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SUMMARY:Impatient and patient capital: housing and democracy - Avner Offer
 \, Chichele Professor of Economic History (Oxford)
DTSTART:20181101T170000Z
DTEND:20181101T180000Z
UID:TALK112483@talks.cam.ac.uk
CONTACT:Amy Erickson
DESCRIPTION:This is the second lecture in a series of four.\n\nThe future 
 will be present one day and needs to be cared for. Who will do it and how?
  Prevailing interest rates define a credit time horizon. A project that ne
 eds more time to mature cannot be undertaken by business alone. Uncertaint
 y also screens off the future and needs to be offset by government.\n\nIn 
 lecture one the UK Private Finance Initiative (PFI) (1990-2050) is in harm
 ful defiance of these norms. Housing finance appears to defy them as well 
 but lecture two shows that the rise of home ownership (and most infrastruc
 ture investment) accords with the model. Why are children not produced for
  profit? Raising them to maturity exceeds the patience of capitalists.\n\n
 Lecture three works out the temporal constraints on markets for education 
 and social insurance. Credit time horizons are ethical boundaries too\, an
 d lecture four shows how transgressions give rise to corruption. Overall\,
  time horizons determine whether business or government owns the future.
LOCATION:Faculty of Law\, LG19
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