392 episodes

Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.
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Debunking Economics - the podcast Steve Keen & Phil Dobbie

    • Education
    • 4.3 • 31 Ratings

Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.
Hosted on Acast. See acast.com/privacy for more information.

    Steve Keen, the Musketeer

    Steve Keen, the Musketeer

    Elon Musk has his fingers in many pies. Social media, space travel, internet access, AI. Even tunnel drilling. He’s grown from developing a modest series of online city guides, to being one of the richest men on the planet. Is he a genius, or simply a Trumpesque style wheeler and dealer? This week phil – not a big fan – asks Steve – massive fan – whether Elon Musk is actually good for humanity. It’s a chance for Steve to expound his theory that whatever else he is doing he is preparing the way for mankind to leave the planet and live on Mars. Disturbing news for Phil, who quite like it here, mostly.
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    • 41 min
    Challenging American Exceptionalism

    Challenging American Exceptionalism

    The concept of American Exceptionalism has been talked about for decades, mainly by Americans. Now the term is back in vogue because the US has shown the fastest recovery from the pandemic and subsequent inflation. It’s also a period of intense speculation in US shares, driven by phenomenal rises in the value of big tech stocks. Is this something the rest of the world should be worried about. Is American Exceptionalism real? To put things back in perspective Steve Keen reminds us that the share market is nothing more than a Ponzi scheme, and whilst the US might account for 70% of the market cap of global equities, it still only represents 11% of world trade. So it might just be exceptional at the wrong things.
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    • 39 min
    Economic growth without more money?

    Economic growth without more money?

    Rishi Sunak, like most politicians, is adamant that he can grow the economy by getting businesses to be more productive. But can businesses really grow the economy by themselves, if the government just gets out the way? You might think that by employing more people, or creating more widgets, you are helping the economy. But there’s one big constraint, which is how much money you have to spend. Without taking out a loan you can’t spend more money than you have in your own personal bank account. So, businesses that produce more will find there’s no market for any extra products, unless the supply of money increases. There are caveats, which are basically covered in the formula for GDP – but, by and large, Rishi Sunak is trying to encourage more spending by limiting the amount of cash we have by reducing government borrowing. 
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    • 44 min
    Banking on destruction

    Banking on destruction

    Have central banks waited too long before dropping interest rates. Over the last week or so we’ve had Jerome Powell, the Governor of the Fed, saying inflation is coming down but they want to see more data before they’re convinced enough to drop rates. The Bank of England’s Andrew bailey said pretty much the same thing. And the ECB. But, as Phil and Steve observe this week, whilst we wait bank loans to corporations are falling rapidly, and in the US corporate bound issuance is also well down. Delaying rate cuts is hurting businesses who can’t grow and increase supplies to help reduce inflation. In fact, it is arguably making inflation worse. Steve argues this week that the main cause of inflation this time round has been margin profiteering by corporations, because demand is high and supply constrained. If companies can’t borrow to extend production, to retain profits all they can do is keep pushing prices higher and enjoy greater margins. It’s a long way from the monetarist philosophy which has been driving interest rates higher.
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    • 36 min
    Yanis Varoufakis on Technofeudalism

    Yanis Varoufakis on Technofeudalism

    Yanis Varoufakis joins Steve nd Phil this week to talk about the thinking behind his new book technofeudalism. The ‘cloudists, as he calls them, aren’t operating in the market, they have replaced the market. They learn from us tell us what we want to buy and then sell it to us. Their capital is the algorithm they have developed, but also the information we provide in the records of our behaviour and the posts that we make. The result is a massive accumulation of wealth. But how sustainable is a model that sees so much money being made by so few people? Yanis says it’s not at all sustainable, and suggests a couple of ways that the governments of the world can respond, so that we benefit from the technology without destroying our respective economies.
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    • 54 min
    Time to ditch entrenched lengthy, risky supply chains

    Time to ditch entrenched lengthy, risky supply chains

    If Trump has one sensible policy its his drive to reindustrialise America. Since he left the Oval Office we’ve had global supply chains challenged by the pandemic, wars and a downturn in economies we used to rely on for cheap goods. The financial advantage of outsourcing to Asia is losing some of its gloss, and the uncertainty of supply has to be a real concern. Add climate change to the equation, with haulage vessels mass emitters of pollution, there are even more reasons to produce more at home. But how realistic is it for a country like Britain to reindustrialise. Shouldn’t it be a priority? Or are we still wedded to the Ricardian theory of comparative advantage? 
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    • 38 min

Customer Reviews

4.3 out of 5
31 Ratings

31 Ratings

nfykbv123 ,

Useful discussions

Topical and educational. I enjoy these discussions
Happy thanksgiving!

tamlers mistress ,

Great pod

Steve the goat

Frabkster ,

Very Disappointed

I was looking for a macroeconomic podcast. They lost me in less tha 3 minutes by insults the Fed and Ben Bernanke. I well structure argument is one thing but I don’t want to hear calling fellow economist names. So bad I took the time to write a review.

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