The Joe Walker Podcast Ken Henry — An Economic Odyssey
04:35:09
Keating's Leadership
- Keating told a struggling minister to resign because he was losing sleep over decisions.
- This decisiveness, while seemingly brutal, demonstrated Keating's understanding of leadership.
Keating's Instincts
- Two CEOs informed Keating of a planned merger without realizing he could block it.
- Keating, despite no briefing, instinctively blocked the merger.
Intuition vs. Analysis
- Intuition is helpful in economic policymaking, but insufficient without analysis.
- Keating's intuitive grasp was exceptional, but not solely responsible for his success.
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Introduction
00:00 • 4min
Treasury's Tax Policy Division and the Process of Making Policy
03:31 • 4min
Keating Anecdotes
07:46 • 4min
The Reality of Power
11:32 • 2min
The Importance of Being a Witness to the Meeting
13:33 • 4min
The Importance of Intuitive Instinct in Economic Policymaking
17:59 • 5min
The Importance of Intuition
22:36 • 2min
The Art of Grace
24:40 • 3min
The Australian Mercantilism Narrative
27:29 • 3min
Keating's Banana Republic Statement
30:19 • 1min
The Importance of Self-Defense in Australia's Economic Policy Setting
31:46 • 5min
The Debt and Deficits Narrative Is Flawed
36:39 • 4min
The Australian Financial System Is Robust
41:06 • 5min
Does It Matter if the Debt Isn't Denominated in a Foreign Currency?
46:15 • 3min
The Key Vulnerability of Our Financial System
48:46 • 6min
The IMF's Impossibility to Critique the United States
54:46 • 3min
The Importance of International Security
57:46 • 4min
The Defensiveness of the Federal Reserve
01:01:39 • 3min
The Australian Mecantil
01:04:52 • 3min
How to Be a Good Storyteller
01:07:37 • 5min
The Importance of Narratives in Economics
01:12:20 • 3min
The Importance of Strategic Alignment in Government
01:14:55 • 3min
The Importance of Personality in Ministry
01:18:18 • 3min
The Acceptance of Senior Public Service Employees in the Public Square
01:21:32 • 3min
The Disadvantages of Social Media
01:24:19 • 6min
The Importance of Social Media in Politics
01:30:19 • 2min
The Risks of Tony Abbott's Government
01:32:24 • 3min
The Importance of Time Sheets
01:35:48 • 3min
The Architecture of Prismod
01:38:38 • 4min
The Unavoidable Challenge of Prisma
01:42:43 • 5min
The ABC's 1985 Exercise
01:47:43 • 3min
The Importance of Planning for the Future
01:50:24 • 3min
The Colorblind Treasury Secretary
01:52:56 • 3min
The Utilitarian Attitude of the Australian Public Service
01:55:27 • 3min
The Utilitarian Discipline in Australia
01:58:37 • 3min
The Pros and Cons of Utilitarianism in Public Service
02:02:03 • 5min
Recollections of a Bleeding Heart
02:07:13 • 5min
The Importance of Restructuring the Economy
02:11:44 • 3min
The Importance of Employment
02:14:47 • 5min
The Importance of War Games in Dealing With Recessions
02:19:57 • 5min
The Importance of Wargaming
02:24:59 • 2min
The Wargame in the Treasury Context
02:26:58 • 4min
The Impossibility of Counterfactuals
02:30:44 • 3min
The Importance of Preventing a Crisis
02:33:23 • 4min
The Impossible Task of Leaders
02:37:21 • 3min
The Worst Thing That Can Happen in Australia
02:40:09 • 5min
The Temperamental Edge of a Leader
02:44:47 • 3min
The Importance of Reform in the Australian Politics
02:47:43 • 5min
The Failure of the GST Bill
02:52:17 • 2min
The Importance of Questioning Support in Parliament
02:54:18 • 3min
The Lack of Confidence in Policy Leadership
02:57:17 • 2min
The Narrative of Emerging Reform Needs
02:59:32 • 3min
The Burning Platform for Policy Change
03:02:39 • 2min
The Burning Platform for Economic Reform
03:04:59 • 3min
The Problem With Democracy and Capitalism
03:07:49 • 3min
The Importance of Government in Preserving Things for Future Generations
03:11:10 • 4min
The Role of Smart People in Achieving Better Social Results
03:15:10 • 5min
The Importance of Natural Added Financial Disclosure
03:20:38 • 3min
The Role of NAB in the Development of a Purpose Statement
03:23:36 • 5min
The Motivation to Leave the Treasury in 2011
03:28:47 • 2min
The Importance of Staying On
03:31:09 • 4min
The False Equivalent of NAB
03:34:55 • 4min
The Doctrine of Ministerial Responsibility
03:38:53 • 2min
The Future of Australia
03:40:50 • 6min
The Bradfield Scheme
03:46:44 • 1min
The Challenges and Opportunities of Renewable Energy
03:48:01 • 6min
The Decentralized Privatized Super System
03:53:52 • 2min
The Risks of Identity Fraud
03:55:46 • 5min
The Inefficiencies of the US Defense Industry
04:00:18 • 5min
The Policy Challenge for Australia's Domestic Industry Capability
04:05:46 • 1min
The Australian Housing Bubble
04:07:13 • 6min
The Reserve Bank's Mandatory to Control House Price Inflation
04:12:47 • 3min
The Reserve Bank's Difficult Position
04:15:30 • 2min
The Reserve Bank Leaning Against the Wind in the Early 2000s
04:17:05 • 2min
Why Australia Hasn't Taken a Populist Turn to the Same Extent as the US or UK?
04:19:02 • 2min
The Risks of the Right Side of Politics in Australia
04:21:01 • 5min
The Liberal Party's Identity
04:25:50 • 5min
The Evolution of Australia's Populism
04:30:32 • 2min
The Dangers of Losing Your Job
04:32:36 • 2min
Dr Ken Henry is an Australian economist who served as Secretary of Australia's Treasury from 2001 to 2011. He was instrumental in helping Australia avoid recession during the 2008 Global Financial Crisis — Australia was the only major advanced economy to do so.
Full transcript available at: thejspod.com
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