our not so Stable Ecological Past: A Brief History” – Josef H. Reichholf (DE)
10:30-10:45 Discussion
10:45-11:15 Coffee break
11:15-11:45 “Apocalypse Not: Despite Fluster and Fear Mongering, there is Progress” – Johan Norberg (SE)
11:45-12:00 Discussion

12:00-13:30 Luncheon for speakers and invited guests

Session II: Private Vices – Public Benefits (13:30-15:15)
13:30-13:45 Chair: Henrique Schneider (CH)
13:45-14:15 “The Tragedy of the Commons and Emerging Property Rights” – Pedro Schwartz (ES)
14:15-14:30 Discussion
14:30-15:00 “On the Abuse of Reason and Science” – Hardy Bouillon (DE)
15:00-15:15 Discussion

15:15-15:45 Coffee break

Session III: Care for the Environment? Unleash the Markets! (15:45-18:00)
15:45-16:00 Chair: Carlos A. Gebauer (D)
16:00-16:30 “Saving Nature from Politics: a Classical Liberal Approach to Effective Environmental Protection” – Axel Kaiser (CL)
16:30-16:45 Discussion
16:45-17:15 “Nature and Markets: The Case for the Enviropreneurs” – Terry L. Anderson (US)
17:15-17:45 Discussion (topical/general)
17:45-18:00 Farewell Remarks: Kurt R. Leube (A/USA)
18:00 End of Conference

18:30-20:00 Farewell Reception for speakers and invited guests hosted by H.S.H. Prince Albert II at the Princely Palace

Are Cryptocurrencies a Road to a Denationalization of Money?

by Emanuele Canegrati*

This paper was presented at the III. ECAEF/CEPROM Conference on “Concurrent Currencies: Curse or Cure?” in Monaco on Dec. 6, 2018. These academic conferences in honor of Jacques Rueff are planned and organized by ECAEF (European Center of Austrian Economics Foundation, Liechtenstein) and hosted in Monaco by CEPROM (Center of Economic Research for Monaco).

Abstract

Over the last several years very few topics have entered the debate of the financial world more than the entire subject of cryptocurrencies. This new type of monies has sparked a fierce discussion among economists, politicians, financial experts and entrepreneurs over their nature, functions and their value. Creators of these blockchain technology-based currencies believe they are the future of the global monetary system, where all transactions will be executed digitally, in a simple yet safe manner. Their detractors however, simply believe they are the greatest bubble ever seen in the history of finance.

III. ECAEF/CEPROM CONFERENCE, MONACO 2018
Concurrent Currencies. Curse or Cure? Papers of the III. ECAEF/CEPROM Conference

And yet, the proliferation of these currencies hints that a new era is dawning, where private, digital currencies will replace those of issued by the State. This revolution has been envisaged by Friedrich A. von Hayek in his 1976’s book “The Denationalization of Money”, where he backed the idea of a monetary system made of private currencies created by issuers to compete for acceptance on the market, while replacing government issuance of a national currency, use of which is imposed in the form of legal tender laws. Until the advent of the blockchain technology, Hayek’s idea seemed only a chimera. Now, with the technology available to everyone, more and more people realize that the chimera of denationalization of money is turning into reality.

Introduction

In his 1976’s book “The denationalization of money”, Friedrich A. von Hayek backed the idea of a monetary system made of private currencies created to compete for acceptance on the market, while replacing government issuance of a national currency, use of which is imposed in the form of legal tender laws. Hayek’s proposal aimed to create a free market-based monetary system and break up the central banks’ monopoly in money creation.

Hayek did not think of a monetary system made of an infinite number of currencies, as he specified in his 1978 revised and enlarged edition “Denationalization of Money: The Argument Refined”, where he maintained that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards …

Read the full version here ->
Cryptocurrencies Road to Denationalization of Money (.doc)


*Emanuele Canegrati is an economist, senior analyst at the London-based Forex broker BP Prime. He is a Faculty Member of the Liechtenstein Academy Foundation. He works as economist at the Italian Parliament and the Italian Ministry of Economy. He is a guest professor of Economics at LUISS University and La Sapienza University in Rome. He was Visiting Fellow at the London School of Economics and at the Luxembourg Income Study Office. This paper was presented at the Annual Conference of the Center of Economic Research for Monaco (CEPROM), held at the Oceanographic Museum in Monaco, 5 – 6 December 2018, Monaco.

Let People Decide Freely What Money They Want to Use

by Johan Norberg*

This paper was presented at the III. ECAEF/CEPROM Conference on “Concurrent Currencies: Curse or Cure?” in Monaco on Dec. 6, 2018. These academic conferences in honor of Jacques Rueff are planned and organized by ECAEF (European Center of Austrian Economics Foundation, Liechtenstein) and hosted in Monaco by CEPROM (Center of Economic Research for Monaco).

As I was pondering the origin and purpose of money, a friend brought me back to reality. He sent me a message from school about a problem with snack boxes. Apparently, the children had started trading food with one another, and turned school into a wild marketplace. Puffed rice cakes in the boxes created bigger problems than anything else because the children had started using them to pay for other goods, and even to buy help and services.

III. ECAEF/CEPROM CONFERENCE, MONACO 2018
Concurrent Currencies. Curse or Cure? Papers of the III. ECAEF/CEPROM Conference

This school doesn’t have a central bank, and yet, the children developed a medium of exchange with all the textbook attributes: It is standardised so that it functions as a unit of account – whereas the fruits they bring vary in quality and size, rice cakes come from the same producer and each unit has the same diameter, weight and taste. And it is a store of value, since it is more durable than perishable fruit. Unlike our fiat money, it is also based on something of real value. If the owner does not want to save for the future, he can always eat his rice cake.

This little story reveals why Carl Menger’s theory of the origin of money as an organic process – “Money has not been generated by law. In its origin it is a social, and not a state institution”1 – is much more realistic than the idea that it started as a government edict. Menger meant that bartering was a hassle since it took a double coincidence of wants. If the baker does not want a copy of my book, I have to find a butcher who does who is willing to exchange it for meat that the baker wants, in order to get my bread. People learn that this hassle is reduced the moment they trade with some good that is in demand by most people. This good eventually becomes money.

This is also the evidence from economic history. Archaeological and historical records show that early civilisations traded with the help of goods like stones, shells, barley, furs and salt. As they became more advanced they began to use precious metals like gold and silver. Puffed rice cakes fits into a long history of economic behaviour …

Read the full version here ->
Let People Decide (PDF)


*Johan Norberg is a Swedish author and historian, devoted to promoting economic globalization and what he regards as classical liberal positions. This paper was presented at the Annual Conference of the Center of Economic Research for Monaco (CEPROM), held at the Oceanographic Museum in Monaco, 5 – 6 December 2018, Monaco.

Régimes monétaires et cultures économiques

Jörg Guido Hülsmann*

This paper was presented at the III. ECAEF/CEPROM Conference on “Concurrent Currencies: Curse or Cure?” in Monaco on Dec. 6, 2018. These academic conferences in honor of Jacques Rueff are planned and organized by ECAEF (European Center of Austrian Economics Foundation, Liechtenstein) and hosted in Monaco by CEPROM (Center of Economic Research for Monaco).

La liberté monétaire est-elle un mal à éviter, ou au contraire un remède à rechercher ? Cette question a été abordée maintes fois dans l’histoire de la pensée économique depuis le 16e siècle. Elle a été abordée essentiellement, et à juste raison, des points de vue économique et politique. Sans doute trouvons-nous ici le cœur de la question. Il est nécessaire d’avoir des idées claires sur les conséquences économiques et politiques qui découlent de la liberté monétaire, par opposition au traditionnel monopole régalien, avant de trancher sur sa mise en place, ou non.

III. ECAEF/CEPROM CONFERENCE, MONACO 2018
Concurrent Currencies. Curse or Cure? Papers of the III. ECAEF/CEPROM Conference

Cependant, il convient de porter l’attention également sur ses ramifications culturelles. L’on peut reconnaître l’arbre par tous ses fruits, pas seulement par ses avantages et inconvénients économiques. Les institutions monétaires ne mènent pas une existence autonome, séparée du reste de la vie humaine. Elles ont forcément des ramifications sur le vivre ensemble des citoyens ; sur leurs priorités ; sur leurs manières de regarder le monde ; sur ce qu’ils aiment et détestent ; sur ce qu’ils considèrent être un problème ; et sur ce qu’ils pensent être une solution.
Mais quel est le poids de cet impact culturel de la monnaie ? Surtout, comment se manifeste-t-il concrètement ? Quels sont les mécanismes qui sont ici à l’œuvre ?

Le temps qui nous est imparti ne permet malheureusement pas de faire un tour complet de la question. Nous allons nous concentrer sur les mécanismes les plus importants, et nous allons les mettre en relief en comparant deux régimes monétaires diamétralement opposés, celui de la liberté monétaire, d’un côté, et le régime de l’interventionnisme monétaire qui prévaut aujourd’hui dans la quasi-totalité des pays du monde.

Dans ce qui suit, nous allons donc d’abord esquisser les traits caractéristiques de ces régimes monétaires et leurs conséquences sur les prix (I). Puis nous allons rappeler les principaux points de critique qui sont typiquement adressés à l’interventionnisme monétaire (II) avant de présenter, en plus de détail, ses conséquences culturelles (III) …

Read the full version here ->
Régimes monétaires et cultures économiques (PDF)


*Jörg Guido Hülsmann is a German-born economist of the Austrian School of economics who studies issues related to money, banking, monetary policy, macroeconomics, and financial markets. Hülsmann is professor of economics at the University of Angers’ School of Law, Economics, and Management. This paper was presented at the Annual Conference of the Center of Economic Research for Monaco (CEPROM), held at the Oceanographic Museum in Monaco, 5 – 6 December 2018, Monaco.