Debunking Economics - the podcast

Just after WW2 the UK government’s spending on pensions in the UK amounted to about 2 percent of GDP – these days its nearer 8 percent. Despite this, over the years we’ve seen an increasing number of people funding their retirement through private schemes, rather than relying on state pensions. And yet, a recent YouGov poll shows that one third of the population reckon they won’t have enough to live off when they retire. In this edition of the Debunking Economics Podcast Phil Dobbie asks Prof Steve Keen how we got into this situation – spending more and more money but failing to meet the needs of people in their old age. Is there a better way of ensuring that we can survive gracefully in our latter years? Hosted on Acast. See acast.com/privacy for more information.

As the UK Labour party grapples with ways to reduce the advantage of inherited wealth, so we all start life on an equal footing, Phil Dobbie talks to Prof Steve Keen about the idea of a land tax. Could it replace income tax as the major form of taxation? On the surface, it seems like it could counter a lot of economic problems, such as income diversity, housing affordability and the geographic concentration of capital. Unlike income tax, it’s also impossible to dodge. So what’s the downside? Hosted on Acast. See acast.com/privacy for more information.

Most press coverage of Facebook’s announcement of a new global currency by 2020 has been negative. Facebook already knows so much about us, can we trust them with our money? But they seem to have missed the intent of the Libra Foundation, which is a not-for-profit, of which Facebook is one of many equal partners, trying to extend access to banking to the 1 billion or so who are currently outside the system. Phil Dobbie talks to Prof Steve Keen about the benefits of the Libra project, whilst considering the impact it could have on local economies. Hosted on Acast. See acast.com/privacy for more information.

The EU is struggling right now. The Bundesbank has downgraded its 21019 GDP forecast from 1.6% down to 0.6%. The Italian government is being threatened for breaching the EU’s spending rules. Yellow vests protestors have been out on the streets of Paris for 31 weeks now, fighting against inequality. This week the European Central Bank meets to determine how to boost the bloc’s economic growth. But, Phil Dobbie asks Prof Steve Keen, isn’t it time for a fundamental rethink of how the EU is structured and operates? With reforms to the EU, would Brexit have been necessary? Hosted on Acast. See acast.com/privacy for more information.

Steve Bannister, from the University of Utah, is special guest on this week’s Debunking Economics podcast. He talks to Phil Dobbie about his approach to climate change modelling, based on GDP growth, energy use and carbon emissions. Steve Keen talks about the weakness of other modelling, including Nordhaus’ DICE model. Steve Bannisters model predicts things will even out eventually, but will we be alive to see it? Nope. The answer seems to be, there’s a need for a new source of energy. Clearly, its where science needs to focus its efforts, but is the sense of urgency strong enough to see if through? Hosted on Acast. See acast.com/privacy for more information.

The trade war between the US and China is having massive ramifications on the world economy, but neither side seems to be in a hurry to back down. On today’s Debunking Economics Podcast Phil Dobbie asks Steve Keen, who is going to win? The US is a big export market for China, but they have the rest of the developing world to tap in to. But there are also signs that the approach is bringing US businesses back home. But, in the longer term, is there a danger that the US approach will make itself isolated and lose out of business from emerging economies? Hosted on Acast. See acast.com/privacy for more information.

The emergence of the gig economy is one downside of the internet, although you could argue that it gives access to jobs that might otherwise be there. But what about collaboration? Phil Dobbie suggests that sharing things has to be a positive for the planet – why should two farmers have tractors, when they could share just one. What about using an empty room for visitors, rather than it lying unused. That sounds fine, until Steve Keen brings up the Jevons Paradox. Hosted on Acast. See acast.com/privacy for more information.

Scott Morrison, or ScoMo as he is colloquially known, is staying on as Australian Prime minister for the next four years, or until his party oust him, which is becoming a bit of a tradition. But to many, the election result was a bit of a surprise and an immense disappointment. Phil Dobbie talks to Prof Steve Keen, who offers a therapy session for progressive voters. The message is clear – you didn’t want to win this time. Perhaps everyone, from both sides of politics, should be happy with this result. Listen to find out why. And look out for another blog post on this tomorrow. Hosted on Acast. See acast.com/privacy for more information.

Oil prices are pushing back up to the US$80/barrel mark. If they stay above that level could it drive energy producers to more realistically pursue renewable sources with more vigour. In other words, as Phil Dobbie asks Prof Steve Keen, could we be reaching the point at which market pricing sees us moving to a more environmental future, without the need for any other intervention? Hosted on Acast. See acast.com/privacy for more information.

It’s a simple question. Why do some countries, rich is resources, still end up poor? Can we blame it all on dictatorships, corruption and war, or did those regimes occur because of poverty? Why is so much of Africa in the depths of poverty? Phil Dobbie asks Prof Steve Keen how we can fix the issue. Should we be spending more on building up the capital to establish successful economies, beyond the current focus on disaster relief. And is that possible in the current political climate? Hosted on Acast. See acast.com/privacy for more information.