Economics Explored

This episode delves into the pressing issues of housing and immigration in Australia, featuring a conversation with renowned financial journalist, Alan Kohler. The discussion revolves around the impact of high immigration rates on housing demand and affordability, emphasizing the need for coordination between immigration and housing policies. The episode also highlights the supply-side factors contributing to the housing crisis, such as restrictions on housing development and protections for character housing and heritage. The host Gene Tunny suggests the need for a national debate and parliamentary inquiry into Australia's immigration rate and population growth to weigh the benefits of immigration against the challenges of housing and infrastructure. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP191[00:01:58] Australia’s housing crisis. [00:06:47] The need to coordinate immigration and housing. [00:08:00] Short-term vs long-term rental - the impact of AirBnB, etc. [00:13:05] Local governments and the housing shortage. [00:18:30] Drop in average housing size. [00:22:32] Increasing housing supply as a solution. [00:24:17] Immigration and housing affordability. [00:28:07] The pandemic response and the housing crisis.Links relevant to the conversationAlan Kohler’s articles:Labor immigration and housing policies are an explosive mixAlan Kohler: Population growth equals economic growth, but for whom?RBA research on average household size:A New Measure of Average Household Size | Bulletin – March 2023 | RBAPrevious Economics Explored episodes on housing:Odd way to fix housing crisis proposed by Aus. Gov’t: invest in stocks first w/ Dr Cameron Murray, Sydney Uni. – Economics ExploredThe high cost of housing and what to do about it w/ Peter Tulip, CIS – EP134 – Economics ExploredMissing Middle Housing podcast chat with Natalie Rayment of Wolter Consulting | Queensland Economy Watch    Australian Financial Review articles on housing:Housing supply crisis: How Auckland took on the NIMBYs and won1.3 million missing homes blamed on councils and NIMBYsThanks to Darren Brady Nelson for connecting Gene with Alan Kohler, to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Host Gene Tunny discusses the US debt ceiling and the emerging economies debt crisis with his Adept Economics colleague Arturo Espinoza. Gene shares a memory of his own experience with the debt ceiling the Australian Government had at the time of the 2008 global financial crisis (GFC). Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP190[04:35] US debt ceiling negotiations. [09:18] US hitting its debt ceiling.[14:51] The trillion-dollar coin as a possible workaround. [16:14] Spending and revenue challenges. [26:05] Australian debt ceiling legislation in 2008-09. [29:05] US debt limit and consequences. [33:25] Argentina's economic struggles. [40:02] IMF's Nightmarish Identity Crisis & emerging economies debt crisis. [42:27] China's role in emerging markets debt. [45:13] PNG and China. Links relevant to the conversationNoah Smith’s Subtack post:https://open.substack.com/pub/noahpinion/p/the-debt-ceiling-deal-what-was-the?r=2hwg1&utm_campaign=post&utm_medium=email   Treasury to take ‘extraordinary measures’ as US hits debt ceiling | Financial TimesMichael Knox’s note on the debt ceiling:AUS_ESQ_230523_US government shutdowns and why US treasuries never default.pdfhttps://www.whitehouse.gov/cea/written-materials/2023/05/03/debt-ceiling-scenarios/Federal Spending | U.S. Treasury Fiscal DataThe future US fiscal crisis and how to avert it w/ Romina Boccia, Cato Institute – EP159 – Economics ExploredThe IMF faces a nightmarish identity crisisHow China changed the game for countries in default | Financial TimesThere Is No Chinese ‘Debt Trap’ - The AtlanticFiscal Monitor April 2023Argentina raises interest rate to 97% as it struggles to tackle inflation | CNN BusinessArgentina inflation smashes past every forecast to hit 109% | ReutersThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

French journalist Guillaume Pitron discusses his book "The Dark Cloud: How the Digital World is Costing the Earth" with guest host Tim Hughes. The book explores the environmental impact of the digital world. Pitron delves into concerns about energy usage, e-waste, and the carbon footprint of the internet. The episode concludes with a debrief of Tim by regular host Gene Tunny on the conversation. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guestGuillaume Pitron is a French journalist, author and filmmaker. He has written two books, published in some fifteen countries, about the natural resources needed for new technology. He has been invited to share his ideas in the French and international media (Le Figaro, BBC World Service, Bloomberg TV, El País, La Repubblica) and at international forums and institutions (Davos, IMF, European Commission, Unesco).Link to Guillaume’s website:https://www.en-guillaumepitron.com/What’s covered in EP189Introduction to this episode. (0:06)What is the dark cloud? (1:27)There is no digital life without rare earths. (3:54)What is the real cost of digital technology? (8:06)What’s the cost to the environment? (13:07)What can we do as individuals to make this better? (17:38)Facebook's Lapland data center. (22:22)Facebook uses hydro-electricity to run its servers. (24:25)What happens if there’s no water? (28:05)What is the future of the internet going to look like in 10 years? (33:18)Are there any governments around the world that are taking steps forward to regulate the internet? (41:02)What can be done to address this issue? (43:59)What were the main takeaways from the conversation? (48:11)Links relevant to the conversationThe Dark Cloud book:https://scribepublications.com.au/books-authors/books/the-dark-cloud-9781922585523Digital Cleanup Day:https://www.digitalcleanupday.org/Jevons paradox:https://en.wikipedia.org/wiki/Jevons_paradoxIt appears the Amiga hard drive Gene's neighbour in the late 1980s had was a 20MB hard drive:https://bigbookofamigahardware.com/bboah/product.aspx?id=534Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Seaweed is being advanced as a potentially important future food source, the greater farming and consumption of which could avoid environmental impacts associated with other agricultural production, especially of beef. Scott Spillias has recently submitted a PhD thesis at the University of Queensland on seaweed farming, and he’s been getting a lot of attention regarding his findings on seaweed’s potential. Show host Gene Tunny and Tim Hughes talk with Scott about the potential of using seaweed as an alternative food source. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP188The importance of plant-based foods in our diets. (1:36)The market for plant-based foods is growing. (9:39)Estimating the environmental impact of food production - the Economist’s banana index. (14:03)Scott’ Spillias’s research on seaweed farming. (27:27)How do you farm seaweed? What does it involve? (30:04)Where can we grow seaweed in Australia? (35:14)Seaweed has the potential to remove 2.6 billion tonnes of CO2 from the atmosphere per year. (40:02)What kind of seaweed is growing in the world? (44:49)How does seaweed farming prevent biodiversity loss and climate change? (49:50)Links relevant to the conversationScott Spillias’s UQ page:https://sees.uq.edu.au/profile/13311/scott-spilliasAustralian ABC News article on Scott’s research “Seaweed researchers find bright future for underwater crop”:https://www.abc.net.au/news/rural/2023-01-27/seaweed-research-uq-future-farming/101895072Guardian Australia article on Scott’s research “Food, feed and fuel: global seaweed industry could reduce land needed for farming by 110m hectares, study finds”:https://www.theguardian.com/environment/2023/jan/27/food-feed-and-fuel-global-seaweed-industry-could-reduce-land-needed-for-farming-by-110m-hectares-study-findsEconomist article featuring the banana index:A different way to measure the climate impact of food | The EconomistUN and World Bank reports on food and climate:https://www.un.org/en/climatechange/science/climate-issues/foodChapter 5 : Food Security — Special Report on Climate Change and LandWhat You Need to Know About Food Security and Climate ChangeReview of scientific evidence on “Risks and benefits of consuming edible seaweeds”:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6551690/Please note the key message of the above review:“If the potential functional food and nutraceutical applications of seaweeds are to be realized, more evidence from human intervention studies is needed to evaluate the nutritional benefits of seaweeds and the efficacy of their purported bioactive components.”Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Show host Gene Tunny talks with Dr. Nicholas Gruen, CEO of Lateral Economics, about the increasing focus of governments on wellbeing. For instance, former NZ PM Jacinda Ardern rebranded the national budget as a Wellbeing Budget, Wales has a Futures Generations Commissioner, and Australia is developing a new wellbeing framework, Measuring What Matters. Gene and Nicholas discuss the limitations of the current top-down approaches and platitudes, and consider potential solutions for better integrating wellbeing into policymaking. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP187What is the “well-being agenda”? (2:44)The “Easterlin paradox”. (5:08)How do you make these judgments? How do you measure well-being? (10:50)How is this relevant for policy? Should governments be tracking this broader measure? (28:36)Is complexity a plus or a minus in the Treasury wellbeing framework? (33:39)Why do you need a framework? (40:02)Good examples of programs which could improve wellbeing. (44:29)The importance of being connected to family and friends. (53:42)Links relevant to the conversationNicholas Gruen’s YouTube channel:https://www.youtube.com/@NicholasGruenVideo version of this episode on Nicholas’s Uncomfortable Collisions with Reality podcast:Wellbeing: can we escape the iron law of business-as-usualMeasuring what matters — second consultation process | Treasury.gov.auFairfax Lateral Economics Index of Australia's Wellbeing Final Report (the HALE index discussed in the conversation)Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Economics Explored host Gene Tunny talks about the “greedflation” (greed + inflation) hypothesis with his colleague Arturo Espinosa from Adept Economics. They discuss whether greedy corporations might be responsible for high inflation rates in advanced economies such as Australia and the United States. Gene talks about how the excessive fiscal and monetary stimulus during the pandemic has been a major contributor to higher inflation. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP186[00:01:28] Australia's high inflation rate.[00:06:57] UK windfall tax on oil and gas companies. [00:10:27] Greed inflation hypothesis. [00:13:29] Markups as a contributor to inflation. [00:16:20] Industry concentration and inflationary pressure. [00:21:11] Inflation outbreak and COVID stimulus relationship. [00:25:45] Problems with Covid stimulus. [00:27:58] Excessive stimulus and inflation. [00:32:35] Corporate power and antitrust.Links relevant to the conversationGreedflation articles:Blaming inflation on greedy business is a populist cop outProfits and Inflation in Mining and Non-Mining Sectors | The Australia Institute's Centre for Future WorkUnderlying Australia's inflation problem is a historic shift of income from workers to corporate profitsCorporate profits have contributed disproportionately to inflation. How should policymakers respond? | Economic Policy Institute'Greedflation' is the European Central Bank's latest headache amid fears it's the key culprit for price hikesHow Much Have Record Corporate Profits Contributed to Recent Inflation? - Federal Reserve Bank of Kansas CityCost-Price Relationships in a Concentrated Economy - Federal Reserve Bank of BostonInflation is being amplified by firms with market power  Chris Murphy’s economic modeling on stimulus and inflation in Australia:https://onlinelibrary.wiley.com/doi/full/10.1111/1759-3441.12382UK windfall profits tax:What is the windfall tax on oil and gas companies? - BBC NewsEnergy Profits Levy Factsheet - 26 May 2022 - GOV.UKRBA on sources of inflation in Australia:Box C: Supply and Demand Drivers of Inflation in Australia | Statement on Monetary Policy – February 2023 | RBACharts:Australian bank depositsAustralian money supply (M3)Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

The Foundation for Economic Education’s Dan Sanchez argues that the invisible hand is a legitimate economic concept and not a religious or mystical one, as some critics of economics claim. Dan and show host Gene Tunny discuss the efficient organization of economic activities by the market mechanism in a decentralized way, without the need for a central planner. The conversation turns to TikTok and economic engagement with China. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP185Introduction to this episode [0:06]Dan’s article on the “invisible hand” [2:06]The production of a pencil is like an orchestra without a conductor [5:25]Is the invisible hand the hand of God? [8:34]What is the problem with central planning? [12:27]Central planners don’t like the idea of economic laws because they circumscribe their utopian dreams [15:45]Dan’s views on big tech [19:23]Is there a case for regulation or a ban on TikTok? [23:32]Links relevant to the conversationDan’s bio: https://fee.org/people/dan-sanchez/Dan’s Twitter handle: @DanSanchezVDan’s article on “How Atheist Anti-Capitalists miss the point”:https://fee.org/articles/how-atheist-anti-capitalists-miss-the-point/Von Mises book on the economic calculation problemhttps://mises.org/library/economic-calculation-socialist-commonwealthArticle about problems with Soviet shoe production:https://www.econlib.org/archives/2009/09/soviet_shoes.htmlBio of 19th century British free trade advocate Richard Cobden who Dan mentions:https://en.wikipedia.org/wiki/Richard_CobdenThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

In this episode of the Economics Explored podcast, host Gene Tunny interviews Professor Larry Marsh about his proposal for a new monetary policy tool that uses a central bank digital currency (CBDC) to end inflation without causing a recession. They also discuss the disconnect between the financial sector and the real economy. Larry Marsh is Professor Emeritus in the Department of Economics at the University of Notre Dame and author of the book "Optimal Money Flow." Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP184What is optimal money flow according to Prof. Marsh? [1:28]What is the role of government in controlling the economy? [6:24]A helicopter drop of money [13:58]What is the idea of a Federal Reserve/central bank digital currency (CBDC)? [18:56]Fractional Reserve Banking [23:08] Narrow banking as a solution to the banking sector problems [24:55]A good example of an all-employee owned company: Burns & McDonnell, Kansas City, MO [31:31]What Larry describes as a winner-takes-all economy [34:37] The invisible hand of the market [37:43]Gene’s wrap up: How the current monetary policy tightening is causing hardship in many economies, it may well be worth experimenting with a new monetary policy tool [43:47]Links relevant to the conversationLarry Marsh’s Optimal Money Flow website:https://optimal-money-flow.website/Where you can purchase Larry’s Optimal Money Flow book:https://www.avila.edu/optimal-money-flow/AEA conference session in which Larry presented his idea for the new monetary policy tool using a CBDC (presentation available for download):https://www.aeaweb.org/conference/2023/program/1335Australian ABC News article referring to Nicholas Gruen’s savings policy proposal mentioned by Gene in the episode:https://www.abc.net.au/news/2023-02-12/raising-interest-rates-reserve-and-bank-and-inflation-management/101952926Nicholas’s 1999 paper outlining the policy proposal:https://lateraleconomics.com.au/wp-content/uploads/2014/02/AvoidingBoomandBust.pdfLinks to videos on China a listener sent me in response to EP182 with Dr Jonathan D T Ward: Prepare for Armageddon: China's warning to the world | 60 Minutes AustraliaTwo Davids & Goliath | David Matas & David Kilgour | TEDxMünchenAmerica Just KILLED China's Tech Industry

The Goldback is a local commodity currency operating in several US states, including Nevada and Utah. The Goldback is described as “the world’s first physical, interchangeable, gold money that is designed to accommodate even small transactions”. Each Goldback is embedded with 1/1,000th of a Troy Oz of 24 karat gold. Show host Gene Tunny is joined in this episode by the Founder and CEO of the Goldback company, Jeremy Cordon. According to Jeremy, “Gold is money.  Everything else is credit.” Among other things, Gene asks Jeremy who’s buying Goldbacks and how widely are they being used? Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP183What is a Goldback? [1:36]The USD value of a Goldback relative to the value of Gold in it [5:20]How can you create your own local currency in the US? Is it legal? [6:44]What are the different types of gold buyers? Why Goldbacks are popular with preppers [11:30]What’s the acceptance of Goldbacks by local businesses? [14:12]Why are Goldbacks better than the old gold standard? [20:56]Links relevant to the conversationGoldbacks website:https://www.goldback.com/Jeremy’s bio:https://www.goldback.com/meet-the-teamRelated previous podcast episode:Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson – EP179CreditsThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Dr Jonathan D. T. Ward discusses his new book “The Decisive Decade: American Grand Strategy for Triumph Over China” with show host Gene Tunny. Dr Ward argues the US should adopt “a two-pronged strategy of economic containment toward China alongside the revitalization and evolution of American industrial and technological power.” Dr. Ward is an internationally recognized expert on Chinese global strategy and U.S.-China competition. He earned his PhD in China-India relations at Oxford and his undergraduate degree at Columbia, where he studied the Russian and Chinese languages. Dr Ward is the founder of the Washington DC-based Atlas Organization, which provides strategic advice on US-China competition to businesses and government agencies. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP182How Dr Ward’s new book The Decisive Decade picks up where his previous book China’s Vision of Victory left off [2:02]What’s the actual concern with China at the moment? [5:20]What does economic containment mean? [9:40]Dr Ward proposes to restructure the world economy in favour of the democracies and against China [14:18]Is China such a threat that we should sacrifice our economic gains from trading with China? [19:25]China’s economic development has allowed it invest large amounts in its military [23:18]Western companies and forced labour supply chains in China [26:51]Dr. Ward’s final observations on China [33:24]Links relevant to the conversationDr Jonathan D T Ward’s bio is available from the Atlas Organization’s website:https://atlasorganization.com/Jonathan’s book The Decisive Decade: America's Grand Strategy for Triumph Over China: https://amzn.to/3TQyGoiThis may be the Ben Franklin quote Dr Ward had in mind: “Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety”:https://www.npr.org/2015/03/02/390245038/ben-franklins-famous-liberty-safety-quote-lost-its-context-in-21st-centuryRelated previous podcast episodes:China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller – EP146 – Economics ExploredHow to Defeat the Dictators w/ Charles Dunst, Asia Group – EP180 – Economics ExploredCreditsThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.