Debunking Economics

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

Should oil companies pay a windfall tax?

Rising oil prices means energy companies are making mega-profits. I ask Steve Keen if they should pay a windfall tax on this unexpected income?

Can developed nations reindustrialize?

Have COVID and Putin forced the west to consider self-reliance on food and energy. Prof Steve Keen says, yes, but a fortress mentality won’t protect the world from climate change.

Just how sustainable are house prices?

Houses prices will never fall in the long term, says property expert Russell Quirk. They will, says Prof Steve Keen, because banks inflate prices through money creation without meaningful controls.

What’s wrong with the rentiers?

The UK Chancellor’s wife is loaded. I ask @profstevekeen if that makes her part of the rentier class, and if so, why is that a problem? Is it just jealousy because we don’t have rich parents?

Feedback loops kill the equilibrium fantasy

Conventional economics rests on the belief of that there’s some sort of equilibrium. Steve Keen explains why this ignores the role of feedback loops, that can move prices and demand in all sorts of directions.

The inflation genie, can we bottle it?

On this week’s Debunking Economics podcast Steve Keen tells me that its up to governments, not central banks, to bring inflation down.

Is it possible to avoid another fuel crisis?

The fuel crisis is not just about Russia, says Steve Keen ,and we are going to have to get used to it.

EU talks bonds. And this time it’s different.

The EU has talked about issuing bonds to combat the threat from Russia and remove the reliance on them for energy. I talk to @profstevekeen about why bind issuance by the EU is a game changer and very different to pandemic emergency measures by the ECB.

Does economic isolatonism work?

Can we really stop Putin’s imperialism with sanctions? Probably not, says @profstevekeen, but we’ll have to get used to more wars as global resources become constrained.

Crazy Taxes (preview)

There are some crazy tax rules. On this week’s podcast @ProfSteveKeen says we should remind ourselves of why we have taxes in the first place.

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