Debunking Economics

Phil talks to Prof Steve Keen on the lies and misunderstands of the economics profession

Energy – the missing function of economics

Economists have always seen wealth as a function of capital and labour. But that ignores the importance of energy.

If shares had a use-by date. In favour of Jubilee shares (preview)

Imagine if the secondary market for shares had a time limit. Would that stop runaway speculation?

Should short selling be banned?

A big chunk of the trades that happen in shares are sold short. Is short selling is destructive, or is it a useful balance that keeps share trading in check?

Regional wealth diversity – how economics ignores the dimension of space

Should the government be involved more in regional investment, or will the laws of economics sort it out for itself?

Does Modern Monetary Theory make sense?

Steve Keen is a support of MMT, in part, but departs from the ideology when it comes to the theory relating to exports and imports.

Lies, damn lies and employment statistics

Why did President Trump win an election on unemployment when so few Americans are supposedly out of work?

Do minimum wages reduce inequality?

One eocnomics professor argues raising the US minimum wage will reduce the profits of companies and put more people out of work. Has he got a point?

The rising impact of the gig economy

Latest UK employment statistics show that more than half of the jobs added in the last year went to the self-employed. Another example, perhaps, of the shift to the gig economy.

Can you have a free market for public goods?

Are there occasions when marketized principles can be applied to public goods, in the interests of improving performance.

Do poor people make the rich richer?

Karl Marx argued that the bourgeoisie got rich by creaming their wealth off the proletariat who did all the work. Was he right?

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