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PODCAST

Debunking Economics - the podcast

Steve Keen & Phil Dobbie

Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society. Hosted on Acast. See acast.com/privacy for more information.

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All Episodes

34:36

What went wrong at Bretton Woods. Time for another...

Debunking Economics - the podcast ·

2019/08/19

A little over 75 years ago World powers signed the Bretton Woods agreement, that saw the US dollar as the planet’s reserve currency, tied to reserves of Gold. In this week’s podcast Phil Dobbie talks to Prof Steve Keen about how the agreement missed the opportunity to create a separate reserve currency, the approach preferred by John Maynard Keynes. They also discuss why the link to Gold reserves was eventually removed, the role of the IMF and World Bank, both born out of Bretton Woods, and whether

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43:45

An economic model that includes energy

Debunking Economics - the podcast ·

2019/08/12

Economics is still built around the age-old factors of production – land, labour, capital and, perhaps, entrepreneurship. Yet, you can’t run machines without power and you can’t expect workers to function without food. So why isn’t energy implicitly included as one of the key functions of the economy? Clearly it should be. In today’s Debunking Economics podcast Professor Steve Keen explains how he is working with climatologist Tim Garrett and mathematician Matheus Grasselli to develop a new model,

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29:41

Freeports – right for now or a spin on an outdated idea?

Debunking Economics - the podcast ·

2019/08/05

Boris Johnson wants to introduce free ports in the UK. International trade secretary Liz Truss has said the 10 ports would create thousands of jobs. So, will these new tariff free zones, where goods can be imported and exported without the paperwork, help Britain grows its manufacturing base, or is it just a way to try and keep car plants onshore for a while longer as the UK heads to a no-deal Brexit? Phil Dobbie puts these questions to Prof Steve Keen, who has spent some time early in his career

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35:45

Has Monetary Policy Had Its Day?

Debunking Economics - the podcast ·

2019/07/31

As the US Federal Reserve prepares to cut rates today, and the European Central Bank grapples with the how to boost growth without pushing interest rates into negative territory, Phil Dobbie asks Prof Steve Keen whether we’ve reached the end of the line for monetary policy. Even central banks are admitting more needs to be done by governments to provide stimulus to flagging economies. Isn’t it time to question the extent of the influence of central banks and some of the fundamental theories they

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57:23

The future’s solar, finance is the problem

Debunking Economics - the podcast ·

2019/07/24

In a recent Debunking Economics podcast Steve Bannister explained his climate modelling and how existing energy technologies won’t scale enough to save the planet. Omar Cheema, managing director of Vivantive, disagrees. His company provides advice on clean energy projects for multinational corporations, governments and investors. He says solar power is already providing an efficient source of energy, the obstacles are geopolitical, vested interests and the resistance to provide the necessary capital

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39:28

Good debt, bad debt

Debunking Economics - the podcast ·

2019/07/15

Is debt good or bad? Or does it depend on the type of debt? One of our listeners, Roy Langston, wrote in to ask why Steve Keen is in favour of bank created debt. Shouldn’t investment be funded by other people’s savings?If debt is funded by money created by banks, pursuing income from the interest, doesn’t it create too much debt money, which Steve is calling to resolve through a debt jubilee? An interesting question that Phil Dobbie puts to Steve, as well as discussing when debt can be a good thing,

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23:48

Is there a better way of funding retirement?

Debunking Economics - the podcast ·

2019/07/08

Just after WW2 the UK government’s spending on pensions in the UK amounted to about 2 percent of GDP – these days its nearer 8 percent. Despite this, over the years we’ve seen an increasing number of people funding their retirement through private schemes, rather than relying on state pensions. And yet, a recent YouGov poll shows that one third of the population reckon they won’t have enough to live off when they retire. In this edition of the Debunking Economics Podcast Phil Dobbie asks Prof Steve

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33:31

Could a land tax replace income tax?

Debunking Economics - the podcast ·

2019/07/03

As the UK Labour party grapples with ways to reduce the advantage of inherited wealth, so we all start life on an equal footing, Phil Dobbie talks to Prof Steve Keen about the idea of a land tax. Could it replace income tax as the major form of taxation? On the surface, it seems like it could counter a lot of economic problems, such as income diversity, housing affordability and the geographic concentration of capital. Unlike income tax, it’s also impossible to dodge. So what’s the downside? Hosted

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34:22

Facebook’s Libra Could Be Really Good News

Debunking Economics - the podcast ·

2019/06/24

Most press coverage of Facebook’s announcement of a new global currency by 2020 has been negative. Facebook already knows so much about us, can we trust them with our money? But they seem to have missed the intent of the Libra Foundation, which is a not-for-profit, of which Facebook is one of many equal partners, trying to extend access to banking to the 1 billion or so who are currently outside the system. Phil Dobbie talks to Prof Steve Keen about the benefits of the Libra project, whilst

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31:01

Is the EU anti-growth?

Debunking Economics - the podcast ·

2019/06/17

The EU is struggling right now. The Bundesbank has downgraded its 21019 GDP forecast from 1.6% down to 0.6%. The Italian government is being threatened for breaching the EU’s spending rules. Yellow vests protestors have been out on the streets of Paris for 31 weeks now, fighting against inequality. This week the European Central Bank meets to determine how to boost the bloc’s economic growth. But, Phil Dobbie asks Prof Steve Keen, isn’t it time for a fundamental rethink of how the EU is structured

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47:51

Steve Bannister Pours Cold Fusion on Climate Deniers

Debunking Economics - the podcast ·

2019/06/09

Steve Bannister, from the University of Utah, is special guest on this week’s Debunking Economics podcast. He talks to Phil Dobbie about his approach to climate change modelling, based on GDP growth, energy use and carbon emissions. Steve Keen talks about the weakness of other modelling, including Nordhaus’ DICE model. Steve Bannisters model predicts things will even out eventually, but will we be alive to see it? Nope. The answer seems to be, there’s a need for a new source of energy. Clearly, its

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33:12

US v China. How will it end?

Debunking Economics - the podcast ·

2019/06/04

The trade war between the US and China is having massive ramifications on the world economy, but neither side seems to be in a hurry to back down. On today’s Debunking Economics Podcast Phil Dobbie asks Steve Keen, who is going to win? The US is a big export market for China, but they have the rest of the developing world to tap in to. But there are also signs that the approach is bringing US businesses back home. But, in the longer term, is there a danger that the US approach will make itself

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32:07

The not so caring sharing economy

Debunking Economics - the podcast ·

2019/05/27

The emergence of the gig economy is one downside of the internet, although you could argue that it gives access to jobs that might otherwise be there. But what about collaboration? Phil Dobbie suggests that sharing things has to be a positive for the planet – why should two farmers have tractors, when they could share just one. What about using an empty room for visitors, rather than it lying unused. That sounds fine, until Steve Keen brings up the Jevons Paradox. Hosted on Acast. See

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37:05

The good news for Australian Labor voters

Debunking Economics - the podcast ·

2019/05/19

Scott Morrison, or ScoMo as he is colloquially known, is staying on as Australian Prime minister for the next four years, or until his party oust him, which is becoming a bit of a tradition. But to many, the election result was a bit of a surprise and an immense disappointment. Phil Dobbie talks to Prof Steve Keen, who offers a therapy session for progressive voters. The message is clear – you didn’t want to win this time. Perhaps everyone, from both sides of politics, should be happy with this

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37:22

Will higher oil prices drive alternative energy...

Debunking Economics - the podcast ·

2019/05/12

Oil prices are pushing back up to the US$80/barrel mark. If they stay above that level could it drive energy producers to more realistically pursue renewable sources with more vigour. In other words, as Phil Dobbie asks Prof Steve Keen, could we be reaching the point at which market pricing sees us moving to a more environmental future, without the need for any other intervention? Hosted on Acast. See acast.com/privacy for more information.

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29:34

Why are some countries rich and others poor?

Debunking Economics - the podcast ·

2019/05/07

It’s a simple question. Why do some countries, rich is resources, still end up poor? Can we blame it all on dictatorships, corruption and war, or did those regimes occur because of poverty? Why is so much of Africa in the depths of poverty? Phil Dobbie asks Prof Steve Keen how we can fix the issue. Should we be spending more on building up the capital to establish successful economies, beyond the current focus on disaster relief. And is that possible in the current political climate? Hosted on

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39:04

UBI and a Debt Jubilee – an economic solution or a...

Debunking Economics - the podcast ·

2019/05/01

Is a debt jubilee really the best way of ridding the world of near stagnant growth? Would a reset revitalise the economies of the world? And how do we stop ourselves getting into this situation again? Is the wealth divide part of this and could we fix that with a universal basic income? Phil Dobbie talks to Prof Steve Keen about a possible roadmap for the future and asks whether it’s more a reward for those who don’t like to work? Hosted on Acast. See acast.com/privacy for more information.

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27:45

Does outsourcing create a problem for local economies?

Debunking Economics - the podcast ·

2019/04/24

There’s an argument that outsourcing to cheaper countries overseas creates job losses and disadvantages the local economy. That’s part of the argument Donald Trump is using to negotiate a new trade deal with China. What does Prof Steve Keen think? Phil Dobbie asks him, ‘if that’s the problem, why are we seeing such low levels of unemployment right now?’ Hosted on Acast. See acast.com/privacy for more information.

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34:49

Why Steve Keen is voting Liberal in the Aussie election

Debunking Economics - the podcast ·

2019/04/15

Steve Keen believes the Australian economy is about to tank. If there's a Labor government in charge they will be blamed for the mismanagement of the economy. Better that label is stuck on the Liberals, he says. But, Phil Dobbie suggests we should always vote for who we believe will deliver the best outcome for the country. Hosted on Acast. See acast.com/privacy for more information.

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32:44

Fixing housing affordability

Debunking Economics - the podcast ·

2019/04/11

House prices are crashing down in Australia, with forecasts for Sydney that they’ll have fallen by 20% from their peak by the end of this year, with the possibility that they will fall much further beyond that. So how did it get this bad and will this “correction” mean houses will become affordable again, or is more government involvement needed? Pieter Verhoeven, a Debunking Economics listener, asked, “rent control, a good idea?” Phil Dobbie puts the question to Steve Keen. Plus, Carl Gianarakis

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