Economics Explored

Wider economic benefits are increasingly being estimated in economic assessments of infrastructure projects. Show host Gene Tunny and his colleague Arturo Espinoza Bocangel chat about how some infrastructure projects, particularly transport projects, can stimulate new economic development, increasing the density of businesses and workers in an area. This can boost innovation and productivity through knowledge transfer and greater specialisation, among other mechanisms. The expected wider economic benefits of the Cross River Rail subway project in Brisbane, Australia are discussed. Links relevant to the conversationCross River Rail business caseCross River Rail project benefitsKnowledge Spillovers: - Cities' Role in the New Economy - article by Jerry Carlino Gene quotes from in the episodeThe wider economic benefits of transport infrastructure paper by Peter Abelson Working from home: Too much of a good thing - article by Kristian Behrens and othersWider Economic Benefits of Transport Corridors : Evidence from International Development Organizations - World Bank paper using night time lights dataClarificationIn the episode Gene didn’t get the title of Jane Jacobs’s famous book on cities right. The correct title is The Death and Life of Great American Cities. 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.

Market monetarists such as Stephen Kirchner argue nominal GDP targeting would be better than inflation targeting and could help central banks such as the RBA and the US Federal Reserve get back on track. Stephen is Director of the International Economy Program at the United States Studies Centre at the University of Sydney. About this episode’s guest - Dr Stephen KirchnerDr Stephen Kirchner is Director of the International Economy Program at the United States Studies Centre at the University of Sydney. He is also a senior fellow at the Fraser Institute in Canada, where he has contributed to research projects comparing public policies in Australia, Canada and New Zealand.Previously, he was an economist with the Australian Financial Markets Association, where he worked on public policy issues relating to the efficient and effective functioning of Australian financial markets and Australia’s position as a regional and international financial centre.Stephen has been a research fellow at the Centre for Independent Studies, a senior lecturer in economics at the University of Technology Sydney Business School and an economist with Standard & Poor’s Institutional Market Services based in both Sydney and Singapore. He has also worked as an advisor to members of the Australian House of Representatives and Senate.He has published in leading academic and think-tank journals, including Public Choice, The Australian Economic Review, Australian Journal of Political Science and The Cato Journal.His op-eds have appeared in publications including The Wall Street Journal, Straits Times, Businessweek, The Australian Financial Review, The Australian, and Sydney Morning Herald.Stephen holds a BA (Hons) from the Australian National University, where he was awarded the L. F. Crisp Prize for Political Science, a Master of Economics (Hons) from Macquarie University, and a PhD in Economics from the University of New South Wales.Stephen posts regularly on his substack: https://stephenkirchner.substack.com/Links relevant to the conversationStephen’s papers on nominal GDP targeting:Reforming Australian Monetary Policy: How Nominal Income Targeting Can Help Get the Reserve Bank Back on TrackThe RBA’s pandemic response and the New Keynesian trapThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

Property prices have been surging across major cities in advanced economies. In Australia, a parliamentary inquiry has recently investigated housing affordability, and it handed down a report with some compelling policy recommendations in March 2022. Our guest this episode provided an influential submission to that inquiry. His name is Peter Tulip, and he’s the Chief Economist at the Centre for Independent Studies (CIS), a leading Australian think tank. Peter explains how town planning and zoning rules can substantially increase the cost of housing.  About this episode’s guest - Peter TulipPeter Tulip is the Chief Economist at the Centre for Independent Studies, a leading Australian think tank. Peter has previously worked in the Research Department of the Reserve Bank of Australia and, before that, at the US Federal Reserve Board of Governors. He has a PhD from the University of Pennsylvania.Links relevant to the conversationInquiry into housing affordability and supply in AustraliaCIS Submission to the Inquiry into Housing Affordability and Supply in AustraliaGene’s article Untangling the Debate over Negative GearingMissing Middle Housing podcast chat with Natalie Rayment of Wolter ConsultingA Model of the Australian Housing Market by Trent Saunders and Peter TulipThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

Paul Mladjenovic, CFP is the author or co-author of several Dummies guides on investing, including Stock Investing for Dummies and Investing in Gold and Silver for Dummies. Paul shares his views on what makes for successful investing with show host Gene Tunny. They discuss what types of companies to look for, an often unappreciated benefit of investing in gold and silver, and what Paul thinks about real estate and crypto assets. This episode contains general information only and does not constitute financial or investment advice. Please consult a financial planning professional for advice specific to your circumstances. About this episode’s guest - Paul MladjenovicPaul Mladjenovic, CFP, is a certified financial planner practitioner, writer, and speaker. He has helped people with their financial and business concerns since 1981. He has authored or co-authored several popular Dummies guides on investing and affiliate marketing. You can learn more about Paul and his online courses at https://www.ravingcapitalist.com/. Links relevant to the conversationSome of Paul’s books mentioned this episode:Stock Investing For DummiesInvesting in Gold & Silver For DummiesThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

Renowned US financial advisor, author, and podcaster David Bahnsen argues the best way to defend human flourishing against dangerous economic thinking is to relearn time-tested economic truths. David talks about his new book “There’s no Free Lunch: 250 Economic Truths” with show host Gene Tunny. David and Gene also talk about David’s previous books on the crisis of responsibility afflicting our societies, Elizabeth Warren’s economic policies, and investing in a post-crisis world. About this episode’s guest - David BahnsenDavid L. Bahnsen is Founder, Managing Partner, and Chief Investment Officer of the Bahnsen Group. He oversees the management of over $3.5 billion in client assets. Prior to launching The Bahnsen Group, he spent eight years as a Managing Director at Morgan Stanley and six years as a Vice President at UBS. He is consistently named as one of the top financial advisors in America by Barron’s, Forbes, and the Financial Times (2016-2021).Links relevant to the conversationDavid Bahnsen’s books:There’s No Free Lunch: 250 Economic TruthsElizabeth Warren: How Her Presidency Would Destroy the Middle Class and the American DreamThe Case for Dividend Growth: Investing in a Post-Crisis WorldCrisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure ItDavid’s podcasts:Capital RecordThe Dividend CafeRadio Free CaliforniaOther relevant links:The Great Debate: Edmund Burke, Thomas Paine, and the Birth of Right and Left by Yuval LevinEdmund Burke (1729 - 1797)Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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 British-French supersonic airplane Concorde soared through the skies at Mach 2 in the years 1976 to 2003. Its history illuminates several important economic and business lessons. Is a supersonic airplane simply uneconomic or will commercial passengers fly supersonic again? Show host Gene Tunny and his fellow economist Arturo Espinoza Bocangel discuss.  Links relevant to the conversationEP129 which mentioned the Concorde:https://economicsexplored.com/2022/03/07/top-10-insights-from-economics-ep129-show-notes-transcript/Economist article on the Concorde with good summary of what went wrong:https://www.economist.com/business/2003/10/16/after-concordeConversation article on future of supersonic air travel:https://theconversation.com/supersonic-flights-are-set-to-return-heres-how-they-can-succeed-where-concorde-failed-162268AP article on Concorde being “unexpected success” in 1986:https://apnews.com/article/fa1e281d544267a8afe77afceaf3f03fEarly seventies cost-benefit analysis of the Concorde mentioned in the episode:http://www.bath.ac.uk/e-journals/jtep/pdf/Volume_V1_No_3_225-239.pdfOther websites consulted:https://daily.jstor.org/the-rise-and-fall-of-the-supersonic-concorde/https://www.businessinsider.com/concorde-supersonic-jet-history-2018-10?r=AU&IR=Thttps://theadaptivemarketer.com/2012/01/14/a-pricing-lesson-from-the-concorde/https://www.heritageconcorde.com/who-built-concordehttps://www.historyhit.com/facts-about-concorde/https://science.howstuffworks.com/transport/flight/modern/concorde2.htmhttps://en.wikipedia.org/wiki/Concordehttps://ultimateclassicrock.com/phil-collins-live-aid/https://www.cntraveler.com/story/celebrity-passengers-and-caviar-at-55000-feet-what-it-was-like-to-fly-concorde-in-the-70shttps://www.economist.com/1843/2018/09/03/when-concorde-was-the-futureThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

We explore a new book “Thriving: The Breakthrough Movement to Regenerate Nature, Society, and the Economy”, by Dr Wayne Visser of the Cambridge Institute for Sustainability Leadership and Antwerp Management School. Wayne explains why the future will be better than you think.About this episode’s guest - Wayne VisserWayne Visser is a globally recognised Cambridge “pracademic.” An idea-monger, storyteller, and meme weaver, he is the author of 40 books. His work as a champion for thriving, strategy analyst, sustainability academic, documentary filmmaker, poet, and professional speaker has taken him to more than 75 countries. He has been recognized by Trust Across America as one of the world’s top 100 thought leaders in trustworthy business and named a top-100 sustainability leader by ABC Carbon.Dr. Visser currently serves as head tutor, fellow, and lecturer at the University of Cambridge Institute for Sustainability Leadership, as well as professor of integrated value at Antwerp Management School, where he holds the world’s first academic chair in sustainable transformation. He is also a director of the think tank and media company Kaleidoscope Futures Lab and founder of CSR International. Previous roles include director of sustainability services for KPMG and strategy analyst for Capgemini in South Africa.Follow Wayne on Twitter: @WayneVisserLinks relevant to the conversationThriving: The Breakthrough Movement to Regenerate Nature, Society, and the EconomyDNA Spray-On Technology Could Revolutionize Food TraceabilityThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

Show host Gene Tunny reviews his top ten insights from economics with Tim Hughes. These include insights regarding specialization and trade, opportunity cost, and the price mechanism, among others. Applications to traffic congestion and climate change, among other issues, are explored. An e-book of Gene's top 10 insights is available to  subscribers of the economicsexplored.com website.  Links relevant to the conversationOn comparative advantage:https://www.economicsonline.co.uk/global_economics/comparative_advantage.htmlhttps://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/comparative-advantage-specialization-and-gains-from-tradeOn California’s emissions reduction scheme:https://ww2.arb.ca.gov/our-work/programs/cap-and-trade-programThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

Philosophy Professor Deb Brown helps us explore some big questions around risk, cost-benefit analysis, and public policy, particularly relating to the pandemic. Deb also explains what was so important about the Enlightenment. About this episode’s guest - Prof. Deb BrownDeborah Brown is Professor, School of Historical and Philosophical Inquiry at the University of Queensland, Australia. During her time in the Faculty of Humanities and Social Sciences, Deb has coordinated a wide range of projects focusing on critical thinking. She has been instrumental in establishing connections and partnerships within the school sector, including with the Queensland Department of Education, as well as building partnerships across UQ and with international education providers. As part of her role, Deb works to link the UQ Critical Thinking Project into relevant projects within the university to provide educators with an understanding of how to embed critical thinking in classroom practice and assessment and to maximise outcomes for students, particularly those from disadvantaged backgrounds. Deb has established a professional development program for educators, booster courses for school and university students and research collaborations with a diverse range of researchers from the broader UQ community. Deb has a Bachelor of Arts from the University of Queensland and a Master of Arts and PHD from the University of Toronto.Links relevant to the conversationTruth (or the lack of it) in politics and how to think critically with help from Descartes – EP123AbbreviationsQALY Quality-Adjusted Life YearThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.

With US inflation at a 40-year high, who wins and who loses? Are greedy corporations to blame as some pundits are suggesting? A wide-ranging conversation with Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank, which also considers so-called Woke Capitalism and what’s going on with China. In the second part of the show, the Grattan Institute’s Economic Policy Program Director Brendan Coates explains the franking credits controversy, related to some peculiar Australian tax rules, to show host Gene Tunny.   About this episode’s guestsDarren Brady Nelson is an Austrian School economist and liberty evangelion as well as a C.S. Lewis and G.K. Chesterton style Christian. He is currently the Chief Economist at LibertyWorks of Brisbane Australia and a long-time policy advisor to The Heartland Institute of Chicago USA. He is also a regular commentator in traditional and online Australian and American media. Check out his full profile at Regular guests – Economics Explored.Brendan Coates is the Economic Policy Program Director at Grattan Institute, where he leads Grattan’s work on tax and transfer system reform, retirement incomes and superannuation, housing, macroeconomics, and migration. He is a former macro-financial economist with the World Bank in Indonesia and consulted to the Bank in Latin America. Prior to that, he worked in the Australian Treasury in areas such as tax-transfer system reform and macro-economic forecasting, with a strong focus on the Chinese economy.Links relevant to the conversationAmericans Return to Work as Biden Administration Work Disincentives Expire, but Jobs Remain Over 7 million Below Trend | Latest | America First Policy Institute (article referring to inflation tax of $855/year for an American family associated with a 7% yearly inflation rate)Summers stumbles – John QuigginWoke Capitalism Is a Monopoly Game | Mises WireJoe Biden appears to insult Fox News reporter over inflation questionThe implications of removing refundable franking credits - Grattan InstituteChartsUS CPI inflation rate, through-the-yearUS Producer Prices inflation rate, through-the-yearUS inflation expectations - University of Michigan estimatesClarifications“Average hourly earnings for all employees on US private nonfarm payrolls increased by 5.7% year-on-year in January of 2022” (see United States Average Hourly Earnings YoY - January 2022 Data - 2007-2021 Historical) This compares with inflation running at 7.5% through-the-year. Amazon hikes average US starting pay to $18, hires for 125,000 jobs | ReutersAbbreviationsCPI Consumer Price IndexPPI Producer Price IndexCreditsThanks to Darren and Brendan for great insights and conversation, and to the show’s audio engineer Josh Crotts for his assistance in producing the episode. 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.