Economics Explored

Gene Tunny

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

  1. 21 FEB

    A Pro-Growth Tax Reform Agenda for Australia

    What would tax reform look like if the goal were higher wages and stronger long-term growth — rather than more revenue? In this episode, Gene Tunny and John Humphreys examine capital gains tax, bracket creep, and income tax reform through the lens of productivity and living standards. While the discussion focuses on Australia, the principles apply everywhere. How should governments tax capital versus labour? Should tax brackets be indexed to inflation? And how can tax systems encourage saving, investment, and innovation? This episode explores the economic ideas behind a genuinely pro-growth tax reform agenda. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn Why productivity growth—not redistribution—is central to rising real wages and living standards. How capital gains tax works, and why inflation and the time value of money complicate its design. Why economists worry that taxing capital income can discourage investment. How bracket creep quietly increases tax burdens even when real wages aren’t rising. What a pro-growth tax reform agenda looks like. Timestamps Introduction to the Podcast and Episode Theme (0:00) Discussion on Productivity and Tax Reform (2:17) Capital Gains Tax Discussion (7:22) Proposed Tax Reforms and Economic Benefits (19:56) Indexing Tax Brackets to Eliminate Bracket Creep (45:41) Conclusion and Final Thoughts (49:03) Links relevant to the conversation The Australian Taxpayers’ Alliance livestreams that this episode borrows from… Bold tax cut proposal for a new opposition || #32: https://www.youtube.com/live/HYsNOmJ1tKc?si=ZCqtX2f5FWmxDo0C Taxes are going up || #31  https://www.youtube.com/live/UkQWVCo1Qko?si=Cyp-SBtjdYI3nBRp Related ATA newsletter articles: https://austaxpayers.substack.com/p/bold-tax-proposal-for-a-new-opposition https://austaxpayers.substack.com/p/tax-hikes-on-alcohol-and-petrol Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    50 min

  2. 13 FEB

    What Would Adam Smith Make of Australia? | A C+ Scorecard

    Adam Smith is often invoked as the intellectual godfather of modern capitalism — but he was also a moral philosopher. Judo Bank founder and former CEO Joseph Healy joins Gene Tunny to argue that Australia’s market economy has drifted from Smith’s vision. From weak competition and high household debt to corporate scandals and lobbying influence, this episode explores whether capitalism has been “hijacked by capitalists” — and why complacency may be Australia’s greatest economic risk. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  About this episode’s guest: Joseph HealyJoseph Healy is an experienced Australian banking executive and the author of What Would Adam Smith Make of Modern Australia? He has had a long career in financial services in Australia and internationally, including as a co-founder and former CEO of Judo Bank, a specialist SME bank. Joseph has a longstanding interest in Adam Smith’s work as both an economist and moral philosopher. In his book, he draws on The Wealth of Nations and The Theory of Moral Sentiments to assess the state of modern Australian capitalism — examining competition, corporate governance, banking, regulation, education, and the relationship between economic performance and societal wellbeing. What You’ll LearnWhy Adam Smith must be read as both an economist and a moral philosopher.How shareholder value thinking reshaped corporate incentives from the 1980s onward.Why weak competition in banking, airlines, retail, and energy may be generating economic rents in Australia.How the shift of bank lending toward housing may have created systemic risk and underinvestment in SMEs in Australia.Why Joseph gives Australia a C+ overall — and why that grade could deteriorate.Timestamps02:25 – Why Joseph wrote to The Economist The 250th anniversary of The Wealth of Nations and reclaiming Smith’s legacy. 09:18 – Why Moral Sentiments still matters “Loved and lovely” — Smith’s moral framework explained. 16:30 – The legal test vs the moral test “It’s not ‘Will we get caught?’ — it’s ‘Is this the right thing to do?’” 18:29 – Shareholder value and the erosion of restraint How incentives shifted corporate behaviour from the 1980s onward. 27:39 – Banking concentration and the shift to mortgages Big Four dominance and declining SME lending. 31:05 – Systemic risk and household leverage Is Australia too exposed to housing debt? 36:10 – Lobbying and barriers to competition Why reform is politically difficult. 40:45 – Five areas of reform Government size, competition, tax reform, governance, trade unions & education. 48:34 – The Qantas example Lobbying, protection, and consumer impact. 51:39 – What would Adam Smith make of Australia? The “report card”: A for trade, D for competition, C+ overall. 55:11 – Reclaiming capitalism “Capture it back again so it’s working for everybody.” Links relevant to the conversationJoseph’s book, What Would Adam Smith Make of Modern Australia? https://majorstreet.com.au/products/what-would-adam-smith-make-of-modern-australia-br-i-small-by-joseph-healy-i-small Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    59 min

  3. 7 FEB

    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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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
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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
    312
  • Rating
    Clean
  • Copyright
    © 2023 Gene Tunny, Economics Explored
  • Show Website
    Economics Explored

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