Latest UK employment statistics show that more than half of the jobs added in the last year went to the self-employed. Part of this will be entrepreneurs forging their own path, but many will be people forced to establish themselves as sole traders and work for companies on a more casual basis. In this podcast Phil Dobbie talks to Prof Steve Keen about the benefits and problems with the gig economy. On issue, of course, is the amount of money people make. Could the gig economy force a universal ...
Apr 06, 2017•17 min•Season 1Ep. 34
It seems there’s a relentless desire to try and apply free market principles to public goods, like health, education, defence and research. Even though they usually operate in a monopolistic environment, bureaucrats are always finding ways to apply measures – fiscal or performance based – that distort the way these goods operate. So, in this podcast Phil Dobbie asks Prof Steve Keen if there are occasions when marketized principles can be applied to public goods, in the interests of improving per...
Apr 03, 2017•26 min•Season 1Ep. 33
Karl Marx argued that the bourgeoisie got rich by creaming their wealth off the proletariat who did all the work. But in this podcast Prof Steve Keen tells Phil Dobbie that it’s not the capitalists who are getting rich from the workers – it’s the often ignored “third class” of citizen, who make up a large part of the wealthiest people on the planet. And they’ve been increasing their influence over recently decades. Hosted on Acast. See acast.com/privacy for more information....
Mar 30, 2017•18 min•Season 1Ep. 32
Traders buy and sell based, often, on hearsay. Mum and dad investors can take a punt based on advice from ‘experts’ or from the lies they see in a company prospectus. Whatever the level of investor, you always base decisions on imperfect information. Like with anything, the person doing the selling knows more about the state of the product than the one doing the buying. So, what if we had more information? Phil Dobbie asks Professor Steve Keen what would happen if the information imbalance didn’...
Mar 27, 2017•15 min•Season 1Ep. 31
In the seventies US government debt was less than 40 percent of GDP. Now, it’s over 100 percent. And the US is still to pass a change to the debt ceiling, which inhibits the government’s ability to spend more money. In this edition of the Debunking Economics podcast, Phil Dobbie asks Professor Steve Keen when government debt becomes a significant issue. Conventional economics suggests too much spending can raise inflation, which reduces the attractiveness of government bonds, making it more diff...
Mar 21, 2017•24 min•Season 1Ep. 30
Which comes first, demand or supply? If you want to grow an economy should you offer money or tax cuts to increase demand, or should you fund jobs to create supply and wages. Donald Trump, like many politicians before him, believes cutting taxes will make more spending power available to create more jobs. Is he right, when many classical economists have argued the opposite – that job creation is the key to spending power. It’s the timeless chicken and egg question except, in this case, Prof Stev...
Mar 17, 2017•14 min•Season 1Ep. 29
In this edition of the Debunking Economics podcast we test Donald Trump’s accusations that China, Japan and Germany are manipulating their currencies – something he hates, of course, because it makes it harder for him to achieve his aim, of returning the US to a positive balance of trade. It’s a big undertaking. Is he right that these countries have an unfair advantage over the US and, if so, will a tariff barrier really rectify the problem, or just start a trade war? Hosted on Acast. See acast....
Mar 07, 2017•22 min•Season 1Ep. 28
Donald Trump has talked about a 20 percent tax on exports from Mexico to help pay for the wall, but has also spoken about a broader tax on all imports. Many fear it’s a form of protectionism that could spark a trade war, but perhaps they are misunderstanding the intent of Trump’s plan. It’s possible he is following the thinking of Oxford professor Michael Devereux who argues that corporate tax should be applied where consumption happens, rather than where profit is generated. That would mean, ir...
Mar 02, 2017•16 min•Season 1Ep. 27
The Bank of England, like many central banks, has used Quantitative Easing as a tool to try and engender growth in the economy. It’s a tool they had to resort to when sustained low interest rates failed to achieve the desired outcome. In this podcast Phil Dobbie talks to Steve Keen about how QE is, why it’s failing and how to should be redesigned. Hopefully the Bank of England will listen, along with the Treasury. In fact, the UK’s Treasury Committee is running an inquiry into the Effectiveness ...
Feb 27, 2017•33 min•Season 1Ep. 26
You’ve probably seen them – emails telling you now is the time to buy gold. When currencies collapse, gold is the safe-haven that speculators turn to. In this episode, Phil Dobbie explores the idea of stocking up with gold, with Professor Steve Keen. Is gold safer than keeping money in a bank? Is it premature to buy gold right now? What are the signs that an economic downturn and banking crisis is occurring? But buying gold isn’t the answer – reducing your level of debt is. Hosted on Acast. See ...
Feb 20, 2017•25 min•Season 1Ep. 25
It’s very easy to look at the big salaries in the city and compare it to the average wage and assume bankers are taking us for a ride. But, for time immemorial we have needed money as a more effective means of trade than bartering. Who wants a chicken egg in exchange for today’s paper? So, banks emerged as the intermediary that enables trade. But, as Prof Steve Keen explains to Phil Dobbie, banks don’t just act as an intermediary, they also create money, and focus on encouraging us all to build ...
Feb 17, 2017•22 min•Season 1Ep. 24
Phil Dobbie asks Professor Steve Keen about the role of public sector spending. We’ve learnt that the government can create money, through its central bank, and this is, in effect, pumping new money into the economy. The alternate approaches, tax increases or austerity, pull money out of the economy. So public sector spending is a good thing, particularly when the economy is experiencing hardship – but how do they determine what’s best to spend money on. Aren’t government’s notoriously bad at de...
Feb 07, 2017•21 min•Season 1Ep. 23
The rich poor gap in modern society isn’t just related to income. In fact, recent statistics in the UK point to a narrowing of the income gap since the financial crisis. The bigger issue is the inheritance of wealth, giving some a head start and inflating house prices beyond the reach of many. In this edition Phil Dobbie asks Prof. Steve Keen whether a heftier inheritance tax is the answer. There’s discussion of the problems with that approach, how land tax is similarly distortionary, and a sugg...
Jan 30, 2017•24 min•Season 1Ep. 22
Trump’s Presidency created optimism for many – those looking for work and investors who expect his infrastructure program will create untold wealth for the entire population. He reinforced that promise in his inaugural address, talking of new roads and highways and bridges, and the wall of course. Professor Steve Keen is a big supporter of this plan, but believes it’ll fail for one simple reason. The plan is accompanied by a determination to return the budget to surplus, pulling money out of the...
Jan 22, 2017•13 min•Season 1Ep. 21
Journalist Phil Dobbie and economist Steve Keen agree on lots of things, but fall on either side of the Brexit camp. One believes Britain should have remained to fight EU bureaucracy from the inside, the other suggests the community is fundamentally flawed, along with the concept of free trade, and will collapse soon anyway. In this FREE podcast Phil questions Steve on whether, irrespective of the ideology, Brexit will inflict a lot of short term hurt on many of those who voted for it. There’s a...
Jan 18, 2017•38 min•Season 1Ep. 20
This week Donald Trump becomes the 45th President of the United States. In this free edition of the Debunking Economics podcast Phil Dobbie asks Professor Steve Keen whether he will be good news for his country, particularly those struggling to find jobs in the rust belt of Middle America. Trump is planning a spending spree to get the country back on track, but who will pay and will it be possible to target projects on those who need the work the most? Hosted on Acast. See acast.com/privacy for ...
Jan 17, 2017•21 min•Season 1Ep. 19
The economy has always suffered the impacts of boom and bust cycles. Reserve banks and governments try desperately to remove them, hoping for the nirvana as a stable economy. But are they on a hiding to nothing? In this podcast Phil Dobbie asks whether it’s possible to, at the very least, reduce the size of the cycles and the subsequent hurt they inflict. Hosted on Acast. See acast.com/privacy for more information.
Jan 16, 2017•26 min•Season 1Ep. 18
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Jan 10, 2017•21 min•Season 1Ep. 17
In this edition of the Debunking Economics podcast Phil Dobbie asks Professor Steve Keen why the economy is dependent on growth. Is it psychological – that we like to think we are better off – or is there a mathematical reason that demands growth? Mainstream economists are hell-bent on growth and believe that innovation will always ensure we manage to do more with the resources available. But can that be achieved without ruining the planet, and how do we ensure there is an effective distribution...
Jan 03, 2017•21 min•Season 1Ep. 16
The start of the end of the Euro, the continued rise of the right, recession for Australia and a booming US economy thanks to Trump‘s spending program. That’s how Prof Steve Keen sees the year ahead looking in this free edition of the Debunking Economics podcast. For more insights for the year ahead, subscribe and enjoy further commentary and analysis throughout 2017. Hosted on Acast. See acast.com/privacy for more information.
Dec 31, 2016•21 min•Season 1Ep. 15
Charles Dickens wrote A Christmas Carol to heighten awareness of the rich poor gap in Victorian London. Professor Steve Keen suggests his lavish ways described in the last few pages of the book would almost certainly end in bankruptcy. Yet, his original penny-pinching lifestyle was destructive for the economy and almost certainly reduced his profit potential. In this Christmas special edition of The Debunking Economics podcast Phil Dobbie asks what the message should have been from the Ghost of ...
Dec 21, 2016•10 min•Season 1Ep. 14
Italian banks are on the verge of collapse. Former PM Matteo Renzi failed in his bid to centralise power and, supposedly, tackle the country’s dire economic circumstances. In reality, though, what could he have done? In this edition of The Debunking Economics podcast we look at the state of banks around the world and economies teetering on the edge. If we are to face another global financial crisis, driven by bank collapses, how do the circumstances compare with 2007-8? And which countries will ...
Dec 19, 2016•26 min•Season 1Ep. 13
Obviously we want to ensure that we are doing the most with the resources we have, but are we placing too much importance on productivity as a key measure of how well an economy is performing. In this episode of The Debunking Economics podcast Prof. Steve Keen suggests that the figure is misleading, and hides the growing inequality in society. There are better measures, he believes. Hosted on Acast. See acast.com/privacy for more information.
Dec 08, 2016•19 min•Season 1Ep. 12
Prof Steve Keen explains to Phil Dobbie why economists have got their theories wrong because they have misunderstood the role of double entry book-keeping. That means, argues Steve, this episode will be particularly exciting for accountants – perhaps the most fun they’ll ever have. And we discover why government debt is generally a good thing, but too much private debt can be destructive. Hosted on Acast. See acast.com/privacy for more information.
Dec 06, 2016•30 min•Season 1Ep. 11
The media, governments and mainstream economists are obsessed with concerns over government debt. Yet in the UK and most other developed nations private debt is a bigger issue. Why is it that we expect our governments to operate without borrowing, whilst many of us are mortgaged to the hilt? In this edition of The Debunking Economics podcast we examine the two types of debt and the consequences of each rising to high levels. Also, why does one tend to rise while the other falls? What can we lear...
Nov 30, 2016•29 min•Season 1Ep. 10
Back in 1817, in his catchy titled book ‘On the principle of political economy and taxation’, David Ricardo gave the mathematical argument for free trade based on comparative advantage. The argument goes that we’d all be better off if countries focused on what they’re best at producing, even if someone else might do a better. In this episode Prof Steve Keen explains to Phil Dobbie why the theory doesn’t hold – we only need to look at the industrialisation of Japan as an example. Hosted on Acast....
Nov 26, 2016•30 min•Season 1Ep. 9
Milton Friedman had a theory that the wealth of a nation was determined by the amount of money and the velocity of that money. In other words, if we exchanged money more quickly we’d all be better off. Phil Dobbie asks Professor Steve Keen if Friedman’s theory is correct and, if so, why doesn’t government policy focus on speeding up money? Hosted on Acast. See acast.com/privacy for more information.
Nov 18, 2016•21 min•Season 1Ep. 8
In this podcast Phil Dobbie talks with Steve Keen about the rationale behind government austerity measures, the thinking being that government debt is holding back the prospects for economic growth. Steve argues that this assumes the economy behaves like chipmunks, hording nuts for the winter. In effect, the approach takes money out of the economy, doing the opposite of helping the economy grow. Hosted on Acast. See acast.com/privacy for more information....
Nov 16, 2016•21 min•Season 1Ep. 7
In this episode Steve Keen argues that monopolies commissions have got it wrong, believing the consumer wins when all firms in an industry are of similar size. He argues that the best outcomes occur when businesses form a "power law" structure. And control of monopolies, he reckons, should be handed over to evolutionary biologists. Find out why in this edition of The Debunking Economics podcast. Hosted on Acast. See acast.com/privacy for more information....
Nov 12, 2016•31 min•Season 1Ep. 6
Trump’s unexpected win reflects the dissatisfaction of huge swathes of disenfranchised voters across America. They are upset because they are not seeing their lifestyle improve, yet the rich elite seem to be accumulating the wealth with little or none of it trickling down to the rest of the population. In this episode of The Debunking Economics podcast Steve Keen says money needs to be forced to circulate rather than accumulate. But how do you do that? Phil Dobbie asks Steve whether higher taxes...
Nov 11, 2016•19 min•Season 1Ep. 5
