Economics Explored

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

Show host Gene Tunny is joined by Arthur Petropoulos, founder and managing partner of Hill View Partners, a company specializing in mergers and acquisitions, business sales, and capital advisory services for middle market companies. They discuss how Arthur finds, values, and sells businesses, as well as the wider economic impacts of his work and the role of private equity. They also explore whether we should be concerned about modern-day Gordon Gekkos and how the business landscape has changed since the 1980s. 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 EP211Business sales and capital raising with Hillview Partners. (1:22)Business brokering process and outreach strategies. (5:18)Business valuation and acquisition strategies. (8:10)Buyers and sellers in mergers and acquisitions. (14:47)Business sale process and foreign investment constraints. (17:34)Selling a business, focusing on narrative and information sharing. (24:18)Private company sales and legal risks. (28:00)The role of capital markets in the economy. (38:05)Private equity's role in the economy, including pros and cons. (44:10)Links relevant to the conversationAbout this episode’s guest Arthur Petropoulos:https://hillviewps.com/leadership/Arthur’s YouTube channel:https://www.youtube.com/channel/UCZu4Nl6i5IseEJBqp1IPd3gHill View Partners social media:https://www.linkedin.com/company/hillviewpartners/

Journalist Walter Marsh talks about his new book "Young Rupert: The Making of the Murdoch Empire." Walter and show host Gene Tunny discuss Rupert Murdoch's early years in Adelaide, South Australia and how they shaped his later career. From challenging established systems to becoming a globally influential media mogul, Murdoch's career has been highly controversial.  Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Walter MarshWalter Marsh is a journalist based in Tarntanya/Adelaide with a background in history and culture. A former editor and staff writer at The Adelaide Review and Rip It Up, his writing has appeared in The Guardian, The Monthly, The Saturday Paper, and InDaily.What’s covered in EP210Rupert Murdoch's career and the making of the Murdoch empire. (0:00)Rupert Murdoch's life and career. (3:09)The origins of Rupert Murdoch's media empire in Adelaide. (8:16)Newspaper circulation wars in Adelaide. (14:01)The business strategies of a successful entrepreneur. (20:28)A controversial murder case and its aftermath in Australia. (23:35)A historical libel trial involving Rupert Murdoch and his newspaper. (28:09)Media, power, and ethics in the Rupert Murdoch era. (33:20)Rupert Murdoch's legacy. (38:15)Links relevant to the conversationYou can purchase Young Rupert via Amazon:https://www.amazon.com.au/Young-Rupert-making-Murdoch-empire/dp/1761380044Author’s website:https://waltermarsh.com.au/

Show host Gene Tunny speaks with students from the University of Queensland Politics, Philosophy and Economics Society. They discuss topics such as private versus public sector jobs, the future of consulting, and the risks of outsourcing for government officials. Gene takes an historical perspective and goes back to the time of convict transportation to Australia. He also talks about, among other things, his time working in Treasury during the Rudd Government, and how psychology is relevant to economics. The students express concerns about the consulting sector in light of a recent scandal involving PwC partners misusing confidential government information.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 EP209Economics career paths and differences between public service and consulting. (3:04)Consulting industry challenges and scandals. (15:39)Outsourcing in government and potential mitigation of risks. (17:50)Greedflation. (28:30)Limits of economics as a discipline. (33:59)Public vs private sector work experiences. (38:22)Government consulting and ethics. (43:48)Links relevant to the conversationAbout UQPPES:https://uqppes.com.au/about-us/On how badly designed outsourcing of convict transportation created the ‘death fleet’, see:https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/

Show host Gene Tunny delves into the concept of Degrowth: the idea of deliberately shrinking economies to avoid the runaway climate change, ecological collapse, and societal breakdown that degrowth proponents are worried about. Gene first discusses degrowth with Oliver Hartwich from the New Zealand Initiative, and then responds to questions about degrowth at a recent University of Queensland Politics, Philosophy, and Economics student event. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Dr Oliver Hartwich, NZ InitiativeDr Oliver Hartwich is the Executive Director of The New Zealand Initiative. Before joining the Initiative, he was a Research Fellow at the Centre for Independent Studies in Sydney, the Chief Economist at Policy Exchange in London, and an advisor in the UK House of Lords. Oliver holds a Master’s degree in Economics and Business administration and a PhD in Law from Bochum University in Germany.What’s covered in EP208[00:04:39] Degrowth to stop climate change? [00:08:00] Economic growth and adaptation to climate change? [00:11:53] How a threatened lungfish colony stopped a new dam in South East Queensland. [00:15:47] Are we rich enough already? [00:20:20] Democratization of wealth and prosperity. [00:24:05] Economic growth as a positive. [00:30:39] Carbon pricing. [00:34:10] Decreasing Antarctic sea ice extent.Links relevant to the conversationGene’s September 2023 Centre for Independent Studies (CIS) paper on Degrowth:https://www.cis.org.au/publication/debunking-degrowth/NZ Initiative podcast from which part 1 of this episode was borrowed:https://www.nzinitiative.org.nz/reports-and-media/podcasts/podcast-debunking-degrowth/Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Host Gene Tunny chats with Dr. Nicholas Gruen about economic forecasting and what recommendations former US Fed Chair Ben Bernanke could make in his current review of forecasting at the Bank of England. Nicholas, the CEO of Lateral Economics, discusses the shortcomings of economic forecasting and shares his insights into how it can be improved. The conversation was inspired by Nicholas's article in the Financial Times titled "How to Improve Economic Forecasting." The episode is split into two parts, with the second part focusing on the feedback Nicholas received on his article. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Nicholas GruenDescribed by the Financial Times’ Chief Economic Writer Martin Wolf as “a brilliant man who deserves to be better known”, and by former Finance Minister Lindsay Tanner as “Australia’s foremost public intellectual”, Dr Nicholas Gruen is a policy economist, entrepreneur and commentator on our economy, society and innovation.What’s covered in EP207[00:02:13] Ben Bernanke’s review of economic forecasting at the Bank of England. [00:05:23] Hedgehogs and foxes. [00:09:36] Long-term issues with economic forecasting. [00:13:18] Improving economic forecasting techniques. [00:19:29] Forecasting accuracy. [00:24:30] Open sourcing economic forecasting. [00:26:29] Developing a forecasting market. [00:34:21] Tetlockian forecasting tournaments. [00:48:37] Wind in the Willows author Kenneth Grahame at the Bank of England.Links relevant to the conversationVideo versions of the conversations featured in this episode on Nicholas’s YouTube channel:https://youtu.be/uJNU8z9148w?si=lk4jfQMWkVx1__Lehttps://youtu.be/KflFvpeC3iI?si=sFOaNruFTMet802jInformation on the Bank of England’s Citizens’ Panels/Forums:https://www.bankofengland.co.uk/about/get-involved/citizens-panelshttps://www.bankofengland.co.uk/about/get-involved/citizens-panels/the-uk-economy-insights-from-the-bank-of-englands-citizens-panelsMandarin column in which Nicholas declares former Bank of England Chief Economist Andy Haldane was “my favourite public servant in all the world”:https://www.themandarin.com.au/87423-now-time-complacency-rba-vs-bank-england-edition/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.

Tucker Perkins, head of the Propane Education and Research Council (PERC), talks about the energy transformation we are currently experiencing with Economics Explored host Gene Tunny. Tucker advocates for renewable propane and for other sustainable liquid fuels in the future energy mix. The conversation also touches on the potential role of nuclear energy in achieving net zero emissions. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Tucker PerkinsTucker is the president and chief executive officer of the Propane Education & Research Council (PERC), and his vision for the future is best explained by his own podcast’s title: “Path to Zero.” A firm believer that climate change is real and man-made,Tucker advocates for all energy solutions that will create a cleaner and healthier environment today and into the future. Zero emissions is a goal we can all get behind,but how do we meet the world’s growing energy demands AND reduce carbon in the atmosphere? Tucker believes the best and most realistic wayforward is a wide path that incorporates renewables and clean liquid fuels, such as propane, to accelerate decarbonization and reach our climate goals as soon as possible.Tucker’s insights and theories are backed by his 30+ years of work in the propane industry. He operated his own propane retail company, Premier Propane, and has held executive positions at Columbia Propane, CleanFuel USA and Inergy Propane. Tucker is active with many industry organizations, including the National Propane Gas Association, World LP Gas Association, Industrial TruckAssociation and Outdoor Power Equipment Institute.What’s covered in EP206[00:05:43] Energy transformation and low carbon fuels. [00:09:24] Propane-powered trucks and environmental impact. [00:13:30] Cruise ships moving to LNG. [00:18:21] The role of gas in the energy transformation. [00:21:13] Choosing cleaner energy options. [00:33:16] Nuclear power and the grid. [00:38:40] Energy transformation and renewable fuels.Links relevant to the conversationTucker’s Path to Zero podcastFull 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.

Professor Gigi Foster talks about her paper "COVID's Cohort of Losers" which argues that COVID lockdowns and other restrictions disproportionately imposed costs on young people with few offsetting benefits. Gigi is a Professor of Economics at the University of New South Wales, Sydney and was named the 2019 Young Economist of the Year by the Economic Society of Australia.Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Gigi FosterGigi Foster is a Professor with the School of Economics at the University of New South Wales, having joined UNSW in 2009 after six years at the University of South Australia.  Formally educated at Yale University (BA in Ethics, Politics, and Economics) and the University of Maryland (PhD in Economics), she works in diverse fields including education, social influence, corruption, lab experiments, time use, behavioural economics, and Australian policy.  Gigi’s research contributions regularly inform public debates and appear in both specialised and cross-disciplinary outlets (e.g., Quantitative Economics, Journal of Economic Behavior and Organization, Journal of Population Economics, Journal of Economic Psychology, Human Relations).  Her teaching, featuring strategic innovation and integration with research, was awarded a 2017 Australian Awards for University Teaching (AAUT) Citation for Outstanding Contributions to Student Learning.  Named 2019 Young Economist of the Year by the Economic Society of Australia, Gigi has filled numerous roles of service to the profession and engages heavily on economic matters with the Australian community.  As one of Australia’s leading economics communicators, her regular media appearances include co-hosting The Economists, a national economics talk-radio program and podcast series premiered in 2018, with Peter Martin AM on ABC Radio National.What’s covered in EP205Intro to the cost and benefits of lockdowns. (3:22)Quality adjusted life year (QALY) and WELLBY. (8:07)Fear and the crowd. (13:47)The history of the cordon sanitaire. (16:58)How many lives were saved? (22:14)The cost and benefits of lock-downs. (27:25)The economics of the lockdown. (34:24)How do we determine the severity of pandemics? (36:25)The difference between the 1918 flu and COVID-19. (41:18)Citizen juries. (46:35)New laws about misinformation and disinformation. (49:45)Health and good nutrition. (56:01)Links relevant to the conversationGigi’s paper for CIS:https://www.cis.org.au/publication/covids-cohort-of-losers-the-intergenerational-burden-of-the-governments-coronavirus-response/Information on WELLBYs:HM Treasury’s Wellbeing Guidance for Appraisal: Supplementary Green Book GuidanceFull 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.