Gresham College Lecture Series
Professor Mainelli delivered and published a series of 28 free one-hour lectures on commerce at Gresham College in the City of London while serving as Mercers School Memorial Professor of Commerce from 2005 to 2009. The theme of his programme was “Society’s Commercial Choice – Risks and Rewards of Markets”. The lectures emphasised the proper functioning of markets in realising societal goals, and the obligation on society to try to use market forces wherever suitable, as opposed to unnecessary regulation, hidden subsidy or inappropriate taxation. During the public lectures he presented research on valuing sustainable certification and corporate social responsibility using risk/reward options, applying measurement ranges to audit (Confidence Accounting), developing standards markets, liquidity estimation through supply-demand curve prediction, and discerning the role of 'feedforward' in creating leptokurtic market outcomes. During the series he made observations about sustainability, market solutions to social problems, risk, the role of government, the rising paradox of money as a positional good, taxation, long term discount rates, intellectual property managed as an option, corruption, and lotteries as misery indicators. The lecture series concluded by outlining a more general theory of commerce. Professor Mainelli and the saxophonist John Harle interwove a collage from the lecture series with Benjamin Britten's music, "Metamorphoses: The Terrible Beauty of Change", for the City of London Festival's June 2009 Sustain! programme.
Michael continues to lecture and host symposia widely, including continuing lectures at Gresham College, where he has been introducing new concepts of money and the role of government, e.g. index linked carbon bonds.
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