Economics Explored

Gene Tunny

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

  1. 5d ago

    Career Advice for Aspiring Economists in the AI Age

    If AI can write code and analyse data, what skills will tomorrow's economists need? Gene Tunny revisits his career advice for economics students and graduates, explaining why critical thinking, clear writing and interpersonal skills may matter more than ever. He weighs the benefits of starting in government versus consulting, explains why publishing your own work can open doors, and shares lessons about networking, mentorship and avoiding burnout. An essential discussion for anyone considering a career in economics. Takeaways from this episode1. Develop critical thinking and communication skills. Technical competence matters, but the ability to analyse complex problems, write clearly, communicate effectively, and exercise sound judgment distinguishes successful economists. 2. Choose your first job for the training it provides. Institutions such as Treasury, the Reserve Bank and Productivity Commission can offer excellent foundations in economic analysis and policy. Consulting offers opportunities too, but can involve demanding workloads, especially for graduates. 3. Build a body of work, not just a CV. Publishing articles, research, videos or podcasts allows you to demonstrate your capabilities. You don't necessarily need a prestigious internship to show prospective employers what you can do. 4. Be helpful and cultivate professional relationships. Gene's path to Treasury and Nicholas Gruen's early career illustrate how unexpected opportunities can arise from volunteering, helping colleagues and making connections. 5. Adapt to AI while protecting your long-term wellbeing. AI may reduce the need for some specialist coding skills while increasing the value of independent thinking, creativity and communication. Maintaining physical and mental health is equally important for a sustainable career. Timestamps00:00 Introduction: Career advice for economists 02:30 How Gene became an economist instead of a lawyer 05:09 The lecturers who changed Gene's career direction 09:00 What employers really want from graduates 10:12 Writing, initiative and professional skills 11:55 Deb Brown on why critical thinking matters 15:30 Why economic analysis matters for government policy 19:27 Public sector versus consulting 23:49 The realities of working in consulting 27:47 The challenges of working in government 30:30 Is Australian Treasury still a good employer? 32:30 Why you should build a body of work 37:52 Seth Godin, Cal Newport and becoming remarkable 41:04 Networks, mentors and unexpected opportunities 46:11 How meeting Ken Henry led Gene to Treasury 50:47 Nicholas Gruen's unusual route into economic policy 56:18 Leonora Risse on mentoring women economists 57:56 How AI changes career advice for economists 1:02:38 Andrew May on performance, recovery and burnout 1:04:25 Why health matters for professional success 1:07:30 Gene's final career advice Links relevant to the conversationPrevious episodes How I became an economist + advice for aspiring economists – EP141:  https://economicsexplored.com/2022/06/03/how-i-became-an-economist-advice-for-aspiring-economists-ep141-transcript/  Truth (or the lack of it) in politics and how to think critically with help from Descartes – EP123: https://economicsexplored.com/2022/06/03/how-i-became-an-economist-advice-for-aspiring-economists-ep141-transcript/  Private vs public sector jobs, consulting scandals & economics as an ‘imperialist discipline’ w/ UQPPES – EP209: https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/  Seven Habits of Highly Effective Economists: https://podcasts.apple.com/au/podcast/seven-habits-of-highly-effective-economists/id1480645795?i=1000477425944  Australia’s Lost Policy Exceptionalism w/ Nicholas Gruen – EP248:  https://economicsexplored.com/2024/07/09/australias-lost-policy-exceptionalism-w-nicholas-gruen-ep248/  Women in Economics with Dr Leonora Risse of RMIT, Melbourne – EP124: https://economicsexplored.com/2022/01/29/women-in-economics-with-dr-leonora-risse-of-rmit-melbourne-ep124/  The importance of physical & mental health for top CEO performance w/ Andrew May – EP193: https://economicsexplored.com/2023/06/21/the-importance-of-physical-mental-health-for-top-ceo-performance-w-andrew-may-ep193/ Economics and Public Policy: https://podcasts.apple.com/au/podcast/economics-and-public-policy/id1480645795?i=1000490595815   Lumo Coffee promotion10% off Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED  Promo code: 10EXPLORED

  2. Oct 18

    How Economic Growth Saved Us from the Grim Old Days w/ Chelsea Follett, Cato Institute

    Before industrialisation, most people lived in extreme poverty, worked long hours, and faced dangers that are almost unimaginable today. In this episode, host Gene Tunny speaks with Chelsea Follett, Research Fellow at the Cato Institute and author of The Grim Old Days: An Introduction to the Pre-Industrial Past. Chelsea challenges romanticised views of history and explains how the Industrial Revolution and subsequent economic growth transformed human living standards. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways from this episodeLife before industrialisation was extraordinarily difficult. Extreme poverty, high mortality, poor sanitation, back-breaking labour, and food insecurity were normal features of everyday life for much of human history.Economic growth transformed human wellbeing. The Great Enrichment was accompanied by dramatic improvements in life expectancy, nutrition, sanitation, healthcare, and opportunities for education and leisure.The Industrial Revolution may have an undeservedly bad reputation. Chelsea argues that child labour, long working hours, and dangerous living conditions preceded industrialisation. Rising prosperity ultimately helped societies address these problems.The causes of the Great Enrichment remain debated. Possible explanations include improvements in institutions, changing attitudes towards commerce, Enlightenment ideas, scientific progress, and competition between European states.The past was not necessarily kinder or more environmentally sustainable. Historical accounts reveal widespread domestic violence, cruelty towards animals, and environmental destruction.Modern prosperity should not be taken for granted. Chelsea argues that excessive restrictions on technological innovation could prevent future improvements in living standards, including potential gains from AI and autonomous vehicles.Timestamps00:00 – Introduction: Chelsea Follett and The Grim Old Days02:06 – Why Chelsea wrote the book: Using humanity's fascination with grim stories to communicate economic progress05:06 – The horrors of the pre-industrial past: The Erfurt latrine disaster, a cannibalised Dutch political leader, and historically high mortality rates09:32 – Why the Industrial Revolution gets a bad rap: Misconceptions about poverty, child labour, and working conditions12:06 – When did the Grim Old Days end? Industrialisation and the uneven emergence of modern prosperity14:27 – What caused the Great Enrichment? Institutions, ideas, Enlightenment thinking, and European competition19:56 – Did medieval peasants really work less than we do? Debunking myths about pre-industrial working hours and living conditions24:06 – Alcohol, superstition, and dangerous medicine: Life before modern healthcare and sanitation27:02 – How medical progress transformed everyday life: Chelsea's personal experience with scarlet fever28:30 – The connection between prosperity and health: How economic growth made modern sanitation, nutrition, and medicine possible32:19 – Was the past a kinder place? Domestic violence, animal cruelty, and environmental degradation35:53 – Could we return to the Grim Old Days? The fragility of prosperity and risks from restricting innovation39:09 – What's next for Chelsea? Challenging nostalgia for the twentieth century42:58 – Where to find The Grim Old Days: Publication details and Chelsea's hopes for the bookLinks relevant to the conversationChelsea Follett's book: The Grim Old Days: An Introduction to the Pre-Industrial Past: https://www.simonandschuster.com/books/The-Grim-Old-Days/Chelsea-Follett/9781969284120  Human Progress: https://humanprogress.org/  Previous episode with Marian Tupy on Super Abundance: https://economics-explained.simplecast.com/episodes/abundance-mindset-exploring-the-super-abundance-thesis-w-marian-tupy-cato-institute-ep258  Lumo Coffee promotion10% off Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED  Promo code: 10EXPLORED

  3. Oct 11

    When Money Disappears: Lessons from a War

    What happens when a town runs out of money? During the Franco-Prussian War of 1870, the French town of Sedan faced an economic crisis as gold and silver coins disappeared from circulation. Yet, as Émile Zola recounts in his novel The Debacle, an ingenious solution helped keep commerce alive: locally issued emergency paper money. Show host Gene Tunny explores this remarkable story and what it reveals about the nature of money, the importance of trust, and the ability of communities to improvise when conventional financial systems break down. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways from this episode1. Money has three essential functions. It serves as a medium of exchange, a unit of account, and a store of value. Different objects have performed these roles throughout history, from cattle and shells to gold, silver and paper currency. 2. War can disrupt the circulation of money. During the Franco-Prussian War, hoarding, disrupted banking operations and the movement of precious metals contributed to severe shortages of coinage in towns such as Sedan. 3. Emergency money can keep local economies functioning. Locally issued paper notes can provide a temporary means of payment when conventional currency becomes scarce, provided people have confidence in the issuer. 4. The money supply is not entirely under central bank control. Nicholas Kaldor's critique of monetarism highlights how banks, businesses and households can develop alternative payment and credit arrangements when cash is restricted. 5. Trust is fundamental to any monetary system. Whether money consists of gold coins, emergency paper notes or modern fiat currency, its usefulness ultimately depends on people believing it will be accepted in exchange. Timestamps00:06 - Introduction: Émile Zola, The Debacle, and the nature of money 01:45 - The Battle of Sedan and the collapse of Napoleon III's empire 06:48 - Zola's account of emergency paper money in Sedan 09:30 - What does the story tell us about money? 10:00 - Sponsor message: Lumo Coffee 12:46 - What is money? From cattle and shells to cigarettes and stone discs 15:30 - Money's three functions: exchange, accounting and saving 20:30 - Why gold and silver coins disappear during crises 24:12 - How war disrupted Sedan's monetary system 27:30 - Necessity money: how local paper notes could keep trade going 29:59 - Trust and the acceptance of emergency currency 31:00 - Nicholas Kaldor's critique of monetarism 33:30 - How people find substitutes when cash becomes scarce 35:18 - Historical examples of necessity money 38:00 - Local currencies, including the Bristol Pound and Swiss WIR 39:00 - What emergency money teaches us about trust 40:26 - Could emergency money work in a future crisis? 42:30 - The future of fiat money and concluding reflections Links relevant to the conversationÉmile Zola, The Debacle: https://www.amazon.com.au/Debacle-1870-71-Classics-%C3%89mile-Zola-ebook/dp/B00358VHSI  BNP Paribas, history of necessity money: https://histoire.bnpparibas/en/a-necessity-note-of-1871-from-comptoir-descompte-de-paris/  Les Echos, historical account of the Bank of France's wartime evacuation. The episode discusses an account of gold, banknotes and valuables being transported to safety in 1870: https://www.lesechos.fr/finance-marches/banque-assurances/stocks-dor-6-cachettes-de-la-banque-de-france-1154241  Nicholas Kaldor’ “The New Monetarism”: https://www.scribd.com/document/516900044/Kaldor  Lumo Coffee promotion10% off Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED  Promo code: 10EXPLORED

  4. Oct 4

    Will AI Finally Show Up in Productivity? With Chris Berg

    Australia's latest Intergenerational Report assumes productivity growth will rebound significantly over coming decades, with AI potentially playing a major role. Is that reasonable? Professor Chris Berg of RMIT joins Gene Tunny and John Humphreys for a wide-ranging discussion of AI's economic potential and risks. They explore lessons from the computer and internet revolutions, AI's huge energy requirements, whether its benefits will appear in GDP, the cybersecurity threat from autonomous agents, and why competition may be a better safeguard than heavy-handed regulation. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways from this episodeAI could be a genuinely productivity-enhancing technology, but forecasting the size of the gains is extraordinarily difficult. Berg argues that AI is already allowing people to accomplish tasks with dramatically less human effort, although how much of that ultimately appears in measured productivity remains uncertain.    Transformative technologies don't necessarily produce immediate jumps in measured productivity. Computers and the internet transformed economic and social life, while some of their gains arrived with lags or appeared as consumer surplus rather than conventional GDP.    The AI revolution is also an energy and capital-investment story. Data centres are effectively factories for machine intelligence, creating potentially enormous new electricity and infrastructure requirements.  Cybersecurity may be a more immediate AI risk than science-fiction extinction scenarios. Berg argues that AI could allow enormous numbers of agents to probe vulnerable systems simultaneously, while also providing defenders with better tools.   Regulation could have unintended consequences. The discussion questions whether national AI regulation can work when models are developed globally, while John argues that regulation that entrenches a handful of dominant firms could itself increase systemic risks.Timestamps0:00 – AI and Australia’s productivity challenge4:06 – AI, demographics and economic growth5:50 – AI’s enormous energy and capital requirements11:29 – Will AI show up in the productivity statistics?18:24 – How AI is already transforming work21:13 – Could AI change the productivity trajectory?22:42 – Could AI kill us all?28:59 – AI agents and the cybersecurity threat35:11 – Can governments effectively regulate AI?40:00 – The AI risks worth worrying about43:30 – Could AI become a monopoly?Links relevant to the conversationFull ATA livestream - Albanese bets everything on AI || #52: https://www.youtube.com/live/Knec2ULWCfA?si=gw7fpzRJo7kk1Kvl  Chris Berg’s Substack: https://chrisbergaus.substack.com/  Lumo Coffee promotion10% off Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED  Promo code: 10EXPLORED

  5. Jul 12

    Gig Economy Pay Rises, Café Closures and the Zero-Sum Fallacy

    When the award-winning Springfield café  Screamin’ Beans announced its closure, Gene Tunny saw it as a symptom of a bigger problem: wage and regulatory costs rising faster than many small businesses can absorb. In this episode, Gene looks at a landmark Australian Fair Work Commission decision that could reshape pay for gig economy delivery drivers, and shares a conversation with John Humphreys of the Australian Taxpayers’ Alliance on why the net benefit of a minimum wage rise to a worker is often very different from the gross headline number. Drawing on Thomas Sowell's concept of the "zero-sum fallacy" and a recent dispute at BHP's Port Hedland, Gene makes the case for weighing the trade-offs of labour market regulation rather than assuming good intentions guarantee good outcomes. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why economists argue that higher minimum wages involve important trade-offs. How new Fair Work Commission decisions could affect gig economy workers, consumers and businesses. What economists mean by the "zero-sum fallacy." Why workplace regulation can sometimes reduce employment opportunities despite good intentions. Timestamps Closing of Screaming Beans Café  (0:06) Impact of Wage Increases on Businesses (2:58) Fair Work Commission Decision on Gig Economy (4:53) Discussion with John Humphreys on Minimum Wage Increases (10:01) Economic Theory and Regulation of the Gig Economy (17:34) Conclusion and Call to Action (24:39) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 9 July, “Greens set to keep balance of power || #49”: https://www.youtube.com/live/_snxV9CzvRk?si=DXVtaaXhu3cqL8O7 Gene Tunny's CIS paper: Closing Opportunities, Not Closing Loopholes: https://www.cis.org.au/publication/closing-opportunities-not-loopholes/ Thomas Sowell’s Economic Facts and Fallacies: https://www.hachettebookgroup.com/titles/thomas-sowell/economic-facts-and-fallacies/9780465022038/?lens=basic-books   CIS’s Michael Stutchbury: “We’re punching ourselves in the face”: https://www.cis.org.au/commentary/opinion/were-punching-ourselves-in-the-face/ Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

  6. Jun 27

    How Good Tax Policy Gets Made and How It Doesn't: GST vs Capital Gains Tax in Australia

    Most tax debates focus on the what: rates, base, and who pays. This episode is about the how: the process by which economic policy gets made. Drawing on his time in the Australian Treasury, host Gene Tunny argues that the latest changes to capital gains tax and negative gearing reflect a breakdown in good policymaking. They were announced on budget night without the consultation, published modelling, or public mandate that major reform deserves. As a contrast, Gene revisits the Howard government's GST process of the late 1990s: a detailed white paper, published modelling, and a policy taken to an election for a fresh mandate. With clips from a recent Death and Taxes livestream featuring co-host John Humphreys and guest Derek Francis, the episode asks a question that reaches well beyond Australia: what does good policy process look like, and what does it cost us when governments skip it? Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why good policy process is critical for successful economic reform. How the GST was developed through extensive modelling, consultation and public scrutiny. Why inadequate consultation can lead to unintended consequences. The role Treasury plays in providing economic advice to government. How poor policy design can affect investment, productivity and public trust. Timestamps Economic Policy Episode Introduction (0:06) Relevance of Policy Process to Other Countries (4:53) The Howard Government's GST Policy Process (8:11) Current Government's Policy Changes and Issues (13:10) Derek Francis' Criticism of Treasury (22:12) Treasury's Handling of Cigarette Excise Tax (23:17) Derek Francis' Theory on Treasury's Decline (26:49) Home Guarantee Scheme Modelling Issues (37:49) Conclusion and Call for Improvement (41:33) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 25 June, “Labor's new tax disaster, with Derek Francis || #47”: https://www.youtube.com/live/vqz_hEVyg70?si=F8DS2GxdUz_-PkmJ Previous episode on capital gains tax, “Taxing Capital More in a Productivity Slump? Perverse Policy in Australia”: https://economics-explained.simplecast.com/episodes/taxing-capital-more-in-a-productivity-slump-perverse-policy-in-australia Howard Government White Paper on “A New Tax System”: https://treasury.gov.au/sites/default/files/2019-03/Whitepaper.pdf Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

  7. Jun 20

    Dams, Development & Hyper Australia w/ Senator Matt Canavan, National Party Leader

    Housing affordability, congestion and rising living costs are putting pressure on Australia's major cities. Could stronger regional development provide part of the solution? Gene Tunny shares highlights from a recent discussion with Nationals leader Senator Matt Canavan on his "Hyper Australia" agenda. They explore regional infrastructure, public investment, economic concentration, GST distribution and the case for decentralisation, while asking an important economic question: do regional development projects pass the cost-benefit test? Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why Australia's economy is unusually concentrated in a small number of capital cities. The potential benefits and drawbacks of decentralising population and economic activity. How infrastructure projects such as irrigation dams are justified by proponents of regional development. Why regional Australians may face different cost-of-living pressures than residents of major cities. How reforms to federalism, public service locations and state boundaries could influence economic development. Timestamps 00:00 Introduction to Hyper Australia 03:00 Why Australia's economy is concentrated in capital cities 07:00 Regional cost-of-living pressures and data gaps 10:15 GST distribution and public transport subsidies 13:15 The economics of dams and regional infrastructure 18:25 Relocating public servants to regional Australia 22:00 New states and competitive federalism 27:50 Gene's assessment of the Hyper Australia proposal  Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 18 June, “Future of the Nationals, with Matt Canavan || #46”: https://www.youtube.com/live/D0Xpho1mxsk?si=1IWFiDOKZpTIdjNy Senator Canavan’s website: https://mattcanavan.com.au/ Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

  8. Jun 13

    Taxing Capital More in a Productivity Slump? Perverse Policy in Australia

    Australia has endured nearly a decade of weak productivity growth, and living standards are under pressure. In this episode, Gene Tunny and John Humphreys explore the common thread connecting several major economic debates: investment and incentives. They discuss Australia's productivity slump, the Federal Government’s proposed capital gains tax changes, Brisbane’s Olympics infrastructure plans, and the challenges facing the National Disability Insurance Scheme (NDIS). Along the way, they explain why economists place so much emphasis on incentives and what current policy settings could mean for Australia's future prosperity. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why productivity growth is the ultimate driver of long-run living standards. How savings, investment and innovation contribute to economic prosperity. The economic arguments for taxing capital gains differently from labour income. Whether Brisbane’s Olympic infrastructure spending is likely to address existing bottlenecks. Why economists place so much importance on incentives when designing public policy. Timestamps Introduction to episode on Capital Gains Tax policy change and Productivity Slump (0:00) Economic Performance and Productivity (4:55) Capital Gains Tax Proposals (14:24) Economic Theory and Capital Taxation (24:28) Olympics Infrastructure and Public Investment (29:37) National Disability Insurance Scheme (NDIS) (38:22) Investment and Incentives in Government Programs (44:12) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 11 June, “Tax blunders & shrinking economy || #45”: https://www.youtube.com/live/K1Fsnjeg3mM?si=jKrxraJJlT0DzLfd Richard Holden’s opinion piece “There is no economic case for taxing work and investment the same” (paywalled): https://www.afr.com/policy/economy/there-is-no-economic-case-for-taxing-work-and-investment-the-same-20260528-p601ke Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

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4.7
out of 5
11 Ratings

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

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