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Commerce Professor Michael Mainelli

This outline delves into contrasting theories of commerce, blending insights from economic giants like Adam Smith and Karl Marx with modern Danish perspectives. It examines the Copenhagen Consensus and evaluates pressing global issues such as climate change, governance, and education. The discussion includes the concept of 'Fret-Enomics', the dynamics of 'Might versus Right', and the implications of major corporate scandals. With an aim to grasp the interconnectedness of commerce and societal challenges, it invites deeper analysis of economic theories and their real-world impacts.

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Commerce Professor Michael Mainelli

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Presentation Transcript

  1. CommerceProfessor Michael Mainelli Danish Fairy Tales? Arthur Andersen and the Copenhagen Consensus

  2. Outline • The Great ‘Commerce’ Experiment • The “End of History” • Danish connections • Fret-Enomics • Might versus Right • A theory of Commerce? “Get a detailed grip on the big picture.”Chao Kli Ning

  3. The Great ‘Commerce’ Experiment • Adam Smith • Karl Marx • The Great Transformation • Visible Hand versus the Invisible Hand

  4. The “End of History” • Francis Fukuyama • Emperor’s new clothes

  5. Danish Connections • Arthur Andersen • Enron • Waste Management • WorldCom • Global Crossing • Qwest… • Tyco, HealthSouth, Adelphia… • Emperor’s new clothes?

  6. Copenhagen Consensus – 10 out of 33 • Climate change • Communicable diseases • Conflicts and arms proliferation • Access to education • Financial instability • Governance and corruption • Malnutrition and hunger • Migration • Sanitation and access to clean water • Subsidies and trade barriers

  7. Copenhagen Consensus – Go!

  8. Fret-Enomics • Homo economicus • Efficient Markets Hypothesis

  9. Might versus Right Source: OECD

  10. A Theory of Commerce • Economics with finance • Decision theory • Stochastic systems theory • Competitive selection

  11. Discussion What are the frontiers of our ignorance? “Get a big picture grip on the details.”Chao Kli Ning

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