Economics Explored

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.

The podcast’s audio engineer Josh Crotts joins host Gene Tunny to discuss the recent episode with Professor John Cochrane of the Hoover Institution. Josh shares his queries and comments on the episode, particularly regarding Professor Cochrane's average income and economic growth statistics. He also questions Cochrane’s statement that “The other problem we have is that low-income Americans basically don't work.”. lease 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 the Bonus episode[00:02:03] Delving into economic growth statistics.[00:05:26] Women's impact on GDP.[00:09:41] Earnings distribution skew.[00:13:36] Average income in China.[00:16:41] Slowing productivity growth.[00:19:19] Low income and food stamps.[00:24:27] Xerox and the mouse.TakeawaysThe importance of accurately interpreting economic data: The episode highlights the need to delve into economic data and understand the different measures and calculations used. The impact of government policies on low-income individuals: The discussion raises the issue of high effective marginal tax rates (due to the withdrawal of government benefits) and how they can create disincentives for low-income individuals to take a higher-paying job or work additional hours. The example demonstrates the challenges those who rely on social programs face.The need for nuanced discussions on poverty and work: The episode emphasizes the importance of avoiding generalizations and stereotypes about poverty and work. Many low-income individuals are hardworking and face significant barriers and challenges. Discussions on poverty and work should consider the complexities of individual circumstances and the impact of government policies on incentives and opportunities.Links relevant to the conversationEconomic growth data sourcesUS  Real gross domestic product per capita: https://fred.stlouisfed.org/series/A939RX0Q048SBEAUS Gross domestic product per capita (i.e. nominal not real/inflation-adjusted): https://fred.stlouisfed.org/series/A939RC0Q052SBEAUS Census Bureau publication Income in the United States: 2022: https://www.census.gov/library/publications/2023/demo/p60-279.htmlIMF estimates of GDP per capita, current prices, Purchasing power parity; international dollars per capita: https://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLDWorld Bank estimates of GDP per capita, PPP (current international $) - China: https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?locations=CNWorld Bank estimates of GDP per person employed (constant 2017 PPP $) - China: https://data.worldbank.org/indicator/SL.GDP.PCAP.EM.KD?locations=CNABS article on the difference between mean and median earnings in Australia:https://www.abs.gov.au/statistics/understanding-statistics/guide-labour-statistics/earnings-guide/average-earnings-guideArticles Josh consulted on the working poor:Poor People Work: A Majority of Poor People Who Can Work Do | Economic Policy InstituteOne in four Americans think poor people don’t work hard enough - The Washington PostSources Gene found on the disincentives to work that some government programs create for the poor: Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016 | Congressional Budget Office (which reports a small fraction of taxpayers do face effective marginal tax rates >50%) ; andhttps://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53452-lfpr.pdf“...some provisions of the Affordable Care Act probably discouraged some people from participating in the labor force in the past few years by raising their effective tax rates. The resulting reduction in take-home pay probably had the largest effect on lower-earning workers.” (from p. 18 of CBO report linked to above)On the history of the computer mouse:https://www.computerhope.com/issues/ch001083.htmThanks 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.

Quality coffee will be much more expensive in the future, partly due to climate change, according to International Coffee Traders’ Raihaan Esat. Show host Gene Tunny and co-host Tim Hughes are joined by Raihaan in this episode. They delve into the global coffee market, discussing how Raihaan sources coffee beans from various countries and the factors that affect coffee prices. They also explore the impact of climate change on the coffee market. Take advantage of this deep dive into the fascinating world of coffee.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 EP217[00:01:51] The impacts of climate change on the coffee market.[00:06:52] Sourcing coffee from farms.[00:07:31] Commercialized coffee farming.[00:12:51] Farming practices and coffee flavor.[00:18:34] Cafe Feminino and empowerment.[00:19:23] Coffee cooperative communities.[00:26:05] Quality differences in coffee sourcing.[00:27:58] Specialty coffee.[00:31:28] Antioxidants and coffee benefits.[00:35:15] Coffee and sustainability.[00:42:03] Coffee production and pricing.[00:42:23] Coffee supply chain logistics and financing.[00:45:21] Shelf life of green coffee.[00:47:13] Coffee demand and market trends worldwide.[00:49:45] Emerging coffee markets.[00:51:33] Climate change and coffee production.[00:56:03] The future of coffee.[01:00:07] Exploring coffee variations.TakeawaysThe biggest problem for coffee roasters is controlling costs and accessing good quality green coffee: the right coffee at the right price.  [00:05:57]Supply and demand determine the price of coffee at the end of the day. [00:36:42]High-quality coffee is going to get more expensive as supply is affected by climate change [00:53:26]You should spend some time learning how to craft a nice cup of coffee just like you would learn how to make great pasta or a steak or a dessert. [00:58:59]Links relevant to the conversationCoffee Commune and International Coffee Traders:https://www.coffeecommune.com.au/https://www.coffeecommune.com.au/international-coffee-traders/Tim’s new coffee brand Lumo Coffee, “Seriously Healthy Organic Coffee” (Promo code for 20% off the first purchase is EXPLORED20):https://lumocoffee.com/Cafe Feminino:https://www.cafefemenino.com/Aquiares estate in Costa Rica:https://www.aquiares.com/https://www.instagram.com/aquiarescoffee/?hl=enArturo’s Adept Economics website article on coffee:https://adepteconomics.com.au/coffees-economic-contribution-in-australia/

Professor Tonya Evans is the author of the new book "Digital Money Demystified: Go from Cash to Crypto Safely, Legally, and Confidently." She discusses the topic of cryptocurrency with show host Gene Tunny. Professor Evans argues there are many myths surrounding digital assets, including their association with criminal activity and extreme volatility. She aims to dispel these myths and provide readers with a more accurate understanding of cryptocurrencies. Professor Evans is distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. Please note this episode is for general information only and is not meant to be financial or investment advice. 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 Professor Tonya M. EvansDr. Tonya M. Evans is a distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. With a prestigious 2023 EDGE in Tech Athena Award, she is highly sought-after as a keynote speaker and consultant. Her expertise spans blockchain, entrepreneurship, entertainment law, and more.As a member of international boards and committees, including the World Economic Forum/Wharton DAO Project Series, Dr. Evans remains at the forefront of cutting-edge research. She recently testified before the House Financial Services Committee and the Copyright Office and USPTO to advise on the intellectual property law issues related to NFTs and blockchain technology.What’s covered in EP216[00:05:31] Prudent crypto investing according to Prof. Evans.[00:09:18] Crypto scams.[00:13:18] Peer-to-peer technology.[00:17:34] Taxing crypto assets.[00:22:45] Central bank digital currencies (CBDCs).[00:29:13] Exchanging value without government support.[00:38:17] The currency of outer space.[00:41:10] Self-custody and centralized exchanges.[00:47:48] "Not your keys, not your crypto."[00:49:17] Underrepresentation in the crypto ecosystem.[00:54:07] Learning the language of crypto.[00:59:47] Tracking Bitcoin transactions.[01:01:57] The speed of prosecuting crypto fraud.Links relevant to the conversationAmazon page for Digital Money Demystified:https://www.amazon.com.au/Digital-Money-Demystified-Crypto%C2%AE-Confidently-ebook/dp/B0BVP8GPF8Regarding a spot Bitcoin ETF, Yahoo Finance reported on 28 November 23 that “Crypto investors are awaiting Security & Exchange Commission (SEC) approval for a spot bitcoin ETF, which could unlock a surge of capital investment in the crypto space.”https://finance.yahoo.com/video/bitcoin-may-reach-57k-over-175421720.htmlTreasury Secretary Janet Yellen on Binance:https://home.treasury.gov/news/press-releases/jy1926

Show host Gene Tunny interviews Jared Bibler, author of the book "Iceland's Secret: The Untold Story of the World's Biggest Con." Jared discusses his firsthand experience during the brutal 2008 financial crisis in Iceland, where he worked at a collapsed bank and later at the financial markets regulator. He sheds light on the dodgy behaviour of bankers leading up to the crisis and the severe consequences that followed. Stay tuned to the end of the episode for Gene's interpretation of Iceland's secret and its relevance to economies worldwide.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 Jared BiblerJared started his career as a consultant for a Wall Street giant in Boston and New York until moving to Iceland to support the Icelandic pension funds’ foreign investments. He resigned from his job at a leading Icelandic bank a weekend before the 2008 Icelandic financial crisis.He was subsequently hired to lead a special investigation team, which referred more than 30 criminal cases to the Special Prosecutor of Iceland, including the largest stock market manipulation cases to be prosecuted globally.Jared’s insider knowledge and unwavering persistence helped Iceland to famously become the only country to jail its bank CEOs. But the real story, deeply complex and sinister, has direct relevance today as banks once again begin to tumble.What’s covered in EP21500:02:56 Iceland's financial crisis was fueled by the growth of banks that became Enron-sized and collapsed, causing significant damage to the economy.00:05:49 Financial industry corruption and collapse.00:11:30 Iceland's banking system collapsed.00:19:33 Icelandic banks manipulated stock prices.00:27:26 The financial system is vulnerable.00:34:58 Banking fraud and economic collapse.00:35:58 Currency crisis in Iceland.00:47:19 Iceland faced an economic crisis and unemployment.00:50:54 Iceland's recovery transformed into something ugly.00:57:38 Lessons from Iceland's banking collapse.01:00:16 Incentives and regulation in finance.Links relevant to the conversationAmazon page for Iceland’s Secret:https://www.amazon.com.au/Icelands-Secret-Untold-Worlds-Biggest/dp/0857198998

Professor John Cochrane of the Hoover Institution discusses the importance of free markets for economic growth and highlights stagnating growth as the biggest economic issue of our time. John talks about what may be his next book, "Free to Grow," which aims to update Milton and Rose Friedman's "Free to Choose" for today's world. After John speaks, show host Gene Tunny interviews him about his views on growth and his controversial Fiscal Theory of the Price Level. This is a recording of a live event at the Centre for Independent Studies in Sydney on 26 September 2023. 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 Professor John CochraneJohn H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute. Before joining Hoover, Cochrane was a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83).For more on John, check out his bio here:https://www.hoover.org/profiles/john-h-cochraneWhat’s covered in EP21400:03:36 Importance of economic growth.00:16:06 Incentives drive productivity and growth.00:17:12 Regulation hinders economic growth.00:22:59 Fixing problems requires better solutions.00:28:53 Fixing social programs by embracing free markets.00:39:28 Regulatory state causing innovation slowdown.00:46:24 Free market healthcare benefits the poor in John’s view.00:48:47 Fiscal Theory of the Price Level: Inflation caused by government debt.00:53:56 Avoid old left-right division.01:05:21 Government debt may lead to a sovereign debt crisis.Links relevant to the conversationVideo of the Free to Grow event on YouTube:https://youtu.be/tmZh43Fc6Zo?si=wwWRfBW3zsbYmCRVCIS web post about the Free to Grow event:https://www.cis.org.au/event/free-to-grow-unlocking-economic-prosperity/

Dr Paul Rivera provides insights into the $3 trillion Latino economy in the United States and asks whether the American dream is a broken promise for Latinos. Dr. Paul Rivera is co-founder of BeActChange, a former senior economist at USAID, and lecturer at California State University Channel Islands. Dr Rivera and show host Gene Tunny also discuss the challenges of delivering foreign aid and the importance of understanding local communities. Rivera shares a compelling example to illustrate this point.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 EP213The American Dream and Latino economy with Paul Rivera. (0:03)International development, strategic planning, and community engagement. (4:41)Inadequate consultation in international development projects. (10:23)Latino population's role in US economy and American dream. (14:07)Latino mental health and the American Dream. (20:13)The economic power of the Latino community in the US. (25:45)Latino homeownership, education, and mental health. (29:12)The American Dream and its accessibility. (34:46)Immigrant experiences and the American dream. (40:06)Latino population growth in the US and its impact. (43:48)Marketing to the Latino community in the US. (47:26)Links relevant to the conversationAbout Dr Paul Rivera on his BeActChange website:https://beactchange.com/about-paul/Paul’s LinkedIn page:https://www.linkedin.com/in/drpaulrivera/Paul’s book Creating Your Limitless Life co-authored with  Dr. Esther Zeledón:https://www.amazon.com.au/CREATING-YOUR-LIMITLESS-LIFE-Terms-ebook/dp/B0CFZN3FCSLatino GDP report 2023:https://lattitude.net/wp-content/uploads/2023/09/LDC%20GDP%20REPORT%202023.pdf

With carbon prices becoming more common globally, carbon is an emerging, liquid asset class, according to Michael Azlen, CEO and co-portfolio manager of Carbon Cap Management. Michael shares his insights into investing in carbon markets with show host Gene Tunny. Michael, an experienced investment professional and regular speaker at investment conferences, shares his research on the benefits of diversifying investments across multiple carbon markets. Tune in to learn more about the potential of carbon markets as an investment opportunity. Disclaimer: This is for general information only, and does not constitute investment or financial advice. 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 EP212Carbon markets and investing in an emerging asset class. (0:03)Carbon markets and their correlation with other asset classes. (2:57)Carbon markets and impact investing. (9:20)Carbon markets and emissions trading schemes. (13:42)Carbon market mechanisms and their effectiveness. (20:52)Carbon markets and their potential for investment. (28:19)Climate change impact on asset management industry. (33:35)Final thoughts on carbon markets and investing with Michael Azlen. (38:25)Links relevant to the conversationAbout Michael Azlen and Carbon Cap:https://www.carbon-cap.com/about-usMichael’s article on “The Carbon Risk Premium”:https://www.pm-research.com/content/iijaltinv/25/1/33