People

The research committee of Modern Money Lab consists of people drawn from academia and the financial sector, with recent and relevant experience of public policy. We draw on the advice of external consultants, who are economists with recent and senior public policy experience or senior roles within relevant research organisations.

 

Research Committee

Adjunct Professor Philip Lawn

Adjunct Professor Philip Lawn

TORRENS UNIVERSITY AUSTRALIA

Philip Lawn was recently made an Adjunct Professor at Torrens University Australia. He is a former Associate Professor in the Business School at Flinders University, and currently a Visiting Lecturer at the University of Adelaide. He is also a Research Scholar at the Global Institute for Sustainable Prosperity and a member of the Wakefield Futures Group of Concerned Scientists.

Dr Lawn founded The International Journal of Environment, Workplace, and Employment in 2004 and served as the founding editor of the journal until 2009. He is one of the main developers and promoters of the Genuine Progress Indicator (GPI) as an indicator of social well-being, and one of Australia’s leading ecological economists. He has undertaken commissioned work for the governments of South Australia, Queensland and Victoria.

He has published many peer-reviewed research papers, including in A* rated academic journals, and written or edited several important books relating to the principles and policy aspects of sustainable development – most notably his 2016 book, Resolving the Climate Change Crisis: The Ecological Economics of Climate Change.

Dr Steven Hail

Dr Steven Hail

Modern Money Lab

Steven Hail is an Adjunct Associate Professor at Torrens University, having previously been a Lecturer in the School of Economics at the University of Adelaide. He has also been a Lecturer in the School of Business Economics at Flinders University, and a Visiting Lecturer at the International Graduate School of Management at the University of South Australia. He also has extensive experience of training banking and financial service professionals in the United Kingdom, including staff from the Bank of England.

Dr Hail is one of Australia’s leading modern monetary theory economists, and has given seminars on modern money at the Department of Prime Minister and Cabinet in Canberra, for the Economics Society of Australia, and for ANZ Bank, among many others.

He regularly appears in the media, including contributions to The Conversation and in newspapers, and published the 2018 book Economics for Sustainable Prosperity. He is a 2016 recipient of the Vice Chancellor’s Medal for Doctoral Thesis Excellence at Flinders University.

Con Michalakis

Con Michalakis

Chief Investment Officer, Statewide Super

Con Michalakis is the Chief Investment Officer of the largest superannuation fund in South Australia, and a prominent and widely respected figure in the fund management sector and beyond.

Mr Michalakis was previously the Director, Head of Institutional Business, for Merrill Lynch Investment Managers, based in Sydney. Con has also worked in London and New York, and has very extensive relevant experience and international contacts.

He has a Bachelor of Mathematical Science degree from the University of Adelaide, a Masters of Science degree from the University of London and a Postgraduate Diploma in Financial Strategy from Saïd Business School at the University of Oxford.

About Statewide Super: Statewide Super services 142,000 members, 24,000 employers and manages over $10.8 billion in funds. As an industry fund, Statewide Super welcomes new members, regardless of location or industry.

External Consultants

Professor Stephanie Kelton

Professor Stephanie Kelton

Professor of Economics and Public Policy, Stony Brook University, USA

Stephanie Kelton is a Professor of Economics and Public Policy at Stony Brook University. She is a leading expert on Modern Monetary Theory and a former Chief Economist on the U.S. Senate Budget Committee (Democratic staff). She was named by POLITICO as one of the 50 people most influencing the policy debate in America, and by Bloomberg as one of the 50 people who most defined 2019. She has just been nominated by Barro’s as one of the most influential women in finance in 2021.

Professor Kelton advises policymakers and consults with investment banks and portfolio managers across the globe. She is a regular commentator on national radio and broadcast television, and contributor to the New York Times and other publications. Her highly influential book, The Deficit Myth, became an instant New York Times bestseller, and was the top-selling economics and public policy book in the world across 2020. She has also written seminal peer-reviewed research papers and is a frequent contributor to the work of the widely respected Levy Economics Institute.

She was the 2020 Visiting Harcourt Professor at the University of Adelaide, and during a two-week stay in Australia, was interviewed by almost all leading news media, including television.

Associate Professor Fadhel Kaboub

Associate Professor Fadhel Kaboub

President of the Global Institute for Sustainable Prosperity and Associate Professor of Economics, Denison University, USA

Fadhel Kaboub is an Associate Professor of Economics at Denison University. Another expert in modern money, he also has expertise in employment policy, ecological sustainability and economic development.

Professor Kaboub’s leadership role as president of the Global Institute of Sustainable Prosperity has given him the opportunity to foster policy research relating to all these areas, both in the USA and internationally. He has published widely in peer reviewed journals. Some of his recent media commentaries on employment, development, finance, and the Middle East economies have appeared in the Financial Times, Al-Ahram Weekly, Radio France Internationale, National Public Radio, New Inquiry, BBC Mundo, Carta Maior, Diwan TV, Saudi Gazette, Le Quotidien, and La Presse.

He is a Research Associate at the John F. Kennedy School of Government at Harvard University and at the Levy Economics Institute and the International Economic Policy Institute (Canada).

Dr Elaine Stead

Dr Elaine Stead

Director, Cicada Innovations

Elaine Stead is a venture capital investor based in Adelaide. Her investment track record extends to over 80 startups across Australia, the United States and South East Asia.

Elaine has been a scientist, turned entrepreneur, turned venture capitalist, and never quite shed any of these roles.

Across over two decades in the innovation sector, Elaine has been a serial entrepreneur, founding medtech company Reproductive Health Science and Blue Sky VC a subsidiary of Blue Sky Alternative Investments, Human VC and Artefact ventures. She is one of the longest serving still active venture capitalists in Australia, having been involved in the management of over $450m across five venture fund vintages, four within her own fund manager, Blue Sky VC.

She’s a director of Cicada Innovations, an advisor to the federal governments Entrepreneurs Program, the architect of the new ventures and entrepreneurship strategy for the ANU, a member of the investment committee member for the ANUCV venture capital fund, and also a regular conference speaker and contributor to publications such as Sydney Morning Herald, Women’s Agenda, InnovationAus and SmartCompany.

Elaine’s profile amongst the innovation ecosystem, in the Australian tech industry and the broader business community, guarantees a high level of trust amongst all stakeholders, unparalleled deal flow, outstanding global networks and experience in supporting the human leadership of portfolio companies.

Damian Scanlon

Damian Scanlon

Principal, DAS Business Advisory

Damian has had more than 15 years senior executive experience, working for major Australian publicly listed companies, mainly in the aviation and mineral processing industries, with short stints in the banking and oil industries and the Commonwealth Government early in his career. Positions he has held include senior executive management, including CEO and board positions, requiring extensive travel throughout Australia, Europe, North America and Asia. His roles have seen him based in Canberra, Sydney, Melbourne and Adelaide.

Since leaving the corporate environment in late 1998, Damian successfully pursued a number of entrepreneurial opportunities in the aquaculture, software and property industries, both as a shareholder and Executive Director. In January 2009, Damian was appointed COO and CFO of the Royal Institution of Australia Inc. and effectively established the organisation from the ‘ground up’, taking it from 2 to 22 employees and fully implementing its vision. In January 2012, Damian was appointed MBA Director at the University of Adelaide. During his tenure, the Graduate Management Association of Australia rankings moved from 4 Stars to 5 Stars (top tier) and the Australian Financial Review BOSS rankings climbed from #10 to #2 in Australia. Damian has since left the University and currently provides consulting and business advisory work to a range of clients and currently chairs the Adelaide Education Group.

In his own time, Damian supports several not-for-profit organisations in a voluntary role as well as working on a number of start-ups, one of which is a major project declared by the Minister for Planning in the southeast of SA. He also is Treasurer of the SA Museum Foundation and Chairman of the SA Museum Foundation Investment Committee. Damian holds a Bachelor of Economics (Flinders University of SA) and a Master of Business Administration (University of Adelaide).

Adjunct Economists

Dr Dirk Ehnts

Dr Dirk Ehnts

STEINBEIS SCHOOL OF MANAGEMENT AND INNOVATION, GERMANY

Dr Dirk Ehnts is an adjunct lecturer of Economics at Steinbeis School of Management and Innovation. He is a leading expert on Modern Monetary Theory in the Eurozone and has worked in academic positions at the Berlin School of Economics, Free University Berlin, Technical University of Chemnitz, European University of Flensburg and Bard College Berlin.

Dr Ehnts has advised the financial experts committee of the German and Irish national parliament. He writes a column titled “TransformNation” at Makroskop (in Germany) and regularly publishes academic and policy articles on MMT, macroeconomics, history of economic thought and the European economy. His books include “Geld und Kredit: Eine €-päische Perspektive (2014), “Modern Monetary Theory and European Macroeconomics” (2016), “Modern Monetary Theory: Eine Einführung” (2022). He has taught courses on MMT at Maastricht Summer School since 2016 and has been invited to teach at the summer school of the Levy Economics Institute. He is book review editor at the International Journal of Pluralism and Economics Education (IJPEE).

Dr Senada Nukic

ECONOMIST

Dr Senada Nukic received her PhD from the University of Bern in Switzerland. She has lectured in a range of macroeconomics, finance and quantitative topics at the University of Bern, the University of Adelaide and the University of South Australia.

David Joy

David Joy

ECONOMIST

David Joy has lectured at the University of Adelaide and been an academic head at Kaplan Business School. He worked in banking and finance before switching his focus to teaching at a tertiary level. David is also a chartered accountant.