Speaker: Dr. Corrado Di Guilmi

Time: 4:00-5:00p.m., 13 Nov 2019 (Wed)

Venue: T2-101

Language: English

Abstract:

The dominant neoclassical paradigm in economics postulates that remuneration of capital and labour in the long run should equate the contribution of each factor to production. However, the evidence of the last decades for the US and other developed economies show increasingly divergent dynamics for productivity and share of output for capital and labour. Given the impossibility of reconciling theoretical foundations with empirical evidence, neoclassical economics appears to be poorly equipped to deal with distributional issues and to device proper policy tools to prevent harmful levels of income and wealth concentration. The talk will review the evidence and attempt to show that complexity economics provides and alternative paradigm and arguably sounder tools to explain empirical evidence, analyse the underlying dynamics of accumulation, and identify policy prescriptions for a socially sustainable growth.

About the speaker:

Dr. Corrado Di Guilmi is Senior Lecturer in Economics at the Business School of the University of Technology Sydney. He has published several articles in economic and interdisciplinary journals and two books. His research activity is mainly devoted to the theoretical and empirical investigation of the links between financial instability and the business cycle and, in particular, between financial micro-variables and the macroeconomy. His most recent research focuses on the development of analytical solution methods for heterogeneous agents models and their application in Keynesian macroeconomic models of financial fragility.