Richard Werner gives a presentation on conventional and inductive economics, deriving lessons from the growth of the Japanese economy.
Professor Werner, DPhil (Oxon) has been Professor of International Banking at the University of Southampton for a decade. He is founding director of its Centre for Banking, Finance and Sustainable Development, and a member of the ECB Shadow Council. He is also chair of Local First, a community interest company establishing not-for-profit community banks in the UK.
In the past Richard has been a professor of monetary and development economics at Frankfurt University and Sophia University, Tokyo. He was also chief economist at Jardine Fleming Securities (Asia) Ltd, Senior Managing Director at Bear Stearns Asset Management Ltd, senior consultant to the Asian Development Bank and visiting researcher at the Japanese Ministry of Finance, the Bank of Japan and the Development Bank of Japan.
Richard proposed the disaggregation of credit and its impact on asset markets and growth with his Quantity Theory of Credit in 1992 at Oxford. He advanced the concept of ‘quantitative easing’ in Japan in 1994. His book Princes of the Yen (M E Sharpe, 2003), was a number 1 bestseller in Japan. In it, he warned of the coming creation of credit bubbles and banking crises in the eurozone. So did his 2005 book, New Paradigm in Macroeconomics (Palgrave Macmillan). The World Economic Forum, Davos, selected him as “Global Leader for Tomorrow” in 2003. His jointly authored book Where Does Money Come From? (New Economics Foundation, 2012, 2nd ed) was cited by the Bank of England in its 2014 recognition of bank money creation.