Economics Explored

Gene Tunny

Hard-headed economic analysis applied to important economic, social, and environmental issues.

  1. 5 DAYS AGO

    What Counts as Economic Activity — and What Doesn’t

    What do we actually count as economic activity — and what do we leave out? In this episode, Gene speaks with economist Misty Heggeness about Swiftynomics, her new book on women’s work, unpaid care, and the limits of standard economic statistics. Misty uses Taylor Swift as a narrative anchor for a broader argument about care, work, and economic growth. She argues that large amounts of productive activity — especially care and household work — sit outside GDP. The conversation explores unpaid labour, the gender pay gap, universal childcare, and whether rethinking what we measure could lead to better economic policy. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  About this episode’s guest: Misty HeggenessMisty L. Heggeness is an associate professor in the School of Public Affairs and Administration and an associate research scientist in the Institute for Policy and Social Research at the University of Kansas. She has over a decade of experience leading high-profile research that informed decision-making within the U.S. federal government. Her research focuses on poverty & inequality, gender economics, and the high-skilled workforce and has appeared in outlets like The New York Times, Wall Street Journal, NPR, The Economist, and Science. https://spaa.ku.edu/people/misty-heggeness TakeawaysGDP measures market activity — but ignores much unpaid care and household work.Women, on average, do more total economic activity per day once unpaid work is included.How we measure the economy influences which policies governments prioritise.TimestampsIntroduction to the Podcast and Guest (0:00)Discussion on the Book's Theme (2:31)Taylor Swift's Relevance and Personal Experiences (4:34)Defining Swiftynomics and Its Broader Implications (12:08)Policy Proposals and Universal Child Care (14:03)Gender Pay Gap and Workplace Flexibility (18:43)Affirmative Action and Gender Quotas (28:54)Conclusion and Key Takeaways (36:53)Links relevant to the conversationSwiftynomics: How Women Mastermind and Redefine Our Economy: https://www.amazon.com/Swiftynomics-Women-Mastermind-Redefine-Economy/dp/0520403118 The Care Board: https://thecareboard.org/  Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    41 min

  2. 24 JAN

    Why Economists Defend Free Speech

    What does free speech have to do with economics? A lot more than you might think. In this episode, Gene Tunny is joined by John Humphreys to explore free speech as a core institutional pillar of prosperous societies. From Mao’s Great Leap Forward to modern Australia, they show how restricting speech distorts incentives, breaks feedback loops, and leads to catastrophic policy failure. Even well-intentioned speech laws, they argue, can have dangerous unintended consequences. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Key takeaways (What you’ll learn)Why economists see free speech as a feedback mechanism, similar to prices in marketsHow restricting speech shifts incentives from truth-seeking to conformityWhy censorship often hides problems until they become crisesHow historical disasters, like China’s Great Leap Forward, illustrate the cost of silenced feedbackWhy tolerating error is essential for democracy, learning, and social progressTimestampsFree Speech and Its Importance (0:00)The Role of Free Speech in Democracy (4:16)Historical Context and Legal Perspectives (9:00)Tolerance and the Enlightenment (11:03)The Impact of Free Speech Restrictions (16:02)The Politics of Free Speech Legislation (20:21)The Evolution of Anti-Speech Legislation (22:15)The Role of Multiculturalism and Social Cohesion (22:31)The Future of Free Speech Legislation (32:45)Links relevant to the conversationGene and John’s recent Australian Taxpayers’ Alliance livestreams on free speech: https://www.youtube.com/live/ZdQ2y96QakI?si=cCKdaqylXJ03FgFa https://www.youtube.com/live/fvd3usSMT3o?si=oIr7UJrO9C53Fi4c Chris Berg’s Institutional Theory of Free Speech: https://chrisberg.org/2017/02/an-institutional-theory-of-free-speech/ The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure: https://www.amazon.com.au/Coddling-American-Mind-Intentions-Generation/dp/0735224897 Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    44 min

  3. 17 JAN

    Auckland Upzoning: Hype or Housing Fix?

    Auckland’s upzoning reforms have become a global case study in housing policy. Gene Tunny and John August dig into the data behind claims that loosening zoning rules boosted housing supply and eased rent pressures. They explore the statistical methods used, the critiques raised by sceptics, and the limits of zoning reform on its own. The episode also examines infrastructure constraints and whether complementary policies are essential for real housing affordability gains. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  TimestampsAuckland Upzoning and Housing Affordability (0:00)Introduction of John August and Initial Discussion (3:41)Statistical Analysis and Critiques (3:59)Cameron Murray and Tim Helm’s analysis (7:33)Broader Economic Context and Infrastructure (25:23)Conclusion and Future Directions (46:23)TakeawaysRigorous statistical studies find a strong link between upzoning and increased housing consents in Auckland.Critics argue that zoning reform alone cannot overcome development cycles, infrastructure bottlenecks, or land banking.Development approvals are a useful, though imperfect, proxy for actual housing supply growth.Infrastructure provision is crucial—densification without follow-through can reduce amenity and limit affordability gains.Zoning reform works best as part of a broader policy package, potentially including land value taxation to fund essential infrastructure.Links relevant to the conversationThe impact of upzoning on housing construction in Auckland by Ryan Greenaway-McGrevy and Peter C.B. Phillips: https://cowles.yale.edu/sites/default/files/2024-02/p1863.pdf Zoning and housing supply: empirics in search of a theory by Tim Helm and Cameron Murray: https://ace2025.org.au/wp-content/uploads/2025/07/01-Tim-ACE-2025-Tim-Helm-TAKE-II.pdf Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    47 min

  4. 10 JAN

    AI, Power & the Future of Politics w/ Bruce Schneier, Harvard Kennedy School

    Show host Gene Tunny speaks with cybersecurity expert Bruce Schneier of the Harvard Kennedy School about his new book, Rewiring Democracy, which explores the profound and often underappreciated ways AI is already reshaping democratic institutions. From AI-powered political campaigns and legislative drafting to citizen engagement and court systems, Schneier lays out both the potential and the peril of this technological transformation. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  TimestampsIntroduction (0:00)Bruce Schneier's New Book "Rewiring Democracy" (1:44)Impact of AI on Democracy and Humanity (4:25)AI in Government Administration and Courts (9:12)Examples of AI in Citizen Assemblies and Public AI (12:02)Challenges and Opportunities with AI in Democracy (18:10)Regulation and Accountability of AI (22:04)TakeawaysAI is already transforming democracy. It plays roles in political campaigning, lawmaking, courtrooms, and public service—even if we don’t always notice it.The real danger is corporate control. Schneier stresses that AI’s trajectory is largely shaped by a small group of powerful tech companies and calls for “public AI” as a counterbalance.AI is a tool, not a force. Whether AI supports democracy or authoritarianism depends entirely on how humans use it.Citizens can be empowered by AI. Projects from CalMatters and make.org show how AI can help amplify civic voices and improve transparency.Urgent regulation is needed. Schneier argues that AI, like cars or planes, must be regulated for safety, transparency, and accountability—especially to prevent manipulation and abuse.Links relevant to the conversationBruce’s book - Rewiring Democracy: How AI Will Transform Our Politics, Government, and Citizenship https://mitpress.mit.edu/9780262049948/rewiring-democracy/ Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    26 min

  5. 29/11/2025

    Why Roman Interest Rates Collapsed After Augustus Won | Fertility Economics Questions Answered | Friedman & Reagan on the Gold Standard – ep 304

    Gene responds to thoughtful listener feedback on record-low fertility rates and explores why childcare, IVF, and returning to work for fortysomething mothers can be so economically challenging. He then travels back to ancient Rome to unpack a curious moment after Augustus’s victory over Antony and Cleopatra, when treasure flooded into Rome, interest rates plummeted, and land values soared—and explains how this fits neatly into modern monetary economics. Finally, Gene revisits remarkable exchanges between Milton Friedman, Alan Greenspan, and Ronald Reagan that shed fresh light on the perennial debate over the gold standard. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  TimestampsIntroduction (0:00)Childcare Costs and Staffing Ratios (5:15)IVF Costs and Penalties for Women Returning to Work (9:52)Rise of Singleton Households and Economics of Smaller Populations (17:32)Economic Impact of Ancient Rome’s Influx of Gold and Treasure (22:56)Milton Friedman and the Gold Standard (42:01)TakeawaysChildcare costs are structurally high due to labour intensity, mandated staff–child ratios, and qualification requirements.The “motherhood penalty” is real and appears driven partly by human capital loss during career breaks and partly by occupational choices for flexibility.Augustus’s influx of treasure into Rome increased real money balances, pushing interest rates from ~12% to ~4% and boosting land prices—an excellent real-world example of short-run monetary non-neutrality.Milton Friedman and Alan Greenspan both advised Ronald Reagan NOT to pursue a gold standard, arguing fiscal discipline and controlled monetary growth matter more than metal backing.Links relevant to the conversationReferenced Previous Episodes Is Gold Flashing a Warning Sign?  https://economics-explained.simplecast.com/episodes/is-gold-flashing-a-warning-sign-ep303 The Great Baby Bust https://economics-explained.simplecast.com/episodes/the-great-baby-bust-why-it-happened-and-what-it-means-for-us-ep300 The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse - EP230 https://economics-explained.simplecast.com/episodes/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230 The Gender Pay Gap w/ Dr Leonora Risse https://economics-explained.simplecast.com/episodes/the-gender-pay-gap-with-dr-leonora-risse China’s falling population & global population update - EP174 https://economics-explained.simplecast.com/episodes/chinas-falling-population-global-population-update-ep174 U.S. Census data on rising singleton households https://www.census.gov/library/stories/2023/06/more-than-a-quarter-all-households-have-one-person.html   “The Motherhood Wage Penalty: A Meta-Analysis” – Social Science Research paper https://www.sciencedirect.com/science/article/pii/S0049089X20300144 Florida childcare staffing ratios https://www.elcslc.org/parents/vpk-locator/licensing-files-what-to-look-for/state-of-florida-mandated-adult-to-child-ratios/ Australian childcare qualification requirements https://earlychildhood.qld.gov.au/careers/qualifications-and-pathways/approved-qualifications Books Mentioned Tom Holland’s translation of Suetonius – Lives of the Caesars https://www.amazon.com.au/Lives-Caesars-Suetonius/dp/0241186897 Sebastian Mallaby – The Man Who Knew: The Life and Times of Alan Greenspan https://www.amazon.com.au/Man-Who-Knew-Times-Greenspan/dp/0143111094 Mark Blaug – Economic Theory in Retrospect https://www.amazon.com.au/Economic-Theory-Retrospect-Universiteit-Amsterdam/dp/0521577012 Cassius Dio – Roman History https://penelope.uchicago.edu/Thayer/e/roman/texts/cassius_dio/51*.html Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    53 min

  6. 15/11/2025

    Is Gold Flashing a Warning Sign? ep303

    Gold has doubled in price in less than two years—so what exactly is happening? Gene Tunny and John Humphreys break down the economic and geopolitical forces driving the surge, from inflation fears and rising global debt to BRICS nations buying massive amounts of gold. The conversation also explores whether a new gold-backed currency could challenge US dollar dominance. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Time stamps 00:00 – Introduction 01:30 – Why gold is surging 04:30 – The role of inflation fears & global debt 07:15 – BRICS gold buying and the idea of a gold-backed currency 12:00 – Is a gold-backed currency workable? 16:00 – Gold vs. fiat currencies: long-term stability 22:30 – Geopolitical implications of a shift away from the USD 26:00 – Gene’s clarification of Ken Rogoff’s perspective 28:30 – Outro  Takeaways Gold has doubled in price in under two years, suggesting deep market concerns about inflation, debt, geopolitics, or structural distrust of fiat currencies.BRICS nations—particularly China—are buying unprecedented amounts of gold, possibly preparing for a commodity-backed settlement currency.A gold- or commodity-backed currency is politically useful for BRICS, as it may help overcome trust deficits relative to the US.Gold standards constrain monetary policy, reducing the ability to monetize debt or respond flexibly to recessions. Gene and John debate whether this constraint is feature or bug.Links Gold charts: https://drive.google.com/file/d/1TamqJ1GOpXxveAVLRS0UJnb7U9GyRATX/view?usp=sharing ATA livestream on 6 November: https://www.youtube.com/live/gSVJ9ZU6lC4?si=8sXvajwG5cdUk85f Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED   Promo code: 10EXPLORED

    30 min

  7. 08/11/2025

    Should Australia “Make Things Again”? - ep302

    “Make things again” — it’s a powerful slogan. But what does it really mean for Australia’s economy, workers, and national security? Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys dig into the heart of the debate, from the politics of nostalgia to the realities of automation and global trade. A thought-provoking conversation about whether Australia can, or should, bring manufacturing back home. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Timestamps00:00 – Introduction – Why “Make Things Again” is back in the headlines01:40 – From CIS Consilium to the manufacturing debate06:15 – The political appeal of “making things again”12:50 – Australia’s car industry and economic reality16:55 – What policy tools are we really talking about?21:45 – The energy policy civil war on the right27:50 – Legitimate arguments for tariffs: revenue & security31:30 – National security, China, and economic resilience40:10 – Automation and the meaning of work44:55 – The future of the centre-right48:25 – Wrap-up: where the new right might go49:00 – Outro – national security, critical minerals & what’s nextTakeawaysAutomation has changed everything – Even if manufacturing expands, the old factory jobs aren’t coming back; future growth will be in advanced, high-value sectors.Politics vs economics – “Made in Australia” is powerful politically, but protectionism risks higher costs and lower productivity.National security is a legitimate concern – But it needs a framework; not everything can be justified in its name.Energy costs are critical – High power prices are a big constraint on manufacturing.Meaningful work matters – Many calls for reindustrialisation reflect cultural and social concerns about meaning, not just economics.Links relevant to the conversationATA livestream of Made in Australia debate || ATA #26: https://www.youtube.com/live/tvBKU7-Ce7E?si=g-Mr8AlL3-wDxNlE Andrew Hastie MP’s call to make things again: https://youtube.com/shorts/9NQGcBnaI8I?si=h4jwFskB2byxJ6Yy Simon Cowan’s opinion piece “The hard truth: why the government should let this smelter fai”: https://www.cis.org.au/commentary/opinion/the-hard-truth-why-the-government-should-let-this-smelter-fail/ Productivity Commission paper “Guardrails for modern industry policy”: https://www.pc.gov.au/inquiries-and-research/guardrails-industry-policy/ Richard Holden’s AFR article “Labor needs a strategy to say where minerals bailouts stop” (paywalled): https://www.afr.com/policy/economy/labor-needs-a-strategy-to-say-where-minerals-bailouts-stop-20251012-p5n1sz John Quiggin’s article “If government bailouts of companies are the new normal, we need a better strategic vision”: https://theconversation.com/if-government-bailouts-of-companies-are-the-new-normal-we-need-a-better-strategic-vision-267111 Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    56 min

  8. 01/11/2025

    The AI Boom: Innovation or Irrational Exuberance? w/ Aman Verjee - ep301

    Venture capitalist Aman Verjee joins Gene Tunny to explore whether artificial intelligence is fuelling the next great economic bubble. Drawing lessons from history—from the 1840s railway boom to the 1990s dot-com surge—Aman argues that even frothy markets can spark long-term progress. The conversation also covers AI’s impact on jobs, productivity, and how policy can nurture innovation without strangling it. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  TimestampsIntroduction and Guest Overview (0:00)Aman Verjee's Background and Experience (2:26)Aman’s Role and Responsibilities at Practical Venture Capital (5:50)AI and Financial Bubbles (10:01)AI in Business and Everyday Life (13:30)Impact of AI on Jobs and the Economy (17:29)US Economy and Government Shutdown (21:27)Policies to Boost Productivity (27:29)Aman Verjee's Book on Financial Bubbles (37:08)Conclusion and Contact Information (43:30)TakeawaysAI may be in a “frothy” phase but not necessarily a bubble—valuations are high, yet many firms are potentially transformative.Past bubbles often produced some lasting value: the 1990s tech and 1840s railway booms birthed major industries that delivered lasting benefits after crashes.AI will reshape, not erase, jobs—disruption creates new roles as others disappear, echoing past technological revolutions.Policy matters: lower regulation, smarter taxation, and education reform are crucial for productivity growth.History’s warning: bubbles fueled by debt (like the 2000s US housing boom and 1880s Melbourne land boom) are far more damaging than equity-driven ones.Links relevant to the conversationAman Verjee’s firm: https://practicalvc.com/ Aman’s trading places podcast: https://practicalvc.com/trading-places/ Regarding Melbourne house prices: “Melbourne house prices fell 51% in real terms (prices minus inflation) in the 1890s” https://www.morningstar.com.au/personal-finance/lessons-from-australias-largest-property-busts Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    46 min
See All (310)

4.2
out of 5
22 Ratings

About

Hard-headed economic analysis applied to important economic, social, and environmental issues.

Information

  • Creator
    Gene Tunny
  • Years Active
    2019 - 2026
  • Episodes
    310
  • Rating
    Clean
  • Copyright
    © 2023 Gene Tunny, Economics Explored
  • Show Website
    Economics Explored

You Might Also Like