Into the Folly of Value: Reforming Sustainable Finance

Charles Goodhart

Many critics claim that the problem with economics is that it has no "theory of value". From early economists, such as Smith, Ricardo and Marx, to later economists, pinning value to economics has proved disputatious. In turn, problems with understanding value reverberate to problems with money, problems with the long term and problems with sustainability.

Two presentations and two panels at this Long Finance conference will examine some suggested reforms that touch on value, ranging from new thinking on the international monetary system to better reporting standards to refocused government policies.

The overarching goals of Long Finance are to expand frontiers, change systems, deliver services and build communities.

Sponsored and hosted by Bank of America Merrill Lynch.


Charles Goodhart, CBE, FBA is Emeritus Professor of Banking and Finance with the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System (1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. His latest books include The Basel Committee on Banking Supervision: A History of the Early Years, 1974-1997, (2011), and The Regulatory Response to the Financial Crisis, (2009).

Read More
Read Less
Part of a conference

Part Two: Pros and Cons of Stable Monetary Value

Charles Goodhart
Thursday, 1 March 2012 - 3:00PM

Part One: Procyclicality of Financial Regulation and how to deal with it

Alderman Professor Michael Mainelli
Thursday, 1 March 2012 - 2:30PM