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Debunking Economics – the podcast — Education
Debunking Economics – the podcast

Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.

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Copyright: © Copyright 2016 . All rights reserved.

Latest Episodes:

Should Central Banks do all the work, or none of it? Feb 17, 2020

Show notes

Central banks started life as clearing houses and have evolved into instruments to, supposedly, protect the economy. But with interest rates at all time lows, often in the negative, have they gone as far as they can go? And how can they control the economy when governments can implement a fiscal approach at odds with monetary policy. Is it time to consider that Central Banks have a fuller role in the management of the economy, leaving governments to consider ow best to spend the money allocated to them? Or is that a breach of democracy? Phil Dobbie discusses the idea with Prof Steve Keen.

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The impact of AI – good or bad for the economy? Feb 10, 2020

Show notes

Artificial intelligence is everywhere it seems, except perhaps in parliament and in quite a few newspapers. But what does it mean for the future of work. Conventional economists would argue that people freed from their jobs will be able to pursue other productive outputs, helping to grow the economy still further. Phil Dobbie asks Prof Steve Keen whether that’s likely to happen Or are we facing the danger of structural change that will lead to widening income disparity. And what can we do about it, other than becoming laggards?

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Does fiscal stimulus work? What about Friedman’s argument of nominal value? Feb 03, 2020

Show notes

Today Phil Dobbie talks to Prof Steve Keen about Milton Friedman’s concept of nominal value ,and how this runs counter to the argument that governments can create money to give the economy a sugar hit. The theory is, we’ll realise that the extra helicopter money has devalued the currency so, after an initial burst of growth, we’ll realise that we’re actually no better off. So where does this theory go wrong? Other than the fact that most money is created by commercial banks, not governments extending their debt.

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Davos does diddly-squat Jan 28, 2020

Show notes

The world leaders met at Davos and discussed climate change. Greta Thunberg told them they weren’t doing enough, even though the President of the United States promised to plant some more trees and warned against the doomsayers with their predictions of the apocalypse. So, will there be an apocalypse. Phil Dobbie asks Prof Steve Keen, arguing that he could be seen as one of the lefty Marxists who is using the climate change agenda to unsettle capitalism. And if we are to avoid the apocalypse, and planting trees isn’t enough, what should we be doing. What should have been said at Davos?

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Is the share market killing innovation? Jan 20, 2020

Show notes

US equities, in fact shares around the world, seem to be running away with themselves right now. Is this healthy? And who wins, other than the investors who sell before the price tops out? This week Phil Dobbie talks to Prof Steve Keen about the relationship between shareholder value and the growth and productivity of the company’s shareholders are buying in to. Is part of the problem that the system promotes the managerial class, rather than incentivises entrepreneurs?

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Does the UK economy need the royals? Jan 15, 2020

Show notes

Who’d have thought it – Steve Keen and Phil Dobbie turn out to be a couple of royalists. As Harry and Megan prepare to chuff off to Canada, and royal-watchers have been decrying the whole thing as one massive constitutional crisis, we use it all as an opportunity to ask whether the royal family is worth keeping at all. The expectation was that one or other of our podcasters would have it in for the royals, but after looking at the numbers they both agree it’s better to stick with what we know. After all, they’re great for tourism and only cost us a quid a year each.

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Steve Keen’s Predictions for 2020 Jan 06, 2020

Show notes

2019 was quite a year. We had the ongoing Brexit saga, the US China trade war, Europe close to recession and a big housing downturn in Australia. It was capped off with some of the worst bushfires ever seen. Phil Dobbie asks Prof Steve what this year has in store for us? if austerity has gone will we see a bright future for Britain, or will it be dragged down by Brexit? Is this the year that Donald Trump gets re-elected, or will the US economy take a turn for the worst and drag him down with it? And will housing in Australia bounce back and see their economy back on the upward trajectory? Or not? And climate change – is this the year we finally start to take notice?

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Five Big Myths of Classical Economics Dec 23, 2019

Show notes

It’s taken us a few years to tackle the obvious topic for the Debunking Economics podcast, what are the biggest failings of neoclassical economics. Prof Steve Keen tells Phil Dobbie that it starts on page one of rudimentary economics textbooks, which the idea of the demand curve. Having debunked that, he moves on to the capital market line, used to determine investment decisions. Then it’s the models being used to determine the impact of climate change. Then the concept of diminishing marginal productivity. And finally, the process of simplifying assumptions. Having dismissed all the major tenants of economics Phil asks Steve if there any laws that apply to the ‘science’, in the same way that gravity applies to physics. Or is it all lost in the realm of unproven speculation?

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The Opportunity Cost Fallacy Dec 16, 2019

Show notes

It’s one of the basic constructs of classical economics – the concept of the opportunity cost. Steve Keen admits it works at the individual level – you are listening to this podcast at the expense of doing something else, for example. But does the theory work when applied to broader economic thinking? No, says Steve – it’s a case of false equivalences, that renders it meaningless. Does that mean it’s useless as a tool for economists? And is there a way Phil Dobbie can use it as a way of getting out of mowing the lawn?

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Business cycles – what causes them? Dec 11, 2019

Show notes

In this edition of the Debunking Economics Podcast Phil Dobbie and Steve Keen discuss business cycles. What causes them and how can we reduce their impact. As Steve explains, neo-classical economics teaches us that the turns in a cycle are caused by exogenous shocks when, in reality, it is the economies own internal cycle that is the root cause. Listen in to find out why business cycles really occur and what we can do to lessen their impact. Plus, Phil asks, why has the cycle stalled all of a sudden, and is it necessarily a bad thing?

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