Matthew Watson, a Political Economy expert, Bill Waller, an economic historian, and Mary Wrenn, a Senior Lecturer in Economics, dive into Thorstein Veblen's influential critique, The Theory of the Leisure Class. They discuss the concept of conspicuous consumption, connecting it to today's consumer society and its wasteful tendencies. The guests explore Veblen's historical context, his impact on social movements, and the implications of wealth on societal values. They reflect on Veblen's lasting legacy in today's economic discussions, emphasizing the need for sustainability and social consciousness.

Melvyn Bragg and guests discuss one of the most influential economists from the age of Adam Smith and Thomas Malthus. Ricardo (1772 -1823) reputedly made his fortune at the Battle of Waterloo, and he made his lasting impact with his ideas on free trade. At a time when nations preferred to be self-sufficient, to produce all their own food and manufacture their own goods, and to find markets for export rather than import, Ricardo argued for free trade even with rivals for the benefit of all. He contended that existing economic policy unduly favoured landlords above all others and needed to change, and that nations would be less likely to go to war with their trading partners if they were more reliant on each other. For the last two hundred years, Ricardo’s Theory of Comparative Advantage in support of free trade has been developed and reinterpreted by generations of economists across the political spectrum.WithMatthew Watson Professor of Political Economy at the University of WarwickHelen Paul Lecturer in Economics and Economic History at the University of SouthamptonAndRichard Whatmore Professor of Modern History at the University of St Andrews and Co-Director of the St Andrews Institute of Intellectual HistoryProducer: Simon Tillotson