Economics Explored

This episode of Economics Explored explores the theory of Ricardian equivalence, a proposition that fiscal policy measures like tax cuts or stimulus payments may not effectively boost the economy if households anticipate higher future taxes to pay off government debt. Host Gene Tunny explains the concept originating from David Ricardo and popularized by Robert Barro, involving ultra-rational consumer optimization over infinite time horizons. While an elegant theoretical model, Ricardian equivalence relies on unrealistic assumptions and fails empirical tests. Evidence shows households do increase spending after rebates or transfers, although not always by as much as policy makers would like. Ultimately, while the merits of discretionary fiscal policy are debatable, Ricardian equivalence is too extreme a hypothesis. Households do not behave as ultra-rational dynamic optimizing models predict.Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. You can listen to the episode via the embedded player below or via podcasting apps including Google Podcasts, Apple Podcast and Spotify.TakeawaysFive takeaways from this episode are:1. Ricardian equivalence is an elegant theoretical model but relies on unrealistic assumptions about rational consumer behavior.2. Empirical evidence overwhelmingly finds that households do increase spending after tax rebates or fiscal stimulus, contrary to Ricardian equivalence predictions.3. Related concepts like Friedman's permanent income hypothesis are more nuanced but also face limitations in fully explaining consumer decisions.4. While fiscal policy faces challenges, Ricardian equivalence is not a compelling argument against its effectiveness due to failures of the underlying theory.5. Examining economic models against real-world evidence is important for evaluating their validity and implications for policy.TimestampsIntroduction. (0:00)David Ricardo's economic theories and their relevance today. (5:30)Ricardian equivalence in macroeconomics. (11:02)Consumption function and fiscal policy. (17:48)Rational economic models and their implications. (23:18)Ricardian equivalence theory and its limitations. (26:41)Ricardian equivalence theory and its empirical support. (33:59)Consumer spending after receiving tax rebates. (39:10)Ricardian equivalence in economics. (43:55)LinksPrevious episode in which Ricardian Equivalence was mentioned:https://economicsexplored.com/2024/01/11/the-limits-of-fiscal-policy-insights-from-tony-makin-alex-robson-others-ep222/Robert Barro’s 1974 article “Are Government Bonds Net Wealth?”https://eml.berkeley.edu/~saez/course131/Barro74JPE.pdfJames M. Buchanan on “Barro on the Ricardian Equivalence Theorem”https://www.journals.uchicago.edu/doi/abs/10.1086/260436Geoffrey Brennan and James M. Buchanan on “The Logic of the Ricardian Equivalence Theorem”https://www.jstor.org/stable/40911555John J. Seater on “Ricardian Equivalence”https://www.jstor.org/stable/2728152T. D. Stanley on “New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence”https://www.jstor.org/stable/1060788Economist 2008 column “Ricardian equivalence is dead”https://www.economist.com/free-exchange/2008/05/19/ricardian-equivalence-is-deadAnrdrew Leigh’s paper “How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects”http://andrewleigh.org/pdf/FiscalStimulus.pdfMatthew D. Shapiro & Joel B. Slemrod’s study “Did the 2008 Tax Rebates Stimulate Spending?”https://www.nber.org/papers/w14753Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod’s analysis “Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?” https://www.aeaweb.org/articles?id=10.1257/pol.4.3.216Ikuo Saito’s paper “Fading Ricardian Equivalence in Ageing Japan”https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Fading-Ricardian-Equivalence-in-Ageing-Japan-44302Thanks 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 interviews UMass Amherst Professor Gerald Epstein about his new book "Busting the Bankers’ Club", which is about the powerful influence of banks in politics and regulation. Epstein argues the bankers’ club maintains control through political allies and regulators. The conversation also covers financial deregulation, insufficient Dodd-Frank reforms, Quantitative Easing impacts, and alternatives like public banking and non-profit financial institutions.Please contact us 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 guest Prof. Gerald EpsteinGerald Epstein received his Ph.D. in economics from Princeton University, is a professor of economics, and is a founding co-director of the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. He has published widely on various economic policy issues, especially in central banking and international finance. His most recent book, Busting the Bankers' Club: Finance for the Rest of Us, was forthcoming in January 2024 from the University of California Press. What’s covered in EP226Banking industry's influence in politics and regulation. (0:04)Financial deregulation and its impact on the economy. (8:58)Financial system's impact on democracy and fairness. (13:24)Financial system issues and regulation. (16:24)Economic policy after the financial crisis, including impacts of Quantitative Easing. (22:50)Financial regulation and publicly owned institutions. (28:08)Public banking, crypto, and risk-taking in finance. (33:30)TakeawaysProfessor Epstein argues in this episode:The "bankers’ club" of allies including politicians, central banks, and economists helps sustain the power and influence of large banks.Financial deregulation in the US and weak Dodd Frank reforms failed to address issues like too-big-to-fail banks and accountability.Quantitative easing policies after the financial crisis disproportionately benefited wealthy asset holders over others.  There is a need for more diverse public and non-profit financial institutions focused on social missions over profits.Crypto poses risks if it infects the core banking system or continues high-carbon polluting practices.Links relevant to the conversationGerald Epstein’s book Busting the Bankers’ Club: Finance for the Rest of Ushttps://www.amazon.com/Busting-Bankers-Club-Finance-Rest/dp/0520385640Working paper co-authored by Prof. Epstein “Did Quantitative Easing Increase Income Inequality?”https://www.ineteconomics.org/research/research-papers/did-quantitative-easing-increase-income-inequalityThanks 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.

Show host Gene Tunny interviews Marcos Buscaglia, former head of the Latin America economics team at Bank of America Merrill Lynch, and author of the book "Beyond the ESG Portfolio, How Wall Street Can Help Democracies Survive." Buscaglia argues that, through their investment choices, many investors have inadvertently been supporting autocratic regimes, and he calls for a change in investment practices. Tune in to this thought-provoking episode to learn more about the ultimate impacts of our investments and how Wall Street can contribute to the survival of democracies.Please get in touch with us 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 EP225Introduction to the episode. (0:03)Aligning investments with values and democratic growth. (4:32)Autocratic regimes, EU funding, and corruption in Hungary. (9:41)Investing in emerging markets while avoiding autocratic countries. (22:31)Economic sanctions, autocratic regimes, and investment strategies. (28:06)Economics, democracy, and the role of finance.TakeawaysInvesting in autocratic regimes can inadvertently support and strengthen those regimes.ESG (environmental, social, governance) investing should also consider whether countries are democratic.ESG metrics and indices currently do not prioritize democracy as a factor.There are limited investment options that exclude autocratic countries, but investor demand can drive change in this area.Sanctions can be an effective tool in limiting financial support to autocratic regimes.Links relevant to the conversationMarcos Buscaglia’s book: Beyond the ESG Portfolio: How Wall Street Can Help Democracies Survivehttps://www.amazon.com/Beyond-ESG-Portfolio-Democracies-Survive/dp/1265115605Thanks 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 host Gene Tunny speaks with David Stockman,  President Reagan’s first Office of Management and Budget director. Stockman discusses his new book, "Trump's War on Capitalism," and shares his frank and fearless commentary on the former president's economic policies. In his foreword to the book, Robert F. Kennedy Jr wrote, “Stockman has become one of the nation’s most steadfast and eloquent crusaders against the corrupt merger of state and corporate power.”Please get in touch with us 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 EP224Trump and capitalism. (0:04)Trump's fiscal and monetary policies. (4:41)Government spending and lockdowns during the Trump presidency. (10:04)Trump's handling of the COVID-19 pandemic and its economic impact. (15:06)COVID-19 response and blame game. (20:05)US economy under Trump, job growth, and performance. (25:51)Economic growth and tax cuts during Trump's administration. (30:10)Monetary policy and inflation during Trump's presidency. (36:26)Corruption in US government and military spending. (41:56)Alan Greenspan's legacy and economic challenges. (49:54)TakeawaysDavid Stockman argues that while Trump portrayed himself as a capitalist, his fiscal and monetary policies like large tax cuts, increased spending and pressure on the Fed to keep rates low were reckless and a threat to capitalism.According to Stockman, the data shows the US economy was not in its strongest position ever pre-COVID, as Trump claimed, with key metrics like GDP growth, job growth and investment lower under Trump compared with some previous presidents.Stockman believes Trump bears responsibility for the unprecedented pandemic spending and deficits, as he could have resisted lockdowns but instead endorsed huge stimulus packages.Stockman views Trump as the worst president for sound money policy due to his pressure on the Fed to keep rates low.Links relevant to the conversationAmazon page for Trump’s War on Capitalism:https://www.amazon.com/Trumps-War-Capitalism-David-Stockman/dp/1510779329William Greider’s famous 1981 Atlantic article “The Education of David Stockman”:https://www.theatlantic.com/magazine/archive/1981/12/the-education-of-david-stockman/305760/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.

In this episode, host Gene Tunny sits down with Simon Schillebeeckx, co-founder of Handprint, a nature tech startup. Handprint aims to help companies profitably and seamlessly integrate planet-positive actions into business activities. Simon shares examples of companies that have gone above and beyond regulatory requirements to contribute to the environment positively. Among other questions, Gene asks Simon about the scalability of Handprint’s approach and the role of consumers in driving profit-maximizing businesses to make positive contributions. Please get in touch with us 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 guest, Dr Simon SchillebeeckxSimon is co-founder and Chief Strategy Officer of Handprint Tech. Published author, former sustainability consultant, TEDx speaker. Strategic Management Professor at Singapore Management University (SMU), specialising in Digital Sustainability. He holds a PhD in Innovation Management from Imperial College London.What’s covered in EP223[00:01:18] Regenerative economy and business activities.[00:04:33] The concept of Handprint.[00:11:28] Capturing value through sustainability.[00:16:02] A-B testing to determine how consumers respond to sustainability measure.[00:18:30] Linking ads to social impact.[00:23:06] Gamifying sustainability initiatives.[00:26:31] The potential for Handprint.[00:32:45] Plastic pollution and its impact.[00:36:03] Regenerative practices in agriculture.[00:41:28] Trust in carbon crediting.[00:48:49] Large-scale mangrove conservation and afforestation.TakeawaysAccording to Simon, companies are increasingly looking to go beyond just reducing their negative environmental impacts and instead create positive impacts through initiatives like planting trees or restoring coral reefs.Done right, these types of regenerative initiatives have the potential to improve business metrics like sales, click-through rates, and employee engagement.Handprint is working to make it easier for companies of all sizes to integrate positive impact actions into their business activities in a profitable wayHandprint offers a marketplace for companies to invest in credible positive impact projects, such as mangrove restoration and carbon sequestration, and provides tools for companies to visualize and capture value from their positive impact initiatives.Links relevant to the conversationHandprint Tech website:https://handprint.tech/Companies/organisations mentioned by Simon:https://www.sevencleanseas.com/https://plasticbank.com/https://oxcarbon.org/https://globalmangrove.org/Lumo Coffee (NB promo code for 20% discount on first order: EXPLORED20)https://lumocoffee.com/ 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.

This episode on the limits of fiscal policy features highlights from host Gene Tunny's past conversations with the late Australian economist Professor Tony Makin and former OECD Ambassador Alex Robson. In the discussions, Tony Makin provides a balanced and insightful analysis of Australia's fiscal response to the COVID-19 pandemic, critiquing programs like JobKeeper while recognizing some justification. He and Alex Robson discuss the importance of considering the open economy impacts of fiscal stimulus and the long-term burdens of debt. The episode looks to validate Makin's warnings about the limits of discretionary fiscal policy through subsequent evidence and events. Gene summarizes the JobKeeper evaluation results and what happened in the Australian housing market following the pandemic fiscal stimulus. Please get in touch with us 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 EP222Fiscal policy limits and its impacts: introduction (0:03)Economic stimulus measures during the COVID-19 pandemic. (9:36)JobKeeper program design and targeting. (15:44)JobKeeper program's effectiveness and infrastructure spending challenges. (21:31)Keynesian economics and infrastructure spending. (27:50)Fiscal policy and its impact on the economy. (33:13)Fiscal policy and its unintended consequences. (40:12)The economic impact of public debt with Tony Makin and Alex Robson. (48:31)Fiscal policy and its impact on the economy: wrap up. (53:39)TakeawaysFiscal stimulus packages must be carefully designed and limited in size to avoid unintended consequences.The nature of the workforce is important to consider when implementing fiscal policy, as not all workers can easily transfer to different industries.The burden of public debt, including interest payments, can have long-term impacts on national income and economic growth.The effectiveness of fiscal policy in an open economy is influenced by factors such as capital mobility and exchange rates.Tony Makin was a leading advocate for sensible fiscal policy in Australia, and his contributions to the field are greatly missed.Episodes the highlights are clipped fromEP119: What Tony Makin taught us about macroeconomics – Economics ExploredA Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode | Queensland Economy WatchLinks relevant to the conversationFiscal policy papers by Tony Makin:The Effectiveness of Federal Fiscal Policy: A Review(PDF) Australia's Competitiveness: Reversing the SlideA Fiscal Vaccine for COVID-19Treasury analysis of JobKeeper:Independent Evaluation of the JobKeeper Payment Final Report | Treasury.gov.auThe employment effects of JobKeeper receipt | Treasury.gov.au  News regarding unintended consequences of fiscal stimulus:Building company collapses into liquidation days before Christmas, impacting four Guzman Y Gomez sitesThanks 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.

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year.Don't hesitate to contact us 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 EP221Economics and decision-making with a focus on open-mindedness. (0:03)Using experts in decision-making and tolerating dissent. (3:12)COVID-19 modelling and its limitations. (9:34)Economic development, critical thinking, and foreign aid. (12:41)The limitations of economics and the need for interdisciplinary approaches. (19:25)Takeaways1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology.2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions.3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems.4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases.5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors.Episodes the highlights are clipped fromhttps://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/Links relevant to the conversationArticle about the Second Fleet of convicts transported to Australia:https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/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.

John August, a Sydney radio host and Pirate Party of Australia official, returns to provide feedback on recent episodes about nuclear power, COVID policies, and government outsourcing and consulting. John discusses his generally positive view of nuclear energy with some qualifications and provides his thoughts on the analysis of COVID restrictions presented in a recent episode by Prof. Gigi Foster. John also weighs in on the challenges of government service delivery, noting potential upsides and downsides to outsourcing and cautioning against contractors dominating policy development.Please contact us 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 guest: John AugustJohn August is the Treasurer of the Pirate Party Australia. 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. What’s covered in EP22000:04:08 - Discussion on Nuclear Energy00:13:37 - Gigi Foster's COVID Analysis00:25:58 - Economic Impact of COVID Restrictions00:35:57 - Outsourcing and Consulting in Government00:44:20 - Final Thoughts and Wrap-upTakeawaysNuclear power holds promise as an energy source, but challenges around risk management, technology development, and public perception still need to be addressed.In John’s view, there are reasonable arguments on both sides of the debate around COVID restrictions, with disagreement centring around difficult-to-determine counterfactual scenarios.Outsourcing can benefit the government, like additional capacity and fresh perspectives, but oversight is needed to avoid issues like mission creep or perverse incentives.  Links relevant to the conversationRecent news about nuclear energy:First new U.S. nuclear reactor since 2016 is now in operationNuScale ends Utah project, in blow to US nuclear power ambitions | Reuters  John talking about nuclear energy on his radio show:https://www.mixcloud.com/Johnorg/roving-spotlight-26-sept-23-nuclear-nuclear-more-nuclear/Pirate Party position statement on bureaucracy and rent-seeking:https://pirateparty.org.au/wiki/Position_Statements/Government_Bureaucracy_Rent-SeekingVideo mentioned by John: “The consulting industry has infantilised government” - Mariana Mazzucato on taking back controlhttps://youtu.be/ycVBoWsGLJs?si=r7f5qIJds0dENPtIReview of Jobkeeper payment by Nigel Ray: https://treasury.gov.au/consultation/c2023-407908Previous Economics Explored episodes mentioned this episode:https://economicsexplored.com/2023/07/27/sir-david-hendry-on-economic-forecasting-the-net-zero-transition-ep198/https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/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.

Show host Gene Tunny interviews former investment banker Will Nutting, who runs the investment newsletter "Nutstuff”, to discuss emerging investment opportunities in 2024 and beyond. Will explains how he focuses on unloved areas like coal, uranium and cannabis that many investors overlook. He also emphasizes the importance of factoring geopolitical risks into investments and outlines opportunities that he sees in gold, Bitcoin, distressed debt, and investments in Russia. Will discusses how paying attention to geopolitics can provide an investment edge and outlines his process for gathering insights from his extensive network. Please note that the discussion is meant to provide general information and not specific investment advice.Please contact us 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 guest Will NuttingWill is the Founder and CEO of Nutstuff, a no-nonsense, investment newsletter with 2K+ subscribers, including CEOs and CFOs of some of the world’s biggest financial institutions, founders of the most exciting startups, investors at the highest performing funds across private and public markets, and HNWIs.Will has been writing about and investing in markets since the 1990s, focusing on U.S. and global equities, and has had the good fortune to interact with and exchange ideas with many smart investors.What’s covered in EP219Investment banking, media analysis, and providing a better perspective. (1:59)Geopolitics, equity research, and market trends. (7:32)Potential peace treaty between Russia and Ukraine. (13:24)Geopolitical tensions, global debt, and the future of Western nations. (16:53)Investment strategies and geopolitical risks. (22:51)Energy policy, ESG investing, and the future of fossil fuels. (28:31)Investing in various market caps, including small and mid-cap stocks. (34:01)Crypto investing and market trends. (36:29)Geopolitics, investing, and global markets. (42:30)Investing in distressed debt and real estate. (47:29)TakeawaysWill Nutting believes opportunities exist in unloved areas like coal, uranium, offshore drilling, and cannabis/marijuana stocks.Geopolitical risks like those in Ukraine, the Middle East, and China/Taiwan need to be factored into investments. Distressed debt could provide opportunities if the economic situation deteriorates.Will is positioning for 2024 by focusing on gold, Bitcoin, commodities producers, and select technology companies.Links relevant to the conversationWill Nutting’s newsletter Nutstuff:https://www.nutstuff.co.uk/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.

The economic philosophy of America's Founding Fathers was centred around individual rights, limited government intervention, and a largely free market. In EP218 of Economics Explored, host Gene Tunny interviews John Nantz about his book, "Rediscovering Republicanism." John discusses the insights of the United States Founding Fathers, such as Ben Franklin and Thomas Jefferson, and how their ideas on limited federal power and local governance are still relevant today. John argues that the country needs to remember these insights and explore how we can apply them to our current situation. Gene asks John, among other questions, how the Founding Fathers tried to reconcile their beliefs with the slavery that existed in the Southern states.Please contact us 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 guest John NantzJohn Nantz is a Stanford-educated, McKinsey-trained strategy consultant and author of Rediscovering Republicanism. Through his book, John re-introduces Americans, particularly younger ones, to the inspiring founding values and ideas of their country. Also, based on his book, John started a highly popular TikTok series on American history that has earned over 4 million views. What’s covered in EP218Rediscovering Republicanism's founding vision and values. (0:03)Rediscovering American republicanism and its values. (2:25)US history and political system. (7:21)US Constitution and citizen power. (10:23)The economic vision of the US Founding Fathers. (15:01)The Founding Fathers' views on slavery and the Constitution. (20:04)Slavery and political representation in the US Constitution. (25:04)US government role and individual rights. (30:05)Federalism, welfare programs, and state roles. (36:22)Poverty, government role, and healthcare in the US. (40:44)Healthcare and retirement systems in Australia and the US. (48:05)TakeawaysThe founders of the United States had a vision of limited central government power, with a focus on individual rights, state governments, and civil society taking on more responsibility for problem-solving.The current state of the United States has deviated from this vision, with a significant expansion of federal government power and involvement in various areas such as social welfare and education.John Nantz argues for a rediscovery of republicanism and a return to the original vision of the founders, with a focus on individual rights, competitive federalism, and a reduced role for the federal government in areas such as welfare programs. The author suggests that this approach could lead to better outcomes and more innovation in addressing complex social issues.Links relevant to the conversationAmazon page for John’s book Rediscovering Republicanism:https://www.amazon.com.au/Rediscovering-Republicanism-Renewing-America-Founding/dp/0761872337Thanks 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.