William Nordaus is a recipient of the 2018 Nobel Prize for Economics. He’s been recognised for his work on climate change and his quest to develop economic policy that will mitigate the worst extremes of our impact on the planet. But, as Prof Steve Keen discusses in this edition of The Debunking Economics podcast, his model is doing more harm than good, underestimating the influence of rising temperatures on GDP. For example, an increase in temperature of 10C will see global GDP fall by 25 percent – yet at such a temperature the majority of people on the planet will be wiped out. Phil Dobbie asks, can you expect any growth in GDP if you are aiming to curtail temperatures – aren’t the two forces mutually exclusive?
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Did the markets overreact to Omicron news?
We can expect markets to be very jittery this week . Until we know more on Omicron , markets will be sensitive to headline news, says NAB’s Rodrigo Catril on today’s Morning Call podcast.
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Will Rory Stewart save the Tory party?
Have the Tory’s got one moderate, in Rory Stewart, who could save the day – for Brexit and for their party? Or will we be stuck with bombastic Boris?
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Markets bounce back on piecemeal stimulus hopes
Market sentiment turned by hope of a piecemeal stimulus deal, but NAB’s Taps Strickland wonders whether the Democrats will play ball. Plus, are the Australian government’s growth forecasts too optimistic?
