Economics Explored

The next big global economic shock could come from a Chinese invasion of Taiwan, a shock which would probably have more extensive economic impacts than the Russian invasion of Ukraine. Joining show host Gene Tunny to discuss China and Taiwan and the Indo-Pacific more broadly is Dr Greta Nabbs-Keller, Senior Specialist in Defence Research at The University of Queensland and the interim Program Director of the Australian Program Office for Advanced Hypersonics. About this episode’s guest - Dr Greta Nabbs-KellerDr Greta Nabbs-Keller is a Senior Specialist in Defence Research at The University of Queensland (UQ). She is also an Affiliate Senior Specialist at UQ's Centre for Policy Futures where her current research project centres on issues of contestation and coherence in Indonesia’s national security policy making. Greta has extensive professional experience working on Australia’s bilateral relationship with Indonesia and continues to utilise her Indonesia country expertise in consulting, research, and international development roles. She contributes regularly to media and think-tank analysis on regional strategic, political and foreign policy issues, and engages with policy communities through submissions, dialogues, conferences and executive educations programs. Greta’s broader research interests include Indonesian civil-military relations, Indonesia-China relations, politico-security developments in Southeast Asia, and Australia’s regional foreign policy. Greta is an Executive Council member of the Australian Institute of International Affairs (AIIA) Queensland and Adjunct Research Affiliate at Griffith Asia Institute.Links relevant to the conversationGreta’s articles at the Lowy Institute Interpreter:https://www.lowyinstitute.org/the-interpreter/contributors/articles/greta-nabbs-kellerGreta’s articles at ASPI’s the Strategist:https://www.aspistrategist.org.au/author/greta-nabbs-keller/Greta’s conversation article on Australia’s relationship with South East Asia:https://theconversation.com/how-well-has-the-morrison-government-handled-relations-with-southeast-asia-181958Background reading on China and Taiwan:https://www.cfr.org/blog/what-xi-jinpings-major-speech-means-taiwanhttps://www.brookings.edu/on-the-record/understanding-beijings-motives-regarding-taiwan-and-americas-role/CreditsThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

ESG, short for environmental, social, and governance, is proving difficult for companies to implement in practice, and some have been accused of greenwashing. What exactly is ESG and has it come to the end of its useful life, as the Financial Times has suggested may be the case? Joining show host Gene Tunny to discuss ESG are some highly experienced corporate governance experts: Dr Rachel Baird and Stephen Howell, part of HopgoodGanim Lawyers. Both Stephen and Rachel advise boards on ESG matters and Rachel is currently facilitating the Law & Sustainability short course delivered in partnership between Pearson and Oxford University.In this episode you’ll learn how good corporate governance is the critical foundation for everything, and how company leaders should ensure their company’s policies are not dictated by inexperienced people posing as ESG experts pushing their own agendas.  Links relevant to the conversationDr Rachel Baird, GAICD, FGIA - Director - IcebergSRC | LinkedInStephen Howell - Director - Effective Governance - Part of the HopgoodGanim Advisory Group | LinkedInOrigins and Consequences of the ESG Moniker (paper mentioned by Rachel in the episode)Who Cares Wins 2005 Conference Report: Investing for Long-Term ValueTim Paine scandal a mess of Cricket Australia's making — and it will get worse - ABC NewsHow ESG investing came to a reckoning | Financial TimesEffective GovernanceThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode, to HopgoodGanim for providing a room to record in, and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

What does economics have to say about the huge amount of advertising directed at us everyday, much of it specifically targeted in this age of surveillance capitalism? Is it informative, manipulative, or something else? Should governments do anything about it and regulate advertisers and surveillance capitalists such as Google, Facebook, and other big tech companies? EP144 of Economics Explored features a frank and fearless conversation on advertising touching on surveillance capitalism with John August, Treasurer of the Pirate Party of Australia. About this episode’s guest – John AugustJohn August is the Treasurer of the Pirate Party Australia and a Fusion Party candidate for the electorate of Bennelong in the 2022 Australia federal election. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au.Links relevant to the conversationKyle Bagwell’s superb monograph on the economics of advertising:https://academiccommons.columbia.edu/doi/10.7916/D8TB1K1S/downloadTalk on the Age of Distraction John mentions:https://www.abc.net.au/radionational/programs/bigideas/age-of-distraction/6535850Bureau of Meteorology Online Advertising PolicyNew search engine which doesn’t serve you ads or track you:https://neeva.com/EconTalk episode Gene mentions:Sridhar Ramaswamy on Google, Search, and Neeva - Econlib• Facebook ad revenue 2009-2020 | StatistaChicago-School-type perspective on advertising:Drop the opposition: Advertising benefits us allOriginator of the term positional goods:Fred Hirsch - Social Limits to GrowthThorsten Veblen’s classic of economics:The Theory of the Leisure Class - WikipediaEpisode 22 of the show on hipster antitrust: Antitrust & “Hipster Trustbusters” with Danielle Wood from Grattan (NB The show name has been change since then to avoid a clash with a popular YouTube channel)Episode 21 of the show on surveillance capitalism:Surveillance Capitalism with Darren Brady NelsonDeloitte report for advertising industry body mentioned by Gene:Advertising Pays | Deloitte Australia | Deloitte Access Economics, TMT, CommunicationsHotelling’s paradox (or law) mentioned by John: Hotelling's law - Wikipedia“Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's linear city model.”Links re. permission marketing: https://www.akimbo.com/https://seths.blog/2008/01/permission-mark/Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

The World Bank has downgraded its global economic growth forecast and has warned of the rising risk of stagflation. What is stagflation and how likely is it? And a related question: what is a wage-price spiral and how likely is it? Show host Gene Tunny and his colleague Arturo Espinoza discuss how the current global situation is similar and dissimilar to the 1970s, with a consideration of recent perspectives from the World Bank and BIS.  Links relevant to the conversationIs a US recession imminent? w/ Michael Knox, Chief Economist, Morgans Financial – EP142 – Economics Explored (Previous episode with Michael Knox)Jobs report May 2022: Payrolls rose 390,000 in May, better than expected as companies keep hiringhttps://trends.google.com/trends/explore?q=stagflation&geo=US (Google Trends for stagflation)The Fed must act now to ward off the threat of stagflation | Financial TimesAre major advanced economies on the verge of a wage-price spiral? (BIS Bulletin 53)Commodity market disruptions, growth and inflation (BIS Bulletin 54)Robert Heller’s paper on International Reserves and Global Inflation (from p. 28)Stagflation Risk Rises Amid Sharp Slowdown in Growth (World Bank report) Stagflation danger prompts  World Bank to cut growth outlook (Washington Post article)EP59 on the Natural Rate of Unemployment (re. Milton Friedman’s AEA presidential address)Friedman's presidential addressNB Australia’s wage price index increased 2.4% through the year to March 2022 (see Wage Price Index, Australia, March 2022 | Australian Bureau of Statistics) Chart of the Week - The real price of crude oil - Callum ThomasThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Michael Knox, Chief Economist of Morgans Financial, explains how he predicted high US inflation based on the magnitude of the federal deficit compared with the GDP/output gap. He  gives his view on whether a US recession is likely anytime soon, based on his analysis of some key indicators. Michael and show host Gene Tunny also discuss the economic outlook for Australia, whether global stagflation is a possibility, and the risk of a Chinese invasion of Taiwan. About this episode’s guest - Michael KnoxMichael Knox is Chief Economist and Director of Strategy at Morgans. Michael was an Australian Trade Commissioner serving in Saudi Arabia and Indonesia. He joined Morgans in Sydney in 1988.He was Chief Institutional Options Dealer until moving to Brisbane in 1990 as Economist and Strategist. Michael joined the Board of Morgan Stockbroking in 1996. He became Director of Strategy and Chief Economist in 1998. Michael remained on the Board of Morgans until 2011.Michael has served on many Queensland Government advisory committees. He was Chairman of the Queensland Food Industry Strategy Committee in 1992, a Member of the Consultative Committee of the Ipswich Development Board in 1993, a Member of the Queensland Tourism Strategy Committee in 1994 and a Member of the Ministerial Advisory Committee on Economic Development in 1997.From 2003 to 2012, he was Chairman of the Advisory Committee of School of Economics and Finance at the Queensland University of Technology. He has been a Governor of the American Chamber of Commerce from 1997 to 2007.In 2008, Michael joined the Board of The City of Brisbane Investment Corporation Pty Ltd. Michael remained on the Board until 2016. Michael was the President of the Economic Society of Australia (Qld) Inc from 2009 to 2013.Links relevant to the conversationRobert Heller’s paper on International Reserves and Global Inflation (from p. 28)Is the US heading for recession? | Michael Knox, Morgans Chief EconomistHow to see a US Recession??? | Michael Knox, Morgans Chief EconomistHow Budget Deficits Caused US Inflation: Michael Knox, Morgans Chief EconomistMichael Knox's note: Watch the RBA copy the FEDMichael Knox's note: Is the US heading for recessionMichael Knox's note: How the budget deficits caused US inflationMichael Knox's note: Will the commodities boom ever restWhere you can find the indicators Michael mentions:FREDChicago Fed National Activity Index (CFNAI)Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Economics Explored host Gene Tunny discusses his career path as an economist and offers advice for aspiring economists in an interview with Francisco Garcia, host of the University of Queensland Economics Society (UQES) podcast Worldonomics.  Links relevant to the conversationhttps://www.uqes.com.au/https://podcasts.apple.com/au/podcast/worldonomics/id1513275367Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Kate Schecter leads World Neighbors, an international NGO helping poor communities in developing economies lift their living standards through local savings and credit groups among other measures. Hear Kate describe how these local savings and credit groups differ from Grameen-style microfinance. Also hear Kate describe how on-the-ground, practical measures can give people a hand up, not a hand out. About this episode’s guest - Kate Schecter, Ph.D.Kate Schecter, Ph.D., joined World Neighbors as President and CEO in June, 2014. In her previous position, she worked for the American International Health Alliance (AIHA) for 14 years. As a Senior Program Officer at AIHA, she had responsibility for managing health partnerships throughout Eurasia and Central and Eastern Europe (CEE). She also managed a blood safety program in Ukraine, Central Asia and Cambodia from 2012- 2014. In the early 2000’s she managed a program on the prevention of mother-to-child-transmission of HIV (PMTCT) in Ukraine and numerous pilot sites in Russia and Central Asia.Through her work with over 35 partnerships addressing primary healthcare, chronic disease management, hospital management, maternal/child health, Tuberculosis, blood safety and HIV/AIDS, she has extensive experience successfully implementing AIHA’s health partnership model.Before joining AIHA, Dr. Schecter worked as a consultant for the World Bank for three years (1997-2000), specializing in healthcare reform and child welfare issues in Eurasia and CEE. She taught political science at Tel Aviv University in Israel for a year (1992) and at the University of Michigan in Ann Arbor for four years (1993-1997).She has written extensively about the Soviet socialized healthcare system and was a principal investigator for the Carnegie Corporation’s Russia Initiative where she researched the issue of social cohesion in Russia. She is the co-editor and co-author of Social Capital and Social Cohesion in Post-Soviet Russia (M.E. Sharpe, 2003), author of a chapter in Russia’s Torn Safety Nets: Health and Social Welfare in Post-Communist Russia (St. Martin’s Press, 2000), and an entry on Chernobyl for Scribner’s Encyclopedia of Europe 1914-2004, (2006). She also has made three documentary films for PBS about the Former Soviet Union. Dr. Schecter holds a Ph.D in political science from Columbia University in New York and an M.A. in Soviet studies from Harvard University.Links relevant to the conversationA New Paradigm for Microfinance: Savings and CreditCOVID-19 and the Global Food Supply: Big Lessons from the World's Small FarmsVideos - World NeighborsThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Companies are being pushed by their employees and by influencers to take positions on social issues - to go woke, so to speak. Sometimes, as occurred for Gillette and Nike, for example, such a strategy can backfire. Is it true that, if you go woke, you go broke? A conversation between Economics Explored host Gene Tunny and returning guest Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank. About this episode’s guest - Darren Brady NelsonDarren Brady Nelson is an Austrian school economist who serves as the chief economist at LibertyWorks and as an associate scholar with the Center for Freedom and Prosperity. Nelson is also a policy advisor to The Heartland Institute.He is the author of the book Ten Principles of Regulation & Reform (Connor Court 2017), and is a frequent public speaker and media commentator.Darren has bachelor’s degree in economics (cum laude) from the Australian National University, where he majored in economic history. Nelson also earned a master’s degree in commerce (magna cum laude) from the University of New South Wales, where he majored in business law.This is Darren’s tenth appearance on Economics Explored. Links to his previous appearances are available on the Regular guests – Economics Explored page.Links relevant to the conversationGillette faces backlash and boycott over '#MeToo advert'When brands go woke, do they go broke? | CIM Exchange'Go woke go broke': New survey find most Brits dislike businesses preaching about 'social issues' | Sky News AustraliaGo Woke, Go Broke | Frontier Centre For Public PolicyDisney Drops Gina Carano From The Mandalorian After Controversial Social Media PostESG and Financial Performance - NYU SternThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

What does the economic policy platform of a Pirate Party look like? What does it say about intellectual property protection (i.e. copyright and patents), the Right to Repair, UBI, taxation, and business support? And what type of pirates are Pirate Parties inspired by exactly: Captain Jack Sparrow or Kim Dotcom? Pirate Party Australia Treasurer John August answers these questions in a conversation with Economics Explored host Gene Tunny.  About this episode’s guest - John AugustJohn August is the Treasurer of the Pirate Party Australia and a Fusion Party candidate for the electorate of Bennelong in the 2022 Australia federal election. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page. Links relevant to the conversationhttps://pirateparty.org.au/https://www.fusionparty.org.au/Land Value Uplift from Light Rail by Cameron MurrayOn the persistence of the China shock by David Autor, David Dorn, and Gordon HansonTermites in the Trading System by Jagdish BhagwatiThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Universal Basic Income (UBI) advocate Michael Haines chats with show host Gene Tunny about the benefits and costs of a UBI, with an extensive discussion of how it’s paid for in Michael’s proposal. The conversation considers money creation and so-called Modern Monetary Theory (MMT). About this episode’s guest - Michael HainesMichael Haines is the CEO of VANZI, the Virtual Australia and New Zealand Initiative. Michael has 40+ years of experience in a wide variety of senior management and consulting roles across a range of industries: government, telecommunications, brewing, construction, consumer goods, car manufacturing and transport and logistics covering a wide range of disciplines. While he has previously sat on the Board of the Australian Logistics Council and remains a member of Austroads Intelligent Transport Industry Reference Group, he was instrumental in establishing VANZI and his entire time is now devoted to the VANZ project.Links relevant to the conversationWhat's Better: Welfare, A Job Guarantee, Or A Universal Basic Income? | By Michael Andrew Haines. | Apr, 2022UBI: Universal Basic Income w/ Ben Phillips, ANU – EP126 – Economics ExploredPoverty In Australia 2018Basic Income Australia (overview of UBI policy Michael is proposing)Money creation in the modern economy | Bank of EnglandThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Also, 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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.