Debunking Economics - the podcast

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**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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Latest Episodes:

Nordaus’ Climate Model Debunked Feb 18, 2019

Show notes

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Fact-checking Freidman Feb 11, 2019

Show notes

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.

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What’s a country’s optimum population size? Feb 04, 2019

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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 if a 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 even very long.

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Were mum and dad right about saving? Jan 29, 2019

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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 when it’s easier to borrow?

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Running knowledge economies using production-based theories Jan 21, 2019

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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.

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Is the Euro to blame for European disunity? Jan 14, 2019

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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.

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Capital gains tax – a failed experiment in growth Jan 07, 2019

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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?

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Productivity through growth – why it makes sense to run the economy hot Dec 31, 2018

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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.

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Where do you draw the line on migration? Dec 24, 2018

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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.

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The Future of Banks Dec 18, 2018

Show notes

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 transactional banking?

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