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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

40:47

Getting out of the monopoly rut

Debunking Economics - the podcast ·

2019/04/04

In a recent podcast Phil Dobbie suggested that Australia suffers for its relatively small population size, which restricted competition and meant people were paying higher prices. Peter Y, a listener, wrote in saying Phil needs to get out of his rut on thinking about competition – Steve Keen needs to explain to him how competition really works. He does, in this edition of the podcast, but Steve still agrees a lack of competition does mean Australians are still suffering from a lack of competition

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31:19

Interest rates – have they anywhere to go?

Debunking Economics - the podcast ·

2019/03/18

Interest rates have been low in most parts of the world for some time now – in many places they are actually negative. So, what do central banks do next time there’s a global economic downturn which, as we discussed last time, isn’t very far away now. Phil Dobbie asks Prof Steve Keen whether interest rates are now so low, with little opportunity for them to grow, that they are no longer a useful instrument for central banks. Hosted on Acast. See acast.com/privacy for more information.

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37:16

The next big recession – when, where and how

Debunking Economics - the podcast ·

2019/03/11

It seems like we’re due another recession. If you include the dot-com bust then we’ve had significant downturns every 78-9 years since the 1970s. So, even though it feels like we haven’t recovered from the last one, we appear to be hurtling to another one soon. Phil Dobbie talks to Prof Steve Keen about what will be the trigger this time, how far it will spread and what, if anything, can Central Banks do to prevent it? Hosted on Acast. See acast.com/privacy for more information.

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30:38

Is Modern Monetary Theory too closed for open economies

Debunking Economics - the podcast ·

2019/03/04

Modern Monetary Theory supports the idea that governments, rather than creating debt, can create as much money as they see fit to invest in the economy and create jobs. Thar works just fine in a closed economy, where the debt is all in your own currency. But, Phil Dobbie asks Prof Steve Keen, whether the idea falls apart once you introduce the pesky idea of a global economy with international trade and foreign currencies. Hosted on Acast. See acast.com/privacy for more information.

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33:49

Were Austrian economists wrong to have purpose?

Debunking Economics - the podcast ·

2019/02/25

The Austrian School of Economics has been around since the 1870s but was given a new lease of life in the 1970s by Frederich Hayek. In this week’s podcast Phil Dobbie asks Prof Steve Keen about some of the fundamental principles of the Austrian school, including the theory of marginal utility, opportunity cost and the often-touted principle that humans always act with purpose. They are also big proponents of less government intervention. Steve accepts some of the principles of the Austrian School –

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24:41

Nordaus’ Climate Model Debunked

Debunking Economics - the podcast ·

2019/02/18

Hosted on Acast. See acast.com/privacy for more information.

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36:40

Fact-checking Freidman

Debunking Economics - the podcast ·

2019/02/11

Milton Friedman influenced a generation of politicians, turning them from Keynesian economics to a more free-market way of doing things. Margaret Thatcher described him an intellectual freedom fighter. In this edition of the Debunking Economics podcast Steve Keen debunks the Friedman approach to capitalism and Phil Dobbie suggests one politician who has abandoned the approach, because he has increased tariffs, something Milton would be very opposed to. Hosted on Acast. See acast.com/privacy for more

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29:24

What’s a country’s optimum population size?

Debunking Economics - the podcast ·

2019/02/04

The world’s population is growing – and we seem to be feeling it a bit in almost every part of the world – some more than most. But could the population in some countries, like Australia for example, actually be too small … would the economy work better if there were more people in it. Phil Dobbie asks Prof Steve Keen ifa small population hinders competition and economic efficiency? Notwithstanding the broader argument that the planet’s population cannot keep on growing at the same rate forever … or

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38:06

Were mum and dad right about saving?

Debunking Economics - the podcast ·

2019/01/29

Did your mum and dad teach you to save money rather than borrow? It was better to have cash than be in debt. Yet the whole approach to money has turned on its head. We don’t save as much as we used to. In fact, we borrow to invest. It’s a generational change. In this week’s podcast Phil Dobbie asks Steve Keen whether it’s something we should worry about. And is it any surprise we don’t save, when we’re slugged with bank fees and offered a very low interest rate? More to the point, why would we save

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29:20

Running knowledge economies using production-based...

Debunking Economics - the podcast ·

2019/01/21

Are we trying to apply theory developed for production-based economies, on economies driven by knowledge? It’s worse than that, Steve Keen tells Phil Dobbie. The theories around production were wrong in the first place, because of flawed assumptions on marginal productivity. It just gets messier when you’re dealing with digital products and a knowledge-based economy. Hosted on Acast. See acast.com/privacy for more information.

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33:58

Is the Euro to blame for European disunity?

Debunking Economics - the podcast ·

2019/01/14

The European economy seems to have found itself in sharp reverse, possibly heading into a continent-wide recession. Italy is already there, Greece has witnessed thousands leaving the country to find jobs, and the yellow vest protests show happy unhappy the French are. Then there’s Brexit, of course. In this edition of the Debunking Economics podcast, Phil Dobbie asks Prof Steve Keen how much we can blame the Euro for the perilous state of the European economy. Hosted on Acast. See acast.com/privacy

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26:03

Capital gains tax – a failed experiment in growth

Debunking Economics - the podcast ·

2019/01/07

There’s a theory, in many conventional government and economic circles, that lowering capital gains tax will increase investment. By taxing capital gains at less than income tax it encourages risk taking and entrepreneurship, which spurs economic growth. Phil Dobbie asks Prof Steve Keen whether that argument have any credibility or is it nothing more than a tax dodge? Hosted on Acast. See acast.com/privacy for more information.

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34:34

Productivity through growth – why it makes sense to...

Debunking Economics - the podcast ·

2018/12/31

Back in the forties Dutch economist Petrus Johannes Verdoorn argued that people became more productive when the economy was booming. Conversely, austerity hinders productivity. In this edition of the Debunking Economics Podcast Phil Dobbie asks Prof Steve Keen if there is any evidence to support Verdoorn’s assertion. They discuss the role of demand, fiscal stimulus and mechanisation in economic growth. And yes, growth does boost productivity. Listen to discover why. Hosted on Acast. See

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25:22

Where do you draw the line on migration?

Debunking Economics - the podcast ·

2018/12/24

Theresa May has been busy setting rules on UK migration after Brexit. Freedom of movement was, of course, one of the contentious issues that led to Brexit in the first place. In this week’s Debunking Economics Podcast Phil Dobbie talks to Prof Steve Keen about the pros and cons of migration, where you draw the line and policies to manage it. Hosted on Acast. See acast.com/privacy for more information.

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38:52

The Future of Banks

Debunking Economics - the podcast ·

2018/12/18

Fintech companies are all chomping at the bit to take market share away from banks. Right now they’re making inroads on services like currency transfers, but will they ever extend to offering full service banking, including lending. Unlikely, says Steve Keen, because banks use money creation to make profits. But, Phil Dobbie asks, if cryptocurrencies can be created from nothing, what's to stop other non-banks from developing new global currencies that negate the need for us to rely on traditional

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25:33

Will banks ever behave?

Debunking Economics - the podcast ·

2018/12/18

Banks were bailed out during the financial crisis in 2008. In the US the Treasury bought billions in mortgage backed securities. In the UK half a trillion pounds was allocated to a bank rescue package. The government took a 58 percent stake in RBS and remains a significant shareholder to this day. The industry that paid fat cat salaries through dodgy loans was saved by taxpayers. So, as long as they know they are ‘too big to fail’, what’s to stop banks continuing to adopt risky practises in the race

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51:06

Who’s next for a debt crisis?

Debunking Economics - the podcast ·

2018/12/05

House prices have started to fall in Australia. In Sydney they’ve fallen 10 percent in a year – Steve Keen isn’t alone in predicting they’ll fall as much again, at least. He tells Phil Dobbie that we’re already seeing the consequences of the fall, with Australian GDP falling. But will it lead to a recession. Could the consequences really be called a crisis, or will the economy absorb the shock? And, beyond Australia, which other countries are carrying unsustainable levels of household debt? Hosted

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27:06

Living in a post growth economy

Debunking Economics - the podcast ·

2018/11/29

One for our listeners, Pieter Verhoeven, suggested we look at steady state economics and the post-growth economy.Can society continue to prosper without the need, or ability, for economic growth. Since the late sixties the Club of Rome has been arguing that we will need to curb growth or deplete the world’s resources. How would we adapt. Phil points to changes made to use resources more effectively – but does that mean we just consume more as a result? What needs to change if we are to accept the

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35:02

Can Central Banks Save Us from Climate Change?

Debunking Economics - the podcast ·

2018/11/23

According to NASA ninety-seven percent of climate scientists believe that climate change is the result of human activities. Only one US President doesn’t agree, denying that climate change even exists.But a group of central bankers met recently to decide whether they had a role to play in fixing the mess we’re making of the planet. In today’s Debunking Economics podcast Phil Dobbie asks Prof Steve Keen whether central banks have contributed to the problem, and how far they’d have to shift their

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34:03

How is privatisation working out for you?

Debunking Economics - the podcast ·

2018/11/14

In the UK we’ve privatised the railways, coach companies, the banks, power, airports, Royal Mail, water, BNT, car companies – there’s not much left to sell. But how are these privatised companies working out for us? Phil Dobbie talks to Prof Steve Keen about the arguments for and against privatisation. Obviously, too much in state hands is also problematic – so where is the happy compromise? Hosted on Acast. See acast.com/privacy for more information.

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