Debunking Economics

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

Economics and thermodynamics

Steve Keen has often said economics needs to incorporate the principles of thermodynamics. So what exactly is thermodynamics, and how would it change our study of the economy?

Free markets through subsidy

The need for subsidies is an admission that free market forces cannot operate unchecked. I ask @profstevekeen how you can ensure subsidies are applied effectively and fairly.

2 percent or not 2 percent, that is the question

The ECB’S new strategy has driven the Euro higher in a market which has generally been driven down by COVID concerns. NAB’s David de Garis explains what’s changed in the ECB’s 2% inflation target.

The economics of scarcity

The notion of scarcity is at the heart of economic theory. And it’s wrong, Prof Steve Keen tells Phil Dobbie in this week’s Debunking Economics podcast. Listen into find out why.

Dog Days and Hot Bonds

Soaring temperatures in the US and Canada this week are another reminder of climate change. Christine Lagarde says the EU needs to spend €330 billion every year tackling the problem, but where does the money come from? Do governments create it, or do we divert existing money to green initiatives? Question I put to @ProfSteverKeen on this week’s Debunking Economics podcast.

Power (back) to the People

Could higher wages actually be better for the economy? Were strong unions a good thing? Two fundamental questions I ask @profstevekeen on this week’s Debunking Economics podcast.

Has the UK come the raw prawn over free trade?

SCOMO and BOJO have done the deal. But is a UK Australia free trade agreement good for either country?

The problem with now

The economy is based on the here and now. Whilst we complain about government debt being a cost to future generations, we don’t invest in future generations if it’ll compromise our current lifestyle. I ask @profstevbeken, is that any way to save the planet!

Relative values

Economic principles suggest price is the best indicator of value. But, as discussed with Steve Keen, everyone has a different concept of value, determined by how much money they’ve got.

Inflation – transitory, then what?

Everyone seems to agree that prices will go up temporarily. But only @profstvekeen seems to be arguing it’ll be followed by a period of deflation. Listen to this week’s Debunking Economics podcast.

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