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Gaël Giraud

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Gaël Giraud (born 24 January 1970) is a French economist specialized in Mathematical economics, the Chief economist at the French Development Agency (AFD). He also is a Catholic priest and member of the Society of Jesus.


Education and positions[edit]

Gaël Giraud attended the Lycée Henri-IV, ENSAE ParisTech, École normale supérieure, École polytechnique, Pantheon-Sorbonne University, some of them at the same time. In 1997 he graduated with a PhD in Applied Mathematics..[1].

He was a researcher and university teacher between 1997 and 1998, then permanently joined the French National Centre for Scientific Research in 1999. In 2004, he obtained a French accreditation to supervise research. At the same time, he got closer to the Society of Jesus, which he entered in 2004, before he was ordained priest in 2013.

Until 2014, he was Research fellow at the Paris School of Economics and also worked as a scientific consultant.

Since 2015, he is Chief economist at the French Development Agency.

Gaël Giraud is a lecturer on Game theory and Mathematical economics at the Pantheon-Sorbonne University, Strasbourg University and Vietnam National University of Hanoi.

Since 2007, he is a Teaching Fellow in Economics and Finance at the ESCP Europe. He is also Teaching Fellow at the Louvain Catholic University (Belgium) and in Chad where he created a Centre for Street Children (Centre Balimba).

He writes a regular column in the Society of Jesus journal named Projet, which is specialized in discussions on social justice.

Research and publications[edit]

Gaël Giraud especially focused on the role of money and the role of financial markets and their regulation in preventing economic crashes, as well as non-equilibrium economic dynamics. He also worked on inflation-linked bonds, IPO auctions, credit derivatives and fixing methods for clearing houses on international markets.

Since 2007, in his Projet magazine column, he has also taken position on peak oil, in favour of protectionism on European borders[2], on income limitation, on massively financing the ecological transition, and on the switch of the euro currency from a single currency to a common currency[3]. He considers that energy is the primary factor of the economic growth: according to him, elasticity, i.e. sensitivity of GDP per capita to the energy consumption is about 60% rather than below 10% (that is, the energy cost in the total production) as usually claimed in the economic literature[4]

Gaël Giraud's perspective on economics is unusual: he explores and develops ethical[5], and even spiritual aspects of economics. Since 2012, he has been warning on the risks related to the global warming and depletion of energy resources.


His book Twenty Propositions for Reforming Capitalism got him nominated for the Best Young Economist prize in 2009 awarded by the newspapers Le Monde and the Cercle des économistes.


Gaël Giraud was very active denouncing with (among others) Alain Grandjean and Olivier Berruyer the foreseeable inefficiency of the new regulations taken after the 2008 crisis.

In an interview in February 2017, he explained the economic and ecological importance of the concept of commons: "More generally, I believe we should work on building communities able to managing commons in a smart way, equally distant from both soviet bureaucracy and neoliberalism managements."

Other activities[edit]

Gaël Giraud has written a play, Chemins vers la soif, staged by Valérie Castel-Jordy, performed in France in 2010 and 2011.


  • DeAPM : Descending electronic Auction for Primary Markets, 2004
  • A fixing Method for electronic Clearing Houses, 2010



  • 2009: Twenty propositions to reform capitalism Published by Garnier-Flammarion, Paris, under the direction of Gaël Giraud and Cécile Renouard. A website has been dedicated to this work by Flammarion and the finance training company of Bärchen.
  • 2009: Game theory, published by Garnier-Flammarion, Paris, collection « Champs-U », third edition : September 2009
  • 2012: The factor 12, Why we should cap income, with Cécile Renouard, Carnets Nord, Paris, March 2012
  • 2013: Financial illusion, Éditions de l'Atelier, March 2013. New revised and expanded edition, Pocket format, published in March 2014
  • 2014: Preface to the French edition of Debunking Economics by Steve Keen, Éditions de l'Atelier, October 2014, of which he is the scientific director (translated by Aurélien Goutsmedt)
  • 2014: Produce more, pollute less: the impossible decoupling? (among others), published by Les Petits matins, 2014.
  • 2016: Preface to How economists warm the planet, by Antonin Pottier, Éditions du Seuil, collection Anthropocène, September 2016.
  • 2017: Preface to the French edition of Beyond the Invisible Hand: Groundwork for a New Economics by Kaushik Basu, Éditions de l'Atelier, February 2001.
  • 2017: Preface to the French edition of Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Lord Adair Turner, Éditions de l'Atelier, April 2017.
  • 2018: Preface to The company as common: Beyond the social responsibility of the company, by Swann Bommier and Cécile Renouard, Éditions Charles Léopold Mayer.
  • 2018: Preface to The lie of finance - mathematics, signal-price and the planet, by Nicolas Bouleau, Éditions de l'Atelier, February 2018.


  • “The mobility of capital, a sin?”,, 18 June 2013.
  • “The Moscovici project breaks the separation of banks”,, 21 January 2013
  • “Why banks refuse to be split”,, 9 January 2013
  • “Can we reform capitalism?”, Études, January 2010
  • With Dimitrios Tsomocos, “Nominal Uniqueness and Money Non-Neutrality in the Limit-Price Exchange Process”, Economic Theory, vol. 45, no 1-2, 2010, p. 303-348
  • “New Paths of Solidarity in times of crisis”, Études, January 2009
  • “Global regulation, a role for the IMF ?”, Projet, number 308, January 2009
  • “For a second Bretton-Woods”, Projet, number 309, March 2009.


  1. 1998, January: PhD Thesis, Applied Mathematics, Econometrics Laboratory of the École polytechnique / Paris 1 Panthéon-Sorbonne University : “Strategic Market Games”, cum summa laude, under the direction of Joseph Abdou.
  2. "The Scare of Protectionism". Retrieved 22 July 2019.
  3. Giraud, Gaël; Tsomocos, Dimitrios P. (2010). "Nominal uniqueness and money non-neutrality in the limit-price exchange process". Economic Theory. 45 (1–2): 303–348. doi:10.1007/s00199-009-0507-4.
  4. "How Dependent Is Growth From Primary Energy?" (PDF). Retrieved 22 July 2019.
  5. Sutter, Camille; de la Martinière, Raphaële; l'Huillier, Hélène; Renouard, Cécile; Giraud, Gael (16 April 2013). "Relational Capability: A Multidimensional Approach". SSRN 2333529.

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