Economics In Ten

When it comes to influencing the macroeconomy, governments have two big levers at their disposal - monetary policy and fiscal policy. In this new special by Pete and Gav, your friendly neighbourhood economists,  we delve into the second of these, fiscal policy. As always we discuss 10 key questions, which will hopefully give the listener a good overview of what fiscal policy is and provide some insight into some of the key debates surrounding how it is used (and abused). Along the way, you will come across a quiz about fiscal policy including questions about the Chancellor's famous ‘red box’ and other historical minutiae about the UK Treasury. As always you will come away confidently armed with the economic terminology needed to bust through the jargon and engage more fully in economic debate (this is as close as we get to a mission...).  We even finish triumphantly with a poem about Fiscal Policy that is even worse than our Monetary Policy one! Technical support as always comes from Nic. Enjoy. PS The well-worn maxim that a "week is a long time in politics" has perhaps never been more appropriate when looking at UK politics so please forgive the references to the short-lived Truss/Kwarteng partnership that now seems like a distant memory... PPS When Gav refers to John Lanchester's book 'Whoops!' he meant to refer to 'How to Speak Money' although both are excellent recommended reads!

When economists discuss inequality, they often quote the Gini Coefficient, but who was the man behind the maths? In this episode, your friendly neighbourhood economists, Pete and Gav investigate the life and ideas of Corrado Gini. Was he on the side of good or evil? Along the way, you will find out about his often over-looked association with Mussolini and the discredited "science" of eugenics, Pete’s love of Stanley Tucci, our catchy slogan to conserve energy within the home and why Gini would have made a great Bond villain given his somewhat sinister love of Perspex boxes. There is also a quiz and given Gini's Italian background, you’ll be unsurprised to hear that it’s based around pasta! Technical support as always comes from ‘Norovirus’ Nic.  Footnote:  Gini died in 1965 and was 81 - we know at least one of our listeners is keen on these biographical facts and we forgot this detail...

When it comes to economic policy making, there are two big levers that a government can pull - monetary policy and fiscal policy. In this new special by your friendly neighbourhood economists Pete and Gav, they delve into the first of these, monetary policy. As always 10 questions are discussed and this will give the listener a good overview of what monetary policy is and some of the controversies surrounding its use. Along the way, you will come across a quiz based on a recent visit to the Bank of England museum and you can even learn about some Greek legends! It even finishes on a poem all about Monetary Policy. Technical support as always comes from Nic. Enjoy. PS In the current turbulent world that is the UK economy it is more relevant than ever to have a good grasp of the basic of economics. To recall the late, great Joan Robinson "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to avoid being deceived by economists." 

An economist that hunted crocodiles? An inventor who constructed prison camp radios and hydraulic models of the economy? An adventurer that could speak five different languages and was arrested for spying? Who is this ‘Indiana Jones of Economics’ as he was once described? We discuss in this episode the remarkable life and times of A.W. Phillips or ‘Bill’ as he was known to his friends. He has one of the most incredible life stories of any of the economists we have covered in our show whilst remaining immensely relevant to modern economic discussion. His formulation of a curve bearing his name still helps form the framework for debates about trade-offs in the macroeconomy.  In this podcast from your friendly neighbourhood economists, Pete and Gav, you will discover all about the life of A.W. Phillips and his contribution to economics. There is a quiz as always and a great poem that ends the episode! Technical support as always comes from ‘Del Boy’ Nic, who this time, next year, will be a millionaire!

George R R Martin once wrote “A reader lives a thousand lives before he dies . . . The man who never reads lives only one.”  Here at EconomicsInTen we have always been keen to share our love of reading (and economics), therefore once again, Pete and Gav, your friendly neighbourhood economists have put together another Summer Reading special for you to enjoy. In a change from our usual format we ask each other the same simple question 10 times; what book would you recommend to read this summer and tell our listeners why they should read it? All the books are linked to economics in some way and if you read them all, you will become a better economist and who knows, perhaps a better human being too! So while away those long summer days catching up with our podcast and reading these beauties.   As always, this podcast comes with technical support from the great Nic. Hopefully these gems will see you through to Autumn and beyond! NB At one point Gav refers to Bank of England economist and author as Jack Andrew rather than Jack Meaning. Apologies - must be the heat!

In 1890, the British Economic Association was formed, which would later become the Royal Economic Society. At that meeting was Millicent Fawcett and ten or eleven other women. Better known as one of the foremost leaders of the movement for women's suffrage, she was also at the heart of the economic establishment of the late nineteenth and early twentieth centuries, not only through her marriage to renowned economist Henry Fawcett but also, as is less well known, as author of one of the most popular economics textbooks of the day.  In this podcast from your friendly neighbourhood economists, Pete and Gav, you will find out about the life of Millicent Fawcett and her contribution to economics. Along the way, you can find out more about the forgotten women of the world of Victorian economics and also dip a toe into the modern day field of Feminist Economics. There is a quiz as always and technical support comes from chief wizard Nic, pulling another podcast rabbit out of his hat. 

At the moment everyone seems to be talking about the cost of living crisis and it's not hard to see why. Drive past a garage forecourt in the UK and you'll see that petrol prices have reached their highest average on record. Energy bills are rocketing making some households reluctant to put on the heating. The cost of your weekly shopping bill is more expensive than last week and yet this seems to be happening EVERY week!!! Other countries around the world are seeing a similar reduction in the spending power of their hard-earned cash with levels of inflation not seen for decades. So, in this 'cost of living' special, your friendly neighbourhood economists, Pete and Gav, answer 10 questions that help explain why this is occurring now and also discuss what the solutions might be to stop this from happening again in the future. Along the way there is a quiz based on 1992 (the last time inflation was this high) and a new poem linked to a famous Budweiser advert. Technical support as always comes from covid Nic.  NB: When Gavin says regressive when we discuss the rise in national insurance he meant progressive. Sorry!

What should governments do to stop problems such as consumers overeating or producers polluting? Many economists would encourage what is known as a Pigouvian tax that increases the price, reduces demand and creates revenue for the government, all at the same time. But why is it known as a Pigouvian tax? In this podcast from your friendly neighbourhood economists, Pete and Gav, you will find out about the life and ideas of Arthur C. Pigou, who the tax is named after. The man who bridged the gap between Marshall and Keynes, Pigou is sometimes the forgotten man of economics and was probably the last of the classical economists but arguably his ideas about market failure are more relevant than ever. Along the way, you can test your knowledge on famous Olympians, consider whether Pigou was a misogynist and wonder how good you would be at Cumberland wrestling! As always technical support comes from Nic ‘Brailsford’ and music comes from Jukedeck. You can make your own at Jukedeck.com.

What do we expect from our public servants? We assume they do their jobs in order to make the world a better place and improve the welfare of society but James M Buchanan had other ideas. He saw those in power looking to do what’s best for them rather than for the people they represent and unfortunately the news cycle seems to support this seemingly cynical view. Public Choice Theory won Buchanan the Nobel Prize in Economics and in this third episode of our fifth season, your friendly neighbourhood economists Pete and Gav, take you through the life and ideas of James Buchanan. Along the way, you can test your knowledge on middle names, consider the viewpoint that the free market is the most ethical economic system and whether you would like to drink zucchini wine! As always technical support comes from Nic and music comes from Jukedeck. You can make your own at Jukedeck.com.

It's Christmas!!! AGAIN! And what more could you want this festive season than another Economics In Ten Christmas Special...it's almost becoming a tradition! So grab a mulled wine and a mince pie and listen to your friendly neighbourhood economists, Pete and Gav, discuss 10 questions that will teach you some economics and give you some festive cheer. Although take note...you will hear the most depressing Christmas poem ever!! Sorry. As always, there is a festive quiz and some wonderful present suggestions. Technical support (and jingle bells) as always come from Father to 3 Christmas Nic and music comes from Jukedeck. You can create your own at Jukedeck.com. Merry Christmas everyone!!! HO! HO! HO!