Top US Economist Robert Shiller, who famously predicted the dot com crash and the sub-prime bubble, will explore the themes in his new book Finance and the Good Society. He will argue that finance is one of the most powerful tools we have for solving our common problems.

Respondents:

Professor Avner Offer, Chichele Professor Emeritus of Economic History, University of Oxford

Philip Collins, Chief Leader Writer The Times and former speechwriter for Tony Blair

Ian Mulheirn, Director, SMF (chair)

Tuesday 1 May 2012, 12.45-2.00pm

Committee Room 2, House of Lords, London, SW1A 0PW

 Cromwell Green entrance - please leave 15-20 minutes to get through security

Almost five years on from the collapse of Northern Rock, the Government is grappling with how to regulate financial services and maintain the UK’s competitive advantage in finance. At the same time the public’s opinion of the financial sector remains at an all-time low.

Anti-finance sentiment is widespread with many blaming excessive financial innovation for financial crash and subsequent bleak economic outlook. But is the “problem” actually the “solution”? Can financial innovation actually solve social problems? Can finance reinvent itself as a force that offers security and prosperity for all? 

Robert Shiller, bestselling author of Irrational Exuberance and co-author of Animal Spirits, makes the case for recognising that finance, far from being socially useless, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. He will argue that finance should be redefined not merely as the manipulation of money or the management of risk, but also as the stewardship of society’s assets.

Professor Shiller will talk about how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions and will suggest that we need to envisage new ways to channel financial creativity to benefit society as a whole.

 Places are limited so book now to avoid disappointment.