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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:

Good debt, bad debt Jul 15, 2019

Show notes

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, even if the money was created by banks.

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Is there a better way of funding retirement? Jul 08, 2019

Show notes

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 Keen how we got into this situation – spending more and more money but failing to meet the needs of people in their old age. Is there a better way of ensuring that we can survive gracefully in our latter years?

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Could a land tax replace income tax? Jul 03, 2019

Show notes

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?

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Facebook’s Libra Could Be Really Good News Jun 24, 2019

Show notes

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 considering the impact it could have on local economies.

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Is the EU anti-growth? Jun 17, 2019

Show notes

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 and operates? With reforms to the EU, would Brexit have been necessary?

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Steve Bannister Pours Cold Fusion on Climate Deniers Jun 09, 2019

Show notes

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 where science needs to focus its efforts, but is the sense of urgency strong enough to see if through?

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US v China. How will it end? Jun 04, 2019

Show notes

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 isolated and lose out of business from emerging economies?

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The not so caring sharing economy May 27, 2019

Show notes

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.

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The good news for Australian Labor voters May 19, 2019

Show notes

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 result. Listen to find out why. And look out for another blog post on this tomorrow.

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Will higher oil prices drive alternative energy investment? May 12, 2019

Show notes

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?

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