Economics Explored
Gene Tunny
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Hard-headed economic analysis applied to important economic, social, and environmental issues.
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4 days ago
Exploring the Energy Transformation: A Conversation with Tucker Perkins, Propane Education & Research Council - EP206
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 Perkins
Tucker 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 conversation
Tucker’s Path to Zero podcast
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.
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Sep 12, 2023
Gigi Foster estimates COVID lockdowns cost young people 116x any benefits - EP205
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 Foster
Gigi 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 EP205
* Intro 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 conversation
Gigi’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 Guidance
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.
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Sep 5, 2023
Business as Unusual: No such thing as Business as Usual anymore? w/ Rick Yvanovich - EP204
Serial entrepreneur and executive coach Rick Yvanovich talks about his new book "Business as Unusual: How to Thrive in the New Renaissance." Rick argues that the world is continuing to undergo a massive shift and that there is no going back to normal. He shares his insights on the mindsets, habits, and skills necessary to succeed in this new era. The conversation also touches on Rick's journey to Vietnam, where he currently resides, and what it was like living in Saigon during the pandemic.
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: Rick Yvanovich
Entrepreneur, Techie, Brit, baby boomer, bean counter in: supermarkets, accounting profession, breweries, newsagents, defence manufacturing, IT, Talent, F&B, property development and BP, in the UK, China, Singapore, Switzerland and Vietnam. Posted to BP China as Finance Manager, then to BP Vietnam in 1990 making him likely the longest Brit and one of the most seasoned expats in Vietnam.
Fellow Chartered Institute of Management Accountants (CIMA), Chartered Global Management Accountant (CGMA), Fellow CPA Australia, MSc Strategic Business Management (Manchester Metropolitan University, UK), Certified Coaching and Mentoring Professional (CCMP), Certified Master Coach (CMC).
Treasurer & Board Member BritCham Vietnam, Vice-Chair AMCHAM HCMC DEC (Digital Economy) Group, Chairman Industry Advisory Committee RMIT Vietnam, founder/co-founder/investor/advisor of multiple start-ups.
Regular speaker for Talent, Coaching, Accounting, Digital Transformation, Project Management, Doing Business in Vietnam.
For further info about Rick, check out:
https://www.rickyvanovich.com/about/What’s covered in EP204
* [00:01:45] Rick’s career and journey to Vietnam
* [00:08:00] Business as Unusual.
* [00:13:27] The great reshuffle.
* [00:16:29] The impact of lockdowns in Saigon.
* [00:25:01] Technological advancement.
* [00:29:19] Climate change and AI.
* [00:33:24] How to Thrive in the New Renaissance.
* [00:36:11] How AI helps you overcome the tyranny of the blank page.
* [00:41:06] Reflecting on life during COVID.
* [00:46:19] Zoom calls as a lifeline during COVID. Links relevant to the conversation
Rick’s book Business as Unusual:
https://www.rickyvanovich.com/books/bauu-book-series/
Article on “How AI is helping airlines mitigate the climate impact of contrails”:
https://blog.google/technology/ai/ai-airlines-contrails-climate-change/
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.
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Aug 29, 2023
How to improve housing affordability and why the Greedflation thesis is wrong w/ Simon Cowan, CIS - EP203
Host Gene Tunny and Simon Cowan from the Centre for Independent Studies discuss housing affordability and greedflation in the CIS’s Sydney HQ. They delve into recent articles written by Simon on these topics and explore the factors contributing to unaffordable housing (e.g. zoning and other supply restrictions) and why the greedflation thesis is wrong.
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: Simon Cowan
Simon Cowan is Research Director at the CIS. He is a leading commentator on policy and politics, with a regular column in the Canberra Times newspaper, frequent interviews on Sky and the ABC, and multiple appearances before parliamentary committees discussing the budget, citizenship, taxation and health policy. He has written extensively on government spending and fiscal policy, with a specific focus on welfare and superannuation policy. He earlier work focused on government industry policy, defence and regulation.
His latest work includes_ _Attitudes to a post-Covid Australia and Millennials and Super: the case for voluntary superannuation. Some of his other works include a co-authored report on pensions, a deep dive into the Universal Basic Income, and a 2012 piece arguing that Australia should acquire nuclear submarines from the Americans.What’s covered in EP203
* The problem with housing affordability. (4:56)
* High property prices and housing affordability. (10:02)
* Should we cap migration to improve housing affordability? (14:24)
* The role of public/social housing. (19:12)
* Shared equity schemes. (24:15)
* Home ownership as a key milestone on the way to retirement. (29:09)
* Local government regulations and housing affordability. (35:06)
* The Greedflation hypothesis and why it’s wrong. (39:04)Links relevant to the conversation
Simon’s Canberra Times articles on housing affordability and greedflation:
The Coalition can create generational voting change by tackling housing affordability - The Centre for Independent Studies
'Greedflation' myth hides real causes of inflation - The Centre for Independent Studies
Images from the Bill Leak room including a poem from Sir Les Patterson (i.e. Barry Humphries):
Sir Les with Bill Leak.jpg
Sir Les's poem about Bill Leak part 1.jpg
Sir Les's poem about Bill Leak part 2.jpg
Past Economics Explored episode discussing wage-price spiral mentioned by Gene:
https://economicsexplored.com/2022/06/14/stagflation-be-alert-not-alarmed-ep143-transcript/
Transcript of Q&A session following Phil Lowe’s speech in Brisbane in July 2023 during which Gene asked the RBA Governor about Greedflation:
https://www.rba.gov.au/speeches/2023/sp-gov-2023-07-12-q-and-a-transcript.html
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.
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Aug 22, 2023
Australia’s Net Zero transition: successes & challenges w/ Andrew Murdoch, Arche Energy - EP202
A conversation regarding the transition to net zero greenhouse gas emissions in Australia, with Andrew Murdoch, the Managing Director of Arche Energy. Andrew shares his positive outlook and realistic insights into the challenges of integrating renewable energy into the electricity grid. He also advocates for being open to a range of options, including nuclear power and carbon capture and storage.
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: Andrew Murdoch
Andrew Murdoch is the Founder and Managing Director of Arche Energy.
Andrew has been operating in technical-commercial roles in the Queensland National Electricity Market (NEM) Zone since it was first founded over 20 years ago. In 2017, he founded Arche Energy to provide a high-quality clean energy, power and infrastructure consultancy to facilitate investment in the clean energy sector. He is an experienced general manager, project director and engineer operating in renewable power, power generation, energy, ports and heavy infrastructure.
His experience spans business development activities, major approvals, project execution, operations and maintenance and decommissioning. Andrew is an innovator and optimiser thriving in changing environments through the adaptation and integration of emerging and innovative technologies into business applications.What’s covered in EP202
How is the transition to net zero going? (1:59)
The problem with intermittent generation. (7:36)
Transitioning from one energy source to another. (13:40)
Traditional hydro & pumped hydro. (16:08)
Geotechnical risks in construction. (20:11)
The infrastructure challenge. (24:00)
Zero marginal cost power. (30:23)
The role of nuclear energy in the transition to net zero. (45:42)Links relevant to the conversation
Previous Economics Explored episodes relevant to this episode:
The Aussie electricity market malfunction of June 2022 – EP156 – Economics Explored
Sir David Hendry on economic forecasting & the net zero transition – EP198
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Aug 15, 2023
Experts and democracy: pandemics, monetary policy & AI w/ Peter Kurti, CIS - EP201
The Centre for Independent Studies’ Peter Kurti asks “ Should those who know best rule the rest of us?” In this episode, host Gene Tunny chats with Peter about his new paper "Authority, Expertise and Democracy," which explores the role of experts in government and how society should best utilize their knowledge in public policy making. They delve into the question of when it makes sense to delegate power to experts and the relevant considerations. The role of experts in decision making around the pandemic, monetary policy, and AI are discussed.
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: Peter Kurti
Peter Kurti is Director of the Culture, Prosperity & Civil Society program at the CIS. He is also Adjunct Associate Professor in the School of Law at the University of Notre Dame Australia, and Adjunct Research Fellow at the Australian Centre for Christianity and Culture at Charles Sturt University. He has written extensively about issues of religion, liberty, and civil society in Australia, and appears frequently as a commentator on television and radio. In addition to having written many newspaper articles, he is also the author of The Tyranny of Tolerance: Threats to Religious Liberty in Australia; Euthanasia: Putting the Culture to Death?; and Sacred & Profane: Faith and Belief in a Secular Society, published by Connor Court. Peter is a Fellow of the Royal Society of Arts, and an ordained minister in the Anglican Church of Australia.What’s covered in EP201
* [00:02:30] Authority and experts in government.
* [00:04:07] Impact of experts during COVID.
* [00:09:29] Discrimination and lockdown restrictions.
* [00:13:29] Delegating power to experts.
* [00:18:12] Politicians' difficult role in decision-making.
* [00:21:11] Trade-offs in decision making.
* [00:27:23] Vaccine mandates.
* [00:34:27] AI and expert advice.
* [00:37:35] Expert advice and self-interest.
* [00:37:59] The importance of delegation of monetary policy decisions.
* [00:40:19] Expert Failure book by Roger Koppl.
* [00:43:33] Experts and human failings.
* [00:50:32] The length of the leash.
* [00:52:12] The role of experts in policy making.Links relevant to the conversation
Peter Kurti’s new paper for the Centre for Independent Studies:
Authority, Expertise And Democracy. Should those who know best rule the rest of us?
Episode on Public Choice theory mentioned by Gene:
EP93 – Public Choice theory with Dr Brendan Markey-Towler – Economics Explored
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Aug 8, 2023
Highlights of last 100 incl. Brad DeLong, Sir David Hendry, Leonora Risse, Andrew May - EP200
In this special 200th episode of Economics Explored, host Gene Tunny is joined by Tim Hughes to discuss some of the highlights from the last 100 episodes. The episode features clips of Brad DeLong (UC Berkeley) describing how we’ve been slouching towards utopia since 1870, Sir David Hendry (Oxford) on the merits of small modular nuclear reactors, Leonora Risse (RMIT) on the benefits of diversity, and Super Forecaster Warren Hatch on what makes a good forecaster, among others.
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 EP200
* [2:24] Brad DeLong on Slouching towards Utopia
* [10:01] Jon Erickon’s vision of an economy “built on maintenance, resilience and cooperation instead of growth, efficiency and competition” - check out his book The Progress Illusion: Reclaiming Our Future from the Fairytale of Economics
* [25:29] Wayne Visser shares his optimism regarding how we’re dealing with environmental challenges - check out his book Thriving: The Breakthrough Movement to Regenerate Nature, Society, and the Economy
* [32:08] Sir David Hendry on the merits of small nuclear reactors
* [38:05] Warren Hatch on what makes a good forecaster
* [43:36] Leonora Risse on the benefits of diversity for decision making
* [52:20] Deb Brown on critical thinking
* [58:05] Andrew May on how he went from Australian cricket performance coach to executive coach to CEOs of ASX 50 companiesLinks relevant to the conversation
Episodes from which clips were taken from:
Slouching Towards Utopia w/ Brad DeLong – EP163 – Economics Explored
The Progress Illusion w/ Jon Erickson – EP166 – Economics Explored
Thriving w/ Wayne Visser, Cambridge & Antwerp sustainable business expert – EP130
Sir David Hendry on economic forecasting & the net zero transition – EP198
Superforecasting w/ Warren Hatch, CEO of Good Judgment – EP176 – Economics Explored
Women in Economics with Dr Leonora Risse of RMIT, Melbourne – EP124
Truth (or the lack of it) in politics and how to think critically with help from Descartes – EP123 – Economics Explored
The importance of physical & mental health for top CEO performance w/ Andrew May – EP193
Link to info about Windscale fire mentioned in conversation between Gene and Tim:
Windscale fire - Wikipedia
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Aug 1, 2023
The ESG puppet show & taking Liberty seriously w/ Nicholas Gruen - EP199
Nicholas Gruen, CEO of Lateral Economics, and host Gene Tunny discuss the topics of ESG (Environmental, Social, and Governance) mandates and Liberty. They explore how ESG mandates can create confusion among executives and investors, and delve into Nicholas' perspective on Liberty, how to take it seriously and the best way to think about it. Nicholas tells a story from the early 1980s about how he tried to change Australia’s laws which allow Parliament to lock people up for contempt of Parliament. The conversation also touches on Nicholas' concept of citizens' juries, which is gaining support internationally, including from Martin Wolf at the Financial Times.
Nicholas Gruen, CEO of Lateral Economics, and host Gene Tunny discuss the topics of ESG (Environmental, Social, and Governance) mandates and Liberty. They explore how ESG mandates can create confusion among executives and investors, and delve into Nicholas' perspective on Liberty, how to take it seriously and the best way to think about it. Nicholas tells a story from the early 1980s about how he tried to change Australia’s laws which allow Parliament to lock people up for contempt of Parliament. The conversation also touches on Nicholas' concept of citizens' juries, which is gaining support internationally, including from Martin Wolf at the Financial Times.
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 EP199
[00:01:32] Citizens' juries and economic policy.
[00:02:41] Does divestment from emissions intensive firms reduce emissions?
[00:06:47] Investing in fossil fuel companies to help them transition.
[00:11:58] Carbon pricing.
[00:17:54] Australian consumers and carbon pricing.
[00:23:26] A different mode of governance.
[00:26:14] Liberty during the COVID pandemic.
[00:30:46] House of Commons Privileges Committee.
[00:34:32] Safeguards and legitimacy in governance.
[00:40:25] Rushed legislation during a pandemic.
[00:43:33] High level political discussion.
[00:50:06] Managing a crisis.Links relevant to the conversation
Nicholas’s YouTube channel:
https://www.youtube.com/@NicholasGruen
Videos of conversations featured this episode:
Why ESG is a puppet show and what to do about it
Liberty: Safety from tyranny or doing what you like?
Club Troppo posts:
https://clubtroppo.com.au/2023/07/11/why-esg-is-a-puppet-show-and-what-to-do-about-it/
https://clubtroppo.com.au/2021/08/22/lockdowns-and-liberty/
Regarding the journalists locked up the Australian Parliament in the 1950s:
https://clubtroppo.com.au/2021/08/22/lockdowns-and-liberty/
Freakonomics episode on ESG that Nicholas mentions:
https://freakonomics.com/podcast/are-e-s-g-investors-actually-helping-the-environment/
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Jul 25, 2023
Sir David Hendry on economic forecasting & the net zero transition - EP198
Sir David Hendry, the renowned British econometrician, talks to hosts Gene Tunny and Tim Hughes about the state of economic forecasting and the transition to net zero greenhouse gas emissions. Among other things, Sir David talks about how to avoid major economic forecasting failures (e.g. UK productivity), forecasting global temperatures after volcanic eruptions, and the role of nuclear energy in the net zero transition. Sir David is currently Deputy Director of the Climate Econometrics group at Oxford.
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 Sir David Hendry
Sir David F. Hendry is Deputy Director, Climate Econometrics (formerly Programme for Economic Modelling), Institute for New Economic Thinking at the Oxford Martin School and of Climate Econometrics and Senior Research Fellow, Nuffield College, Oxford University. He was previously Professor of Economics at Oxford 1982--2018, Professor of Econometrics at LSE and a Leverhulme Personal Research Professor of Economics, Oxford 1995-2000. He was Knighted in 2009; is an Honorary Vice-President and past President, Royal Economic Society; Fellow, British Academy, Royal Society of Edinburgh, Econometric Society, Academy of Social Sciences, Econometric Reviews and Journal of Econometrics; Foreign Honorary Member, American Economic Association and American Academy of Arts and Sciences; Honorary Fellow, International Institute of Forecasters and Founding Fellow, International Association for Applied Econometrics. He has received eight Honorary Doctorates, a Lifetime Achievement Award from the ESRC, and the Guy Medal in Bronze from the Royal Statistical Society. The ISI lists him as one of the world’s 200 most cited economists, he is a Thomson Reuters Citation Laureate, and has published more than 200 papers and 25 books on econometric methods, theory, modelling, and history; computing; empirical economics; and forecasting.What’s covered in EP198
Conversation with Sir David:
* [00:02:27] Economic forecasting: are we any better at it?
* [00:05:56] Forecasting errors and adjustments.
* [00:08:04] Widespread use of flawed models.
* [00:12:45] Macroeconomics and the financial crisis.
* [00:16:30] Indicator saturation in forecasting.
* [00:21:02] AI's relevance in forecasting.
* [00:24:23] Theory vs. data driven modeling.
* [00:28:09] Volcanic eruptions and temperature recovery.
* [00:32:26] Ice ages and climate modeling.
* [00:37:09] Carbon taxes.
* [00:40:10] Methane reduction in animal agriculture.
* [00:44:43] Small nuclear reactors: should Australia consider them?
* [00:49:08] Solar energy storage challenge.
* [00:54:00] Car as a battery.
* [00:57:01] Simplifying insurance sales process.
* [01:01:19] Climate econometrics and modeling.
Wrap up from Gene and Tim:
* [01:03:23] Central bank forecasting errors.
* [01:07:12] Breakthrough in battery technology.
* [01:11:18] Graphene and clean energy. Links relevant to the conversation
Climate Econometrics group at Oxford:
https://www.climateeconometrics.org/
Conversation with John Atkins on philosophy and truth mentioned by Tim:
https://economicsexplored.com/2021/10/16/ep109-philosophy-and-truth/
Info on solid state batteries and graphene:
https://www.topspeed.com/toyota-745-mile-solid-state-battery/
https://theconversation.com/graphene-is-a-proven-supermaterial-but-manufacturing-the-versatile-form-of-carbon-at-usable-scales-remains-a-challenge-194238
https://hemanth-99.medium.com/graphene-and-its-applications-in-renewable-energy-sector-333d1cbb89eb
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Jul 18, 2023
Democratizing VC Investment Opportunities w/ James Kwan, VentureCrowd - EP197
Show host Gene Tunny chats with James Kwan, in-house counsel at VentureCrowd, about venture capital. VentureCrowd describes itself as “Australia's leading equity crowdfunding investment platform, leveraging the power of crowdfunding for investments that back a better future.” Gene and James discuss how VentureCrowd is bringing venture capital investment opportunities to a wider audience through equity crowdfunding. Tune in to learn about the significance of venture capital in financing and supporting innovative ideas and businesses, particularly in the early stages when traditional sources of capital may be less accessible. Of course, listeners are reminded to do their own research and seek professional advice before making any investment decisions.
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 EP197
* James’ thoughts on venture capital and what he does at VentureCrowd. (1:31)
* Initial thoughts on government policy towards VC (6:26)
* The valley of death for startups (12:05)
* What’s the range of funding for startups? (13:07)
* Challenges in accessing the private capital markets. (17:29)
* Crowdsourcing VC investment - example of success: Be Fit Food (19:50)
* What is VentureCrowd’s pitch to investors? (21:41)
* ESG investments and societal values. (24:13)
* What are the different ways people can invest through VentureCrowd? Is it based on specific startups? (25:54)
* Tricky legal issues in VC. (27:01)
* What’s the impact of blockchain on venture capital? (32:04)
* Government assistance for entrepreneurs e.g. Breakthrough Victoria Fund (37:51)Links relevant to the conversation
Venture Crowd website:
https://www.venturecrowd.com.au/s/
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. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
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Jul 11, 2023
Do central banks stabilize or destabilize economies? w/ Addison Wiggin, NYT-bestselling-author - EP196
The episode delves into the effectiveness of monetary policy by central banks in managing the economy over the business cycle. Do the actions of central banks stabilize or destabilize economies? Show host Gene Tunny chats with Addison Wiggin, a bestselling author, market economist, and host of the Wiggin Sessions podcast, about monetary policy and financial crises. Addison also shares some reflections on the US debt ceiling drama. This is part 2 of the conversation Gene held with Addison in early June 2023, the first part of which was released as EP192 on the US banking crisis.
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: Addison Wiggin
Three-time New York Times best-selling author, Addison Wiggin, is a 30-year market economist with a passion for the real-world impact of financial markets on our lives. Addison is…
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Jul 4, 2023
The Paradox of Debt w/ Richard Vague, ex-Sec. of Banking & Securities, Pennsylvania - EP195
Economics Explored host Gene Tunny chats with Richard Vague, a prominent American businessman and investor, about his new book, "The Paradox of Debt: A New Path to Prosperity Without Crisis." Richard, who has previously written about “The Case for a Debt Jubilee”, shares powerful insights into the benefits and drawbacks of debt, discussing how it can help grow household wealth while also promoting economic instability and rising inequality. He also offers thought-provoking ideas for helping households and businesses manage and reduce their debts.
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.
Note: this episode was recorded in mid-June 2023, i.e. before the Supreme Court decision regarding student loan relief, which is why the decision isn’t mentioned in this conversation. About this episode’s guest: Richard Vague
Richard Vague served…
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Jun 27, 2023
Invisible Hand, social media, Goldbacks, crypto & CBDC w/ John August - thoughts on recent episodes - EP194
In this episode of the Economics Explored podcast, host Gene Tunny chats with John August, Treasurer of the Pirate Party of Australia and host of the Roving Spotlight show on Radio Skid Row in Sydney. Together, they discuss previous episodes on topics such as the invisible hand, Goldbacks, and cryptocurrencies. Listeners are encouraged to share their thoughts on these topics.
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 EP194
* [00:02:44] The invisible hand.
* [00:04:27] Hidden assumptions in economics.
* [00:08:15] Problem with gambling addiction.
* [00:14:39] Soviet Union.
* [00:26:03] Military expenditure and Soviet collapse.
* [00:30:16] Social media and liberty.
* [00:33:37] Censorship in social media.
* [00:39:01] History of currency. [00:40:47]
* [00:44:25] Central Bank Digital Currency.
* [00:50…
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Jun 20, 2023
The importance of physical & mental health for top CEO performance w/ Andrew May - EP193
Andrew May, a leading Australian performance coach and host of the Performance Intelligence podcast, discusses the relationship between physical & mental fitness and CEO & business performance with show host Gene Tunny and his colleague Tim Hughes. Andrew shares insights into the areas he focuses on when coaching top performers, including CEOs and elite athletes.
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 Andrew May
Andrew May is CEO and founder of StriveStronger, a digital consultancy that partners with organisations to create cultures of wellbeing. He presents inspiring presentations and is recognised as one of the world’s leading performance strategists. Andrew works with a number of elite athletes and is the Mental Skills Coach for the Parramatta Eels National Rugby League Club. Andrew is a former middle-distance runner who was…
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Jun 13, 2023
Exploring the US Banking Crisis with Addison Wiggin - EP192
Economics Explored host Gene Tunny interviews Addison Wiggin, a New York Times bestselling author and market economist, about the US banking crisis. Addison shares insights into the origins and impacts of the crisis, and discusses the future of the US economy and financial markets. Listeners can download Addison's recent report "Anatomy of a Bust: Winners and Losers in the Banking Crisis of 2023" for free via a link in the show notes.
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 Addison Wiggin
Three-time New York Times best-selling author, Addison Wiggin, is a 30-year market economist with a passion for the real-world impact of financial markets on our lives.
Addison is the author and host of The Wiggin Sessions, a podcast that connects key thinkers and industry experts for a deep dive into history, politics, and economics. Some of his…
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Jun 6, 2023
Immigration & Australia’s housing crisis w/ Alan Kohler - EP191
This episode delves into the pressing issues of housing and immigration in Australia, featuring a conversation with renowned financial journalist, Alan Kohler. The discussion revolves around the impact of high immigration rates on housing demand and affordability, emphasizing the need for coordination between immigration and housing policies. The episode also highlights the supply-side factors contributing to the housing crisis, such as restrictions on housing development and protections for character housing and heritage. The host Gene Tunny suggests the need for a national debate and parliamentary inquiry into Australia's immigration rate and population growth to weigh the benefits of immigration against the challenges of housing and infrastructure.
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 EP191
* [00:01:58] Austra…
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May 30, 2023
US debt ceiling & Gene’s Aussie debt ceiling experience in the GFC | Emerging economies debt crisis - EP190
Host Gene Tunny discusses the US debt ceiling and the emerging economies debt crisis with his Adept Economics colleague Arturo Espinoza. Gene shares a memory of his own experience with the debt ceiling the Australian Government had at the time of the 2008 global financial crisis (GFC).
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 EP190
* [04:35] US debt ceiling negotiations.
* [09:18] US hitting its debt ceiling.
* [14:51] The trillion-dollar coin as a possible workaround.
* [16:14] Spending and revenue challenges.
* [26:05] Australian debt ceiling legislation in 2008-09.
* [29:05] US debt limit and consequences.
* [33:25] Argentina's economic struggles.
* [40:02] IMF's Nightmarish Identity Crisis & emerging economies debt crisis.
* [42:27] China's role in emerging markets debt.
* [45:13] PNG and China.…
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May 23, 2023
French Journalist Guillaume Pitron argues the Digital World is Costing the Earth - EP189
French journalist Guillaume Pitron discusses his book "The Dark Cloud: How the Digital World is Costing the Earth" with guest host Tim Hughes. The book explores the environmental impact of the digital world. Pitron delves into concerns about energy usage, e-waste, and the carbon footprint of the internet. The episode concludes with a debrief of Tim by regular host Gene Tunny on the conversation.
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
Guillaume Pitron is a French journalist, author and filmmaker. He has written two books, published in some fifteen countries, about the natural resources needed for new technology. He has been invited to share his ideas in the French and international media (Le Figaro, BBC World Service, Bloomberg TV, El País, La Repubblica) and at international forums and institutions (Davos,…
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May 16, 2023
Seaweed: the next big thing in sustainable agriculture? w/ Scott Spillias, University of Queensland - EP188
Seaweed is being advanced as a potentially important future food source, the greater farming and consumption of which could avoid environmental impacts associated with other agricultural production, especially of beef. Scott Spillias has recently submitted a PhD thesis at the University of Queensland on seaweed farming, and he’s been getting a lot of attention regarding his findings on seaweed’s potential. Show host Gene Tunny and Tim Hughes talk with Scott about the potential of using seaweed as an alternative food source.
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 EP188
* The importance of plant-based foods in our diets. (1:36)
* The market for plant-based foods is growing. (9:39)
* Estimating the environmental impact of food production - the Economist’s banana index. (14:03)
* Scott’ Spillias’s resea…
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May 9, 2023
Gov’t wellbeing budgets & frameworks: useful or useless? w/ Nicholas Gruen - EP187
Show host Gene Tunny talks with Dr. Nicholas Gruen, CEO of Lateral Economics, about the increasing focus of governments on wellbeing. For instance, former NZ PM Jacinda Ardern rebranded the national budget as a Wellbeing Budget, Wales has a Futures Generations Commissioner, and Australia is developing a new wellbeing framework, Measuring What Matters. Gene and Nicholas discuss the limitations of the current top-down approaches and platitudes, and consider potential solutions for better integrating wellbeing into policymaking.
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 EP187
* What is the “well-being agenda”? (2:44)
* The “Easterlin paradox”. (5:08)
* How do you make these judgments? How do you measure well-being? (10:50)
* How is this relevant for policy? Should governments be tracking this broader measur…
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May 2, 2023
The Greedflation hypothesis - EP186
Economics Explored host Gene Tunny talks about the “greedflation” (greed + inflation) hypothesis with his colleague Arturo Espinosa from Adept Economics. They discuss whether greedy corporations might be responsible for high inflation rates in advanced economies such as Australia and the United States. Gene talks about how the excessive fiscal and monetary stimulus during the pandemic has been a major contributor to higher inflation.
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 EP186
* [00:01:28] Australia's high inflation rate.
* [00:06:57] UK windfall tax on oil and gas companies.
* [00:10:27] Greed inflation hypothesis.
* [00:13:29] Markups as a contributor to inflation.
* [00:16:20] Industry concentration and inflationary pressure.
* [00:21:11] Inflation outbreak and COVID stimulus relationship.
* [00…
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Apr 25, 2023
The Invisible Hand: economic, religious, or mystical concept? w/ Dan Sanchez, FEE - EP185
The Foundation for Economic Education’s Dan Sanchez argues that the invisible hand is a legitimate economic concept and not a religious or mystical one, as some critics of economics claim. Dan and show host Gene Tunny discuss the efficient organization of economic activities by the market mechanism in a decentralized way, without the need for a central planner. The conversation turns to TikTok and economic engagement with China.
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 EP185
* Introduction to this episode [0:06]
* Dan’s article on the “invisible hand” [2:06]
* The production of a pencil is like an orchestra without a conductor [5:25]
* Is the invisible hand the hand of God? [8:34]
* What is the problem with central planning? [12:27]
* Central planners don’t like the idea of economic laws because t…
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Apr 18, 2023
A new Monetary Policy tool to end Inflation and avoid Recession w/ Prof. Larry Marsh, Notre Dame - EP184
In this episode of the Economics Explored podcast, host Gene Tunny interviews Professor Larry Marsh about his proposal for a new monetary policy tool that uses a central bank digital currency (CBDC) to end inflation without causing a recession. They also discuss the disconnect between the financial sector and the real economy. Larry Marsh is Professor Emeritus in the Department of Economics at the University of Notre Dame and author of the book "Optimal Money Flow."
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 EP184
* What is optimal money flow according to Prof. Marsh? [1:28]
* What is the role of government in controlling the economy? [6:24]
* A helicopter drop of money [13:58]
* What is the idea of a Federal Reserve/central bank digital currency (CBDC)? [18:56]
* Fractional Reserve Banking [23:08]
* Narrow b…
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Apr 11, 2023
What are Goldbacks and who’s buying them - e.g. preppers, libertarians, collectors? w/ Goldback Founder Jeremy Cordon - EP183
The Goldback is a local commodity currency operating in several US states, including Nevada and Utah. The Goldback is described as “the world’s first physical, interchangeable, gold money that is designed to accommodate even small transactions”. Each Goldback is embedded with 1/1,000th of a Troy Oz of 24 karat gold. Show host Gene Tunny is joined in this episode by the Founder and CEO of the Goldback company, Jeremy Cordon. According to Jeremy, “Gold is money. Everything else is credit.” Among other things, Gene asks Jeremy who’s buying Goldbacks and how widely are they being used?
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 EP183
* What is a Goldback? [1:36]
* The USD value of a Goldback relative to the value of Gold in it [5:20]
* How can you create your own local currency in the US? Is it legal? [6:44…
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Apr 4, 2023
Why we’re in the Decisive Decade with China & what the West should do w/ Dr Jonathan D. T. Ward - EP182
Dr Jonathan D. T. Ward discusses his new book “The Decisive Decade: American Grand Strategy for Triumph Over China” with show host Gene Tunny. Dr Ward argues the US should adopt “a two-pronged strategy of economic containment toward China alongside the revitalization and evolution of American industrial and technological power.” Dr. Ward is an internationally recognized expert on Chinese global strategy and U.S.-China competition. He earned his PhD in China-India relations at Oxford and his undergraduate degree at Columbia, where he studied the Russian and Chinese languages. Dr Ward is the founder of the Washington DC-based Atlas Organization, which provides strategic advice on US-China competition to businesses and government agencies.
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 EP182
* How Dr Ward’s new book…
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Mar 28, 2023
Using Coase’s 1937 theory to explain Hutchies doing its own concrete formwork - EP181
Why do firms do some activities “in house” and contract out others? British-American economist Ronald Coase gave a cogent explanation in a classic 1937 paper on the nature of the firm. Show host Gene Tunny explains to his colleague Tim Hughes how Coase’s insights (e.g. the concept of transaction costs) can be applied to understand the actions of an Australian construction firm Hutchinson’s deciding to employ people to do concrete formwork rather than relying on subcontractors.
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 EP181
* Episode topic: What determines what activities a business does in house? [0:06]
* What is formwork and why does it matter? [3:29]
* Hutchinson’s moves to bring formwork in house [8:54]
* When is it important to have an in-house workforce in your firm [14:42]
* Why you don’t al…
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Mar 24, 2023
Odd way to fix housing crisis proposed by Aus. Gov’t: invest in stocks first w/ Dr Cameron Murray, Sydney Uni.
The Australian Government has been having trouble getting its proposed Housing Australia Future Fund (HAFF) passed by the Senate. The policy looks odd. With some justification, the Australian Greens have commented: “In its current form the Housing Australia Future Fund (HAFF) legislation will see the housing crisis get worse. We can't fix the housing crisis by gambling money on the stock market and not guaranteeing a single cent will be spent on housing.” In their dissenting report on the bill, the Greens’ cited the views of this episode’s guest, Dr Cameron Murray. Cameron is a Post-Doctoral Researcher at the Henry Halloran Trust at the University of Sydney.
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 Dr Cameron Murray
Dr Cameron Murray is Post-Doctoral Researcher at Henry Halloran Trust, The University of Sydney. He is an econ…
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Mar 21, 2023
How to Defeat the Dictators w/ Charles Dunst, Asia Group - EP180
How can democracies reinvigorate themselves to triumph over authoritarianism? Does the West need to decouple from China? These and other questions are considered in Economics Explored episode 180. Foreign affairs expert Charles Dunst talks about his new book Defeating the Dictators with show host Gene Tunny. Among other things, Charles and Gene talk about the potential benefits of Public Private Partnerships (PPPs), such as Operation Warp Speed, the Trump administration’s COVID-19 vaccine plan.
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 Charles Dunst
Charles Dunst is deputy director of research & analytics at The Asia Group, an adjunct fellow at the Center for Strategic and International Studies, and a contributing editor of American Purpose. He is the author of Defeating the Dictators: How Democracy Can Prevail in the Age of the St…
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Mar 15, 2023
SVB & Credit Suisse | Bank runs & Moral hazard - Bonus episode
Silicon Valley Bank (SVB) has collapsed and now Credit Suisse is in trouble. Should we be worried about Global Financial Crisis 2.0? Have the policy responses been sensible? Economics Explored host Gene Tunny provides his initial thoughts.
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.
Links relevant to the episode:
Chris Joye's article on SVB:
https://www.livewiremarkets.com/wires/why-silicon-valley-bank-died-updated-2
NPR Indicator episode:
https://www.npr.org/2023/03/13/1163157993/silicon-valley-banks-three-fatal-flaws
Sebastian Merkel's paper on narrow banking:
https://scholar.princeton.edu/sites/default/files/merkel/files/narrow_banking.pdf
World Bank paper on Bank Runs and Moral Hazard:
https://documents1.worldbank.org/curated/en/548031537377082747/pdf/WPS8589.pdf
Bloomberg article on policy response:
https://www.bloomberg.com/n…
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Mar 14, 2023
Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson - EP179
In his recent Spectator Australia article, Darren Brady Nelson argues for a radical, not a reserved review of Australia’s central bank, the Reserve Bank of Australia (RBA), which he describes as reckless. In Economics Explored episode 179, Darren provides an Austrian economics perspective on central banks, fiat money, and inflation. Show host Gene Tunny wraps up the episode with a discussion of the historical evidence on different monetary systems and inflation, evidence which confirms economies with fiat money are much more inflation prone. Gene then discusses whether a return to the gold standard would be desirable.
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 EP179
* Darren’s thoughts on the current review of the Reserve Bank of Australia [1:46]
* How the RBA interprets the stability of the currency objective [6…
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Mar 7, 2023
Crypto arbitrage searcher Dave Belvedere on crypto and dApps such as Wizards & Dragons - EP178
Dave Belvedere is a software engineer who searches for opportunities to make the crypto market more efficient and to make money at the same time - e.g. by exploiting arbitrage opportunities. Dave gives show host Gene Tunny and his colleague Tim Hughes an overview of cryptocurrency and also talks about NFTs and decentralized applications (dApps), such as Wizards & Dragons.
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 EP178
* What is Dave’s role in the crypto market? [1:10]
* What is a chain and how does it work? [3:39]
* How long does it take to make a transaction? [9:26]
* What does a crypto exchange (e.g. FTX) do? [15:30]
* What do we know about miners? [20:20]
* What’s the future of crypto currencies? [25:44]
* What is Ethereum and how does it work? [45:57]
* What are the pros and cons of crypto? [52:…
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Feb 28, 2023
How performance-based pay can motivate employees, but there are risks - EP177
Can we get people to work harder and perform better if we make their pay performance-related - e.g. with performance bonuses or commissions? Does this work? Are individual or group incentives better? What does the evidence say? We know that people respond to incentives, but, as Gene Tunny and Tim Hughes discuss this episode, getting those incentives right can be tricky.
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 EP177
* What is performance-related pay? [0:41]
* The types of jobs in which performance-based pay works and doesn’t - e.g. fast food vs real estate [8:09]
* The importance of getting incentives right and having transparency [23:16]
* Performance-related pay is a difficult thing to put into practice [28:24]
* Group-based incentive schemes - evidence from a recent European study of the Hydrema manufact…
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Feb 21, 2023
How to be a Superforecaster w/ Warren Hatch, CEO of Good Judgment - EP176
What are the characteristics of superforecasters? How can a superforecasting team be developed? Hear from Warren Hatch, CEO of Good Judgment, a leading global forecasting business based in NYC. Accurate forecasts from Good Judgment superforecasters have included the scale of the pandemic. In early 2020, Good Judgment superforecasters estimated the United States would have over 200,000 deaths from COVID-19 with 99 percent certainty, an estimate that was considered by many as excessive at the time. Warren gives show host Gene Tunny and his colleague Tim Hughes some valuable tips on how to become a superforecaster.
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 EP176
* The Good Judgment forecasting business [2:41]
* What are the characteristics of superforecasters? [6:47]
* How to identify someone who is good at pattern r…
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Feb 14, 2023
Values-based Capitalism: What is the Aussie Treasurer planning? w/ John Humphreys - EP175
Australian Treasurer Jim Chalmers argues for values-based capitalism and against neoliberalism in a January 2023 essay in the Australian Monthly magazine. In this episode, show host Gene Tunny discusses the Treasurer’s essay with Dr John Humphreys. John is the Australian Taxpayers’ Alliance (ATA) Chief Economist and the founder of the Australian Liberal Democrats. Gene and John discuss just how literally we should take the Treasurer, the risks of the so-called co-investment approach, and whether the Treasurer is arguing for socialism (or a different -ism).
This episode features audio from an ATA Econ Chat livestream broadcast on 31 January 23. You can watch the whole thing here:
https://www.facebook.com/AusTaxpayers/videos/509950911277607
You can follow the ATA on various platforms including Facebook and YouTube.
You can follow John Humphreys on Twitter.
Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending…
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Feb 7, 2023
China’s falling population & global population update - EP174
The world’s population keeps growing and passed 8 billion in late 2022, but China’s population is now falling. There are concerns over what that means for its economy and the wider global economy. Is Paul Krugman right that a falling population means a weak Chinese economy? Show host Gene Tunny and his colleague Tim Hughes discuss the possible implications of a shrinking China, as well as global population projections out to 2100. The conversation touches on the environmental impact of a growing population and how well-placed we are to manage environmental challenges.
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 EP174
* The world’s population is on the rise and passed 8 billion in November 2022 [4:24]
* Why post-war population growth was so strong [7:43]
* What does a declining Chinese population mean for the C…
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Jan 31, 2023
Normalization of interest rates & monetary policy - EP173
Last year we saw the beginning of the normalization of interest rates and monetary policy, as central banks responded to accelerating inflation. Show host Gene Tunny talks about the current tightening cycle and when it might end with his colleague Arturo Espinoza. Among other things, Gene and Arturo discuss what history tells us about typical interest rates and returns on capital, referencing UK bank rate since 1694, interest rates on UK government consols, and returns on land written about by Jane Austen and Honoré de Balzac. They also consider whether we might see 17-18 percent interest rates again in Australia, rates which were last seen in 1989-90.
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 EP173
* What’s been happening with interest rates? [3:00]
* What is monetary policy normalization? [6:00]
* How many mo…
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Dec 30, 2022
Do environmental and business sustainability go hand in hand? w/ John Engelander - EP172
Planet Earth Cleaning Co. and Ecobin founder John Engelander proposes that environmental and business sustainability can go hand-in-hand. Show host Gene Tunny asks John about the benefits and costs of businesses adopting more environmentally-friendly practices.
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 we discuss with John Engelander, founder of Planet Earth Cleaning Co. and Ecobin
* John’s epiphany that led to the birth of the Planet Earth Cleaning Company [4:15]
* What are the costs and benefits of adopting environmentally friendly business practices? [8:00]
* “It’s not an investment if it is destroying the planet” discussion, in which Gene mentions how economics has been trying to account for environmental impacts [20:38]
* Do we have enough time to avoid a climate/environmental crisis? [25:50]
* John asks Gene if…
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Dec 23, 2022
Enterprise China: what western businesses need to know w/ Prof. Allen Morrison - EP171
Professor Allen Morrison has been studying China for over three decades and he’s an expert on the Enterprise China model, the close relationship between business and state in China. Chinese companies take the lead from Beijing to help meet state objectives, including reduced dependency on the west. In return they get competitive advantages over western businesses trying to break into China. In this episode, Prof. Morrison, from the Thunderbird School of Global Management at Arizona State University, talks to show host Gene Tunny about his new book with INSEAD’s Prof. Stewart Black on Enterprise China.
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 we discuss with Prof. Morrison
* How the business model in China differs from the model in the west [01:50]
* How the Chinese Communist Party oversees businesses in China [10:20]
* What…
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Dec 16, 2022
Aussie energy crisis & Net Zero transition w/ Joshua Stabler, Energy Edge - EP170
Energy market expert Joshua Stabler shares his views on the current Aussie energy crisis and how well placed Australia and other countries are to transition to net zero greenhouse gas emissions. Learn why Josh thinks that transition could be disorderly, and learn about the role self-driving EVs could play and whether Josh thinks nuclear energy and hydrogen are realistic options for 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: Joshua Stabler
Joshua Stabler is Managing Director of Energy Edge. He has extensive experience in supply-side market operations for the electricity and gas sectors, and as an advisor and system developer in the Australian energy industry.
Joshua is the architect of the Gas Market Analysis Tool (GMAT), which is utilised by gas producers, LNG participants, gas generators, end users…
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Dec 9, 2022
Chokepoint Capitalism w/ Rebecca Giblin - EP169
Corporations such as Google, Amazon, and Live Nation are allegedly taking advantage of chokepoints in the economy, earning excessive profits. That’s the thesis of a new book, Chokepoint Capitalism: how big tech and big content captured creative labour markets, and how we'll win them back. The authors are Uni. of Melbourne Law Professor Rebecca Giblin and writer and activist Cory Doctorow. Show host Gene Tunny speaks with Prof. Giblin about Chokepoint Capitalism in this 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. About this episode’s guest: Rebecca Giblin
Rebecca Giblin is an ARC Future Fellow and Professor at Melbourne Law School, and the Director of the Intellectual Property Research Institute of Australia. Her work sits at the intersection of law and culture, focusing on creators’ rights, access to knowledge and culture, tec…
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Dec 2, 2022
Understandable Economics w/ Howard Yaruss, NYU - EP168
In his new book, Understandable Economics, Howard Yaruss from NYU argues “Understanding Our Economy Is Easier Than You Think and More Important Than You Know.” Howard is an Adjunct Instructor in economics and business at NYU. Previously, he was Executive Vice President and General Counsel of Radian Group, a mortgage insurance company. Howard lives in Manhattan and serves on his local community board.
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. Links relevant to the conversation
Where you can buy Understandable Economics:
https://amzn.to/3VCsxMV
Howard Yaruss’s website:
https://howardyaruss.com/
EP159 with Romina Boccia from the Cato Institute on the future U.S. fiscal crisis:
https://economicsexplored.com/2022/10/03/the-future-us-fiscal-crisis-and-how-to-avert-it-w-romina-boccia-cato-institute-ep159/Credits
Thanks to Josh Crotts…
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Nov 26, 2022
Modern markets for all w/ Wingham Rowan - EP167
In The New Yorker, Wingham Rowan was described as a “labor reformer” who “wants to reimagine labor markets for the digital age.” In episode 167 of Economics Explored, Wingham talks to host Gene Tunny about the potential of Public Official e-Markets. Wingham is a former British TV presenter who is now the managing director at Modern Markets for All (MM4A), a non-profit seeking to advise governments on the possibilities of new market technologies.
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. Links relevant to the conversation
Wingham Rowan’s Modern Markets for All website:
http://modernmarketsforall.com/
TheMM4A non-profit:
https://www.mm4a.social
New Yorker coverage of Wingham’s work:
https://www.newyorker.com/tech/annals-of-technology/should-gig-work-be-government-run
CIGI article by Wingham in which he argues “Market plat…
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Nov 18, 2022
The Progress Illusion w/ Prof. Jon Erickson, University of Vermont - EP166
Professor Jon Erickson is an ecological economist and advisor to policymakers including Senator Bernie Sanders. In his new book The Progress Illusion, he criticizes what he calls “the fairytale of economics” and argues we are failing “to design an economy that is socially just and ecologically balanced.” Show host Gene Tunny discusses Prof. Erickson’s new book with him in this episode of Economics Explored.
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: Jon Erickson
Jon D. Erickson is the Blittersdorf Professor of Sustainability Science and Policy at the University of Vermont, faculty member of the Rubenstein School of Environment and Natural Resources, and Fellow of the Gund Institute for Environment. His previous co-authored and edited books include Sustainable Wellbeing Futures, The Great Experiment in…
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Nov 11, 2022
Innovative cities, coffee shops & entrepreneurs w/ Christopher Hire - EP165
Cities worldwide want to be more innovative because innovation is a driver of economic growth. The Innovation Cities Index shows cities where they’re doing well and where they’re doing badly relative to other cities. Hear from Index creator Christopher Hire about the importance of having policies that are good for entrepreneurs and just how bad red tape is for innovation. You’ll also learn how the prevalence of coffee shops is a good predictor of innovation. And you’ll hear from Christopher about what cities are hot right now.
Christopher Hire is Director of Data at 2THINKNOW, publishers of the Innovation Cities Index, a ranking of 500 cities for innovation, published since 2007. Christopher has given talks on cities and innovation to the OECD in Paris and the UN in Geneva. He’s a globally recognised expert on what makes cities innovative.
Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice mess…
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Nov 4, 2022
Structural budget deficits - EP164
The governments of many countries have structural budget deficits, so even as their economies recover from the COVID-recession they are still running deficits. In many countries, the fundamental structure of the budget is bad. There is too much spending relative to revenue, even in normal or good times, not just in recession. In this episode we explore how economists can calculate structural budget balances. We look specifically at what the Australian Treasury does, given that a new Australian Budget came out last week.
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. Links relevant to the conversation
Australian structural budget balance indicators available here:
https://budget.gov.au/2022-23-october/content/bp1/download/bp1_bs-3.pdf
Australian Treasury methodology for estimating structural budget balances:
https://treasury.gov.au/publicatio…
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Oct 28, 2022
Slouching Towards Utopia w/ Brad DeLong - EP163
Slouching Towards Utopia is the new book from Brad DeLong, Professor of Economics at University of California, Berkeley. Professor DeLong joins show host Gene Tunny to discuss the long twentieth century from 1870 to 2010. The conversation considers the three factors which came together to massively raise living standards post-1870, and how nonetheless we’ve struggled to achieve the Utopia that once appeared possible. The “neoliberal turn” beginning in the 1970s and 1980s is considered, and DeLong explains why he writes that “Hayek and his followers were not only Dr. Jekyll–side geniuses but also Mr. Hyde–side idiots.”
You can buy Slouching Towards Utopia via this link:
https://amzn.to/3TK4evm
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. Highlights
* The big story after 1870: technological progress becomes rapid, the technolo…
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Oct 21, 2022
Preparing the National Accounts w/ Robert Ewing, Australian Bureau of Statistics - EP162
The National Accounts is the comprehensive data set on a country’s economic performance. It gives us GDP growth estimates and a whole bunch of other important indicators. Australian Bureau of Statistics Principal Advisor Robert Ewing takes us behind the scenes at the ABS and provides some great info and insights into how the GDP figures are prepared. Learn about the huge range of economic data from households, businesses, and governments that go into the National Accounts, the roles played by algorithms and judgment, and how the numbers are crunched using the time series database FAME, short for Forecasting Analysis and Modeling Environment.
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. Links relevant to the conversation
Robert Ewing’s LinkedIn profile:
https://www.linkedin.com/in/robertjewing/
Economics Explored EP153 which also conside…
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Oct 14, 2022
White Elephant Stampede w/ Scott Prasser - EP161
Various projects worldwide have been labeled White Elephants. These projects include the Gold Coast desalination plant and the Berlin Brandenburg Airport, among many others. What exactly is a White Elephant? How can we identify them and how can we stop them from happening in the future? In this episode, Scott Prasser joins show host Gene Tunny to talk about White Elephants. Scott is a former academic and ministerial adviser, and is one of the editors of the new book from Connor Court titled White Elephant Stampede: Case Studies in Policy and Project Management Failures.
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: Scott Prasser
Scott has worked in senior policy and advisory roles in Australian state and federal government public service. From 2013 to 2019 he was Senior Adviser to three federal cabinet ministers c…
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Oct 7, 2022
Regional divergence: why cities are growing faster than regions w/ Robert Sobyra | EP160
Why are cities growing faster than regional areas in many economies around the world, including in Australia, the US, and UK? Robert Sobyra of Construction Skills Queensland explains his recent research findings to show host Gene Tunny. Robert and Gene discuss what the predominance of high-skilled employment growth in cities means for regional economies, and whether policy measures to address the regional divergence would be desirable.
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. Links relevant to the conversation
Rob’s LinkedIn profile:
https://www.linkedin.com/in/robert-sobyra/?originalSubdomain=au
Rob’s LinkedIn article “Why Regions Are Falling Behind – And What To Do About It”:
https://www.linkedin.com/pulse/why-regions-falling-behind-what-do-robert-sobyra/?trackingId=Dkp0A2saS8KUycrU1Q9IZw%3D%3D
Rob’s research paper:
htt…
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Sep 30, 2022
The future US fiscal crisis & how to avert it w/ Romina Boccia, Cato Institute | EP159
The Cato Institute’s Romina Boccia explains why she’s concerned about a future US fiscal crisis. She explains how entitlement programs such as Social Security and Medicare are the source of the problem.
This episode’s guest Romina Boccia is Director of Budget and Entitlement Policy at the Cato Institute, where she specializes in federal spending, budget process, economic implications of rising debt, and Social Security and Medicare reform.
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. Links relevant to the conversation
Romina’s bio:
https://www.cato.org/people/romina-boccia
Romina’s first post for Cato:
https://www.cato.org/blog/joining-cato-restrain-federal-budget-leviathan
Council on Foreign Relations article containing deficit projections which Gene mentions:
https://www.cfr.org/backgrounder/national-debt-dilemma
U.S. News…
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Sep 23, 2022
Hyperinflation: what causes it, how to prevent it & how to stop it - EP158
What causes hyperinflation and how can it be avoided in the first place or stopped if it occurs? What characterizes countries which fall victim to hyperinflation? A conversation between show host Gene Tunny and his colleague Arturo Espinoza which explores the economic theory and evidence around hyperinflation, and discusses peculiarities which can arise in hyperinflation-afflicted economies - e.g. pensions denominated in cows in Zimbabwe.
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. Links relevant to the conversation
Current inflation rates around the world:
https://tradingeconomics.com/country-list/inflation-rate?continent=world
What is hyperinflation and should we be worried? (WEF article from June 2022):
https://www.weforum.org/agenda/2022/06/hyperinflation-inflation-interest-rate/
Wikipedia entry for former Peruvian President Alberto…
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Sep 16, 2022
Bitcoin & books w/ author & ex-fighter pilot Lars Emmerich - EP157
Author and ex-fighter pilot Lars Emmerich explains why he’s so excited about the future of Bitcoin. And you’ll hear how he responds to the criticism that Bitcoin mining wastes a lot of energy. Lars also tells show host Gene Tunny about his experience as an author operating in a disrupted book industry. Lars explains how the internet can give authors a better deal than traditional book royalties, and he tells us about the importance of Facebook Ads for acquiring new readers.
Notes: a) This episode was recorded on Tuesday 13 September 2022, two days before the Ethereum Merge with Lars and Gene discuss in this episode. b) This episode contains general information only and nothing in this episode should be taken as financial or investment advice. Please see a professional financial adviser regarding investment decision making specific to your needs. About this episode’s guest: Lars Emmerich
Lars Emmerich is a retired fighter pilot, entrepreneur, investor, and musician. He writes ab…
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Sep 9, 2022
The Aussie electricity market malfunction of June 2022 - EP156
Australia’s National Electricity Market was suspended by the market operator for nine days in June 2022. For a brief period, authorities were worried there would have to be widespread blackouts to balance supply and demand, so the market operator stepped in to direct generators to produce the power that was needed. In this episode, Andrew Murdoch, Managing Director of Arche Energy, explains what went wrong in June, and he talks to show host Gene Tunny about whether it could happen again. Are renewables coming into the system too quickly? What’s happening with batteries? Will Australia be able to cope with the retirement of coal-fired power stations? And what about all the EVs that will need charging? These and other questions are tackled in a frank and fearless conversation. About this episode’s guest: Andrew Murdoch
Andrew Murdoch is Managing Director of Arche Energy, a Brisbane-based consulting firm specialising in energy projects.. He is an experienced general manager, projec…
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Sep 2, 2022
EV taxes, congestion charges & taking high-polluting trucks off the roads w/ Marion Terrill - EP155
An electrified vehicle fleet will mean lower fuel tax revenues for governments and possibly greater traffic congestion as EVs are cheaper to run. Governments around the world are having to reassess how they charge for road use and one Australian state, Victoria, has introduced an EV tax based on distance traveled. In Economics Explored EP155, Marion Terrill from the Grattan Institute discusses what a rational road user charging system would look like. She also talks about Grattan’s truck plan, which is designed to get high polluting old trucks out of major Australian cities.
This episode’s guest Marion Terrill is Transport and Cities Program Director at the Grattan Institute. Marion is a leading transport and cities expert with a long history in public policy. She has worked on tax policy for the federal Treasury, and led the design and development of the MyGov account. She has provided expert analysis and advice on labour market policy for the Federal Government, the Business Cou…
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Aug 26, 2022
Fuel prices & electric vehicles (EVs) - EP154
A wide-ranging conversation on petrol/gasoline prices and electric vehicles (EVs). The conversation explores the peculiar economic phenomenon that is Australia’s petrol price cycle. What drives it and how can consumers make it work for them? Show host Gene Tunny and his guest Tim Hughes then discuss the big issues around replacing petrol-powered vehicles with EVs. What does it mean for total electricity demand and what challenges do we face in adopting EVs?Links relevant to the conversation
Australian Financial Review article (paywalled) quoting Ampol CEO saying EVs have to be 50% cheaper before widespread take up: https://www.afr.com/companies/energy/ampol-profit-more-than-doubles-on-refining-revival-20220822-p5bbni
Recent oil price news: https://www.reuters.com/business/energy/oil-prices-rise-after-saudi-says-opec-could-cut-output-2022-08-23/
Brent crude oil price: https://www.abc.net.au/news/2022-08-25/can-lucky-country-australia-become-a-battery-mineral-superpower/101358050
A…
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Aug 19, 2022
GDP & the National Accounts: What they are and why they matter w/ Brendan Markey-Towler - EP153
The National Accounts are a huge intellectual achievement and an incredibly useful set of data, including GDP and its components. Chatting about the National Accounts with Economics Explored host Gene Tunny is fellow economist Dr Brendan Markey-Towler, author of the Substack newsletter Australian Economy Tracker. Brendan explains how the National Accounts help us track the current state of the economy as well as longer-term trends, such as shrinking manufacturing sectors and growing services sectors in many advanced economies. Links relevant to the conversation
Brendan’s Australian Economy Tracker Newsletter
https://australianeconomytracker.substack.com/
Brendan’s post discussed in this episode
https://australianeconomytracker.substack.com/p/australian-wealth-creation-and-distribution?utm_source=email
Planet Money episode on Simon Kuznets
https://www.npr.org/transcripts/520294083
Australian Financial Review article (pay-walled, alas) which reported “Federal government busi…
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Aug 12, 2022
ROI of education: how economists estimate it + US economic update - EP152
Do you get a return on investment if you get a university or college degree? Does the taxpayer get an ROI for any subsidies provided? Economics Explored host Gene Tunny discusses how economists crunch the numbers on the ROI of education with his colleague Arturo Espinoza. Gene also gives an update on the US economy, covering the strong jobs growth figure for July 2022 among other indicators.
Links relevant to the conversation
Macrobond charts and commentary on the US economy
https://drive.google.com/file/d/16u6pj-xjVcF5F6zfy5W99cDaClUwlsGF/view?usp=sharing
Sheepskin effect:
https://en.wikipedia.org/wiki/Sheepskin_effect
Estimating the return to schooling using the Mincer equation by Harry Anthony Patrinos, World Bank and Georgetown University
https://wol.iza.org/uploads/articles/278/pdfs/estimating-return-to-schooling-using-mincer-equation.pdf
Evaluating the Return on Investment in Higher Education: An Assessment of Individual- and State-Level Returns by Kristin Blagg and Erica…
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Aug 5, 2022
US recession, climate change & monetary policy w/ Darren Brady Nelson - EP151
US Treasury Secretary Janet Yellen claims the US economy is not in a recession, despite two consecutive quarters of declining GDP. Economics Explored EP151 guest Darren Brady Nelson disagrees with the Treasury Secretary and argues she is taking a political position. Whether she’s being political or not, Janet Yellen has certainly taken a big risk, as Darren and Gene discuss. Darren and Gene also talk about the review of the Aussie central bank, the Reserve Bank of Australia, particularly how climate change could figure in that review. Darren argues the review team should have a broader range of views represented, including Monetarist and Austrian perspectives.
Darren is Chief Economist of the Australian think tank Liberty Works and he’s also an Economics Associate at the CO2 Coalition in Washington, DC. For Darren’s bio, check out:
https://economicsexplored.com/regular-guests/
While it’s the NBER that declares whether the US economy is in recession, this CNBC report notes:…
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Jul 29, 2022
Global economic outlook + Aussie inflation & house prices - EP150
The message from the IMF's July 2022 World Economic Outlook was that the outlook is “Gloomy and More Uncertain”. This week also saw the United States slide into a technical recession. Certainly there are big risks to the global outlook. It’s possible that central banks could tip many economies into recession as they hike interest rates to tame inflation. This episode considers the global economic outlook, plummeting Australian property prices, as well as the economic challenges facing Australia’s new federal government. It’s an abridged version of a conversation that show host Gene Tunny had with Decactivist host Randall Evans on his show. The conversation with Randall was recorded prior to the US GDP release, but Gene remarks on the data in his introduction to this episode. Links relevant to the conversation
Randall Evans’ Deactivist show:
https://www.youtube.com/c/Deactivist
IMF World Economic Outlook July 2022: Gloomy and More Uncertain:
https://www.imf.org/en/Public…
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Jul 22, 2022
Reserve Bank of Australia being reviewed after big mistakes w/ Peter Tulip - EP149
The Reserve Bank of Australia has allegedly made some bad calls in recent years and now the Australian Treasurer has commissioned a major review. This episode’s guest, Dr Peter Tulip of the Centre for Independent Studies, has long pushed for a review of the RBA. Peter, a former RBA and US Fed economist, thinks the RBA can learn from other central banks such as the Fed and Sweden’s Riksbank, and it can avoid future bad policy decisions which cost hundreds of thousands of jobs. About this episode’s guest - Dr Peter Tulip
Peter 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.
Peter’s twitter handle: @peter_tulip Links relevant to the conversation
Peter’s previous appearance on Economics Explored:
https://economicsexplored.com…
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Jul 15, 2022
Aussie Conference of Economists wrap-up w/ Leonora Risse & Cameron Murray - EP148
While in Hobart, Tasmania for the 2022 Australian Conference of Economists, show host Gene Tunny caught up with Dr Leonora Risse and Dr Cameron Murray to reflect on the big economic issues covered at the conference. The Conference was framed in the context of adjusting to the so-called new normal. It dealt with issues such as government wellbeing budgets, the housing affordability crisis, the pandemic, and nowcasting, among others. Hear from Gene, Leonora, and Cameron regarding conference highlights and takeaways, including the risk of unintended consequences of government policy interventions. About this episode’s guests
Dr Leonora Risse is an economist who specialises in gender equality. She is a Research Fellow with the Women’s Leadership Institute Australia, and recently spent time in residence at Harvard University as a Research Fellow with the Women and Public Policy Program. Leonora is a co-founder of the Women in Economics Network (WEN) in Australia and currently serves as…
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Jul 8, 2022
Charter Cities: A Public-Private Partnership (PPP) model w/ Kurtis Lockhart - EP147
Kurtis Lockhart, Executive Director of the Charter Cities Institute, tells us about the benefits of charter cities - cities with their own rules or charter, independent of national or subnational governments. Kurtis argues the best way to implement charter cities is via public-private partnerships (PPPs). Learn about the fascinating work the Charter Cities Institute is involved in around the world with a view to stimulating economic development and lifting millions out of poverty. About this episode’s guest - Kurtis Lockhart
Kurtis Lockhart is Executive Director & Head of Research at the Charter Cities Institute. Kurtis is also a PhD candidate in political science at the University of Oxford. His research examines the effect of institutional reforms on public goods provision with a regional focus on sub-Saharan Africa. At Oxford he has taught both quantitative methods and African politics.
In the field, Kurtis has previously worked as a Research Manager for the International Growth…
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Jul 1, 2022
China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller - EP146
The next big global economic shock could come from a Chinese invasion of Taiwan, a shock which would probably have more extensive economic impacts than the Russian invasion of Ukraine. Joining show host Gene Tunny to discuss China and Taiwan and the Indo-Pacific more broadly is Dr Greta Nabbs-Keller, Senior Specialist in Defence Research at The University of Queensland and the interim Program Director of the Australian Program Office for Advanced Hypersonics. About this episode’s guest - Dr Greta Nabbs-Keller
Dr Greta Nabbs-Keller is a Senior Specialist in Defence Research at The University of Queensland (UQ). She is also an Affiliate Senior Specialist at UQ's Centre for Policy Futures where her current research project centres on issues of contestation and coherence in Indonesia’s national security policy making. Greta has extensive professional experience working on Australia’s bilateral relationship with Indonesia and continues to utilise her Indonesia country expertise in co…
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Jun 24, 2022
ESG: useful concept or greenwashing? w/ Rachel Baird & Stephen Howell, Effective Governance - EP145
ESG, short for environmental, social, and governance, is proving difficult for companies to implement in practice, and some have been accused of greenwashing. What exactly is ESG and has it come to the end of its useful life, as the Financial Times has suggested may be the case? Joining show host Gene Tunny to discuss ESG are some highly experienced corporate governance experts: Dr Rachel Baird and Stephen Howell, part of HopgoodGanim Lawyers. Both Stephen and Rachel advise boards on ESG matters and Rachel is currently facilitating the Law & Sustainability short course delivered in partnership between Pearson and Oxford University.
In this episode you’ll learn how good corporate governance is the critical foundation for everything, and how company leaders should ensure their company’s policies are not dictated by inexperienced people posing as ESG experts pushing their own agendas. Links relevant to the conversation
Dr Rachel Baird, GAICD, FGIA - Director - IcebergSRC | LinkedIn…
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Jun 17, 2022
Advertising & surveillance capitalism w/ John August - EP144
What does economics have to say about the huge amount of advertising directed at us everyday, much of it specifically targeted in this age of surveillance capitalism? Is it informative, manipulative, or something else? Should governments do anything about it and regulate advertisers and surveillance capitalists such as Google, Facebook, and other big tech companies? EP144 of Economics Explored features a frank and fearless conversation on advertising touching on surveillance capitalism with John August, Treasurer of the Pirate Party of Australia.
About this episode’s guest – John August
John August is the Treasurer of the Pirate Party Australia and a Fusion Party candidate for the electorate of Bennelong in the 2022 Australia federal election. 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 o…
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Jun 10, 2022
Stagflation: be alert, not alarmed - EP143
The World Bank has downgraded its global economic growth forecast and has warned of the rising risk of stagflation. What is stagflation and how likely is it? And a related question: what is a wage-price spiral and how likely is it? Show host Gene Tunny and his colleague Arturo Espinoza discuss how the current global situation is similar and dissimilar to the 1970s, with a consideration of recent perspectives from the World Bank and BIS. Links relevant to the conversation
Is a US recession imminent? w/ Michael Knox, Chief Economist, Morgans Financial – EP142 – Economics Explored (Previous episode with Michael Knox)
Jobs report May 2022: Payrolls rose 390,000 in May, better than expected as companies keep hiring
https://trends.google.com/trends/explore?q=stagflation&geo=US (Google Trends for stagflation)
The Fed must act now to ward off the threat of stagflation | Financial Times
Are major advanced economies on the verge of a wage-price spiral? (BIS Bulletin 53)
Commodity marke…
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Jun 3, 2022
Is a US recession imminent? w/ Michael Knox, Chief Economist, Morgans Financial - EP142
Michael Knox, Chief Economist of Morgans Financial, explains how he predicted high US inflation based on the magnitude of the federal deficit compared with the GDP/output gap. He gives his view on whether a US recession is likely anytime soon, based on his analysis of some key indicators. Michael and show host Gene Tunny also discuss the economic outlook for Australia, whether global stagflation is a possibility, and the risk of a Chinese invasion of Taiwan. About this episode’s guest - Michael Knox
Michael Knox is Chief Economist and Director of Strategy at Morgans. Michael was an Australian Trade Commissioner serving in Saudi Arabia and Indonesia. He joined Morgans in Sydney in 1988.
He was Chief Institutional Options Dealer until moving to Brisbane in 1990 as Economist and Strategist. Michael joined the Board of Morgan Stockbroking in 1996. He became Director of Strategy and Chief Economist in 1998. Michael remained on the Board of Morgans until 2011.
Michael has served on many…
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May 27, 2022
How I became an economist + advice for aspiring economists w/ show host Gene Tunny - EP141
Economics Explored host Gene Tunny discusses his career path as an economist and offers advice for aspiring economists in an interview with Francisco Garcia, host of the University of Queensland Economics Society (UQES) podcast Worldonomics. Links relevant to the conversation
https://www.uqes.com.au/
https://podcasts.apple.com/au/podcast/worldonomics/id1513275367
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._
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May 20, 2022
Economic development through savings and credit groups w/ World Neighbors CEO Kate Schecter - EP140
Kate Schecter leads World Neighbors, an international NGO helping poor communities in developing economies lift their living standards through local savings and credit groups among other measures. Hear Kate describe how these local savings and credit groups differ from Grameen-style microfinance. Also hear Kate describe how on-the-ground, practical measures can give people a hand up, not a hand out. About this episode’s guest - Kate Schecter, Ph.D.
Kate Schecter, Ph.D., joined World Neighbors as President and CEO in June, 2014. In her previous position, she worked for the American International Health Alliance (AIHA) for 14 years. As a Senior Program Officer at AIHA, she had responsibility for managing health partnerships throughout Eurasia and Central and Eastern Europe (CEE). She also managed a blood safety program in Ukraine, Central Asia and Cambodia from 2012- 2014. In the early 2000’s she managed a program on the prevention of mother-to-child-transmission of HIV (PMTCT) in U…
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May 13, 2022
The Go Woke, Go Broke hypothesis w/ Darren Brady Nelson - EP139
Companies are being pushed by their employees and by influencers to take positions on social issues - to go woke, so to speak. Sometimes, as occurred for Gillette and Nike, for example, such a strategy can backfire. Is it true that, if you go woke, you go broke? A conversation between Economics Explored host Gene Tunny and returning guest Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank. About this episode’s guest - Darren Brady Nelson
Darren Brady Nelson is an Austrian school economist who serves as the chief economist at LibertyWorks and as an associate scholar with the Center for Freedom and Prosperity. Nelson is also a policy advisor to The Heartland Institute.
He is the author of the book Ten Principles of Regulation & Reform (Connor Court 2017), and is a frequent public speaker and media commentator.
Darren has bachelor’s degree in economics (cum laude) from the Australian National University, where he majored in economic history.…
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May 6, 2022
The Pirate Party’s economic policy platform w/ John August - EP138
What does the economic policy platform of a Pirate Party look like? What does it say about intellectual property protection (i.e. copyright and patents), the Right to Repair, UBI, taxation, and business support? And what type of pirates are Pirate Parties inspired by exactly: Captain Jack Sparrow or Kim Dotcom? Pirate Party Australia Treasurer John August answers these questions in a conversation with Economics Explored host Gene Tunny. About this episode’s guest - John August
John August is the Treasurer of the Pirate Party Australia and a Fusion Party candidate for the electorate of Bennelong in the 2022 Australia federal election. 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 tec…
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Apr 29, 2022
UBI advocate Michael Haines on its benefits and costs - EP137
Universal Basic Income (UBI) advocate Michael Haines chats with show host Gene Tunny about the benefits and costs of a UBI, with an extensive discussion of how it’s paid for in Michael’s proposal. The conversation considers money creation and so-called Modern Monetary Theory (MMT). About this episode’s guest - Michael Haines
Michael Haines is the CEO of VANZI, the Virtual Australia and New Zealand Initiative. Michael has 40+ years of experience in a wide variety of senior management and consulting roles across a range of industries: government, telecommunications, brewing, construction, consumer goods, car manufacturing and transport and logistics covering a wide range of disciplines. While he has previously sat on the Board of the Australian Logistics Council and remains a member of Austroads Intelligent Transport Industry Reference Group, he was instrumental in establishing VANZI and his entire time is now devoted to the VANZ project.Links relevant to the conversation
What's…
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Apr 22, 2022
Wider economic benefits of infrastructure projects - EP136
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 conversation
Cross River Rail business case
Cross River Rail project benefits
Knowledge Spillovers: - Cities' Role in the New Economy - article by Jerry Carlino Gene quotes from in the episode
The wider economic benefits of transport infrastructure paper by Peter Abelson
Working from home: Too much of a good thing - article by Kristian Behrens and others
Wider Economic Benefits of…
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Apr 15, 2022
Nominal GDP targeting w/ Stephen Kirchner - EP135
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 Kirchner
Dr 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 fe…
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Apr 8, 2022
The high cost of housing and what to do about it w/ Peter Tulip, CIS Chief Economist - EP134
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 Tulip
Peter 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 conversation
Inquiry into housing affordability and supply in Austr…
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Apr 1, 2022
Investing for success w/ Paul Mladjenovic, author of Stock Investing for Dummies - EP133
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 Mladjenovic
Paul 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…
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Mar 25, 2022
The virtues of the free market w/ David Bahnsen - EP132
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 Bahnsen
David 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…
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Mar 18, 2022
Concorde’s economic lessons: a closer look - EP131
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 conversation
EP129 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-concorde
Conversation article on future of supersonic air travel:
https://theconversation.com/supersonic-flights-are-set-to-return-heres-how-they-can-succeed-where-concorde-failed-162268
AP article on Concorde being “unexpected success” in 1986:
https://apnews.com/article/fa1e281d544267a8afe77afceaf3f03f
Early seventies cost-benefi…
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Mar 11, 2022
Thriving w/ Wayne Visser, Cambridge & Antwerp sustainable business expert - EP130
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 Visser
Wayne 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 An…
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Mar 4, 2022
Top 10 insights from economics - EP129
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 conversation
On comparative advantage:
https://www.economicsonline.co.uk/global_economics/comparative_advantage.html
https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/comparative-advantage-specialization-and-gains-from-trade
On California’s emissions reduction scheme:
https://ww2.arb.ca.gov/our-work/programs/cap-and-trade-program
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…
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Feb 25, 2022
Risk, Cost-benefit analysis, and the Enlightenment w/ Prof. Deb Brown - EP128
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 Brown
Deborah 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 asses…
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Feb 18, 2022
US Inflation, Woke Capitalism & China w/ Darren Brady Nelson + weird Aussie tax rules - EP127
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 guests
Darren 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 gues…
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Feb 11, 2022
UBI: Universal Basic Income w/ Ben Phillips, ANU - EP126
The economics of a Universal Basic Income (UBI) is explored with Ben Phillips, Associate Professor at the Australian National University, and a leading expert on microsimulation modelling. Also, show host Gene Tunny reflects on experimental evidence regarding UBI.About this episode’s guest - Ben Phillips
Associate Professor Ben Phillips is a Principal Research Fellow at the Centre for Social Research and Methods. He has nearly 20 years of experience as an economic and social researcher in Australia. Prior to joining the ANU Ben was responsible for a range of modelling projects at NATSEM including the STINMOD microsimulation model of Australia’s tax and transfer system. Ben managed several key projects including the distributional analysis of the Australian Government’s 2014-15 and 2015-16 Budgets.
Prior to joining the ANU Ben twice worked at NATSEM and has also had roles at the Australian Bureau of Statistics as a methodologist and economist, The Housing Industry Association as…
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Feb 4, 2022
Price controls to fight inflation a bad idea + infrastructure lessons from POTUS 21 Chester Arthur w/ Larry Reed - EP125
Price controls are being suggested by some commentators as a way to fight inflation. But, as Lawrence W. Reed, President Emeritus of the Foundation for Economic Education explains, price controls would be a really bad idea. Larry also chats with show host Gene Tunny about whether Jesus was a socialist, why banks and the state should be kept separate, and why President Biden would benefit from lessons on infrastructure from the 21st President Chester A. Arthur. About this episode’s guest - Lawrence W. Reed
Lawrence W. (“Larry”) Reed became President of the Foundation for Economic Education (FEE) in 2008 after serving as chairman of its board of trustees in the 1990s and both writing and speaking for FEE since the late 1970s. He previously served for 21 years as President of the Mackinac Center for Public Policy in Midland, Michigan (1987-2008). He also taught economics full-time from 1977 to 1984 at Northwood University in Michigan and chaired its department of economics from 198…
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Jan 28, 2022
Women in Economics w/ Dr Leonora Risse of RMIT, Melbourne - EP124
RMIT’s Dr Leonora Risse, formerly of Harvard’s Women and Public Policy Program, argues greater gender diversity in economics would improve the quality of economic analysis and policy advice. Arguably, it would shine more light on and promote solutions to gender inequality (e.g. the gender pay gap). Is Leonora right, or is this “self-serving identity politics” as some fellow economists have alleged about a focus on gender issues? Economics Explored host Gene Tunny explores this question in a wide-ranging conversation with Leonora. The discussion considers differing average preferences among male and female economists on policy issues such as fiscal austerity and redistribution, touching on UBI. About this episode’s guest - Dr Leonora Risse
Dr Leonora Risse is an economist who specialises in gender equality. She is a Research Fellow with the Women’s Leadership Institute Australia, and recently spent time in residence at Harvard University as a Research Fellow with the Women…
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Jan 21, 2022
Truth (or the lack of it) in politics and how to think critically with help from Descartes - EP123
Why politicians need to stop lying and cut the endless BS. A conversation with Philosophy Professor Deb Brown, Director of the Critical Thinking Project at the University of Queensland. Deb also chats with show host Gene Tunny and guest co-host Tim Hughes about what it means to think critically, drawing on her expertise in philosophy, including her study of Descartes. About this episode’s guest - Professor Deb Brown
Deborah 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…
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Jan 14, 2022
Dan Mitchell on the global tax cartel and California’s economic suicide - EP122
136 countries have agreed to implement a global minimum corporate tax rate of 15%. Renowned US public policy economist Dr Dan Mitchell explains why he thinks this “global tax cartel” is bad news. Dan also explains to Economics Explored host Gene Tunny how California is committing “economic suicide”, and why entrepreneurs are moving to Texas, Nevada, and Florida, among other lower tax states. About this episode’s guest - Dr Dan Mitchell
Dan Mitchell is Chairman of the Center for Freedom and Prosperity, a pro-market public policy organization he founded in 2000. His major research interests include tax reform, international tax competition, and the economic burden of government spending. Having also worked at the Heritage Foundation and Cato Institute, he has decades of experience writing editorials, working with the public policy community, and presenting the free-market viewpoint to media sources. He holds a PhD in economics from George Mason University.Links relevant to the…
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Jan 7, 2022
What is the Economy? And Why It Matters to You | EP121
What is the Economy? And Why It Matters to You is a new book from UK economics writers Beth Leslie and Joe Richards, who are interviewed in this episode of Economics Explored. Legendary music producer Brian Eno has endorsed the book, writing “This clear and comprehensible book is long overdue.”About this episode’s guests - Beth Leslie and Joe Richards
Beth Leslie is a writer and editor. She became interested in economics when she realised it was a great way to better understand the world around her. Beth is currently the Editor for Economy, a charity that seeks to make economics more understandable for everyone.
Joe Richards is an author, educator and economist. After the financial crash of 2008, Joe’s family lost their business and the home they grew up in. Spotting a lack of public understanding in the economy, Joe’s journey in economics began. Joe campaigned to make economics more accessible for everyone, working with organizations from the Bank of England and BBC News,…
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Dec 31, 2021
120: Inflation, Covid, China & Crypto - looking back on 2021 and forward to 2022
2021 saw accelerating inflation in advanced economies, the pandemic continuing, cracks appearing in the Chinese economic model, and massive price growth in cryptocurrencies and NFTs. Economics Explored host Gene Tunny discusses the big issues of 2021 and looks forward to 2022 with frequent guest Tim Hughes.
The episode also features discussion on the COP26 climate change summit, the idea of “degrowth” advanced by some ecologists and environmentalists, and feedback on EP115 on the Opioid Crisis and the War on Drugs. Links relevant to the conversation
Crazy Crypto charts Gene refers to in the episode
Australia’s largest bitcoin mine hopes to utilise unused renewable energy and lead the world on decarbonisation
Covid: Dutch go into Christmas lockdown over Omicron wave
WHO forecasts coronavirus pandemic will end in 2022
China struggles to shrug off weak consumer spending and property woes
China Evergrande reports progress in resuming home deliveries
Life in a ‘degrowth’ e…
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Dec 23, 2021
What Tony Makin taught us about macroeconomics with ex-Ambassador to OECD, Alex Robson
The late Professor Tony Makin was a leading Australian economist who made major contributions to the economic policy debate in Australia on the balance of payments and the effectiveness of fiscal stimulus, of which Tony was highly sceptical. In Economics Explored EP119, Former Ambassador to the OECD for Australia Dr Alex Robson, now an Associate Partner at EY, reflects on Tony’s contributions to open economy macroeconomics and the policy debate. About this episode’s guest - Dr Alex Robson
Dr Alex Robson is Associate Partner at EY. He has previously been Professor of Economics at Griffith University, Australian Ambassador to the OECD, Chief Economist for the Australian Prime Minister, a lecturer at ANU, and Director at Deloitte Access Economics. He is the author of Law and Markets, and has consulted to ASX 200 companies, Australian and NZ Government Departments and the OECD. Alex has a PhD and Masters in Economics from University of California, Irvine, USA.Links relevant to the con…
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Dec 17, 2021
EP118: The Skyscraper Curse and Austrian Economics with Mark Thornton, Mises Institute
There is an eerie correlation between the construction of a new world’s tallest building and economic crisis, the so-called Skyscraper Curse. Prof. Mark Thornton, Senior Fellow at the Mises Institute, explains why this is so, drawing on his expertise in Austrian economics. About this episode’s guest - Mark Thornton
Mark Thornton is the Peterson-Luddy Chair in Austrian Economics and a Senior Fellow at the Mises Institute. He serves as the Book Review Editor of the Quarterly Journal of Austrian Economics. His publications include The Economics of Prohibition (1991), Tariffs, Blockades, and Inflation: The Economics of the Civil War (2004), The Quotable Mises (2005), The Bastiat Collection (2007), An Essay on Economic Theory (2010), The Bastiat Reader (2014), and The Skyscraper Curse and How Austrian Economists Predicted Every Major Crisis of the Last Century (2018).
Dr. Thornton served as the editor of the Austrian Economics Newsletter and was a member of the Editorial Board of the…
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Dec 10, 2021
COP26 Glasgow Climate Change Summit: Success or Failure?
The COP26 climate change summit in Glasgow in 2021 disappointed many advocates for strong action on climate change. Economics Explored host Gene Tunny discusses whether COP26 should be perceived as a failure or, at best, a mild success with fellow Brisbane-based economist Scott Hook, who has attended several global climate change summits in the past. About this episode’s guest - Scott Hook
Scott Hook has over 25 years of experience in policy, economic, environmental and financial analysis and in the development of Pacific regional, national and local government policy. He has also researched and written on the role of institutions in shaping policy implementation in Fiji and the Pacific, climate change and disaster risk and climate and security issues. He has a PhD from the University of Queensland that was completed in 2010.
In the last decade he has worked extensively on infrastructure reform and policy, understanding and building resilience to climate and disaster risk and impro…
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Dec 3, 2021
The Great Resignation
What’s going on with the Great Resignation, the record numbers of people leaving jobs in the US and the UK? Will we see it in other countries such as Australia? What can employers do to hold on to staff? Economics Explored host Gene Tunny speaks with his serviced office neighbours Anthony Bersz and Louise Gibson from Remedy Resourcing, a Brisbane-headquartered recruitment firm.
A video of this episode has been recorded and can be found, when available from approximately 6 December 2021, via www.economicsexplored.com. About this episode’s guests - Anthony Bersz and Louise Gibson, Remedy Resourcing
Anthony Bersz is Managing Director of Remedy Resourcing and Director of Remedy Information Technology. Anthony’s recruitment career started in 2010 working for one of the world's leading recruitment agencies based in the UK. After a number of years supporting his candidates and clients throughout the North West of England, Anthony made the move to Brisbane, Australia. On arrival to Bri…
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Nov 26, 2021
The Opioid Crisis and the War on Drugs with Dr Jeffrey Singer
100,000 Americans have died of drug overdoses in a 12 month period, mostly with opioids. A conversation on the US Opioid crisis and the failed War on Drugs, and why a Harm Reduction approach is preferable, with Dr Jeffrey Singer MD from the Cato Institute. About this episode’s guest - Dr Jeffrey Singer MD
Jeffrey A. Singer is a senior fellow at the Cato Institute and works in the Department of Health Policy Studies. He is principal and founder of Valley Surgical Clinics Ltd., the largest and oldest group private surgical practice in Arizona, and has been in private practice as a general surgeon for more than 35 years.
He is also a visiting fellow at the Goldwater Institute in Phoenix. Singer is a member of the Board of Scientific Advisors of the American Council on Science and Health. From 1994 to 2016, he was a regular contributor to Arizona Medicine, the journal of the Arizona Medical Association. He served on the Advisory Board Council of the Center for Political Thought and Lea…
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Nov 19, 2021
Tax rules benefiting tech titans and hedge fund managers in the US
Controversial US tax rules (e.g. carried interest, step up in basis) mean that billionaire tech titans and hedge fund managers pay arguably relatively low amounts of tax, as Steve Rosenthal, Senior Fellow at the Urban Institute, explains to show host Gene Tunny in Economics Explored episode 114. Steve also talks about former President Trump's tax affairs.About this episode’s guest - Steven M. Rosenthal
Steve Rosenthal, a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, researches, speaks, and writes on a range of federal income tax issues, with a particular focus on business taxes. In 2013, he was the staff director of the DC Tax Revision Commission.
Before joining Urban, Rosenthal practiced tax law in Washington, DC, for over 25 years, most recently as a partner at Ropes and Gray. He was a legislation counsel with the Joint Committee on Taxation, where he helped draft tax rules for financial institutions, financial products, capital gains, and related…
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Nov 12, 2021
Lithium and the new energy revolution with Lukasz Bednarski
Lukasz Bednarski talks about his new book “Lithium: The Global Race for Battery Dominance and the New Energy Revolution” with show host Gene Tunny in Economics Explored episode 113. The blurb for Lukasz’s book reads:
“A global energy revolution is unfolding before our eyes: ever-growing numbers of electric vehicles on our roads, laptops that last all day on a single charge and solar panels on our roofs, all reliant on lithium-ion batteries. This revolution is happening at breath-taking speed, with the potential to completely transform key industries and the way we live. For the first time in history, we can now actually store this green energy we talk so much about. Often referred to as ‘the new oil’, lithium allows large amounts of energy to be squeezed into a very small space.”About this episode’s guest - Lukasz Bednarski
Lukasz Bednarski is a battery materials analyst, founder of the lithium industry portal Lithium Today and a former commodity trader.Links relevant…
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Nov 5, 2021
Taxing the rich - Billionaire and inheritance taxes
Tax expert Prof. Miranda Stewart speaks with show host Gene Tunny about taxes on wealth, including inheritance taxes and the proposed billionaire tax in the United States. What is driving calls to “Tax the Rich” from politicians such as Alexandria Ocasio-Cortez and various commentators? Would it be sensible to do so? About this episode’s guest - Professor Miranda Stewart
Miranda Stewart is Professor of Law at the University of Melbourne Law School where she is Director of the Tax Group and is a Fellow at the Tax and Transfer Policy Institute at the Crawford School of Public Policy, The Australian National University. Miranda was the inaugural Director of the Institute from 2014 to 2017. Miranda has more than 25 years research, practical and leadership experience in tax law and policy in academia, government and the private sector.Links relevant to the conversation
Death duties: Why experts think this tax should be re-introduced (Australian media article quoting Prof. Stewart on…
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Oct 26, 2021
Aussie Senator Matt Canavan - COP26 Dissenting Voices Part 2
Senator Matt Canavan, Australia’s most prominent critic of the Net Zero by 2050 policy to address climate change, speaks with show host Gene Tunny about the 2021 UN climate change summit, COP26 (i.e. the 26th Conference of the Parities). About this episode’s guest - Senator Matt Canavan
Matt Canavan is a Liberal National Party Senator for the state of Queensland, Australia. Matt was first elected at the 2013 Australian federal election for the term beginning 1 July 2014. He was the Minister for Resources and Northern Australia between February 2016 and February 2020. Matt holds the degrees of Bachelor of Arts and Bachelor of Economics (Hons.) from the University of Queensland. He has professional experience working as an economist in Australia’s Productivity Commission, and he has also worked as a consultant at KPMG. Matt’s main office is in Rockhampton, in Central Queensland. He spoke with Gene over Zoom while located in his Parliament House office in Canberra, Australia. Lin…
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Oct 22, 2021
COP26 Dissenting Voices Part 1 - Dr Alan Moran
Dr Alan Moran, prominent Australian critic of climate change and renewable energy policies, speaks with show host Gene Tunny about the 2021 UN climate change summit, COP26 (i.e. the 26th Conference of the Parities). About this episode’s guest - Dr Alan Moran
Dr Alan Moran is Director of Regulation Economics, a consultancy firm. He is a noted economist who, in his own words, “has analysed and written extensively from a free market perspective.” Dr Moran was the Director of the Deregulation Unit at the Australian Institute of Public Affairs from 1996 until 2014. He was previously a senior official in Australia’s Productivity Commission and Director of the Australian Government’s Office of Regulation Review. Subsequently, he played a leading role in the development of energy policy and competition policy review as the Deputy Secretary for Energy in the Victorian Government. Dr Moran was educated in the UK and has a PhD in transport economics from the University of Liverpool and…
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Oct 15, 2021
Philosophy and Truth
In Economics Explored EP109, Dr John Atkins, philosopher and Honorary Research Fellow at the University of Queensland, provides great insights into the nature of truth, an important topic to discuss in this time of big debates over the pandemic and climate change, among other issues. Dr Atkins highlights the importance of trust, probabilistic thinking (i.e. thinking not necessarily about truth but our level of certainty in a fact), and the Socratic method. Show host Gene Tunny shares his own views on the nature of truth, including his commitment to being “radically open-minded”, a stance promoted by legendary investor Ray Dalio (see Principles). Also joining the conversation is regular Economics Explored guest Tim Hughes, Business Development Manager at Adept Economics and founder of Urban Ergo. About this episode’s guest - Dr John Atkins
Dr John Atkins is an Honorary Research Fellow in the School of Historical and Philosophical Inquiry, Faculty of Humanities and Social Sciences…
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Oct 8, 2021
COP26 climate change summit with Tony Wood, Grattan Institute
Energy and climate change policy expert Tony Wood from the Grattan Institute explains what COP26 (the 2021 climate change conference in Glasgow) is all about and why it’s important. Tony discusses what Net Zero emissions means exactly, the prospects for nuclear energy, and implications for fossil fuel (e.g. coal) dependent economies, among other relevant issues.About this episode’s guest - Tony Wood AM
Tony Wood is Program Director for Energy and Climate Change at the Grattan Institute, a leading Australian public policy think tank. Tony has been a Program Director at Grattan since 2011 after 14 years working at Origin Energy in senior executive roles.
From 2009 to 2014 he was also Program Director of Clean Energy Projects at the Clinton Foundation, advising governments in the Asia-Pacific region on effective deployment of large-scale, low-emission energy technologies. In 2008, he was seconded to provide an industry perspective to the first Garnaut climate change review.
In Janu…
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Oct 1, 2021
Gender differences in negotiation and policy for improvement
There are gender differences in negotiation and these impact job market outcomes, as Dr Maria Recalde from the University of Melbourne explains. Dr Recalde speaks with show host Gene Tunny about her NBER working paper Gender Differences in Negotiation and Policy for Improvement, co-authored with Prof. Lise Vesterlund.About this episode’s guest - Dr Maria Recalde
Dr Maria P. Recalde is a Lecturer (Assistant Professor) in the Department of Economics at the University of Melbourne, Australia. My main fields of interest are experimental and behavioral economics, public economics, and development.Links relevant to the conversation with Dr Recalde
Gender Differences in Negotiation and Policy for Improvement
The gender pay gap with Dr Leonora Risse
Gender and the Labor Market: What Have We Learned from Field and Lab Experiments?
You can't ask this: the spread of salary history bans and what it means for employersLinks mentioned in Gene’s introduction relating to EP106
At an Overrun…
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Sep 24, 2021
COVID lockdowns and vaccine mandates with Dr Gilbert Berdine
At a time when the COVID pandemic continues, and cities such as Sydney and Melbourne remain locked down, Gilbert Berdine MD from Texas Tech University Health Sciences Center shares his views on lockdowns and vaccine mandates with show host Gene Tunny. Toward the end of the episode, the conversation turns towards Dr Berdine's thoughts on vaping regulations. About this episode’s guest - Gilbert G. Berdine MD
Associate Professor of Internal Medicine, Texas Tech University Health Sciences Center, Lubbock, TX
Faculty Affiliate, Free Market Institute, Lubbock, TX
Dr. Berdine earned his B.S. degrees in chemistry and life sciences from the Massachusetts Institute of Technology in Cambridge, MA and his M.D. degree from Harvard University School of Medicine in Boston, MA. He completed residency in Internal Medicine and fellowship in Pulmonary Diseases at the Peter Bent Brigham Hospital (now called Brigham and Women’s Hospital) in Boston, MA.
Dr. Berdine was a faculty member at the Univer…
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Sep 17, 2021
Why bad social norms such as FGM can persist
EP105 considers the persistence of bad social norms such as female genital mutilation (FGM). Show host Gene Tunny speaks with University of Queensland Lecturer (i.e. Assistant Professor) Dr David Smerdon about his experimental research on social norms, including fieldwork in Africa relating to FGM. About this episode’s guest - Dr David Smerdon
Dr David Smerdon is a Lecturer in the University of Queensland School of Economics. He primarily works in behavioral and development economics. His research involves theory and modelling, experiments in the lab and field, and microeconometric analysis in order to investigate topics at the intersection of these fields.
David earned his PhD from the Tinbergen Institute and the University of Amsterdam (UvA) as a General Sir John Monash scholar, and afterwards worked as a PODER fellow at Bocconi University in Milan. Prior to his academic career, David spent three years working for the Australian Department of Treasury as a policy analyst. Aside f…
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Sep 10, 2021
Victimless Crimes with Marc J. Victor
On Economics Explored we’ve previously discussed the large economic and social costs that arise from criminalising drugs such as cannabis. In episode 104, show host Gene Tunny discusses the broader concept of victimless crimes with a highly-experienced lawyer, Marc J. Victor, President and Managing Partner of Attorneys for Freedom.About this episode’s guest - Marc J. Victor
Marc J. Victor is President and Managing Partner of Attorneys for Freedom (https://attorneysforfreedom.com/). He is a certified Criminal Law Specialist in Arizona and is admitted to practise in Arizona and Hawai‘i. Over nearly three decades, Marc has represented clients in more than a thousand major felony cases.
As a long-time freedom activist, Marc is regularly invited to speak to audiences across Arizona on a variety of issues including ending the drug war, the rights of gun owners, the free market, criminal justice issues as well as a variety of other criminal law related issues. Most recently, Marc has…
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Sep 3, 2021
Why Ayn Rand's concept of self-esteem is unreasonable with Dr Michael Edelstein
In Economics Explored Episode 103, Dr Michael Edelstein explains why Ayn Rand’s concept of self-esteem is unreasonable and unhelpful. Program host Gene Tunny asks Michael to explain his Three Minute Therapy approach, which is solidly based in Rational Emotive Behaviour Therapy (REBT).
Michael R. Edelstein, Ph.D., has an in-person and telephone therapy practice in San Francisco. He is the author of Three Minute Therapy, a self-help book for overcoming common emotional and behavioral problems, for which he has been awarded Author of the Year. The book was a Quality Paperback Book Club/Book-of-the-Month Club Selection, a Behavioral Sciences Book Service Book Club Selection, and an Albert Ellis Institute Selection. His 2009 book, Stage Fright, includes interviews with Robin Williams, Jason Alexander, Melissa Etheridge, Maya Angelou, and others, relating their personal experiences and wisdom in coping with performance anxiety.
Links relevant to the conversation:
Michael’s website - h…
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Aug 27, 2021
Arrow's Impossibility Theorem
In Episode 102, Arrow's Impossibility Theorem is discussed by University of Queensland Senior Lecturer in Economics Dr Priscilla Man and Economics Explored host Gene Tunny.
_Links relevant to the conversation_
Conversation article Gene mentions in intro: https://theconversation.com/kenneth-arrows-legacy-and-why-elections-can-be-flawed-73675
The paradox of democracy: Arrow impossibility explained: https://youtu.be/dzS-RkzRRVM
Please send any questions, comments, or suggestions to contact@economicsexplored.com.
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Aug 20, 2021
How do we know what's true or why trust science?
In these times of intense debate over COVID-19 and climate change policies, it is important to ask what theories and evidence we can trust - i.e. how do we know what's true or why trust science? Economics Explored host Gene Tunny tackles this topic with returning guest Tim Hughes in a first instalment of what will probably end up being a multi-episode conversation.
Links relevant to the conversation include:
Why Trust Science? by Naomi Oreskes
Naomi Oreskes: Why we should trust scientists - YouTube
What Is This Thing Called Science?
What Seattle learned from having the highest minimum wage in the nation - Vox (NB Seattle minimum wage has been increased to $15/hr)
What evidence should social policymakers use by Andrew Leigh
EP60 Minimum wages and employment
EP14 Randomised controlled trials & economic development
Please send any questions, comments, or suggestions to contact@economicsexplored.com. We'd love to hear from you.
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Aug 13, 2021
Incentivizing Vaccinations - Cash for Jabs
Economist Isaac Katz discusses his proposed vaccination incentives with Economics Explored host Gene Tunny. You can read all about it in Isaac's discussion paper Incentives for achieving COVID 19 herd immunity through vaccination.
Key features of Isaac's plan are:
1. Rewards (incentives) could be in the form of payments to each vaccinated individual, and eligibility to win a significant lottery prize and smaller prizes. We will discuss shortly how these rewards should be designed and who pays for them.
2. The incentives would only be payable if a specified national vaccination rate is met by a specified due date. Incentives would not be paid prior to the due date. This approach creates a focus on the objective – which is to maximise the national vaccination rate. Rewarding individuals for being vaccinated without recognising the national objective will fail to promote community based actions to increase vaccination rates (which we will discuss later).
_About this episode's guest_…
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Aug 6, 2021
Carbon border taxes
A conversation regarding the European Union's proposed Carbon Border Adjustment Mechanism (CBAM), a.k.a. a carbon border tax, between show host Gene Tunny and his colleague Ben Scott, Research Officer at Adept Economics.
_Links relevant to the conversation_
https://adepteconomics.com.au/what-does-the-eus-carbon-border-tax-mean-for-australia/
https://www.diw.de/documents/publikationen/73/diw_01.c.812870.de/dp1935.pdf
https://www.environment.gov.au/system/files/resources/f52d7587-8103-49a3-aeb6-651885fa6095/files/summary-australias-2030-emissions-reduction-target.pdf
Please send any questions, comments, or suggestions to contact@economicsexplored.com
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Jul 30, 2021
Political legitimacy with Prof. Phillip LeBel
In EP98 on political legitimacy, host Gene Tunny interviews Prof. Phillip LeBel, the author of a book published earlier this year by Brown Walker Press titled: Risk and the State: How Economics and Neuroscience Shape Political Legitimacy to Address Geopolitical, Environmental, and Health Risks for Sustainable Governance.
Phillip LeBel is Emeritus Professor of Economics at Montclair State University, NJ. With a career combining academic research and teaching with professional consulting, Professor LeBel has accumulated a record of economic expertise in a variety of domestic and international fields. Over the years, he has lived in and/or worked in 30 countries, including Africa, East Asia, Central America, and Latin America.
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Jul 23, 2021
BS jobs critique + CBDC thoughts from Dr Nicholas Gruen
David Graeber's BS jobs thesis (previously covered in EP95) lacks microeconomic foundations, according to Dr Nicholas Gruen. In EP97, Economics Explored host Gene Tunny speaks with Nicholas about BS jobs and also about Central Bank Digital Currency (CBDC). Nicholas is a big believer in the potential of CBDC, which he has written about in the Financial Times.
About Dr Nicholas Gruen
Dr Nicholas Gruen is a policy economist, entrepreneur and commentator on our economy, society and innovation. He is CEO of Lateral Economics, Visiting Professor at Kings College London Policy Institute and Adjunct Professor at UTS Business School.
He was a Chairman of the Open Knowledge Foundation (Australia) (ending 2020), Chairman of international aged care management software provider Health Metrics (ending 2019), Council Member of the National Library of Australia (ending 2016), chaired the Federal Government’s Innovation Australia (ending 2014) and chaired the Australian Centre for Social Innovatio…
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Jul 16, 2021
Managing Government Budgets
Rachel Nolan, a former Queensland Government finance minister, speaks with Economics Explored host Gene Tunny about how government budgets are developed and just how much flexibility governments actually have.
Rachel Nolan is Executive Director of the McKell Institute and is an honorary Senior Lecturer in Philosophy at the University of Queensland. Rachel was a member of the Queensland Parliament for eleven years from 2001, when she was elected as the youngest woman ever. She is a former Minister for Finance, Transport, and Natural Resources and the Arts. Rachel was a member of the Queensland Government’s central budgetary decision making body, the Cabinet Budget Review Committee.
Links relevant to this episode include:
Budget of the U.S. Government
The Federal Budget in Fiscal Year 2020: An Infographic
Economics Explored EP31 Paying for the Coronavirus rescue measures with Joe Branigan (Note we've changed the name of the show since this episode was recorded so it doesn't clash…
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Jul 9, 2021
BS or pointless jobs
Is it possible that a large proportion of jobs in advanced economies such as the US, UK, and Australia are mostly BS or pointless, as the late David Graeber who was an Anthropology Professor at LSE, suggested in his 2018 book BS Jobs? Economics Explored host Gene Tunny discusses the controversial thesis of BS Jobs with his Adept Economics colleague Tim Hughes.
Links related to the conversation include:
37% of British workers think their jobs are meaningless
2016-17 U.S. State of Enterprise Work Report
Please send through any questions, comments, or suggestions to contact@economicsexplored.com
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Jul 2, 2021
Economics of New Media
While the internet and social media have badly affected traditional media, they have led to the emergence of a rapidly growing new media or independent media sector.
For instance, leading podcaster Joe Rogan was reportedly paid $100 million to move his hugely popular podcast to Spotify. And independent journalists like Matt Taibi, Bari Weiss, and Krystal Ball and Saagar Enjeti are making decent livings through Substack and Patreon subscriptions and via revenue from YouTube.
Economics Explored host Gene Tunny chats about the economics of new media with Matt Wong, Founder of Discernable, a new media start up based in Melbourne, Australia. Discernable's interviews and explainer videos reach over 200,000 Australian views per week. We serve over 1.2 million minutes per month.
Check out Matt's Discernable channel via:
https://www.facebook.com/discernable
https://www.youtube.com/discernable
https://www.discernable.io/
Please send any questions, comments, or suggestions to contact@econo…
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Jun 25, 2021
Public Choice theory with Dr Brendan Markey-Towler
_Economics Explored_ host Gene Tunny and Dr Brendan Markey-Towler discuss the theory of public choice, which assumes politicians and bureaucrats are self-interested and pursue their own agendas. They consider what this means for the growth of government and the types of political institutions we should have.
Please send any comments or questions to contact@economicsexplored.com
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Jun 18, 2021
Nuclear energy and decarbonizing economies
A conversation on how nuclear energy can provide zero-carbon, reliable energy, and why it should potentially be considered as a key part of the world's response to climate change. A discussion between _Economics Explored_ host Gene Tunny and Adept Economics Research Officer Ben Scott.
Links relevant to the conversation include:
Does nuclear energy have a future in Australia?
What’s going on with the so-called hydrogen economy?
OPAL multi-purpose reactor
Nuscale Power
Please send any questions, comments or suggestions to contact@economicsexplored.com and we'll aim to address them in a future episode.
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Jun 11, 2021
Negotiation and Design Thinking with David Johnson of Stanford
David Johnson of Stanford speaks about his work and teaching on Negotiation and Design Thinking (e.g. David's Stanford course Negotiation by Design: Applied Design Thinking for Negotiators). David provides some great insights into how design thinking can help improve our negotiating skills. As part of this discussion, host Gene Tunny and David reflect on how better negotiating skills, gained through design thinking, could help us solve important economic, social, and environmental challenges. Toward the end of the episode, David talks about a book he is currently writing on Climate Activism by Design.
Other links relevant to the conversation include:
Designing Online Mediation: Does “Just Add Tech” Undermine Mediation’s Ownmost Aim?
Negotiation: From Boardroom To Bedroom with David Johnson
d.school resources
About this episode's guest
David Johnson is a lawyer, writer and professor. He teaches Advanced Negotiation at Stanford Law School, and Design Thinking at the Hasso Pla…
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Jun 4, 2021
Lockdown Cost-Benefit Analysis with Professor Douglas Allen
Professor Douglas Allen from Simon Fraser University, Canada has concluded COVID lockdowns have been the greatest peacetime policy failure in Canada's history. Professor Allen speaks with Economics Explored host Gene Tunny in this episode of _Economics Explored_.
Links relevant to the conversation include:
Professor Allen's Lockdown CBA for Canada
Economist: Lockdowns ‘Greatest Peacetime Policy Failure’ in Canada’s History - Foundation for Economic Education
Our World in Data - Coronavirus
Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com.
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May 28, 2021
CPI inflation concerns with Darren Brady Nelson
A conversation on just how worried we should be about future inflation in this time of MMT and QE between Economics Explored host Gene Tunny and returning guest Darren Brady Nelson, chief economist of the Australian libertarian think tank LibertyWorks and a policy adviser to the Heartland Institute.
Charts of data referred to in this episode:
Charts on CPI, money supply, US 10 year bond yield, and asset prices
This is the classic book by Milton Friedman and Anna J. Schwartz mentioned in this episode:
A Monetary History of the United States, 1867-1960
Please send through any questions, comments, or suggestions to contact@economicsexplored.com and we will aim to address them in an upcoming episode.
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May 21, 2021
Evolutionary Economics with Dr Brendan Markey-Towler
Dr Brendan Markey-Towler returns to the program to speak about the important insights of Evolutionary Economics, which owes a lot to Joseph Schumpeter's perspective on economic growth emphasising creative destruction.
Brendan is the co-author of the 2020 book Economics of the Fourth Industrial Revolution Internet, Artificial Intelligence and Blockchain, published by Routledge. He has a PhD in Economics from the University of Queensland.
Please send through any questions, comments, or suggestions to contact@economicsexplored.com.
_Links relevant to the conversation:_
What is evolutionary economics - Brendan's Medium article
Books with chapters on Schumpeter:
Grand Pursuit: The Story of Economic Genius
The Great Economists
The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers
Nelson and Winter's 1982 classic:
An Evolutionary Theory of Economic Change
Veblen's article:
Why is Economics not an Evolutionary Science?
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May 14, 2021
Saving and Investing for Retirement: 401(k)s, IRAs, mutual funds, ETFs, etc.
_Economics Explored_ host Gene Tunny discusses saving and investing for retirement with Sarah Holden, Senior Director of Retirement & Investor Research at the Investment Company Institute (ICI). ICI is the leading association representing regulated funds globally, including US mutual funds and exchange-traded funds (ETFs). Sarah has a Ph.D. in economics and has studied retirement trends and policy, as well as the behavior of investors, for decades. She uses humor and plain English to make retirement and investment concepts clear. Sarah is based in Washington, DC and Gene spoke with her over Zoom on 12 May 2021.
Please send through any questions, comments or suggestions to contact@economicsexplored.com and Gene will aim to address them in a future episode.
Links relevant to the conversation include:
http://icief.org/
https://www.ici.org/401k
https://www.ici.org/ira
http://icief.org/investing/index.html
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Invest…
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May 8, 2021
Decarbonizing the Economy
Economics Explored host Gene Tunny talks about the big challenge of decarbonizing economies to respond to climate change. Among other issues he considers the uncertainty around the impacts of climate change, the future of coal, and optimal policy responses to climate change.
Relevant links include:
A Study of Long-term Global Coal Demand by Queensland Treasury
Structural Adjustment Policies Becoming Increasingly Important
Apocalypse Never
Unsettled: What Climate Science Tells Us, What It Doesn’t, and Why It Matters
How to Avoid a Climate Disaster by Bill Gates
The Spirit of Green by William Nordhaus
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Apr 30, 2021
Business cases for public infrastructure projects
Discusses the requirements and process for the development of public infrastructure business cases in Australia, with a case study of a current business case process relating to an irrigation dam which program host Gene Tunny is involved in. While Australian examples are used, the insights and lessons are relevant internationally. In many respects, Australian processes and requirements for developing public infrastructure business cases are world-leading.
Links relevant to the conversation:
Business Case Development Framework of Building Queensland
Paradise Dam Improvement Project
$2.4 billion cost to economy if Paradise Dam not fixed
Australian lungfish
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Apr 22, 2021
Economics and Religion
A conversation on economics and religion, including on whether Jesus was a socialist and whether religion influences economic growth. Economics Explored host Gene Tunny speaks with Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank, and a policy advisor to the Heartland Institute.
Links related to the conversation
Darren's articles on religion and economics:
Murray Rothbard on Christianity, Catholicism, and theology
Christian liberty: are you serious??
Other material:
HuffPo article: Jesus was a Socialist
Rendering Unto Caesar: Was Jesus A Socialist?
The Tribute Money (Titian)
Is 'Render unto Caesar' really about taxes?
Religion and Economic Growth
Why is the Lord’s Day celebrated on Sunday instead of Saturday?
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Apr 14, 2021
Missing Middle Housing & other urban planning issues
Cities such as Portland, USA are pushing back against NIMBYism and embracing medium-density development, the so-called Missing Middle Housing, while others such as Brisbane, Australia, are discouraging it. Economics Explored host Gene Tunny speaks with Australian urban planning expert Natalie Rayment about the economic and social costs and benefits of urban planning/zoning rules.
About this episode's guest - Natalie Rayment, Executive Director of Wolter Consulting
Natalie has built a career in town planning over the last 25 years. Her experience in both the private and public sector has culminated in her role as Executive Director of Wolter Consulting Group. Natalie is a Registered Planner with the Planning Institute of Australia, a recognised expert town planning witness to the Court and specialises in statutory planning and development facilitation. Natalie is also a Member of the Property Council 2019/2020 Retirement Living Committee and Deputy Chair of the HIA Qld Planning Commit…
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Apr 7, 2021
Female Breadwinning with Prof. Gigi Foster
Economics Explored host Gene Tunny speaks with Professor Gigi Foster of the University of NSW about her research on female breadwinning, where a woman earns more than her male partner. What does female breadwinning mean for relationship satisfaction and longevity? Does thinking about partnership formation as taking place in a market help us understand relationship choices and dynamics?
About this episode's guest - Professor Gigi Foster
Gigi Foster is one of Australia’s leading economics communicators and a Professor at the UNSW School of Economics. She was named 2019 Young Economist of the Year by the Economic Society of Australia.
A Professor in the School of Economics at the University of New South Wales, she was awarded a national Citation for Outstanding Contributions to Student Learning in 2017. Born in Pittsburgh, Pennsylvania in the United States, she received her BA from Yale (majoring in Ethics, Politics, and Economics), and her PhD in economics from the University of Mar…
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Mar 31, 2021
Freeing Fiscal Policy from political tinkering with Dr Nicholas Gruen
In a March 2021 _Financial Times_ article Dr Nicholas Gruen proposed an independent fiscal policy advisory body so that fiscal policy is freed from political tinkering. _Economics Explored_ host Gene Tunny speaks with Dr Gruen about his proposal in this episode.
Dr Gruen is CEO of Lateral Economics and a Visiting Professor at King's College, London. He has advised Australian Government Ministers, including an Australian Treasurer, and is a renowned angel investor (e.g. in Kaggle which was acquired by Google). Dr Gruen blogs regularly at Club Troppo.
Links relevant to the conversation include:
Dr Gruen's _FT_ article:
Fiscal policy should be freed of political tinkering
Dr Gruen's 2001 _OECD Journal of Budgeting paper_:
Greater Independence for Fiscal Institutions
Edmund Burke quote
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Mar 24, 2021
The Olympics - economic boon or burden?
Brisbane, Australia looks set to host the 2032 Olympics. It's claimed there's a new model for delivering Olympics which will mean the host city will actually benefit from it. But can the claims be believed particularly given the experience of previous host cities such as Montreal and London, and when there are secret meetings of the City Council to finalise the bid? Economics Explored host Gene Tunny discusses the economics of the Olympics with Dr Alistair Robson, who is an adjunct senior lecturer with the University of NSW.
Links relevant to the conversation include:
Councillors to be briefed on secret Olympic bid details before vote
James Gieseke and John Madden study of Sydney Olympics in 2000
4 legacies of the 1976 Montreal Olympics you probably didn't know about | CBC News
Australia's Queensland state will bid for 2032 Olympics (re. KPMG's economic impact estimates)
2032 Olympic and Paralympic Games Value Proposition Assessment
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Mar 19, 2021
Running the Numbers on COVID-19 Measures with Prof. Peter Swan
One year on from when many countries started imposing tough COVID-19 control measures, Economics Explored host Gene Tunny asks eminent Australian finance Professor Peter Swan whether lockdowns pass a cost-benefit analysis test. Professor Swan says he stands by his view expressed last year that they do not. Listen to this episode to hear why Prof. Swan believes this is so.
_About this episode's guest_ _- Professor Peter Swan_
Professor Peter Swan AO FRSN FASSA is currently in Banking and Finance, UNSW-Sydney Business School. Peter completed his Honours Economics Degree at ANU, his PhD at Monash and after a visiting position at the University of Chicago, joined the Economics faculty at ANU, then to a chair at AGSM (UNSW), and was foundation professor in the Finance Department at the University of Sydney prior to returning to UNSW in 2002 with a Scientia Professorial Award in 2003.
He was elected a Fellow of the Academy of Social Sciences in Australia in 1997 and gained recognition in…
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Mar 10, 2021
Anarcho-capitalism and a Libertarian analysis of COVID with Prof. Walter Block
What is Anarcho-capitalism? And what would a libertarian analysis of the COVID-19 pandemic tell us? Economics Explored host Gene Tunny has a thought-provoking conversation with Loyola University's Professor Walter Block, whose Wikipedia entry describes him as "an American Austrian School economist and anarcho-capitalist theorist_._"
Regarding anarcho-capitalism check out Walter's books:
The Privatization of Roads and Highways
Defending the Undefendable
Mentioned in the discussion is the Homestead principle associated with John Locke.
Regarding COVID-19, check out Walter's 2020 paper:
A Libertarian Analysis of the COVID-19 Pandemic
Also on COVID-19, check out this podcast discussion mentioned by Gene in his conversation with Walter:
Lord Sumption: mass civil disobedience has begun
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Mar 4, 2021
The role of the Treasury in Economic Policy with Paul Tilley
A conversation on the importance of the Treasury department to government and economic management. Economics Explored host Gene Tunny speaks with Paul Tilley about his 2019 book Changing Fortunes: A History of the Australian Treasury.
Paul Tilley was an economic adviser to governments for 32 years, working at senior levels in all parts of Treasury, as well as other key agencies such as the Department of Prime Minister and Cabinet, the Treasurer’s office and the OECD. He is now a Senior Fellow at the Melbourne Law School, a Visiting Fellow at the Australian National University Tax and Transfer Policy Institute and works with a number of non-government organisations.
Here's Paul's Melbourne Law School profile and here's Paul's ANU profile.
Finally, here's a link to the Wikipedia article on the trillion-dollar coin Gene alludes to in the conversation.
_Get in touch_
Get in touch with Economics Explored host Gene Tunny with any comments, suggestions, or questions by emailing him via…
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Feb 25, 2021
Insights from behavioural economics & science regarding COVID responses
QUT's Dr Stephen Whyte speaks with Economics Explored host Gene Tunny about insights from behavioural economics and science regarding COVID responses.
Stephen is a Postdoctoral Research Fellow in Behavioural Economics in the School of Economics & Finance, QUT. His research focus explores large scale decision making in mate choice settings. His work takes a multi-disciplinary approach in studying key sex differences in human behaviour, with work that bridges the fields of applied micro-economics, personality & social psychology, and evolutionary biology. His most recent research has explored such diverse topics as sex differences in nonbinary gender identification, male & female decision making in assisted reproductive & donor insemination medical environments, and preferences vs choice in cyber dating markets.
_Material relevant to the discussion_
Stephen's co-authored paper:
Can Psychological Traits Explain Mobility Behavior During the COVID-19 Pandemic?
Stephen's Brisbane ABC ra…
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Feb 18, 2021
The Fed and Inflation Targeting
Economics Explored host Gene Tunny discusses the US Fed's new approach to inflation targeting with Michael Knox, the Chief Economist of leading Australian wealth management firm Morgans. The approach implies the Fed will allow the economy to run hot for a while during the recovery from the pandemic recession. The conversation revolves around Michael's recent note:
The Fed - Allowing the economy to run hot
Other links relevant to the conversation include:
Powell announces new Fed approach to inflation that could keep rates lower for longer
Boskin Commission Report
FRED yield curve data showing steepening yield curve over late 2020/early 2021, as longer-term rates/yields (e.g. 10-year Treasury bond yield) increase relative to shorter-term rates (e.g. Federal Funds Rate)
Michael Knox on Quantitative Easing as a long-term strategy
Robert Heller's 1976 paper on International reserves, money, and global inflation
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Feb 10, 2021
Industry Assistance and Crony Capitalism with Darren Brady Nelson
Economics Explored host Gene Tunny is joined by Darren Brady Nelson of LibertyWorks and the Heartland Institute to discuss the economics of industry assistance or so-called corporate welfare. Gene and Darren also consider the concept of crony capitalism.
This episode’s topic was prompted by an interview request host Gene Tunny had from an Australian ABC journalist regarding the Australian Government’s generous tax incentives for the film industry (e.g. check out Australian Prime Minister Scott Morrison’s July 2020 announcement New $400 million incentive to boost jobs for screen industry).
In 2019, Gene and Darren co-authored a paper on bad spending decisions made by the state of Queensland, Australia for Tax and Super Australia’s Special Centenary Publication: Government Waste, and identified generous spending on Screen Queensland and the state government paying for the construction of a new sound stage at Village Roadshow studios on the Gold Coast.
Gene has previously writt…
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Feb 3, 2021
Fiscal Stimulus with Prof. Fabrizio Carmignani
A conversation on fiscal stimulus and the government spending multiplier with Professor Fabrizio Carmignani, Dean (Academic) of Griffith Business School. Fabrizio and Economics Explored host Gene Tunny discuss:
* how the size of the multiplier (and the degree of crowding out) varies with the state of the economy;
* how vouchers might be a more effective stimulus than cash handouts;
* how governments really do need to run surpluses (or only very small deficits) when the economy recovers so the debt-to-GDP ratio can be stabilised and reduced in the long-term; and
* how Modern Monetary Theory (MMT) isn't a theory, nor is it modern.
Links relevant to the conversation include:
Does Government Expenditure Multiply Output and Employment in Australia?
Fiscal Multipliers in Recession and Expansion
How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects
_Fabrizio's bio_
Fabrizio Carmignani is Dean (Academic) and Professor of…
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Jan 27, 2021
Foreign Direct Investment & Productivity
To what extent does Foreign Direct Investment create spillovers that boost the productivity of domestic businesses? Economics Explored host Gene Tunny speaks with the authors of a recent study addressing this question: Sara McGaughey, soon to take up a position as Professor at Copenhagen Business School, and Professor Pascalis Raimondos, Head of the School of Economics and Finance at QUT Business School in Brisbane, Australia.
Sara and Pascalis have taken advantage of the huge Orbis business database which has allowed them to construct a panel dataset of nearly 576,000 manufacturing firms across 20 European countries. They find evidence that controlled foreign firms can boost the productivity of other firms in the same industry (horizontal spillovers), while previous studies had only convincingly found evidence of vertical spillovers, between foreign affiliates and their domestic suppliers.
The study is titled Foreign Influence, control, and indirect ownership: Implications for produ…
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Jan 20, 2021
Retail is Detail with Bruno Cortigiani of Merlai
How the retail sector has been transformed over the last two decades and how emerging retailers can thrive with high-touch service, customisation, and an optimised global value chain. Economics Explored host Gene Tunny speaks with Bruno Cortigiani, owner of up-and-coming made-to-measure menswear retailer Merlai.
Check out Merlai on Instagram: @merlaiofficial
Relevant links include:
Photo of Bruno at the microphone for the podcast recording
Start with Why - Simon Sinek's TED talk
The E Myth Revisited Why Most Small Businesses Don't Work and What to DoAbout It
Fletcher Jones (Australian entrepreneur) [NB toward the end of the episode, Gene spoke off the top of his head about the historical Fletcher Jones and didn't quite get the story right, so please check out the Wikipedia entry for the right story]
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Jan 13, 2021
The Circular Economy with Craig Lawrence
The concept of a Circular Economy is increasingly being mentioned in economic and environmental policy discussions. Economics Explored host Gene Tunny chats with Craig Lawrence of Lytton Advisory about what a Circular Economy would look like, and whether it is compatible with rational economic thinking.
The takeaway is that there is some merit in the Circular Economy concept, but we need to apply hard-headed economic thinking when it comes to the specifics. Toward the end of the conversation, Craig notes:
_I think that there's an opportunity here [with the Circular Economy]. The linear concept, I don't think is sustainable. And so we need to do something different. But I don't think that there's a blanket solution or an easy panacea. And I still think the economist in me wants to analyse and collect data, and look at individual markets and look at specific opportunities and weigh them up…I don't want to be running or pushing a green solution for the sake of a green solution. I want…
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Jan 6, 2021
Financing the COVID-19 Government Debt
Dr Begoña Dominguez speaks with Economics Explored host Gene Tunny about her recent video on Financing the COVID-19 Government Debt.
Begoña Dominguez is currently Associate Professor at the School of Economics, University of Queensland. Her research interests are in the area of macroeconomics and, more specifically, in the design of optimal fiscal and monetary policies. Her research has been published in top journals in economics, such as _Journal of Monetary Economics_ and _Journal of Economic Theory_, among other outlets.
In her video, Begoña outlines three thought provoking proposals to assist with financing the COVID-19 government debt, specifically:
1. coordinated fiscal and monetary policies with a temporary lift in the inflation target, along the lines of what was suggested by Bianchi, Faccini, and Melosi (2020) Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength
2. social contract, whereby an evaluation is done after the pandemic is over to determine w…
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Dec 30, 2020
COVID and Wartime – Comparison of economic impacts
A conversation on whether COVID can be compared to wartime, which considers the different scales and scopes of the shocks, and what it all means for prospects for economic recovery. Economics Explored host Gene Tunny, an Australian professional economist and former Treasury official, speaks with businessman Tim Hughes, also based in Brisbane, Australia.
Gene and Tim conclude that a comparison of COVID to wartime isn’t valid. One reason is that World War II required a complete reorganisation of the economy to maximise production for the war effort, while COVID has involved restrictions that have reduced economic activity.
Links relevant to the conversation include:
Comparing COVID-19 to past world war efforts is premature — and presumptuous
US Council on Foreign Relations Backgrounder on The National Debt Dilemma
Brookings on What’s the Fed doing in response to the COVID-19 crisis? What more could it do?
Australia’s Boldest Experiment (excellent book on Australia’s warti…
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Dec 26, 2020
Regulating Big Tech
It’s been a challenging year 2020, but one positive development is that regulators in the US and Australia have started challenging the Big Tech companies Google and Facebook over alleged misuses of market power. Economics Explored host Gene Tunny provides an update and discusses the important economic concepts and policy issues.
Links relevant to the conversation include:
Joseph Stiglitz on Regulating Big Tech
Don't Be Evil: The case against big tech by Rana Foroohar
Australian Treasury Laws Amendment (News Media and Digital Platforms Mandatory Bargaining Code) Bill 2020
Economics Explored EP58: Tech Giants challenged by the Media and Governments
Economics Explored EP22: Antitrust with Danielle Wood from the Grattan Institute
Economics Explored EP21: Surveillance Capitalism with Darren Brady Nelson
Economics Explored EP16: Big Economic issues for the 2020s
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Dec 16, 2020
Money and Cryptocurrency
Economics Explored host Gene Tunny chats about money and cryptocurrency, specifically Bitcoin, with Brisbane-based businessman Tim Hughes. They consider whether Bitcoin can replace traditional money in this new age of political unrest and this new paradigm of Modern Monetary Theory.
Relevant links include:
Naval Ravikant on Happiness, Reducing Anxiety, Crypto Stablecoins, and Crypto Strategy
John Quiggin's 2018 post on Bitcoin's belated bust
Money: The True Story of a Made Up Thing
Money Mischief by Milton Friedman
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Dec 9, 2020
Behavioural Finance with Dr Tracey West of Griffith Business School
A conversation regarding the emerging field of Behavioural Finance and its lessons for households, investors, and governments. Economics Explored host Gene Tunny speaks with Dr Tracey West, a Lecturer in the Griffith Business School.
Links relevant to the conversation include:
Tracey's Griffith University Experts page
Tracey's LinkedIn profile
Tracey's academic publications via Google Scholar
Storm Financial clients slam $140k fine after 3,000 investors left destitute
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Dec 2, 2020
Adam Smith and Margaret Thatcher with Dr Eamonn Butler
Economics Explored host Gene Tunny speaks with Adam Smith Institute Director Dr Eamonn Butler about the values and lessons of Adam Smith (the great Scottish philosopher and founder of economics), the depiction of Margaret Thatcher in Netflix's season 4 of The Crown, and price controls.
Here's a link to the book on price controls Dr Butler co-authored:
Forty Centuries of Wage and Price Controls: How Not to Fight Inflation
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Nov 25, 2020
The Great Reset
The COVID-19 pandemic has prompted the World Economic Forum to call for a Great Reset of the global economy. What is the Great Reset and should we be concerned? In this episode, Economics Explored host Gene Tunny discusses the Great Reset with Darren Brady Nelson, Chief Economist of LibertyWorks and a research fellow at the Heartland Institute.
Links related to the conversation include:
COVID-19: The Great Reset
What is Davos?
Forty Centuries of Wage and Price Controls
The Great Reset is 'crazy, kooky stuff' which aims for 'no private property by 2030'
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Nov 18, 2020
Megaprojects with Marion Terrill from Grattan Institute
Multi-billion-dollar Megaprojects like Boston’s Big Dig and Brisbane’s Cross River Rail are more at risk of cost blowouts and failing to generate the benefits they expect than smaller infrastructure projects. Marion Terrill, Transport & Cities Program Director at the Grattan Institute, explains why in a conversation with Economics Explored host Gene Tunny. Marion has recently co-authored a Grattan Institute report The rise of megaprojects: counting the costs.
Issues of discussion include:
* Why megaproject costs blow out (5:20)
* Optimism bias (12:00)
* What Nassim Nicholas Taleb wrote about megaprojects in _Antifragile_ (17:15)
* How we can improve infrastructure project selection and management (22:50)
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Nov 11, 2020
Economics of the Fourth Industrial Revolution: Internet, AI and Blockchain
The Fourth Industrial Revolution, involving the convergence of the internet, AI, and blockchain, will radically change our economy and our lives, according to the authors of a new book published by Routledge. Economics Explored host Gene Tunny speaks with authors Nicholas Johnson, CEO of Economists Without Borders, and Dr Brendan Markey-Towler, and Associate of EWB.
Where you can buy the book _Economics of the Fourth Industrial Revolution: Internet, Artificial Intelligence and Blockchain_:
Book Depository
Amazon
Routledge
Links relevant to the conversation include:
How should we measure the digital economy?
Power Ledger
Brooklyn Microgrid
EOSIO
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Nov 7, 2020
Minimum wages and employment
Economics Explored host Gene Tunny discusses the evidence on the impact of changes in minimum wages on the employment of low-skilled workers.
Links relevant to the conversation include:
David Neumark on the Employment effects of minimum wages
Australian Productivity Commission Workplace Relations Inquiry Report
Glenn Loury and David Neumark video podcast discussion of minimum wage
Paul Krugman opinion piece Liberals and Wages
Card and Krueger's famous 1994 minimum wage study
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Oct 30, 2020
Natural rate of unemployment or NAIRU
Economics Explored host Gene Tunny discusses the natural rate of unemployment and the non-accelerating inflation rate of unemployment, the NAIRU. He considers whether they're the same thing, why they are important, and what affects them.
Links relevant to the episode include:
Milton Friedman's 1967-68 AEA Presidential Address on the role of monetary policy
Kansas City Fed paper on a new estimate of the natural rate of unemployment
RBA paper on Estimating the NAIRU and the Unemployment Gap
Brookings post on What is u*?
Carl E. Walsh on The Natural Rate, NAIRU, and Monetary Policy
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Oct 21, 2020
Tech Giants challenged by the Media and Governments
Around the world, the tech giants such as Google and Facebook are being challenged by traditional media and governments. This episode considers the pros and cons of a new proposal in Australia to improve the bargaining position of traditional media companies relative to the tech giants. Economics Explored host Gene Tunny discusses the issues with his Adept Economics colleagues Taylor-Rose Hull and Ben Scott.
The discussion is based on the following article:
Australian Government takes on digital giants Google and Facebook
Links relevant to the conversation include:
US justice department sues Google over accusation of illegal monopoly
United States v. Microsoft Corp.
ACCC Draft news media bargaining code
Pizzagate conspiracy theory
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Oct 14, 2020
Corporate governance & corporate social responsibility
Economics Explored host Gene Tunny speaks with Stephen Howell, Principal Adviser of Effective Governance, regarding the importance of good corporate governance to a well-functioning economy. They consider examples of how poor governance of companies has damaged economies in the past, and they discuss principles for good corporate governance. Corporate social responsibility is also discussed, beginning with a consideration of Milton Friedman’s doctrine that companies should be run solely in the interests of their shareholders.
Links related to the discussion include:
Directors at Work: A Practical Guide for Boards
Rio Tinto blasted ancient Aboriginal caves for $135m of iron ore
Governance through a crisis
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Oct 7, 2020
Quantitative Easing as a long-term strategy with Michael Knox
Quantitative Easing (QE), once considered unconventional monetary policy, is becoming a long-term strategy of central banks. Michael Knox, Chief Economist of Morgans, a major Australian wealth management firm, discusses his recent note on this issue with Economics Explored host Gene Tunny.
Relevant links include:
Michael Knox’s note QE as a long-term strategy
Ben Bernanke’s AEA Presidential Address on the New Tools of Monetary Policy
Guy Debelle’s speech on the Australian Economy and Monetary Policy
US money supply (M2) data from FRED
Money supply growth chart for Australia from RBA
A conversation with Professor Alan Blinder '67 and Chair Jerome Powell '75
Robert Heller’s IMF paper on International Reserves, Money, and Global Inflation (from p. 28)
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Sep 30, 2020
The Precautionary Principle and COVID-19
The Precautionary Principle is being used to justify the closure of state borders in Australia to deal with COVID-19. Should the Precautionary Principle, which many argue is relevant to climate change, be extended to COVID-19? Economics Explored host Gene Tunny discusses the Precautionary Principle and COVID-19 with Joe Branigan, Director of Tulipwood Economics.
Links relevant to the conversation include:
The precautionary principle should not be used as a basis for decision-making
John Quiggin on Complexity, Climate Change and the Precautionary Principle
The Cost-benefit Revolution
COVID19: Getting Australia Safely Back to Work
Cancer screening, heart attack and stroke presentations down in Victoria during coronavirus pandemic
The silent death toll of COVID-19 revealed: Huge 25 per cent jump in suicides each year
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Sep 23, 2020
Rationalising Regulation
How cutting red tape and improving regulations could help economies recover from the COVID-crisis. Economics Explained host Gene Tunny speaks with University of Sydney Associate Professor Salvatore Babones about his paper, co-authored with Ben Scott, _Rationalising Regulation_, which is part of the Centre for Independent Studies _Pandemic to Recovery_ Policy Papers series. The paper is available via the CIS website.
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Sep 16, 2020
COVID-induced border battle in Australia
Australia is having a big debate about state border restrictions which have been implemented to stop the spread of coronavirus. A conversation with Joe Branigan of Tulipwood Economics on the economic and public policy issues involved.
Joe Branigan of Tulipwood Economics. Joe is the co-author with Dr Henry Ergas of the Menzies Research Centre paper COVID19: Getting Australia Safely Back to Work.
Items mentioned in our conversation include:
The Triumvirate’s Stratagem cannot stand – guest post by Joe Branigan
Nick Behrens’s briefing on the state of Queensland's COVID-19 Fiscal and Economic Review
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Sep 9, 2020
Economics and Public Policy
Host Gene Tunny and his Adept Economics colleague Ben Scott discuss how economics can help us develop sensible public policies on a diverse range of issues, including the environment, housing, and public health, among others.
Links relevant to this episode include:
Gene’s presentation to Public Policy Pitch participants
Presentation slides
UQES & PPES Adept Economics Policy Pitch Competition
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Sep 2, 2020
What Economists do and why the world needs them
Economics Explained host Gene Tunny chats with Brisbane-based businessman Tim Hughes about what economists do and why the world needs them.
Relevant links include:
Wired article on Google Chief Economist Dr Hal Varian
Behavioural economics with Dr Brendan Markey-Towler
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Aug 26, 2020
New Normal Post-COVID
Economics Explained host Gene Tunny presents some of his preliminary views on what the New Normal post-COVID could be like.
Links relevant to the conversation include:
Will the Pandemic Push Knowledge Work into the Gig Economy?
Some retailers are turning their shops into 'dark stores' as consumers turn to online shopping
Home delivery of ‘comfort food’ increasing during Melbourne’s COVID-19 lockdown
Amazon sales soar as coronavirus-worried consumers shop from home, but costs rise
PwC on COVID-19: from health issue to economic crisis
Cybersecurity in the Age of Coronavirus
Why Uber, Lyft's future in California could be decided by voters
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Aug 19, 2020
Gold with Darren Brady Nelson
Economics Explained host Gene Tunny discusses the drivers of the gold price with Darren Brady Nelson, Chief Economist of LibertyWorks and a policy advisor at the Heartland Institute.
Links related to the conversation include:
Darren's Mises Institute article How Fear and Uncertainty Drives Demand for Gold
Sudden Media Infatuation With Keynes' "Barbaric Relic" - Gold
Keynes vs Hayek rap battle
Milton Friedman on the gold standard – Excerpt: The Man Who Knew
Historical gold price data at measuringworth.com
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Aug 12, 2020
The Deficit Myth & Modern Monetary Theory – initial views
Discussion of Stephanie Kelton’s book The Deficit Myth, which is popularising Modern Monetary Theory, between Economics Explained host Gene Tunny and his colleague Ben Scott from Adept Economics.
Resources mentioned in the discussion include:
Reserve Bank of Australia Governor Philip Lowe’s speech COVID-19, the Labour Market and Public Sector Balance Sheets
Olivier Blanchard’s paper Public Debt and Low Interest Rates
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Aug 5, 2020
Re-opening economies in this time of COVID-19 with Joe Branigan
Professor Henry Ergas and Joe Branigan have just had a new paper published by the Menzies Research Centre, COVID19: Getting Australia Safely Back to Work. Economics Explained host Gene Tunny speaks with Joe Branigan, Director of Tulipwood Economics, about the paper.
For a sample of Joe’s comments and a link to an interview with Professor Ergas, check out:
Suppression preferred over more costly elimination strategy say Ergas & Branigan
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Jul 29, 2020
Challenges of Economic Forecasting in the COVID-19 Pandemic with Prof. Rodney Strachan
Economics Explained host Gene Tunny speaks with Professor Rodney Strachan regarding his recent video on the Challenges of Forecasting in the COVID-19 Pandemic.
Professor Rodney Strachan is Professor of Econometrics at the University of Queensland in Brisbane, Australia. Rodney received his PhD from Monash University in 2000. His research focuses on Bayesian analysis, econometric theory, and time series analysis. Rodney came to UQ from the Australian National University where he was a professor and the deputy head of the Research School of Economics.
Links relevant to this episode include:
Koop and Potter’s 2007 paper A Flexible Approach to Parametric Inference in Nonlinear Time Series Models (highly technical)
Autoregressive (AR) model
Dummy variables
There were a few other technical concepts mentioned in this episode which I’ll aim to cover in future episodes.
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Jul 22, 2020
Valuing the Environment with Dr Boyd Blackwell
Economics Explained host Gene Tunny speaks to Dr Boyd Blackwell on the use of economic techniques to value the environment. Boyd is Director of AquaEquis Economic Consulting and the President of the Australian and New Zealand Society of Ecological Economics.
Links relevant to the discussion include:
Deloitte Value of the Great Barrier Reef report
Conversation article critiquing economic value estimate of GBR
Boyd’s economic analysis of Australian coastal wastewater outfalls
Some number is better than no number article
NSW biodiversity offset scheme
Travel cost method
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Jul 15, 2020
State Government Economic Responses to COVID-19
Economics Explained host Gene Tunny presents and elaborates on his opening remarks to the Queensland Parliamentary Inquiry on the state government’s economic response to COVID-19. The remarks are relevant to state or sub-national governments in countries other than Australia.
Here are some relevant links:
COVID19: Getting Australia Safely Back to Work (the new Menzies Research Centre paper from Dr Henry Ergas and Joe Branigan questioning the net benefits of lockdowns)
The New Bradfield scheme proposes moving floodwaters from north to south, but its feasibility is in question
Australian Government 2009 Updated Economic and Fiscal Outlook (re. expenditure growth fiscal rule)
Opening remarks to Qld Parliamentary Inquiry on economic response to COVID-19
Australian coverage of my upcoming Qld Parliamentary Inquiry appearance
Qld Gov’t COVID-19 Adaption Grants program poorly designed
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Jul 8, 2020
Dynamic Pricing
Economics Explained host Gene Tunny discusses dynamic pricing, which is used by Uber and airlines among other businesses, with his Adept Economics colleague Ben Scott.
Resources mentioned in the conversation include:
Tim Harford's The Next Fifty Things that Made the Modern Economy
Uber and airline dynamic pricing models can be viewed as both fair and predatory
QPAC/QTIX to trial Uber-style surge pricing to boost revenue
Matching and Dynamic Pricing in Ride-Hailing Platforms
He has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them
Dynamic pricing: Retailers using artificial intelligence to predict top price you'll pay
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Jul 1, 2020
Unfreezing Discount Rates with Marion Terrill of the Grattan Institute
Economics Explained Host Gene Tunny discusses unfreezing discount rates for infrastructure projects with Marion Terrill, Transport and Cities Program Director at the Grattan Institute, a leading Australian think tank.
Marion is a leading policy analyst with experience that ranges from authoring parts of the 2010 Review of Australia’s Future Tax System to leading the design and development of the MyGov account. She has provided expert analysis and advice on labour market policy for the Australian Government, the Business Council of Australia and at the Australian national university. She joined the Grattan Institute in April 2015 to establish the Transport Program, and has published on investment in transport infrastructure, cost overruns, value capture, congestion, and discount rates.
Here is a link to Marion’s 2018 report on discount rates co-authored with Hugh Batrouney:
Unfreezing discount rates: transport infrastructure for tomorrow
The Resources for the Future Working Pape…
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Jun 24, 2020
Fiscal Vaccine for COVID-19 with Prof. Tony Makin
Professor Tony Makin of Griffith University speaks about his new CIS Policy Paper A Fiscal Vaccine for COVID-19 with Economics Explained host Gene Tunny. In Tony’s words, “the paper considers the resurgence of crude Keynesianism before highlighting risks of the fiscal legacy.”
Tony Makin is Professor of Economics at Griffith University and has previously taught at the University of Queensland, the Lee Kuan Yew School of Public Policy at the National University of Singapore and in the Australia and New Zealand School of Government (ANZSOG) program. His field of expertise is international macroeconomics and public finance and he has previously served as an economist with the International Monetary Fund and in the Australian federal departments of Finance, Foreign Affairs and Trade, The Treasury and Prime Minister and Cabinet. He has also been Director of the APEC Study Centre at Griffith University, and Australian convener of the structural issues group of the Pacific Economic Coo…
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Jun 17, 2020
Gender pay gap recap
Why is there a gender pay gap - i.e. why do women earn less than men on average? To what extent is it due to working in different types of jobs, levels of experience or education, or discrimination and biases? Economics Explained host Gene Tunny discusses the evidence with his colleague Benjamin Scott, Research Officer at Adept Economics.
Resources mentioned in the discussion include:
Blau and Kahn JEL article on the gender wage gap
Ross Guest on the Real Gender Pay Gap
KPMG She's Price(d)less report
Leonora Risse on the gender pay gap interview
Andrew Leigh's video Underpaid & Over It
Australian Government Workplace Gender Equality Agency on the gender pay gap
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Jun 10, 2020
Seven Habits of Highly Effective Economists
Economics Explained host Gene Tunny speaks about one of his favourite books, Stephen Covey's _7 Habits of Highly Effective People_, with Tim Hughes, a Brisbane-based businessman (Urban Ergo). Gene speaks about how he sees the lessons applying to economists.
A 30th anniversary edition of the 7 Habits was published this year.
Links related to the discussion include:
Art of Manliness episode on 30th anniversary of the 7 Habits
Paul Frijters on coronavirus
Who pays Trump's tariffs, China or U.S. customers and companies?
Ralph Turvey on how to estimate marginal costs
Brian Tracy's Eat that Frog
The 7 habits of highly effective economists – Part 1: Habits 1 to 3 for private victory
The 7 habits of highly effective economists Part 2 – Habits 4 to 7: Public victory & renewal habits
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Jun 3, 2020
Picking winners: Industry policy with Craig Lawrence
Economics Explained host Gene Tunny speaks with Craig Lawrence, Managing Director of Lytton Advisory, regarding the pros and cons of picking winners and interventionist industry policy more broadly.
Craig Lawrence has over 30 years of experience across government and private sector projects, particularly in infrastructure, transport, and tourism. Prior to establishing Lytton Advisory, Craig was Director-Infrastructure Policy at the Queensland Government Department of State Development, Infrastructure and Planning where he led a team of policy and regulatory analysts and economists looking at infrastructure prioritisation and resource region supply chain optimisation. He was previously Director-Economic Policy within the Department.
Reports mentioned in the conversation include:
QCA Industry Assistance Review Report (see p. 25 for the footloose Berri Fruit Juice example)
Productivity Commission Automotive Industry Modelling Report (see p. 80 for the PC’s estimate of the high cost…
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May 27, 2020
Uncertainty and the perils of prediction with William M Briggs
Economics Explained host Gene Tunny speaks with statistician William M “Matt” Briggs about uncertainty and the perils of prediction.
Matt is a consulting statistician and a policy advisor to the Heartland Institute. He has been a visiting Professor of Statistics at Central Michigan University and an Adjunct Professor of Statistics at the Cornell Medical School. Matt is the author of the 2016 book Uncertainty: The Soul of Modeling, Probability and Statistics, published by Springer.
In the interview I mention Matt’s article Why is Economics plagued by Math? This article by Matt refers to a 2015 paper by Nobel Prize winning economist Paul Romer Mathiness in the theory of economic growth.
If you’re interested in learning more about Matt’s work, check out this video on YouTube:
The crisis of evidence, or why probability and statistics cannot discover cause
In my introductory remarks I quote from John Bohannon’s _Science Magazine_ article:
About 40% of economics experiments…
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May 20, 2020
US infrastructure: lessons from Australia, with Darren Brady Nelson
Darren Brady Nelson speaks about his new Heartland Institute Policy Brief How to fix America's crumbling infrastructure: lessons from Australia with Economics Explained host Gene Tunny.
Darren is an Austrian school economist who serves as the chief economist at LibertyWorks, an Australian think tank, and as an associate scholar with the US Center for Freedom and Prosperity. He is also a policy advisor to the Heartland Institute. Darren has previously worked for NSW Treasury, various consulting firms, industry associations, a US Presidential campaign, and for an Australian Senator.
Use these (approximate) timestamps as a guide to the conversation:
* 2:20 – Darren gives an overview of the US’s crumbling infrastructure
* 7:15 – Darren observes “the average US airport…looks like something out of the Soviet Union”
* 19:00 – Darren notes “the key is to actually open things up to competition as well, not just to privatize things or to recycle an asset”
* 20:00 –…
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May 13, 2020
Working from home during & after the pandemic with Alison Pennington
Working from Home: Opportunities and Risks is a new briefing paper from Alison Pennington and Jim Stanford from the Centre for Future Work at the Australia Institute. Economics Explained host Gene Tunny interviews Alison regarding the paper in this episode.
Alison Pennington is Senior Economist with the Centre for Future Work. Her research focus is on work in Australia today, and in the future. She received a Master of Political Economy from the University of Sydney. Her research focus was on the Australian finance system, housing and inequality. Her twitter handle is @ak_pennington.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 5:40 – productivity impacts discussion
* 8:30 – how social isolation can impair cognitive ability
* 12:00 – discussion of the view expressed in the paper that “working from home will likely become more common in coming years. For millions of workers, indeed, it will become the ‘new normal.’”
* 16:30…
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May 6, 2020
Highlights of recent coronavirus-related episodes
This episode is a review of the big issues covered in recent _Economics Explained_ episodes on coronavirus. Economics Explained host Gene Tunny and Brisbane-based businessman Tim Hughes of Urban Ergo react to excerpts of recent episodes and discuss the important policy issues regarding coronavirus.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 1:40 – radical uncertainty around coronavirus impacts, featuring an excerpt from EP33 with Prof. John Kay CBE
* 11:40 – discussion of issues around re-opening economies and whether we’re “putting a price tag on human life”, featuring an excerpt from EP32 with Dr Dan Mitchell
* 20:00 – discussion of Benno Torgler’s paper on certified corona-immunity (check out EP30 with Prof. Benno Torgler)
* 24:10 – discussion of an excerpt of my conversation with Joe Branigan on how we pay for the coronavirus response (EP31 with Joe Branigan)
* 30:10 – reference to the Quantity Theory of Money…
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Apr 29, 2020
Radical Uncertainty with Prof. John Kay CBE
Radical Uncertainty: Decision making for an unknowable future is a new book from eminent British economists Professor John Kay CBE, FRSE, FBA, FAcSS and former Bank of England Governor Lord Mervyn King. Economics Explained host Gene Tunny interviews Professor Kay about the book in this episode.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 2:34 – John Kay on what is meant by Radical Uncertainty, beginning with references to Maynard Keynes and Frank Knight
* 8:40 – discussion of what Kay and King see as the critical question, “What is going on here?”, in the context of coronavirus
* 14:35 – discussion of non-stationary process
* 16:25 – discussion of the usefulness of economic models, with Gene asking John to explain the statement in the book “"You cannot derive a probability or a forecast or a policy recommendation from a model..."
* 26:10 – John explains the importance of robustness and resilience in systems in response…
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Apr 22, 2020
Bailouts in this time of coronavirus with Dr Dan Mitchell
Economics Explained host Gene Tunny speaks with Dr Dan Mitchell about government bailouts of companies such as airlines which we are seeing in this time of coronavirus. Dr Mitchell is the Founder of the Center for Freedom and Prosperity and a former Senior Fellow at the Cato Institute. He runs the highly informative and thought-provoking blog International Liberty.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 1:05 – discussion of venture capitalist Chamath Palihapitiya’s view that companies should go bankrupt rather than being bailed out (check out Government should let airlines fail)
* 5:15 – an ostensible libertarian justification for bailouts, the concept of regulatory taking (check out Dan’s post Protecting Airlines and Other Companies from Government Control)
* 7:40 – we need to ensure there isn’t a permanent expansion of government when it’s all over
* 10:00 – discussion of merits of different ways of bailing out co…
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Apr 15, 2020
Paying for the coronavirus rescue measures with Joe Branigan
Social distancing measures to contain coronavirus have crashed economies around the world, reducing government tax revenues. At the same time, governments have brought in massive economic rescue packages to support workers and businesses. An obvious question is: where is the money coming from to pay for these rescue packages and to make up for the lost tax revenue? Economics Explained host Gene Tunny explores this question with Joe Branigan, Director of Tulipwood Economics.
_Timestamps_
Use these timestamps to help you jump right to the highlights:
* 5:45 - Gene recalls his time in the Australian Treasury's Budget Policy Division where he dealt with debt policy and cash management issues
* 7:15 - discussion of how governments borrow money by selling bonds
* 12:20 - discussion of bond auctions/tenders by the Australian Office of Financial Management (AOFM)
* 17:30 - who buys bonds? (for Australian info, check out the excellent AOFM article The Australian Government Securities…
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Apr 8, 2020
Certified Corona-Immunity as a Resource with Prof. Benno Torgler
Economics Explained host Gene Tunny speaks with Professor Benno Torgler of QUT about a new paper he has co-authored: Certified Corona-Immunity as a Resource and Strategy to Cope with Pandemic Costs.
Professor Benno Torgler is Professor of Economics in the School of Economics and Finance and Centre for Behavioural Economics, Society and Technology (BEST), QUT. He was also Adjunct Professor at the EBS Universität für Wirtschaft und Recht, Germany (2012-2015) and an ARC Future Fellow (2011-2015).
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 1:20 – abstract/overview of Benno’s paper – immune people must be identified and re-integrated into normal activities as soon as possible
* 5:15 – reference to Gene’s interview with CCIQ Chief Economist Marcus Smith on the economic impacts of coronavirus
* 5:40 – concept of Immunity Certificates
* 8:50 – what does Benno mean by actively producing the resource of corona-immunity?
* 11:5…
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Apr 1, 2020
Coronavirus responses with Joe Branigan, Tulipwood Economics
Economics Explained host Gene Tunny discusses coronavirus policy responses with Joe Branigan, Director, Tulipwood Economics. The episode features a discussion of what we're learning from around the world, including from experiences in Australia, NZ, Italy, and the US, among other countries.
Use these timestamps to help you jump to the highlights:
* 1:50 - Joe reviews international data on coronavirus cases as at 1 April
* 5:00 - how case fatality rates depend on the testing regime
* 7:30 - why Italy has been so badly affected compared with Australia
* 11:05 - what is a Disability Adjusted Life Year (DALY)?
* 13:00 - discussion of whether cost-benefit analysis is relevant in assessing coronavirus responses
* 20:50 - Sweden identified as a country which appears willing to tolerate a worse public health outcome to avoid enacting draconian measures
* 23:20 - discussion of pros and cons of a full lock-down strategy
* 30:20 - "No one knows what the right answer is" - recogn…
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Mar 25, 2020
Coronavirus policy responses with Dr Nicholas Gruen of Lateral Economics
Would strong early action on coronavirus have been better, from both public health and economic perspectives, than the incremental policy responses we have seen in countries such as Australia and the US? In this episode, _Economics Explained_ host Gene Tunny discusses policy responses to coronavirus with Dr Nicholas Gruen, CEO of Lateral Economics. Nicholas is a Visiting Professor at King’s College, London, and former Chair of several government, non-profit, and private sector organisations, including Innovation Australia and Kaggle.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 4:00 – Nicholas discusses his recent article on coronavirus policy PANIC IS OUR FRIEND! which argues in favour of strong, early action on coronavirus, rather than the incremental ramping up of restrictions we have seen
* 7:50 – Nicholas notes these decisions are challenging because panic itself has costs, as argued by Paul Frijters in his article The Corona Dile…
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Mar 18, 2020
COVID-19, machine trading & financial markets with Michael Knox
Why are financial markets swinging so wildly in response to the novel coronavirus, COVID-19? Economics Explained host Gene Tunny speaks with Michael Knox, Chief Economist of Morgans, who thinks it's related to the machine trading programs which dominate financial markets.
Morgans is Australia's largest national full-service stockbroking and wealth management network with more than 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.
_Timestamps_
Use these (approximate) timestamps to jump right to the highlights:
* 0:00 – discussion begins with Gene referring to Michael’s recent note The revenge of the machines which begins “The market is being sold down by machine trading programs focused on momentum.”
* 4:00 – Michael says recent market gyrations have “nothing to do with fundamentals….we're in a situation because of the epidemic, because of the emergency that only happened once every hundr…
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Mar 11, 2020
City Infrastructure with Craig Lawrence
A lot of the infrastructure assets relevant to our daily lives, such as roads, bridges, and parks, are provided by city or municipal governments. In this episode, we ask the question: how should we assess the economic viability of city infrastructure projects? To answer this question, we’ve invited Craig Lawrence, Managing Director of Lytton Advisory, back on to the program. Lytton Advisory is an Australian professional services firm specialising in infrastructure economics and decision making.*
Use these (approximate) timestamps to jump right to the highlights:
* 1:00 – conversation starts with host Gene Tunny asking Craig about a recent post (A $7 Crossing) he wrote about the economic viability of Brisbane City Council’s proposed $190 million Kangaroo Point to Brisbane City pedestrian bridge
* 12:00 – discussion of external benefits (or externalities) and wider economic benefits relevant in assessment of city infrastructure projects
* 18:00 – discussion of agglomera…
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Mar 4, 2020
Climate change with Nicki Hutley from Deloitte Access Economics
In an Australian ABC News story in early February, Deloitte Access Economics Partner Nicki Hutley referred to the potential cost of climate change as “astronomical”. In this episode, _Economics Explained_ host Gene Tunny chats with Nicki about the cost of action compared with the cost of inaction on climate change.
Use these (approximate) timestamps to jump right to the highlights:
* 1:10 – Nicki describes why the costs of unmitigated climate change would be "astronomical"
* 4:40 – reference to Deloitte report for Australian Business Roundtable finding cost of extreme weather events in Australia will be $40 billion per year by 2050
* 8:00 – further discussion of cost of inaction, including a reference to Deloitte’s report on the value of the Great Barrier Reef
* 10:30 – what needs to be done to avert catastrophic climate change (i.e. need to transition away from using fossil fuels) and the distinction between mitigation and adaptation
* 15:20 – current inter…
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Feb 26, 2020
The FIRE movement with Dr Di Johnson
Bloggers such as Mr Money Mustache and the Financial Samurai have been responsible for starting a new movement: the FIRE movement. FIRE stands for Financial Independence Retire Early. By early, proponents typically mean retiring in your 30s or 40s. To discuss the FIRE movement, _Economics Explained_ host Gene Tunny has invited Griffith University Business School lecturer Dr Di Johnson back on to the program.
Di is a member of the Australian Securities and Investments Commission’s Financial Capability Research Network. In addition to teaching and researching, Di is a regular commentator on financial issues on ABC radio and TV here in Brisbane, Australia.
_Timestamps_
Use these timestamps to jump right to the highlights:
* 1:40 – Dr Di provides an overview of the FIRE movement (also check out this Forbes article The 9 FIRE blogs you should read)
* 3:45 – is the FIRE movement a millennial idea?
* 7:35 – doing the math, you can see some big risks with the FIRE concept (Di…
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Feb 19, 2020
Entrepreneurship with Professor Peter G. Klein
Many universities now offer courses in entrepreneurship, as students have been inspired by tech entrepreneurs such as Elon Musk and Mark Zuckerberg. But what exactly is entrepreneurship and who qualifies as an entrepreneur? Is entrepreneurship essential for economic growth? To help answer these questions, Economics Explained host Gene Tunny invited Professor Peter G. Klein on to the program. Peter is W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University in Texas. He is also Carl Menger Research Fellow at the Mises Institute.
_Timestamps_
Use these timestamps to jump right to the highlights:
* 2:25 – what is entrepreneurship? Entrepreneurship as a mindset
* 6:50 – Was Donald Trump an entrepreneur?
* 15:50 – Schumpeter’s theory of creative destruction
* 19:20 – Peter’s Entrepreneurial Judgment model (check out Peter’s book co-authored with Nikolai J. Foss Organizing Entrepreneurial Judgment and Peter’s Murray N. Rothbard lecture The Present…
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Feb 12, 2020
Antitrust with Danielle Wood from the Grattan Institute
The massive market power of the big tech companies, such as Google, Facebook, and Amazon, has prompted a renewed interest in antitrust laws. To help us understand antitrust, we’ve invited Danielle Wood from the Grattan Institute on to Economics Explained. The Grattan Institute is a leading Australian public policy think tank based in Melbourne.
Danielle is Budget Policy and Institutional Reform Program Director at Grattan. Later this year, she will take up the CEO position at the Institute. Danielle is well qualified to talk about antitrust, having once worked as Principal Economist and Mergers Director at the ACCC, the Australian Competition and Consumer Commission.
Check out Danielle’s 2019 _Inside Story_ article The hipster trustbusters.
_Timestamps_
Use these timestamps to jump right to the highlights:
* 1:45 – what is antitrust?
* 5:40 – the hipster trustbusters
* 8:58 – the problem with Amazon
* 12:20 – the Chicago school view on antitrust
* 17:28 – t…
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Feb 5, 2020
Surveillance Capitalism with Darren Brady Nelson
So-called surveillance capitalism was one of the big issues for the 2020s identified in the first Economics Explained episode this year. Google, Facebook, and other tech giants have massive amounts of data on us and they are using it for commercial gain. In this episode, Economics Explained host Gene Tunny discusses various perspectives on surveillance capitalism with his good friend Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank.
Darren’s recently had an article published on the Mises Institute website with the title Surveillance Capitalism: A summary of critics.
This is Darren’s second appearance on Economics Explained, and we spoke via Zoom video conferencing on the 18th of January 2020.
Use these timestamps to jump right to the highlights:
* 4:45 – Darren argues some criticism of surveillance capitalism is simply the latest manifestation of opposition to capitalism in general
* 11:40 – Darren mentions work by Austrian econ…
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Jan 29, 2020
Innovation + Equality with Dr Andrew Leigh MP
Australian economist and federal Member of Parliament Dr Andrew Leigh is interviewed about his new book with co-author Professor Joshua Gans Innovation + Equality: How to Create a Future that is More Star Trek than Terminator, published by MIT Press in 2019. This wide-ranging conversation covers a range of issues, including labour market impacts of digital disruption, universal basic income, and how to improve teacher effectiveness, among other issues.
Use these timestamps to jump right to the highlights:
* 4:20 – impact of AI and automation on jobs
* 9:50 – criticisms of Universal Basic Income – fiscal critique and the fact work brings meaning – in which Andrew mentions Blanchflower and Oswald study Wellbeing over time in Britain and the USA
* 11:05 – Andrew advises young people not to over-specialise
* 15:20 – innovation is generally good for the economy and society, so Andrew rejects Bill Gates’s robot tax idea (see this Business Insider article)
* 19.05…
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Jan 22, 2020
Cannabis with Dr Stephen Thornton
Several jurisdictions around the world, such as the US states of California and Colorado, have legalised cannabis, also known as marijuana. In Australia, the Australian Capital Territory will become the first Australian jurisdiction to legalise recreational cannabis use on the last day of January 2020. What are the pros and cons of cannabis legalisation? To help us answer this question, we’re joined this episode by Dr Stephen Thornton of BG Economics, a Brisbane-based economic consulting firm specialising in the economics of social issues.
Use these timestamps to jump right to the highlights:
* 1:15 – overview of cannabis laws in US, Canada, and Australia
* 8:30 – why cannabis was banned in the first place – the _Reefer Madness_ moral panic
* 12:00 – Stephen notes ex-Queensland Premier Campbell Newman has declared the war on drugs has failed
* 13:00 – economic consequences of prohibiting cannabis
* 19:30 – Stephen mentions cannabis price data are available via…
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Jan 15, 2020
Government spending and economic growth with Dr Dan Mitchell
Here’s a link to Dr Dan Mitchell’s International Liberty blog.
Use these timestamps to jump right to the highlights:
* 1:40 – Gene mentions the Optimal size of government in Australia paper co-authored by Griffith University Professor Tony Makin and Economic Society of Australia (QLD) President Julian Pearce
* 3:00 – Dan notes empirical literature suggests optimal size of government around 20% of GDP
* 10:20 – discussion of OECD research on government spending and growth (see this OECD working paper and Dan’s blog plot)
* 17:10 – Dan notes the 1930s and 1960s were the two periods where the size of government really stepped up
* 20:05 – how a value-added tax (VAT) promotes growth of government
* 30:55 – discussion of Adam Smith’s dictum “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and tolerable administration of justice…” (see this Online Library of Liberty post)
*…
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Jan 8, 2020
Global population growth
There are currently around 7.7 billion people in the world. The UN is projecting global population will increase to 9.7 billion by 2050 and to nearly 11 billion by 2100. Obviously, this projected growth raises a range of economic, social, and environmental challenges. In this episode, Economics Explained host Gene Tunny discusses global population growth with his good friend Tim Hughes from Urban Ergo.
The UN’s World Population Prospects 2019 projections get mentioned a lot in this episode.
Use these timestamps to jump right to the highlights:
* 0:14 – intro to global population trends – e.g. declining global population growth with growth concentrated in developing economies, a projected decline in population in the most developed economies over the century, and India to overtake China as the most populous country this decade
* 5:18 – declining fertility rates in richer countries
* 10:18 – Reverend Malthus’s dire prediction
* 11:58 – why global population growt…
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Jan 1, 2020
Big economic issues for the 2020s
Use these timestamps to jump right into the episode:
* 2:15 – Larry Summers’s secular stagnation hypothesis (see his Peterson Institute talk);
* 4:10 – discussion of Tyler Cowen’s and Robert Gordon’s views (see Cowen’s lecture on Inequality, productivity stagnation and Moore’s Law and check out Robert Gordon’s book The Rise and Fall of American Growth);
* 5:45 – On Stiglitz’s attack on Summers and secular stagnation (see Stiglitz’s article The myth of secular stagnation);
* 7:30 – reference to “Dr Doom” Nouriel Roubini’s “perfect storm in 2020” interview from 2018;
* 9:00 – discussion of Joshua Gans and Andrew Leigh’s new book Innovation + Equality;
* 11:10 – reference to the book The Age of Surveillance Capitalism;
* 13:30 – Financial Times editorial on GDPR;
* 14:08 – Verge article on new California data privacy law; and
* 15:27 – IMF blog post on climate change.
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Dec 26, 2019
Highlights of Economics Explained in 2019
Use these timestamps to jump right to the highlights:
* 3:55 – Quiggin on the relevance of the two lessons in economics for responding to climate change;
* 8:55 – Craig Lawrence on cost-benefit analysis;
* 12:20 – Di Johnson on personal finance, particularly buying a house or unit;
* 15:05 – Brendan Markey-Towler on behavioural economics;
* 17:50 – Nicholas Gruen on digital public goods illustrated with 23andMe example;
* 21:45 – Andreas Chai on Randomized Controlled Trials in poverty alleviation;
* 25:23 – Rebecca Archer on the media in this age of digital disruption;
* 26:54 – Darren Brady Nelson on the gig economy;
* 28:44 – Pascalis Raimondos on multinational tax avoidance; and
* 31:02 – Leonora Risse on the gender pay gap.
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Dec 18, 2019
Randomised controlled trials & economic development
This episode’s guest Associate Professor Andreas Chai is Discipline Head of Economics and Business Statistics in the Griffith University Business School. He has previously worked at the Australian Productivity Commission and the Australia Treasury. Andreas is well-placed to speak about economic development, as he has consulted to international organisations such as the United Nations Industrial Development Organisation on economic development issues.
Use these timestamps to jump right into Gene and Andreas’s conversation:
* 1:40 – is the Nobel Prize in Economics a real Nobel Prize? (NB at the current exchange rate, the 9 million Swedish Krona prize is work around 960,000 USD, which is shared equally among the winners)
* 5:40 – why did Esther Duflo, Abhijit Banerjee and Michael Kremer win the 2019 Nobel Prize?
* 9:00 – Limitations of traditional approach to economic development, with Andreas mentioning Jeffrey Sachs and Bono and critics such as William Easterly
* 16:…
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Dec 11, 2019
The Gender Pay Gap with Dr Leonora Risse
This episode’s guest Dr Leonora Risse is currently a fellow in the Women and Public Policy program at the Harvard Kennedy School. Prior to taking up her Kennedy School fellowship this year, Leonora was a Vice-Chancellor's Postdoctoral Research Fellow at RMIT University in Melbourne, Australia. As we discuss toward the end of the episode, Leonora has been a very active board member of the Australian Women in Economics Network, which is affiliated with the Economic Society of Australia. Leonora is well qualified to talk about the gender pay gap, having co-authored an article on the gender pay gap which was published in _Oxford Economic Papers_ in 2018.
Use these timestamps to jump right into Gene and Leonora’s conversation:
* 1:53 – size of the gender pay gap
* 4:41 – gender pay gap partly due to women and men being concentrated in different industries, but partly to do with women not progressing up the career ladder as quickly as men do
* 8:47 – how some policy setting…
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Dec 4, 2019
Multinational and Personal Tax Avoidance and Evasion
This episode’s guest is Professor Pascalis Raimondos, head of the School of Economics and Finance at the Queensland University of Technology (QUT), and an expert on international taxation and trade issues.
Use these timestamps to jump right into Gene and Pascalis’s conversation:
* 1:45 – are tax avoidance and tax evasion a major concern?
* 3:40 – thin capitalisation as a way multinationals can minimise tax
* 5:00 – transfer pricing as another way
* 10:25 - having a lot of intangible capital (e.g. Apple, Starbucks) can assist in tax minimisation
* 14:20 - need for international cooperation e.g. formula(ry) apportionment
* 21:35 – Panama papers, shell companies, _The Laundromat_ on Netflix
* 27:40 – following Piketty, do we need inheritance/wealth taxes?
* 31:25 – economic benefits of Trump corporate tax cut in US
* 34:40 – Pascalis recommends a cash flow tax, which Gene notes was suggested by the tax review led by Australian Treasury Secretary Ken H…
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Nov 27, 2019
The Media and Digital Disruption with Rebecca Archer
This episode’s guest is Rebecca Archer, Director of Connect Media Training. Australian listeners may know Rebecca as Rebecca Hyam, former ABC finance reporter. Rebecca still works on a casual basis at ABC Brisbane in addition to running her media training company. Of course, views expressed in this podcast are Rebecca’s personal views, and should not necessarily be attributed to the ABC. As well as working for Australia’s national broadcaster, Rebecca has worked for the original public broadcaster, the BBC.
Use these timestamps to jump right into Gene and Rebecca’s conversation:
* 2:15 – how the media industry has changed over the last 20 years
* 4:45 – entry of NYT and the Guardian into the Australian market, as well as the rise of citizen journalists and bloggers
* 6:20 – while only twenty years ago Rebecca was lugging around a Marantz tape recorder, she can now use an iPhone to record interviews
* 9:50 – how the internet and social media have undermined the…
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Nov 20, 2019
Economics in Two Lessons with John Quiggin
This episode features Professor John Quiggin, author of Economics in Two Lessons: Why Markets Work so Well, and Why they Can Fail So Badly. The book was published earlier this year by Princeton University Press.
Economics Explained host Gene Tunny has reviewed the book on his blog (see Quiggin's Economics in Two Lessons should be on ECON101 reading lists for decades to come) and he was very happy to speak with Professor Quiggin about his book on the podcast.
In addition to his own review, Gene recommends listeners check out Nicholas Gruen's remarks at the Melbourne book launch of Quiggin's book:
There's no such thing as a free launch: Launching John Quiggin's Economics in Two Lessons
Professor Quiggin is the Vice-Chancellor’s Senior Fellow in Economics at the University of Queensland and is the author of, among other books, _Zombie Economics: How Dead Ideas Still Walk Among Us_.
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Nov 13, 2019
Job platforms and recruitment agencies
This episode’s guest is Chris Poole, a Senior Consultant at Frontline Health Recruitment, an Australian recruitment agency specialising in the health sector. Frontline Health Recruitment is on the same floor as _Economics Explained_ host Gene Tunny’s business Adept Economics in the Johnson Hotel in Spring Hill, Brisbane.
Highlights of this episode include:
* excellent tips from Chris on how job seekers can maximise their chances of getting a job (from 5:05);
* the importance of LinkedIn in the contemporary jobs market (from 17:10);
* why humans are still needed in the recruitment process (from 23:27); and
* how Facebook and Google are getting into the recruitment business (from 30:40).
Gene and Chris’s conversation was recorded on 31 October 2019 in the Adept Economics office in Spring Hill, Brisbane, using a Zoom H4n Pro digital recorder and Shure SM58 microphones.
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Nov 6, 2019
Behavioural Economics with Dr Brendan Markey-Towler
Dr Brendan Markey-Towler is a Senior Consultant at Behaviour Innovation, a Brisbane-based consultancy firm specialising in behavioural change which has undertaken a range of interesting projects include Project Cane Changer. Prior to joining Behavioural Innovation, Brendan researched and taught economics at the University of Queensland and University College London. He is the author of An Architecture of the Mind: A Psychological Foundation for the Science of Everyday Life, published by Routledge in 2018.
Questions posed by Gene to Brendan included:
* How have economists traditionally thought about how people behave and make decisions? Why was it problematic?
* How has behavioural economics modified the way economists think?
* What does our new understanding of behavioural economics mean for policy (e.g. nudges, importance of overcoming biases, etc.)?
* What don't we know still that we really need to know?
Books mentioned during the discussion included:
* Nudge, by Richar…
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Oct 30, 2019
Innovation & digital public goods with Nicholas Gruen
In this episode, _Economics Explained _host Gene Tunny discusses innovation and digital public goods with his colleague Dr Nicholas Gruen, CEO of Lateral Economics. Nicholas is a well-known Australian economist, entrepreneur, and angel investor. Australia’s former Finance Minister Lindsay Tanner once described Nicholas as “Australia’s foremost public intellectual.”
Many listeners will know of Nicholas’s work, through his published articles, reports and blog posts at _Club Troppo_ and the _Mandarin_. He’s frequently quoted in national and international media, including the _Financial Times_.
It’s challenging to summarise Nicholas’s wide-ranging career. He’s worked as a ministerial adviser and as a member of the Productivity Commission, and he has chaired several boards, including those of the Australian Centre for Social Innovation, Innovation Australia, and, in its early days, the data science start up Kaggle, which was later acquired by Google. Nicholas certainly h…
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Oct 23, 2019
Personal Finance
Many people struggle with managing money. For example, last month, Australian ABC News reported “1.9 million Australians are struggling with credit card debts” and that the average Australian credit card debt is more than $3,000.
To discuss personal finance, _Economics Explained_ host Gene Tunny invited Griffith University lecturer Dr Di Johnson onto the program. Issues for discussion included:
* Credit cards – friend or foe?
* Is it ok to borrow money to buy a car?
* Is rent money dead money? Alternatively, should you do everything you can to get into the property market as soon as you can?
* How do you encourage good financial habits in young people?
Di’s research interests include personal and household finance, behavioural economics and financial planning. She is a member of the Australian Securities and Investments Commission’s Financial Capability Research Network.
In addition to teaching and researching, Di is a regular commentator on financial issues on AB…
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Oct 18, 2019
Money on the Screen - Film Industry Economics
_Economics Explained_ host Gene Tunny discusses the economics of the film industry with his good friend Tim Hughes, who spent ten years working in the film industry in the UK and Australia. Tim worked as a crew member on TV shows such as _Peak Practice_, _The Bill_, and _Coronation Street_, and on film productions including _Tomb Raider_, _Scooby-Doo_, and _Swimming Upstream_.
Currently, Tim’s a Brisbane-based businessman who’s had a range of ventures over the years. His latest business is _Urban Ergo_, a distributor of Humanscale ergonomic products which improve health and comfort at work. Despite his change of career, which he talks about in the interview, Tim has never lost his passion for the film industry.
As noted in the conversation, host Gene Tunny is a long-time critic of government subsidies for the film industry. For instance, see his _Policy_ magazine article:
Special rates for special mates: The case against film industry subsidies
Regarding the issue of local Aust…
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Oct 13, 2019
The Gig Economy with Darren Brady Nelson
The gig economy benefits consumers through lower prices and greater choice. Check out how many local restaurants are participating in Uber Eats for example. And obviously the gig economy benefits the platform businesses which have multi-billion-dollar valuations. But does the gig economy benefit the workers, the people working gig-by-gig?
This question and others were considered in a conversation I had on 12 October with my good friend Darren Brady Nelson, a professional economist who has worked for many years as a freelancer and contractor. Darren’s professional career began in the NSW Treasury in the 1990s. In addition to his economic consulting work, Darren has contributed regularly to a variety of publications, including the Cayman Financial Review. He has also served as an adviser to politicians. For instance, in 2017, Darren was economic adviser to Queensland Senator Malcolm Roberts.
Darren joined us via Skype from co-working space Work Lofts in Milwaukee, Wisconsin, which ha…
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Oct 7, 2019
Economics of Infrastructure - Part 2
Craig Lawrence has three decades of experience as a professional economist and has advised on a wide range of infrastructure projects in Australia, the Pacific, and the Middle East.
Part 2 of our conversation covers, among other things:
* public private partnerships or PPPs, their pros and their cons;
* challenges in infrastructure provision in emerging economies; and
* the geopolitics of infrastructure (e.g. Chinese takeover of Sri Lankan port).
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Oct 2, 2019
Economics of apartment living
Issues discussed include:
* drivers of rising incidence of apartment living
* the nature of strata title
* issues for apartment owners - body corporate fees, management rights
* apartment defects crisis in Australia
* Airbnb
* economic benefits of pets in apartments
Articles relevant to the conversation include:
Will 2018 be the year for Airbnb certainty in strata?
Pets are good for your health, the budget, and the economy
Pets, Airbnb, and management rights
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Sep 18, 2019
Economics of Infrastructure - Part 1
Information about our guest Craig Lawrence, Managing Director of Lytton Advisory:
https://lyttonadvisory.com.au/craig-lawrence/
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