Economics Explored

Fuel, Fertiliser, and Fear Down Under - ep314

gene.tunny@gmail.com (Gene Tunny, John Humphreys, Peter Rothwell) — Fri, 27 Mar 2026 02:15:00 +0000

Are fears of fuel shortages in Australia overblown—or are we underestimating the risks? Gene Tunny is joined by Dr John Humphreys and farmer Peter Rothwell to explore how rising diesel prices, fertiliser shortages, and supply chain stress could ripple through the economy. From supermarket prices to farm viability, this episode breaks down how a global energy shock could hit households and businesses—and whether markets can cope.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

About the Guests

Dr John Humphreys is Chief Economist at the Australian Taxpayers’ Alliance and an experienced economist with a background spanning academia, government, consulting and think tanks, including roles at the Australian Treasury, the Centre for International Economics and the Centre for Independent Studies. He holds a PhD in economics from the University of Queensland, where he has lectured in advanced microeconomics, and has also taught in Cambodia, where he founded an education charity and research institute. John is the founder of the Australian Libertarian Society and the Liberal Democrats (Libertarian Party), and has published widely on tax, welfare, public finance and international trade. He was awarded a knighthood in the Cambodian Royal Order of Moniseraphon for his contributions to education.

Peter Rothwell is a farmer and former Liberal Democrats candidate based in regional New South Wales. He has contested the federal seat of Parkes, covering much of western NSW including Dubbo and surrounding areas. Peter describes himself as having grown up on the land and as an “old school Liberal,” entering politics out of concern about national economic challenges including high government debt, inflation and rising interest rates.

Takeaways

Markets help—but aren’t perfect: Prices usually allocate scarce fuel efficiently, but panic buying and logistics can still create short-term shortages.
Diesel is critical infrastructure: It powers transport, farming, mining, and supply chains—making it far more economically important than petrol.
Energy shocks are stagflationary: Higher fuel prices raise costs and reduce economic activity at the same time.
Agriculture is highly exposed: Fertiliser shortages and higher diesel costs could reduce yields and farm profitability.
Policy trade-offs are tough: Governments face difficult choices on fuel taxes, spending, and how to respond to a supply-side shock.

Timestamps

0:00 – Intro: fuel shock fears and “Mad Max” scenarios
2:40 – Oil prices surge and diesel costs spike
9:00 – Are we underestimating the risks?
12:50 – Fertiliser shortages and farming realities
25:00 – Food supply vs distribution challenges
29:00 – Why diesel is the critical constraint
41:50 – Fuel excise debate and policy responses
52:50 – Final reflections and listener call-out

Links relevant to the conversation

ATA livestream “Real situation in rural Australia”:

https://www.youtube.com/live/MczcHEBXXIY?si=cLVJ3EWjserUeXNU

Charts that Gene talks about:

https://drive.google.com/file/d/1siZwkNV7QLF1PXdeg6mZJt_uomZuRpZN/view?usp=sharing

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AI, Jobs, and the Value of Ideas w/ Benjamin Shiller, Brandeis University

gene.tunny@gmail.com (Gene Tunny, Benjamin Shiller) — Sat, 14 Mar 2026 05:30:00 +0000

AI can write essays, generate code, and assist with research, but does that mean it will replace human workers? Economist Benjamin Shiller, author of AI Economics, joins show host Gene to discuss how AI may instead make human creativity and ideas even more valuable. In this conversation with Gene Tunny, they explore AI’s potential impact on jobs, productivity growth, education, and inequality, as well as the risks the technology could pose.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

About this episode’s guest: Benjamin Shiller

Benjamin Shiller is an Associate Professor of Economics at Brandeis University. His research on personalized pricing, ad-blocking, and technological change has been published in leading journals and covered in The Atlantic, The Economist, Forbes, Fortune, The Guardian, and The Washington Post.

Takeaways

AI may increase the value of human ideas.
Benjamin Shiller argues that while AI is excellent at turning ideas into polished text or code, it still struggles to generate genuinely original ideas. That means creativity, judgment, and insight may become more valuable in the AI age.
Workers who know how to use AI will have an advantage.
Rather than fully replacing professionals, AI may function as a “co-pilot.” Graduates who can effectively use AI tools — prompting them, checking outputs, and integrating them into workflows — could be in strong demand.
AI could dramatically improve education through personalised tutoring.
Shiller highlights Bloom’s two-sigma problem, which shows that personalised tutoring can dramatically improve student outcomes. AI tutors could provide personalised learning at scale, potentially transforming education systems.
Productivity gains from AI may take time to appear.
Like earlier technologies such as electricity or computers, AI may require years before its benefits show up in productivity statistics as businesses learn how to integrate it effectively.
5. AI brings serious risks alongside its benefits.
While AI could boost productivity and living standards, Shiller warns about potential downsides — including labour market disruption, social isolation from AI companionship, and the possibility of automated AI-driven warfare.

Timestamps

00:00 – Introduction
03:08 – Using AI to write a book
06:11 – The explosion of AI-generated content
15:11 – AI, jobs, and the labour market
21:23 – Can AI automate research?
25:57 – AI blind spots and the “kangaroo problem”
31:29 – Bloom’s two-sigma problem and AI tutors
37:42 – Will AI boost productivity?
42:30 – Inequality, regulation, and AI risks
49:19 – AI and the dangers of automated warfare
53:34 – Key takeaways and closing

Links relevant to the conversation

Benjamin Shiller’s website:

https://benjaminshiller.com/

AI Economics: How Technology Transforms Jobs, Markets, Life, & Our Future:

https://www.amazon.com/dp/B0G45MKBZT

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Why Productivity Matters for Living Standards | Australia’s Productivity Problem

Sat, 7 Mar 2026 14:00:00 +0000

Australia’s productivity growth has slowed to its weakest rate in decades — and that matters because productivity ultimately drives rising living standards. In this episode, Gene Tunny explores why productivity is so central to higher wages, economic growth, and sustainable prosperity. The episode features insights from Danielle Wood, Chair of the Productivity Commission, on why policymakers need a “growth mindset,” followed by highlights from a lively roundtable discussion on the policies shaping productivity in Australia — including energy costs, taxation, regulation, and government spending.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

What You’ll Learn

Why productivity growth drives living standards over the long run.
How productivity sets the economy’s “speed limit” for non-inflationary growth.
Why wages growing faster than productivity can lead to inflation and unemployment.
How policy settings — including taxes, regulation, and energy costs — influence productivity.
Why innovation, investment, and entrepreneurship are essential to productivity growth.

Timestamps

Australia's Productivity Growth and Its Impact on Living Standards (0:00)
Introduction of Danielle Wood and Her Views on Productivity (3:02)
Discussion on Productivity and Its Practical Implications (9:15)
Energy Costs and Their Impact on Productivity (17:27)
Tax Reforms and Their Potential to Boost Productivity (24:34)
Conclusion and Key Takeaways (35:24)

Links relevant to the conversation

Markets & Motives Ep. 1 – Dr Danielle Wood with Isabella Sciacca:

https://youtu.be/L0BP_pGbHuQ?si=aA914CAhw4iZ8_to

Beyond the Roundtable: Real Solutions for Australia’s Productivity Plunge - ep295:

https://economics-explained.simplecast.com/episodes/beyond-the-roundtable-real-solutions-for-australias-productivity-plunge-ep295

Damian Coory’s The Other Side:

https://www.youtube.com/@OtherSideAus

The Whitlam Era book, published by Connor Court:

https://www.amazon.com.au/WHITLAM-ERA-REAPPRAISAL-GOVERNMENT-POLITICS/dp/1925826945

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Argentina’s Radical Economic Turnaround

gene.tunny@gmail.com (Gene Tunny) — Sun, 1 Mar 2026 05:15:00 +0000

Argentina was on the brink: inflation near 300% a year, real wages collapsing, poverty rising, and a large fiscal deficit. Voters elected libertarian economist Javier Milei, who promised deep spending cuts and radical reform. Many predicted a disaster. Two years on, inflation has fallen sharply, and real wages are projected to rise. In this episode, show host Gene Tunny chats with John Humphreys (Australian Taxpayers’ Alliance Chief Economist) and Michael Arbon (adviser to Senator Ralph Babet) on how disinflation works, why fiscal credibility matters, and what Argentina’s experience could mean for Australia — particularly on energy policy and political risk. Gene also briefly touches on developments in the Iran war and their potential global economic implications.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

What You’ll Learn

How credible fiscal and monetary reform can rapidly reduce inflation.
Why cutting government spending doesn’t automatically cause a recession.
What economists mean by a “political risk premium.”
How uncertainty about future policy affects investment decisions.
Why major reform often involves short-term pain — and political risk.

Timestamps

Global Economic Uncertainty and Iran Conflict (0:00)
Economic Implications of Higher Energy Prices (2:06)
Argentina's Economic Crisis and Reforms (3:56)
John Humphreys on Argentina's Economic Reforms (6:33)
Lessons from Argentina's Reforms (7:40)
Political Risk and Investment in Argentina (22:11)
Potential Application of Argentina's Reforms in Australia (28:10)
Conclusion and Future Prospects (29:31)

Links relevant to the conversation

John’s Substack post, “What can we learn from Milei's Argentina?”:

https://austaxpayers.substack.com/p/what-can-we-learn-from-mileis-argentina

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A Pro-Growth Tax Reform Agenda for Australia

gene.tunny@gmail.com (Gene Tunny, John Humphreys) — Sat, 21 Feb 2026 05:15:00 +0000

What would tax reform look like if the goal were higher wages and stronger long-term growth — rather than more revenue? In this episode, Gene Tunny and John Humphreys examine capital gains tax, bracket creep, and income tax reform through the lens of productivity and living standards. While the discussion focuses on Australia, the principles apply everywhere. How should governments tax capital versus labour? Should tax brackets be indexed to inflation? And how can tax systems encourage saving, investment, and innovation? This episode explores the economic ideas behind a genuinely pro-growth tax reform agenda.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

What You’ll Learn

Why productivity growth—not redistribution—is central to rising real wages and living standards.
How capital gains tax works, and why inflation and the time value of money complicate its design.
Why economists worry that taxing capital income can discourage investment.
How bracket creep quietly increases tax burdens even when real wages aren’t rising.
What a pro-growth tax reform agenda looks like.

Timestamps

Introduction to the Podcast and Episode Theme (0:00)

Discussion on Productivity and Tax Reform (2:17)

Capital Gains Tax Discussion (7:22)

Proposed Tax Reforms and Economic Benefits (19:56)

Indexing Tax Brackets to Eliminate Bracket Creep (45:41)

Conclusion and Final Thoughts (49:03)

Links relevant to the conversation

The Australian Taxpayers’ Alliance livestreams that this episode borrows from…

Bold tax cut proposal for a new opposition || #32:

https://www.youtube.com/live/HYsNOmJ1tKc?si=ZCqtX2f5FWmxDo0C

Taxes are going up || #31

https://www.youtube.com/live/UkQWVCo1Qko?si=Cyp-SBtjdYI3nBRp

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What Would Adam Smith Make of Australia? | A C+ Scorecard

gene.tunny@gmail.com (Joseph Healy, Gene Tunny) — Fri, 13 Feb 2026 14:00:00 +0000

Adam Smith is often invoked as the intellectual godfather of modern capitalism — but he was also a moral philosopher. Judo Bank founder and former CEO Joseph Healy joins Gene Tunny to argue that Australia’s market economy has drifted from Smith’s vision. From weak competition and high household debt to corporate scandals and lobbying influence, this episode explores whether capitalism has been “hijacked by capitalists” — and why complacency may be Australia’s greatest economic risk.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

About this episode’s guest: Joseph Healy

Joseph Healy is an experienced Australian banking executive and the author of What Would Adam Smith Make of Modern Australia? He has had a long career in financial services in Australia and internationally, including as a co-founder and former CEO of Judo Bank, a specialist SME bank. Joseph has a longstanding interest in Adam Smith’s work as both an economist and moral philosopher. In his book, he draws on The Wealth of Nations and The Theory of Moral Sentiments to assess the state of modern Australian capitalism — examining competition, corporate governance, banking, regulation, education, and the relationship between economic performance and societal wellbeing.

What You’ll Learn

Why Adam Smith must be read as both an economist and a moral philosopher.
How shareholder value thinking reshaped corporate incentives from the 1980s onward.
Why weak competition in banking, airlines, retail, and energy may be generating economic rents in Australia.
How the shift of bank lending toward housing may have created systemic risk and underinvestment in SMEs in Australia.
Why Joseph gives Australia a C+ overall — and why that grade could deteriorate.

Timestamps

02:25 – Why Joseph wrote to The Economist
The 250th anniversary of The Wealth of Nations and reclaiming Smith’s legacy.

09:18 – Why Moral Sentiments still matters
“Loved and lovely” — Smith’s moral framework explained.

16:30 – The legal test vs the moral test
“It’s not ‘Will we get caught?’ — it’s ‘Is this the right thing to do?’”

18:29 – Shareholder value and the erosion of restraint
How incentives shifted corporate behaviour from the 1980s onward.

27:39 – Banking concentration and the shift to mortgages
Big Four dominance and declining SME lending.

31:05 – Systemic risk and household leverage
Is Australia too exposed to housing debt?

36:10 – Lobbying and barriers to competition
Why reform is politically difficult.

40:45 – Five areas of reform
Government size, competition, tax reform, governance, trade unions & education.

48:34 – The Qantas example
Lobbying, protection, and consumer impact.

51:39 – What would Adam Smith make of Australia?
The “report card”: A for trade, D for competition, C+ overall.

55:11 – Reclaiming capitalism
“Capture it back again so it’s working for everybody.”

Links relevant to the conversation

Joseph’s book, What Would Adam Smith Make of Modern Australia?

https://majorstreet.com.au/products/what-would-adam-smith-make-of-modern-australia-br-i-small-by-joseph-healy-i-small

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What Counts as Economic Activity — and What Doesn’t

gene.tunny@gmail.com (Gene Tunny, Misty Heggeness) — Sat, 7 Feb 2026 02:30:00 +0000

What do we actually count as economic activity — and what do we leave out? In this episode, Gene speaks with economist Misty Heggeness about Swiftynomics, her new book on women’s work, unpaid care, and the limits of standard economic statistics. Misty uses Taylor Swift as a narrative anchor for a broader argument about care, work, and economic growth. She argues that large amounts of productive activity — especially care and household work — sit outside GDP. The conversation explores unpaid labour, the gender pay gap, universal childcare, and whether rethinking what we measure could lead to better economic policy.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

About this episode’s guest: Misty Heggeness

Misty L. Heggeness is an associate professor in the School of Public Affairs and Administration and an associate research scientist in the Institute for Policy and Social Research at the University of Kansas. She has over a decade of experience leading high-profile research that informed decision-making within the U.S. federal government. Her research focuses on poverty & inequality, gender economics, and the high-skilled workforce and has appeared in outlets like The New York Times, Wall Street Journal, NPR, The Economist, and Science.

https://spaa.ku.edu/people/misty-heggeness

Takeaways

GDP measures market activity — but ignores much unpaid care and household work.
Women, on average, do more total economic activity per day once unpaid work is included.
How we measure the economy influences which policies governments prioritise.

Timestamps

Introduction to the Podcast and Guest (0:00)
Discussion on the Book's Theme (2:31)
Taylor Swift's Relevance and Personal Experiences (4:34)
Defining Swiftynomics and Its Broader Implications (12:08)
Policy Proposals and Universal Child Care (14:03)
Gender Pay Gap and Workplace Flexibility (18:43)
Affirmative Action and Gender Quotas (28:54)
Conclusion and Key Takeaways (36:53)

Links relevant to the conversation

Swiftynomics: How Women Mastermind and Redefine Our Economy:

https://www.amazon.com/Swiftynomics-Women-Mastermind-Redefine-Economy/dp/0520403118

The Care Board:

https://thecareboard.org/

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Why Economists Defend Free Speech

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Sat, 24 Jan 2026 01:00:00 +0000

What does free speech have to do with economics? A lot more than you might think. In this episode, Gene Tunny is joined by John Humphreys to explore free speech as a core institutional pillar of prosperous societies. From Mao’s Great Leap Forward to modern Australia, they show how restricting speech distorts incentives, breaks feedback loops, and leads to catastrophic policy failure. Even well-intentioned speech laws, they argue, can have dangerous unintended consequences.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Key takeaways (What you’ll learn)

Why economists see free speech as a feedback mechanism, similar to prices in markets
How restricting speech shifts incentives from truth-seeking to conformity
Why censorship often hides problems until they become crises
How historical disasters, like China’s Great Leap Forward, illustrate the cost of silenced feedback
Why tolerating error is essential for democracy, learning, and social progress

Timestamps

Free Speech and Its Importance (0:00)
The Role of Free Speech in Democracy (4:16)
Historical Context and Legal Perspectives (9:00)
Tolerance and the Enlightenment (11:03)
The Impact of Free Speech Restrictions (16:02)
The Politics of Free Speech Legislation (20:21)
The Evolution of Anti-Speech Legislation (22:15)
The Role of Multiculturalism and Social Cohesion (22:31)
The Future of Free Speech Legislation (32:45)

Links relevant to the conversation

Gene and John’s recent Australian Taxpayers’ Alliance livestreams on free speech:

https://www.youtube.com/live/ZdQ2y96QakI?si=cCKdaqylXJ03FgFa

https://www.youtube.com/live/fvd3usSMT3o?si=oIr7UJrO9C53Fi4c

Chris Berg’s Institutional Theory of Free Speech:

https://chrisberg.org/2017/02/an-institutional-theory-of-free-speech/

The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure:

https://www.amazon.com.au/Coddling-American-Mind-Intentions-Generation/dp/0735224897

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Auckland Upzoning: Hype or Housing Fix?

gene.tunny@gmail.com (John August, Gene Tunny) — Sat, 17 Jan 2026 01:15:00 +0000

Auckland’s upzoning reforms have become a global case study in housing policy. Gene Tunny and John August dig into the data behind claims that loosening zoning rules boosted housing supply and eased rent pressures. They explore the statistical methods used, the critiques raised by sceptics, and the limits of zoning reform on its own. The episode also examines infrastructure constraints and whether complementary policies are essential for real housing affordability gains.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Auckland Upzoning and Housing Affordability (0:00)
Introduction of John August and Initial Discussion (3:41)
Statistical Analysis and Critiques (3:59)
Cameron Murray and Tim Helm’s analysis (7:33)
Broader Economic Context and Infrastructure (25:23)
Conclusion and Future Directions (46:23)

Takeaways

Rigorous statistical studies find a strong link between upzoning and increased housing consents in Auckland.
Critics argue that zoning reform alone cannot overcome development cycles, infrastructure bottlenecks, or land banking.
Development approvals are a useful, though imperfect, proxy for actual housing supply growth.
Infrastructure provision is crucial—densification without follow-through can reduce amenity and limit affordability gains.
Zoning reform works best as part of a broader policy package, potentially including land value taxation to fund essential infrastructure.

Links relevant to the conversation

The impact of upzoning on housing construction in Auckland by Ryan Greenaway-McGrevy and Peter C.B. Phillips:

https://cowles.yale.edu/sites/default/files/2024-02/p1863.pdf

Zoning and housing supply: empirics in search of a theory by Tim Helm and Cameron Murray:

https://ace2025.org.au/wp-content/uploads/2025/07/01-Tim-ACE-2025-Tim-Helm-TAKE-II.pdf

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AI, Power & the Future of Politics w/ Bruce Schneier, Harvard Kennedy School

gene.tunny@gmail.com (Bruce Schneier, Gene Tunny) — Sat, 10 Jan 2026 02:00:00 +0000

Show host Gene Tunny speaks with cybersecurity expert Bruce Schneier of the Harvard Kennedy School about his new book, Rewiring Democracy, which explores the profound and often underappreciated ways AI is already reshaping democratic institutions. From AI-powered political campaigns and legislative drafting to citizen engagement and court systems, Schneier lays out both the potential and the peril of this technological transformation.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Introduction (0:00)
Bruce Schneier's New Book "Rewiring Democracy" (1:44)
Impact of AI on Democracy and Humanity (4:25)
AI in Government Administration and Courts (9:12)
Examples of AI in Citizen Assemblies and Public AI (12:02)
Challenges and Opportunities with AI in Democracy (18:10)
Regulation and Accountability of AI (22:04)

Takeaways

AI is already transforming democracy. It plays roles in political campaigning, lawmaking, courtrooms, and public service—even if we don’t always notice it.
The real danger is corporate control. Schneier stresses that AI’s trajectory is largely shaped by a small group of powerful tech companies and calls for “public AI” as a counterbalance.
AI is a tool, not a force. Whether AI supports democracy or authoritarianism depends entirely on how humans use it.
Citizens can be empowered by AI. Projects from CalMatters and make.org show how AI can help amplify civic voices and improve transparency.
Urgent regulation is needed. Schneier argues that AI, like cars or planes, must be regulated for safety, transparency, and accountability—especially to prevent manipulation and abuse.

Links relevant to the conversation

Bruce’s book - Rewiring Democracy: How AI Will Transform Our Politics, Government, and Citizenship

https://mitpress.mit.edu/9780262049948/rewiring-democracy/

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Why Roman Interest Rates Collapsed After Augustus Won | Fertility Economics Questions Answered | Friedman & Reagan on the Gold Standard – ep 304

gene.tunny@gmail.com (Gene Tunny) — Sat, 29 Nov 2025 04:00:00 +0000

Gene responds to thoughtful listener feedback on record-low fertility rates and explores why childcare, IVF, and returning to work for fortysomething mothers can be so economically challenging. He then travels back to ancient Rome to unpack a curious moment after Augustus’s victory over Antony and Cleopatra, when treasure flooded into Rome, interest rates plummeted, and land values soared—and explains how this fits neatly into modern monetary economics. Finally, Gene revisits remarkable exchanges between Milton Friedman, Alan Greenspan, and Ronald Reagan that shed fresh light on the perennial debate over the gold standard.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Introduction (0:00)
Childcare Costs and Staffing Ratios (5:15)
IVF Costs and Penalties for Women Returning to Work (9:52)
Rise of Singleton Households and Economics of Smaller Populations (17:32)
Economic Impact of Ancient Rome’s Influx of Gold and Treasure (22:56)
Milton Friedman and the Gold Standard (42:01)

Takeaways

Childcare costs are structurally high due to labour intensity, mandated staff–child ratios, and qualification requirements.
The “motherhood penalty” is real and appears driven partly by human capital loss during career breaks and partly by occupational choices for flexibility.
Augustus’s influx of treasure into Rome increased real money balances, pushing interest rates from ~12% to ~4% and boosting land prices—an excellent real-world example of short-run monetary non-neutrality.
Milton Friedman and Alan Greenspan both advised Ronald Reagan NOT to pursue a gold standard, arguing fiscal discipline and controlled monetary growth matter more than metal backing.

Links relevant to the conversation

Referenced Previous Episodes

Is Gold Flashing a Warning Sign?

https://economics-explained.simplecast.com/episodes/is-gold-flashing-a-warning-sign-ep303

The Great Baby Bust

https://economics-explained.simplecast.com/episodes/the-great-baby-bust-why-it-happened-and-what-it-means-for-us-ep300

The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse - EP230

https://economics-explained.simplecast.com/episodes/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230

The Gender Pay Gap w/ Dr Leonora Risse

https://economics-explained.simplecast.com/episodes/the-gender-pay-gap-with-dr-leonora-risse

China’s falling population & global population update - EP174

https://economics-explained.simplecast.com/episodes/chinas-falling-population-global-population-update-ep174

U.S. Census data on rising singleton households

https://www.census.gov/library/stories/2023/06/more-than-a-quarter-all-households-have-one-person.html

“The Motherhood Wage Penalty: A Meta-Analysis” – Social Science Research paper

https://www.sciencedirect.com/science/article/pii/S0049089X20300144

Florida childcare staffing ratios

https://www.elcslc.org/parents/vpk-locator/licensing-files-what-to-look-for/state-of-florida-mandated-adult-to-child-ratios/

Australian childcare qualification requirements

https://earlychildhood.qld.gov.au/careers/qualifications-and-pathways/approved-qualifications

Books Mentioned

Tom Holland’s translation of Suetonius – Lives of the Caesars

https://www.amazon.com.au/Lives-Caesars-Suetonius/dp/0241186897

Sebastian Mallaby – The Man Who Knew: The Life and Times of Alan Greenspan

https://www.amazon.com.au/Man-Who-Knew-Times-Greenspan/dp/0143111094

Mark Blaug – Economic Theory in Retrospect

https://www.amazon.com.au/Economic-Theory-Retrospect-Universiteit-Amsterdam/dp/0521577012

Cassius Dio – Roman History

https://penelope.uchicago.edu/Thayer/e/roman/texts/cassius_dio/51*.html

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Is Gold Flashing a Warning Sign? ep303

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Sat, 15 Nov 2025 02:00:00 +0000

Gold has doubled in price in less than two years—so what exactly is happening? Gene Tunny and John Humphreys break down the economic and geopolitical forces driving the surge, from inflation fears and rising global debt to BRICS nations buying massive amounts of gold. The conversation also explores whether a new gold-backed currency could challenge US dollar dominance.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Time stamps

00:00 – Introduction
01:30 – Why gold is surging
04:30 – The role of inflation fears & global debt
07:15 – BRICS gold buying and the idea of a gold-backed currency
12:00 – Is a gold-backed currency workable?
16:00 – Gold vs. fiat currencies: long-term stability
22:30 – Geopolitical implications of a shift away from the USD
26:00 – Gene’s clarification of Ken Rogoff’s perspective
28:30 – Outro

Takeaways

Gold has doubled in price in under two years, suggesting deep market concerns about inflation, debt, geopolitics, or structural distrust of fiat currencies.
BRICS nations—particularly China—are buying unprecedented amounts of gold, possibly preparing for a commodity-backed settlement currency.
A gold- or commodity-backed currency is politically useful for BRICS, as it may help overcome trust deficits relative to the US.
Gold standards constrain monetary policy, reducing the ability to monetize debt or respond flexibly to recessions. Gene and John debate whether this constraint is feature or bug.

Links

Gold charts:
https://drive.google.com/file/d/1TamqJ1GOpXxveAVLRS0UJnb7U9GyRATX/view?usp=sharing

ATA livestream on 6 November:
https://www.youtube.com/live/gSVJ9ZU6lC4?si=8sXvajwG5cdUk85f

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Should Australia “Make Things Again”? - ep302

gene.tunny@gmail.com (Gene Tunny, John Humphreys) — Sat, 8 Nov 2025 08:00:00 +0000

“Make things again” — it’s a powerful slogan. But what does it really mean for Australia’s economy, workers, and national security? Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys dig into the heart of the debate, from the politics of nostalgia to the realities of automation and global trade. A thought-provoking conversation about whether Australia can, or should, bring manufacturing back home.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

00:00 – Introduction – Why “Make Things Again” is back in the headlines
01:40 – From CIS Consilium to the manufacturing debate
06:15 – The political appeal of “making things again”
12:50 – Australia’s car industry and economic reality
16:55 – What policy tools are we really talking about?
21:45 – The energy policy civil war on the right
27:50 – Legitimate arguments for tariffs: revenue & security
31:30 – National security, China, and economic resilience
40:10 – Automation and the meaning of work
44:55 – The future of the centre-right
48:25 – Wrap-up: where the new right might go
49:00 – Outro – national security, critical minerals & what’s next

Takeaways

Automation has changed everything – Even if manufacturing expands, the old factory jobs aren’t coming back; future growth will be in advanced, high-value sectors.
Politics vs economics – “Made in Australia” is powerful politically, but protectionism risks higher costs and lower productivity.
National security is a legitimate concern – But it needs a framework; not everything can be justified in its name.
Energy costs are critical – High power prices are a big constraint on manufacturing.
Meaningful work matters – Many calls for reindustrialisation reflect cultural and social concerns about meaning, not just economics.

Links relevant to the conversation

ATA livestream of Made in Australia debate || ATA #26:

https://www.youtube.com/live/tvBKU7-Ce7E?si=g-Mr8AlL3-wDxNlE

Andrew Hastie MP’s call to make things again:

https://youtube.com/shorts/9NQGcBnaI8I?si=h4jwFskB2byxJ6Yy

Simon Cowan’s opinion piece “The hard truth: why the government should let this smelter fai”:

https://www.cis.org.au/commentary/opinion/the-hard-truth-why-the-government-should-let-this-smelter-fail/

Productivity Commission paper “Guardrails for modern industry policy”:

https://www.pc.gov.au/inquiries-and-research/guardrails-industry-policy/

Richard Holden’s AFR article “Labor needs a strategy to say where minerals bailouts stop” (paywalled):

https://www.afr.com/policy/economy/labor-needs-a-strategy-to-say-where-minerals-bailouts-stop-20251012-p5n1sz

John Quiggin’s article “If government bailouts of companies are the new normal, we need a better strategic vision”:

https://theconversation.com/if-government-bailouts-of-companies-are-the-new-normal-we-need-a-better-strategic-vision-267111

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The AI Boom: Innovation or Irrational Exuberance? w/ Aman Verjee - ep301

gene.tunny@gmail.com (Aman Verjee, Gene Tunny) — Sat, 1 Nov 2025 08:15:00 +0000

Venture capitalist Aman Verjee joins Gene Tunny to explore whether artificial intelligence is fuelling the next great economic bubble. Drawing lessons from history—from the 1840s railway boom to the 1990s dot-com surge—Aman argues that even frothy markets can spark long-term progress. The conversation also covers AI’s impact on jobs, productivity, and how policy can nurture innovation without strangling it.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Introduction and Guest Overview (0:00)
Aman Verjee's Background and Experience (2:26)
Aman’s Role and Responsibilities at Practical Venture Capital (5:50)
AI and Financial Bubbles (10:01)
AI in Business and Everyday Life (13:30)
Impact of AI on Jobs and the Economy (17:29)
US Economy and Government Shutdown (21:27)
Policies to Boost Productivity (27:29)
Aman Verjee's Book on Financial Bubbles (37:08)
Conclusion and Contact Information (43:30)

Takeaways

AI may be in a “frothy” phase but not necessarily a bubble—valuations are high, yet many firms are potentially transformative.
Past bubbles often produced some lasting value: the 1990s tech and 1840s railway booms birthed major industries that delivered lasting benefits after crashes.
AI will reshape, not erase, jobs—disruption creates new roles as others disappear, echoing past technological revolutions.
Policy matters: lower regulation, smarter taxation, and education reform are crucial for productivity growth.
History’s warning: bubbles fueled by debt (like the 2000s US housing boom and 1880s Melbourne land boom) are far more damaging than equity-driven ones.

Links relevant to the conversation

Aman Verjee’s firm: https://practicalvc.com/

Aman’s trading places podcast:

https://practicalvc.com/trading-places/

Regarding Melbourne house prices: “Melbourne house prices fell 51% in real terms (prices minus inflation) in the 1890s”

https://www.morningstar.com.au/personal-finance/lessons-from-australias-largest-property-busts

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The Great Baby Bust: Why It Happened and What It Means for Us - ep300

gene.tunny@gmail.com (Gene Tunny, John Humphreys) — Sun, 19 Oct 2025 01:15:00 +0000

Australia’s fertility rate is now at a record low of 1.48 babies per woman. Gene Tunny and John Humphreys discuss the sharp fall in fertility rates worldwide and what it means for Australia’s economy and society. They explore how declining birth rates threaten our economy, government budgets, and social cohesion, and whether migration, pro-natalist policies, or cultural change can reverse this trend.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Introduction to Episode on Decline in Fertility Rates and Economic Implications (0:00)
Discussion with John Humphreys on Fertility Rates (5:12)
Economic and Social Forces Driving Down Fertility (14:16)
Impact of Low Fertility Rates on Asset Prices and Social Cohesion (15:50)
Challenges of Migration and University Policies (20:25)
Historical and Sociological Factors Influencing Fertility Rates (29:57)
Potential Solutions and Policy Recommendations (40:15)

Takeaways

Australia’s fertility rate has fallen to 1.48 births per woman—its lowest level ever and far below the replacement rate of 2.1.
Migration isn’t a sustainable fix: fertility rates are also falling in nearly every country, even traditional migrant sources.
Economic and cultural shifts—urbanisation, delayed marriage, individualism, and welfare-state expansion—have weakened traditional social structures supporting families.
The Baby Bonus experiment of the 2000s temporarily lifted fertility, but its effects were uneven and costly.
Long-term implications include labour shortages, rising welfare burdens, asset price declines, and profound cultural change.

Links relevant to the conversation

ABS births data:

https://www.abs.gov.au/statistics/people/population/births-australia/2024

e61 analysis of the Baby Bonus:

https://e61.in/australias-fertility-decline-evidence-and-policy-experience/

Birthgap documentary:

https://youtu.be/m2GeVG0XYTc?si=vuZvBqwVkZn3q1oZ

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Shutdown Showdown: What It Really Means - ep299

gene.tunny@gmail.com (Gene Tunny) — Sun, 5 Oct 2025 00:00:00 +0000

Shutdowns are back—and Gene delves into the reasons, ramifications, and rhetoric. This episode examines the latest U.S. government shutdown, its potential to outlast previous ones, and whether it could signal deeper structural changes—or just more political theatre.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

US Government Shutdown Overview (0:00)
Political Causes and Consequences (2:47)
Impact on Federal Workers and Services (6:44)
Economic and Financial Implications (10:22)
Data Blackout and Market Trust (19:25)
Political Dynamics and Potential Resolutions (21:07)
Potential Long-Term Economic and Market Impacts (23:38)
Call for Public Input and Conclusion (24:02)

Takeaways

The shutdown has happened due to a failed continuing resolution, not the debt ceiling—this time, it’s a clash over health insurance subsidies and spending on undocumented immigrants.
Shutdowns rarely alter the long-term trend in government spending, as federal outlays tend to rebound after the shutdown ends.
Federal workers often get back pay, but contractors do not—highlighting real economic pain for many.
Economic impact is limited and short-term, though the longer this drags on, the greater the potential for serious consequences.
This shutdown might be different, as political polarisation has deepened and there are hints of a broader agenda to shrink government permanently.

Links relevant to the conversation

CBO report on the 2019 shutdown:

https://www.cbo.gov/publication/54937

CBS News report “Who gets back pay and who doesn't after a government shutdown?”

https://www.cbsnews.com/news/government-shutdown-contract-worker-back-pay/

David Wessel’s Brookings article “What is a government shutdown?”:

https://www.brookings.edu/articles/what-is-a-government-shutdown-and-why-are-we-likely-to-have-another-one/

J.P. Morgan note “How does a potential U.S. government shutdown impact markets?”:

https://am.jpmorgan.com/au/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/how-does-us-government-shutdown-impact-markets/

Emily Jashinsky’s video “Democrats LOSE IT over sombrero meme as Trump Unleashes 'Doge 2.0'”

https://youtu.be/JQCg-NuTAYI?si=s7eS7VgBH43Ab8VD

Bernie Sanders and AOC video on the shutdown:

https://youtu.be/fqWsPk7QO24?si=1RBjjEQogMMoLCzr

Relevant previous Economics Explored episodes:

Debt, Inflation & Unrest: Western Warnings - ep297

https://economics-explained.simplecast.com/episodes/debt-inflation-unrest-western-warnings-ep297

US Debt Ceiling: Why Trump is Right to Call for its Abolition & Gene’s Experience with Aussie Debt Ceiling - EP268

https://economics-explained.simplecast.com/episodes/us-debt-ceiling-why-trump-is-right-to-call-for-its-abolition-genes-experience-with-aussie-debt-ceiling-ep268

Is Uncle Sam Running a Ponzi Scheme with the National Debt? w/ Dr Dan Mitchell - EP235

https://economics-explained.simplecast.com/episodes/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235

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Is Net Zero Achievable—or Just a Slogan? Highlights from episodes with Matt Canavan, Nicki Hutley, Tony Wood & John Humphreys - ep298

Sat, 27 Sep 2025 12:00:00 +0000

What does net zero really mean, and what will it take to get there? In this episode, highlights from past guests reveal the full spectrum of views—from urgent calls for climate action to scepticism about costs and feasibility. With perspectives on extreme weather, carbon pricing, nuclear energy, coal, and productivity trade-offs, this episode cuts to the heart of the net-zero debate.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Economic Impact of Climate Change with Nikki Hutley (0:00)
Defining Net Zero with Tony Wood (8:56)
Criticism of Net Zero by Senator Matt Canavan (24:04)
Challenges of Meeting Australia’s 2035 Emissions Targets with John Humphreys (39:06)

Takeaways

The cost of inaction versus transition costs—Nicki Hutley warns that extreme weather and health impacts already impose huge economic costs, and she argues the costs of inaction outweigh the costs of action.
Technology is key—Tony Wood from the Grattan Institute stresses the need for innovation in batteries, hydrogen, soil carbon, and carbon capture.
Scepticism about global commitments—Senator Matt Canavan doubts countries like China and India will follow through, arguing Australia risks self-harm.
Productivity at risk—John Humphreys warns ambitious emissions targets could de-industrialise Australia and hurt long-term growth.
The debate remains unresolved—balancing economic prosperity with climate goals is still one of the defining challenges of our age.

Links relevant to the conversation

Australian Taxpayers’ Alliance Livestream of 18 September 2025 (which shows the emission reduction charts Gene refers to in this episode):

https://www.youtube.com/live/8YxnRT_YD50?si=_A1udQmCag3dMtyC

Previous Economics Explored episodes, including the highlights from this episode:

https://economics-explained.simplecast.com/episodes/climate-change-with-nicki-hutley-from-deloitte-access-economics

https://economics-explained.simplecast.com/episodes/cop26-climate-change-summit-with-tony-wood-grattan-institute

https://economics-explained.simplecast.com/episodes/aussie-senator-matt-canavan-cop26-dissenting-voices-part-2

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Debt, Inflation & Unrest: Western Warnings - ep297

gene.tunny@gmail.com (Gene Tunny, John Humphreys) — Sat, 20 Sep 2025 10:00:00 +0000

Gene Tunny and John Humphreys unpack the economic troubles brewing in the UK, France, and the US—rising debt, social unrest, inflation, and faltering productivity. They explore why bond markets are sounding alarms, why governments are struggling to respond, and what this all means for Australia. The episode draws urgent lessons from these fiscal failures, with stark warnings for what lies ahead if policy inertia continues. Among other issues, they discuss Gary Stevenson’s proposal for a wealth tax in the UK.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

This episode was recorded on Thursday, 18 September 2025.

Timestamps

Economic Challenges in Major Western Economies (0:00)
Discussion on UK Economic Turmoil (2:31)
Impact of Bond Market on UK Government (7:35)
Comparison with France and the US (16:43)
Lessons for Australia (35:29)
Impact of Political Polarisation (43:55)
Potential Solutions and Challenges (44:15)
Global Economic Repercussions (44:49)
Conclusion and Final Thoughts (46:24)

Takeaways

The UK’s fiscal crisis is deepening with stalled per capita GDP, rising debt, and bond markets losing confidence.
France is politically paralysed amid fiscal deficits and bond yields now surpassing Italy’s—an unprecedented shift.
The US faces stagflation risks, with inflation ticking back up and concerns about economic growth.
Productivity stagnation is the root problem across Western economies, fueling deficits and weakening growth.
Australia must learn from others' mistakes, avoiding unsustainable spending and instead boosting productivity.

Links relevant to the conversation

Slides with charts referred to this episode:

https://drive.google.com/file/d/1ZMkunGxYj57TnCajOxvMcTEh0fQj0y5L/view?usp=sharing

Australian Taxpayers’ Alliance Livestream of 18 September 2025:

https://www.youtube.com/live/8YxnRT_YD50?si=_A1udQmCag3dMtyC

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Don’t Fight the Market: A Price Mechanism Masterclass - ep296

gene.tunny@gmail.com (Gene Tunny) — Sun, 14 Sep 2025 14:00:00 +0000

Show host Gene Tunny breaks down why price controls are one of the most consistently failed economic policies. Using vivid historical examples from the 1970s US, the Soviet Union’s command economy, and Venezuela’s toilet paper crisis, he illustrates how interfering with the price mechanism leads to shortages, inefficiency, and unintended consequences.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.

Timestamps

Introduction to the Podcast and Episode Theme (0:00)
Price Controls and Their Economic Implications (2:47)
President Nixon's Wage and Price Controls (8:53)
The Soviet Union's Central Planning System (18:20)
Economic Inefficiency in the Soviet Steel Industry (29:24)
Venezuela's Toilet Paper Crisis (31:57)

Takeaways

Price controls disrupt vital economic signals, leading to misallocation of resources and market inefficiency.
Nixon’s wage and price freeze in the 1970s led to empty supermarket shelves, black markets, and farmers slaughtering livestock to cut their losses.
Soviet central planning failed due to the absence of price signals, leading to constant shortages—even of basic goods like meat and bread.
Venezuela’s price caps on essentials like toilet paper created massive shortages and forced the government to import millions of rolls.
The price mechanism acts as a societal dashboard, helping balance supply and demand more efficiently than central planning or rationing.

Links relevant to the conversation

Ben Bernanke’s book – 21st Century Monetary Policy

https://www.amazon.com.au/21st-Century-Monetary-Policy-Inflation/dp/1324020466

BBC News Article on Venezuela's Toilet Paper Crisis: "Venezuela aims to end toilet paper shortage"

https://www.bbc.com/news/business-22621833

Bread and Autocracy: Food, Politics, and Security in Putin’s Russia

https://www.amazon.com.au/Bread-Autocracy-Politics-Security-Putins/dp/019768436X

Stephen Kotkin – Armageddon Averted: The Soviet Collapse 1970–2000

https://www.amazon.com.au/Armageddon-Averted-Soviet-Collapse-1970-2000/dp/0195368630

Friedrich Hayek – “The Use of Knowledge in Society”

https://www.econlib.org/library/Essays/hykKnw.html

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Beyond the Roundtable: Real Solutions for Australia’s Productivity Plunge - ep295

gene.tunny@gmail.com (Damian Coory, Dan Petrie, Graham Young, Gene Tunny) — Sun, 31 Aug 2025 03:30:00 +0000

In this candid discussion, show host Gene Tunny joins a panel to expose the shortcomings of the Australian Government’s August 2025 economic reform summit. Topics include the high cost of energy, tax policy, the ballooning NDIS and big government generally, AI regulation, and Senator Matt Canavan’s rival roundtable, which Gene attended. This episode borrows the audio from Damian Coory’s The Other Side episode broadcast on YouTube on 22 August 2025. The other guests are Graham Young, Executive Director of the Australian Institute for Progress, and Dan Petrie, a data analyst and former editor at Bloomberg.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Australian Government's Economic Reform Roundtable Overview (0:00)
Critique of the Official Roundtable (3:26)
Challenges in Defining Productivity and Addressing Labor Market Issues (6:59)
Impact of Government Spending and Energy Costs on Productivity (9:48)
Innovation and Small Business Challenges (34:00)
Taxation and Economic Reform Proposals (34:29)
NDIS and Healthcare Funding Challenges (51:04)
Final Thoughts on the Roundtable and Future Directions (51:15)

Takeaways

The Official Roundtable Lacked Focus & Diversity: Only six business leaders were among 30 participants — a serious oversight for a summit focused on productivity and economic reform.
Energy Costs Are a Major Barrier: Australia’s rapid rollout of renewable energy is raising energy prices, affecting both consumers and heavy industries.
Government Spending Is Too High: Public spending is nearing 40% of GDP, with half of Australians now receiving government income, raising concerns about sustainability and productivity.
Small Business & Innovation Ignored: There was little meaningful discussion of the role of small business or innovation in driving productivity.
AI Regulation Needs a Balanced Approach: The roundtable discussions on AI were dominated by union concerns, focusing on job protection rather than innovation. This risks stifling technological advancement and missing opportunities for productivity gains.
NDIS Costs Are Spiralling Out of Control: The National Disability Insurance Scheme is growing at an unsustainable rate, with concerns about high eligibility and inadequate oversight. The government’s proposed changes lack proper consultation and shift costs to the states.

Links relevant to the conversation

The Other Side episode - “AUSTRALIA's Decline - No Vision, No Innovation, Just MORE Big Government and Taxes”:

https://youtu.be/FeicrCu2sO0?si=Rd8xZV_CsmLzikW0

Senator Matt Canavan’s roundtable broadcast on Sky News - “Real Productivity Roundtable reveals four ways to save Australia:”

https://youtu.be/4xBGcjIXgHU?si=Uk1kaqq92bhacSma

Robert Carling’s recent paper - “Leviathan on the Rampage: Government spending growth a threat to Australia’s economic future”:

https://www.cis.org.au/publication/leviathan-on-the-rampage-how-the-growth-of-government-is-draining-australias-economic-vitality/

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AI’s Economic Disruption: Infinite Intelligence at our Fingertips? w/ Prof. Chris Berg & John Humphreys - ep294

gene.tunny@gmail.com (Chris Berg, John Humphreys, Gene Tunny) — Fri, 22 Aug 2025 14:00:00 +0000

Professor Chris Berg from RMIT University discusses the transformative potential of AI, likening it to the next industrial revolution. He argues that AI, particularly tools like ChatGPT, can boost white-collar productivity by up to 40%. Governments should cautiously avoid AI regulation to maximise these gains. Berg emphasises AI's bottom-up adoption and its exponential advancements. He also touches on the social implications, including the formation of parasocial relationships with AI and the potential for AI to displace certain jobs. The conversation, with ATA Chief Economist John Humphreys and Economics Explored host Gene Tunny, highlights AI’s dual promise of productivity gains and societal challenges.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Introduction to AI and Productivity (0:00)
Government's Approach to AI Regulation (3:01)
Bottom-Up Technology and Industrial Applications (9:40)
Comparisons to Previous Industrial Revolutions (12:04)
Social and Economic Implications of AI (16:46)
AI and Human Labour (17:15)
AI's Role in Public Policy Debates (35:41)
Conclusion and Future Prospects (38:35)

Takeaways

AI as “Infinite Intelligence” – Berg views AI, particularly LLMs like ChatGPT, as offering effectively infinite intelligence, capable of dramatically transforming productivity.
White-Collar Disruption – AI is not just about automating manual labour. It poses a serious threat (and opportunity) for traditionally “smart” jobs like writing, research, and art.
Regulatory Caution – While Europe has rushed to regulate AI, Australia hasn’t, allowing innovation and productivity gains to take root.
Parasocial Relationships with AI – AI companions (e.g., AI-infused toys or assistants) may change human interaction, especially among children and vulnerable populations.
Rethinking Migration via Robots – Remote-controlled humanoid robots may one day allow low-skilled workers in developing countries to "work" in advanced economies without leaving home.

Links relevant to the conversation

ATA livestream on 21 August with Chris Berg:

https://austaxpayers.substack.com/p/productivity-ideas-with-chris-berg

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Cash Flow Tax, Gas Bans & Big Government w/ John Humphreys - ep293

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Sat, 9 Aug 2025 02:00:00 +0000

Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys tackle hot topics in Australian economic policy: the case for a cash flow company tax, the politics and maths of a gas ban, why stamp duty drags the economy, the growing size of government and the cost of living crisis.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Introduction and Greens’ Gas Ban (0:00)
Government Spending and Adverse Effects on Economic Dynamism (8:32)
Stamp Duty and Efficiency Cost (19:42)
Inflation Data and Cost of Living Crisis (25:39)
Productivity Commission's Company Tax Reform (28:55)
Workers' Compensation and Tax Incidence (43:11)
Tariffs and Taxation (54:52)

Takeaways

Cash Flow Tax Reform – The Productivity Commission proposes cutting company tax to 20% for most firms, adding a 5% cash flow tax, and keeping the system revenue neutral—aimed at boosting investment.
Gas Ban Impact – John argues the NSW Greens’ proposal would delay global warming by only 10 hours by 2100, even under optimistic assumptions, yet could raise costs for consumers and businesses.
Stamp Duty Inefficiency – Economic modelling by the Centre of Policy Studies (CoPS) shows stamp duty’s deadweight loss at 70–80 cents per $1 raised, far worse than GST or income tax.
Government Spending Growth – The CIS’s Robert Carling claims over half of Australians now earn primary income from government sources, raising concerns about productivity and political incentives.
Hidden Tax Burdens – Workers’ compensation costs, though nominally paid by employers, often reduce workers’ wages in the long run, John argues.

Links relevant to the conversation

ATA livestream on 7 August:

https://austaxpayers.substack.com/p/australia-considers-cashflow-tax

John’s article on Greens’ gas ban:

https://austaxpayers.substack.com/p/greens-propose-gas-ban

PC’s cash flow tax proposal:

https://www.pc.gov.au/inquiries/current/resilient-economy/interim

Leviathan on the Rampage: Government spending growth a threat to Australia’s economic future

https://www.cis.org.au/publication/leviathan-on-the-rampage-how-the-growth-of-government-is-draining-australias-economic-vitality/

CoPS on stamp duty: Some taxes are inefficient at any level. Even modest reforms will help

https://www.vu.edu.au/about-vu/news-events/news/some-taxes-are-inefficient-at-any-level-even-modest-reforms-will-help

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Raleigh’s Rise: America’s #1 Best-Performing City w/ Kyle Touchstone, Raleigh Economic Development

gene.tunny@gmail.com (Kyle Touchstone, Gene Tunny) — Sat, 26 Jul 2025 01:00:00 +0000

Kyle Touchstone, Director of Raleigh Economic Development, shares with us how Raleigh became the top-ranked large city in the US, according to the Milken Institute. Kyle and show host Gene Tunny discuss the city's success in biotech, AI, quantum computing, and advanced manufacturing—all underpinned by the world-class universities and innovation ecosystem of North Carolina’s Research Triangle. The conversation also explores Raleigh’s growing role in the gaming industry, including its connection to Epic Games—the creator of Fortnite—and the rise of eSports in the region.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Raleigh's Economic Growth and Milken Institute Ranking (0:00)
Industry Sectors and Infrastructure in North Carolina (5:17)
Significant Announcements and Investments (7:23)
Population Growth and Quality of Life (12:23)
Entrepreneurial Ecosystem and Community Support (15:08)
Tax Policy and Economic Development (15:35)
Quantum Computing and AI (19:49)
Sports and Entertainment (43:40)
eSports and Gaming (47:55)
Lessons in Economic Development (50:39)

Takeaways

Top Rankings: Raleigh was named the #1 best-performing large city by the Milken Institute and is part of the #1 state for business (North Carolina, per CNBC).
Research Triangle Advantage: Home to NC State, Duke, and UNC Chapel Hill, the Research Triangle fuels innovation with top-tier talent and research.
Massive Investment: Biotech firms, such as Biogen, Amgen, and Genentech, have invested billions, drawn by the infrastructure, affordability, and access to research.
Quantum & AI Leadership: IBM’s quantum hub and regional AI focus are positioning Raleigh as a leader in next-gen computing.
Entrepreneurial Ecosystem: Startups like Pendo and social enterprises like 321 Coffee thrive thanks to a strong support network and educational institutions.

Links relevant to the conversation

Raleigh, NC and Gainesville, GA Top Milken Institute’s 2025 Annual Ranking of Best-Performing Cities:

https://milkeninstitute.org/content-hub/news-releases/raleigh-nc-and-gainesville-ga-top-milken-institutes-2025-annual-ranking-best-performing-cities

Raleigh Economic Development:

https://www.raleighecondev.org/

Zoom catch up with show host Gene Tunny

Join Gene and other listeners for a catch-up on Zoom on Thursday, 31 July at:

21.30 to 22.30 AEST/GMT+10 (Australian East Coast time)
12.30 to 13.30 BST/GMT+1 (British Summer time)
07.30 to 08.30 EDT/GMT-4 (US East Coast time)

The link to the Zoom room is:

https://us02web.zoom.us/j/9471595560

RSVP by 20.00 GMT+10 on 31 July to contact@economicsexplored.com

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Interest Rates, Australia’s 3 Biggest Challenges, Global Fertility Crash, & the Tobin Tax Debate w/ John Humphreys, Australian Taxpayers’ Alliance

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Fri, 11 Jul 2025 14:00:00 +0000

Show host Gene Tunny and colleague John Humphreys dissect Australia’s latest controversial Reserve Bank interest rate decision, debating inflation targeting and central bank independence. They challenge conventional economic thinking, particularly around the NAIRU—the Non-Accelerating Inflation Rate of Unemployment (NAIRU). The episode also tackles the implications of declining fertility rates globally, the controversial Tobin tax on financial transactions, and critiques current climate policies through an economic lens.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Reserve Bank of Australia's Interest Rate Decision and Inflation Targeting (0:00)
Debate on RBA Independence and Inflation Targeting (8:12)
Challenges Facing the Australian Economy (23:00)
Libertarian Perspectives on Currency and Population Decline (35:33)
Economic Implications of Declining Fertility (36:31)
Tobin Tax and Its Economic Rationale, Pros and Cons (50:12)
Conclusion and Future Topics (56:48)

Takeaways

RBA Decision Controversy: The RBA's recent decision on interest rates highlights the complexity and uncertainty around inflation management.
NAIRU Concept Critique: The Non-Accelerating Inflation Rate of Unemployment is flawed and may misguide policy, according to John Humphreys.
Demographic Concerns: Declining fertility and aging populations could be the defining issue of the 21st century.
Economic Impacts of Climate Policy: Current climate change actions often lack transparent cost-benefit analyses, raising economic risks.
Risks of Tobin Taxes: Tobin taxes seem feasible at low levels but risk inefficiency, evasion, and global governance issues.

Links relevant to the conversation

Full ATA livestream “ATA Live #20: Tobin tax & interest rates”:

https://www.youtube.com/live/34WBRZNbwwc?si=TPU14g7SffIXuWMP

Australian Taxpayers’ Alliance:

https://www.taxpayers.org.au/

Zoom catch up with show host Gene Tunny

Join Gene and other listeners for a catch-up on Zoom on Thursday, 31 July at:

21.30 to 22.30 AEST/GMT+10 (Australian East Coast time)
12.30 to 13.30 BST/GMT+1 (British Summer time)
07.30 to 08.30 EDT/GMT-4 (US East Coast time)

The link to the Zoom room is:

https://us02web.zoom.us/j/9471595560

RSVP by 20.00 GMT+10 on 31 July to contact@economicsexplored.com

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

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Listener Mailbag: Starve the Beast, Property Tax, and NDIS & Productivity Debates

gene.tunny@gmail.com (Cameron Murray, Gene Tunny, John Humphreys) — Fri, 4 Jul 2025 14:00:00 +0000

Show host Gene Tunny delves into listener feedback on recent episodes regarding the feasibility of tax cuts preceding spending cuts ("starve the beast"), a capital gains tax on property, and the practicality of Georgist land taxes. He explores the complexities behind Australia's productivity challenges and regulatory capture issues raised by listeners.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Feedback from Listeners and Show Updates (0:00)
Discussion on the Starve the Beast Theory (2:26)
Listener Feedback from Australia (8:25)
Georgism and Property Taxation (20:11)
Feedback on Productivity and Regulatory Capture (26:25)
NDIS and Labour Force Participation (30:16)
Tax Reform and Efficiency (41:15)
Closing Remarks and Future Plans (50:21)

Takeaways

Tax Cuts Need Matching Spending Cuts: The "starve the beast" theory—that tax cuts alone will force spending cuts—is usually ineffective, historically resulting in higher deficits and debt.
Capital Gains Tax Controversy: Taxing capital gains on family homes would be politically unpopular and controversial.
Productivity and NDIS Debate: Growth in social services sectors, such as Australia’s National Disability Insurance Scheme, may negatively impact productivity measures, although this growth may also bring social benefits.
Avoid Regulatory Capture: Effective regulatory reform requires vigilance against corporate lobbying and vested interests to ensure regulations genuinely benefit the public.

Links relevant to the conversation

Previous episodes:

Australia’s productivity problem w/ John Humphreys:

https://podcasts.apple.com/au/podcast/australias-productivity-problem-can-it-be-fixed-w-john/id1480645795?i=1000712724732

Rethinking Property and Taxation: The Georgist Approach w/ John August

https://podcasts.apple.com/au/podcast/rethinking-property-and-taxation-the-georgist-approach/id1480645795?i=1000703744281

Fixing Australia’s Housing Crisis: Fusion’s Plan w/ Owen Miller

https://podcasts.apple.com/au/podcast/fixing-australias-housing-crisis-fusions-plan-w-owen/id1480645795?i=1000700967776

Livestream on superannuation with John Humphreys and Cameron Murray:

https://www.youtube.com/live/SlGCSaiGCVU?si=sj-ySFaccJUm08sg

Articles on the failure of the land value tax in the early 20th-century UK:

https://marginalrevolution.com/marginalrevolution/2025/03/the-failure-of-the-land-value-tax.html

https://worksinprogress.co/issue/the-failure-of-the-land-value-tax/

Book review of Kaldor’s Expenditure Tax monograph:

http://piketty.pse.ens.fr/files/Kaldor1955ExpenditureTaxDebate.pdf

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Chaos is Costly: Navigating Economic Uncertainty w/ Rebecca Homkes, Duke Corporate Education

gene.tunny@gmail.com (Rebecca Homkes, Gene Tunny) — Fri, 27 Jun 2025 02:30:00 +0000

Rebecca Homkes of Duke Corporate Education and London Business School joins the show to discuss how economic and trade policy chaos is hindering strategic decision-making in global firms. Rebecca shares how to spot the CEOs who are genuinely thinking ahead—those who anchor their choices in beliefs and prepare to adapt as conditions change. We also explore AI’s real value in business: not just saving time, but repurposing it for higher-value work and strategic growth.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Introduction and Overview of the Podcast (0:00)
Manufacturing Jobs vs. Manufacturing Capacity (1:03)
CEO Strategic Paralysis and Policy Uncertainty (16:31)
Regulation and Economic Policy (16:47)
Vision for the Future and National Security Concerns (20:10)
CEO Strategies in Uncertain Times (23:36)
Exemplars of Strategic Preparation (28:08)
Impact of AI on Business Strategy (36:56)
Challenges in AI Adoption (47:51)
Future of Jobs and AI (49:57)
Conclusion and Final Thoughts (52:01)

Takeaways

Chaos breeds inaction – CEOs facing policy and geopolitical uncertainty often freeze, avoiding significant investments due to a lack of clarity.
AI’s true value lies in repurposed time – Businesses should measure AI’s success not by time saved, but by how that time is used for higher-value tasks.
Strategic beliefs drive resilient planning – The best-performing organisations base decisions on articulated beliefs, not reactive responses.

Links relevant to the conversation

Rebecca’s website:

https://www.rebeccahomkes.com/

Rebecca’s book Survive, Reset, Thrive:

https://www.surviveresetthrive.com/

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Australia’s Productivity Problem: Can It Be Fixed? w/ John Humphreys, Australian Taxpayers’ Alliance

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Fri, 13 Jun 2025 09:00:00 +0000

Gene Tunny and John Humphreys dissect the causes behind Australia's productivity slump, analysing recent GDP data, labour market policies, and regulatory constraints. They debate whether tax cuts should precede spending cuts and question the effectiveness of central planning and government intervention (i.e. ‘picking winners’) in driving innovation. John is Chief Economist at the Australian Taxpayers’ Alliance (ATA). This episode is the audio of an ATA livestream on 12 June 2025.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

National Accounts and Productivity Concerns (0:00)
Government's Productivity Roundtable and Regulatory Reforms (4:34)
Economic Policy and Institutional Reforms (8:19)
Challenges in Private Investment and Productivity Measures (13:56)
Industrial Relations and Labour Market Reforms (18:14)
Housing Market and Regulatory Barriers (22:56)
Tax Reforms and Fiscal Responsibility (29:59)
Superannuation Tax Changes and Political Implications (47:15)
Conclusion and Future Prospects (57:22)

Takeaways

Australia is in an 8-year productivity slump, with minimal growth in GDP per hour worked and GDP per capita declining in most recent quarters.
The Albanese Government’s proposed productivity roundtable is met with scepticism, particularly due to its unwillingness to touch industrial relations.
Private investment remains weak, threatening future economic growth despite government spending and immigration-fueled expansion.
Superannuation changes are controversial, especially the proposal to tax unrealised gains and the lack of indexation, prompting fears of unfair treatment of self-managed funds.
Regulation, housing policy, and taxation are significant barriers to productivity; both speakers call for serious reform and question whether centralisation in Canberra helps or hinders progress.

Links relevant to the conversation

ATA livestream (i.e. video of this episode):

https://www.youtube.com/live/lDlner_PHc0?si=1M9krIiPwvIcFxLs

ATA website:

https://www.taxpayers.org.au/

Australia’s National Accounts:

https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release

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What if Fort Knox Gold is Impure or Missing?

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Sat, 7 Jun 2025 05:45:00 +0000

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Darren Brady Nelson's Role at Fisher Liberty Gold (0:00)
Investing in Gold Through Fisher Liberty Gold (3:00)
The Gold in Fort Knox: Historical Context and Implications (5:11)
The Quality and Purity of Gold in Fort Knox (7:58)
The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)
Central Banks’ Role in Gold Markets (34:08)
The Future of Gold and Monetary Policy (38:37)
The Independence of Central Banks (40:53)
The Role of Government in Economic Growth (48:46)
Final Thoughts and Future Topics (53:41)

Takeaways

Fort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.
Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.
Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.
Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.
Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.

Links relevant to the conversation

Fisher Liberty Gold:

https://www.fisherlibertygold.com/

Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:

https://mises.org/mises-wire/gold-fort-knox-was-stolen-americans

Mises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:

https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-it

Reuters report on central bank gold purchases:

https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/

Bernanke’s apology for Great Depression on behalf of the Fed to Milton Friedman:

https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/

Perth Mint:

https://www.perthmint.com/

In Gold We Trust report:

https://ingoldwetrust.report/?lang=en

Peter Bernstein’s book “The Power of Gold”:

https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010X

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The Global Economic Chessboard: Trump, Trade, and Transformation w/ Emmanuel Daniel

gene.tunny@gmail.com (Gene Tunny, Emmanuel Daniel) — Sat, 24 May 2025 04:00:00 +0000

Emmanuel Daniel, founder of the Asian Banker, explains how global economic dynamics are shifting. The discussion covers the decline of multilateral trade arrangements, the strategic blunders in U.S. tariff policy, why a BRICS currency won’t replace the US dollar as the global reserve currency, and the rise of domestic fintech infrastructures that challenge Western dominance in financial services. For example, the challenges Visa and Mastercard face in Indonesia are explored.

Please email Gene your thoughts on this episode via contact@economicsexplored.com.

Timestamps

Global Economic Trends and Trade Wars (0:00)
Impact of Trump's Trade Policies on the US (3:11)
Evolution of the US Economy and Services Industry (6:19)
Concerns About US Recession and Consumption (11:53)
Reactions from Exporting Countries (14:56)
Challenges for US Corporations in Emerging Markets (22:37)
BRICS and the Future of the US Dollar (27:55)
Geopolitical Implications of Trade Policies (39:12)
Long-Term Economic Trends and AI (39:33)
Final Thoughts and Future Prospects (42:18)
How would you rate this summary?

Takeaways

Capital Flows Over Trade: The U.S.'s remaining global leverage lies in capital flows—not trade—due to its deep, open financial markets and dominance in dollar-based transactions.
Tariff Tactics Are Backfiring: Trump’s tariff policies lack coherence and are harming U.S. markets and consumers. There's no clear playbook, only reactionary moves.
BRICS Currency Is a Mirage: Internal distrust among BRICS nations and incompatible fiscal policies make a unified currency unfeasible, at least in the near future.
Global Shift in Financial Services: Countries like Indonesia and India are creating their own payment systems, sidelining U.S. giants like Visa and MasterCard in favor of local fintech solutions.
We’re in a New Multipolar Era: Similar to pre-WWI geopolitics, the world is entering a new phase of power realignment—this time driven by technology, information, and AI.

Links relevant to the conversation

About this episode’s guest Emmanuel Daniel:

https://www.emmanueldaniel.com/biography-and-contact/

Previous episode on real time payments featuring World Bank expert:

https://economicsexplored.com/2025/04/03/inside-project-fastt-real-time-payments-for-all-ep278/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Beyond Stocks and Bonds: Exploring Alternative Assets, e.g. private credit, VC, farmland, infrastructure w/ Kim Flynn, XA Investments

gene.tunny@gmail.com (Kim Flynn, Gene Tunny) — Thu, 15 May 2025 20:00:00 +0000

Kim Flynn, President of XA Investments, discusses her 25-year career in asset management, focusing on alternative investments. She highlights the challenges faced during the 2008 financial crisis at Nuveen Investments, where she refinanced $15 billion in frozen auction rate securities. Flynn explains the structure and benefits of closed-end funds, particularly interval funds, which offer periodic liquidity. She details XA Investments' three SEC-registered closed-end funds with $900 million in assets, emphasizing private credit strategies with yields ranging from 9% to 15%. Flynn also explores the potential of alternative investments like farmland, infrastructure, and crypto, noting their role in portfolio diversification and income generation. Note: this episode contains general information only and is not financial or investment advice.

Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.

About Kimberly Ann Flynn

Kimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional and alternative investment funds, including CEFs, ETFs, UITs and commodity pools.

Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.

Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.

Timestamps

Introduction (0:00)
Kim Flynn's Career Journey (3:09)
Experience During the 2008 Financial Crisis (4:41)
Development of New Financial Products Post-Crisis (7:17)
Understanding Closed-End Funds and Interval Funds (8:48)
Investment Strategies and Alternative Assets (21:01)
Energy Investments and ESG Considerations (29:02)
Gold, Crypto, and the Role of FinTech (31:36)
Evaluating Asset Managers and Investment Strategies (35:03)
Investment Outlook and Market Dynamics (47:07)

Takeaways

Alternative Investments Offer Diversification: Kim Flynn explains that alternative investments, including real estate, private credit, and farmland, provide diversification benefits, reducing reliance on traditional stocks and bonds.
Liquidity Management is Crucial: Interval funds allow limited liquidity for investors, making them suitable for illiquid asset classes like private equity and real estate.
Lessons from the 2008 Crisis: Kim shares her experience during the financial crisis, where she managed funds impacted by frozen liquidity, highlighting the importance of flexibility and innovation.
Private Credit and Farmland Are Popular: Kim notes that private credit and farmland investments have seen significant interest due to their yield potential and inflation protection.
Understanding Liquidity Premiums: Kim emphasizes that investors should seek a 300-400 basis point premium for illiquid investments compared to equivalent public market assets.

Links relevant to the conversation

Kim’s bio on the XA Investments website:

https://xainvestments.com/team/

US Treasury webpage on the Troubled Asset Relief Program (TARP):

https://home.treasury.gov/data/troubled-asset-relief-program

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Exploring the Future of Personalized AI w/ Lotic CEO Bill Welser

gene.tunny@gmail.com (Bill Welser, Gene Tunny) — Fri, 9 May 2025 20:00:00 +0000

Gene Tunny interviews William ‘Bill’ Welser IV, the visionary behind Lotic, an AI startup designed to transform personal data into actionable insights while protecting user privacy. Bill discusses how Lotic’s AI-powered digital companion is designed to help users make better decisions, improve mental health, and understand their behavior patterns. The episode dives into ethical considerations, data security, and the economic implications of widespread AI adoption.

Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.

Timestamps

Introduction (0:00)
Bill Welser's Vision for Lotic AI (3:14)
Data Collection and User Interaction (6:18)
Behavioral Insights and Health Applications (14:20)
Privacy and Legal Considerations (32:51)
User Demographics and Market Reach (34:58)
Startup Journey and Future Plans (44:12)

Takeaways

Personalized AI as a Digital Companion: Lotic aims to transform individuals from passive data subjects into active agents by providing personalized insights. The AI helps users understand themselves better, make small behavioral changes, and potentially improve mental health, relationships, and job satisfaction.
Privacy and Ethical Data Collection: Bill Welser emphasizes a deliberate, privacy-first approach to data collection. Lotic uses advanced cryptography, blockchain technology, and user-controlled data sharing to protect personal information, ensuring users have agency over their data and insights.
Potential Economic Impact of AI: Welser suggests that as AI disrupts traditional job markets, individuals could leverage their personal data as a form of currency. He believes creating comprehensive, discrete personal data sets could help mitigate potential unemployment waves and provide new economic opportunities for people.

Links relevant to the conversation

Lotic website:

https://www.lotic.ai/

CEO Magazine profile of Bill Welser IV:

https://digitalmag.theceomagazine.com/william-welser-iv/?r=global

Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us about Who We Really Are

https://www.amazon.com.au/Everybody-Lies-Internet-About-Really/dp/0062390856

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Smarter Density: A Blueprint for Better Cities w/ top US architect Kevin Kennon

gene.tunny@gmail.com (Kevin Kennon, Gene Tunny) — Thu, 1 May 2025 20:00:00 +0000

Kevin Kennon, an award-winning architect, discusses the future of cities, housing affordability, and the role of architecture in urban life. He emphasizes the importance of smarter density, mixed-use developments, and integrating residential, commercial, and community spaces. Kennon highlights the impact of tariffs on housing costs and the need for free trade. He also discusses the benefits of prefabricated components over modular housing and the role of urban transport in housing affordability. Kennon advocates for architects to have a greater role in shaping public policy to improve livability and economic vitality in cities.

Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.

About Kevin Kennon

Kevin Kennon is an internationally renowned architect with over 40 years of experience, specializing in environmentally sustainable and innovative design. As the founder and CEO of Beyond Zero DDC Inc., Kevin leads the development of zero-carbon emission luxury eco-resorts in remote wilderness locations worldwide, merging design excellence with ecological responsibility. His extensive portfolio includes projects like the 1.5 million square foot Barclays North American Headquarters, the Rodin Museum in Seoul, and multiple award-winning Bloomingdale’s stores. Additionally, he led United Architects, a finalist in the prestigious World Trade Center design competition, further solidifying his impact on architectural innovation.

Kevin’s expertise spans adaptive reuse, urban planning, and large-scale developments, with projects featured in the permanent collection of MoMA, New York. He has earned over 40 international design awards and is a sought-after thought leader, contributing to discussions on urban development, climate change, and sustainable architecture. His work extends beyond architecture; as an expert witness and lecturer at leading institutions like Yale and Columbia, he brings a multidisciplinary approach to his craft.

Timestamps

Introduction (0:00)
Kevin Kennon's Journey into Architecture (2:53)
Economic Considerations in Architecture (7:13)
Impact of Tariffs on Housing Affordability (11:22)
Challenges in Housing Development (15:53)
NIMBY Issues and Urban Development (18:19)
Principles of Better Urban Design (21:00)
Social Housing and Public Investment (33:01)
Role of Urban Transport in Housing Development (38:05)
Modular Housing and Productivity (44:12)

Takeaways

Smarter Density is Key: Cities should move away from rigid zoning that separates residential and commercial spaces, instead creating mixed-use developments that blend different functions and create more vibrant, integrated neighborhoods.
Architecture is About Imagining the Future: Architects are not just solving spatial problems, but are critical thinkers who can help design more livable, affordable, and sustainable urban environments that address complex social and economic challenges.
Economic Considerations Drive Urban Design: Real estate development is deeply influenced by economic factors like tariffs, interest rates, and investment strategies, which significantly impact housing affordability and urban development.
User Control Enhances Productivity: Workplace design should focus on giving people greater control over their environment, including temperature, lighting, and space configuration, which can improve overall productivity and satisfaction.
Modular Housing Has Limitations: While prefabricated housing components show promise for reducing construction costs, they are not a magic bullet for housing affordability. Successful solutions require a holistic approach considering local conditions, transportation, and community needs.

Links relevant to the conversation

Kevin’s Wikipedia entry:

https://en.wikipedia.org/wiki/Kevin_Kennon

Economics Explored episode w/ Natalie Rayment, YIMBY QLD on the Missing Middle in housing:

https://economics-explained.simplecast.com/episodes/missing-middle-housing-other-urban-planning-issues

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Rethinking Property and Taxation: The Georgist Approach w/ John August

gene.tunny@gmail.com (Gene Tunny, John August) — Wed, 16 Apr 2025 14:00:00 +0000

Nineteenth-century American economist Henry George blamed poverty and depressions on landlords. George argued that their rents were associated mainly with public investments and should be shared with the community. Show host Gene Tunny speaks with returning guest John August about Georgism—the economic philosophy of Henry George that advocates for a single tax on land value. They explore the ethical and economic arguments behind taxing land, its historical popularity, and how it is perceived today. The discussion covers economic rent, speculation, tax distortions, and housing policy, critically examining Georgism's assumptions and limitations. John is the Fusion Party candidate for Bennelong in the upcoming Australian federal election.

Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.

Timestamps

Introduction (0:00)
John August’s Background and Campaign (4:19)
Georgism and Its Influence (7:25)
Economic Theory and Georgism (11:35)
Critique of Georgism (16:19)
Land Value Taxation and Economic Rent (23:15)
Impact of Georgism on Economic Policy (31:54)
Conclusion and Future Discussion (49:33)

Takeaways

Georgism, developed by Henry George in the 19th century, proposes a radical approach to taxation by advocating for a single tax on land values to address economic inequality and reduce speculation.
While most economists reject Georgism, the theory continues to have passionate advocates who argue that land value taxation could create a more productive and just economic system.
The Georgist perspective highlights how public infrastructure and community development can increase land values, creating unearned income for property owners without compensating the broader community.
Modern Georgists have moved away from the original concept of a 100% land value tax, instead advocating for a significant increase in land value taxation as part of a broader tax reform strategy.
The theory raises important questions about property speculation, economic rent, and the potential for less distortionary forms of taxation that could promote more equitable economic development.

Links relevant to the conversation

John’s federal election campaign website: John August for Bennelong

https://www.fusionparty.org.au/john_august_bennelong

Grand Pursuit: The Story of Economic Genius - Nasar, Sylvia

https://www.amazon.com.au/Grand-Pursuit-Story-Economic-Genius/dp/0684872986

Fixing Australia’s Housing Crisis: Fusion’s Plan w/ Owen Miller – EP277

https://economicsexplored.com/2025/03/27/fixing-australias-housing-crisis-fusions-plan-w-owen-miller-ep277/

Trent Saunders and Peter Tulip’s RBA Discussion Paper “A Model of the Australian Housing Market”:

https://www.rba.gov.au/publications/rdp/2019/2019-01/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The Gangster Method in Tariff and Trade Negotiations: w/ Nicholas Gruen

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Thu, 10 Apr 2025 23:30:00 +0000

Gene Tunny and Nicholas Gruen dive deep into the economic implications of Trump's sweeping tariffs. They explore the micro and macroeconomic dimensions—from optimal tariff theory to trade deficits and geopolitical fallout. With humour, clarity, and urgency, they unpack why these tariffs will do more harm than good, both economically and politically. A video version of this episode will appear as an episode of the Uncomfortable Collisions with Reality podcast on Nicholas’s YouTube channel.

Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.

Update: As of Friday morning (GMT+10), 11 April 2025, Trump’s reciprocal tariffs on countries other than China have been delayed 90 days.

Timestamps

Introduction and Purpose of the Podcast (0:00)
Micro and Macroeconomics of Tariffs (3:17)
Optimal Tariff and Economic Models (6:30)
Challenges of Tariffs and Adjustment Costs (49:45)
International Macroeconomic Implications (50:06)
Historical Context and Policy Responses (1:06:52)
Conclusion and Future Outlook (1:10:22)

Takeaways

Tariffs Are a Tax—Mostly Paid by Domestic Consumers: While Trump claims foreigners pay, economic models show that domestic consumers typically bear the burden.
Optimal Tariff Theory Has Limits: While large economies might, in theory, benefit from some tariffs, real-world retaliation, adjustment costs, and supply chain complexities negate most benefits.
Rule of Law Undermined: Trump's unilateral imposition of tariffs under national security justifications breaks trust in U.S. international agreements and damages credibility.
Macroeconomic Drivers Are Key to Trade Deficits: Tariffs are a microeconomic tool used to address a macroeconomic problem—high consumption and low savings—which misses the real issue.
Supply Chains Suffer from Tariff Shock: Modern manufacturing depends on intricate global supply chains. Tariffs disrupt production and create uncertainty for businesses.

Links relevant to the conversation

Nicholas Gruen and Gene Tunny’s article “Why Trump’s tariffs are better than you think — and much worse”:

https://www.crikey.com.au/2025/03/06/donald-trump-tariffs-impact-global-economy/

Nicholas’s YouTube channel which hosts his Uncomfortable Collisions with Reality podcast:

https://www.youtube.com/@NicholasGruen

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Trump’s Tariffs: Art of the Deal or Economic Disaster? w/ Darren Brady Nelson - Bonus Episode

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Sat, 5 Apr 2025 03:15:00 +0000

Are Trump’s tariffs a masterstroke of economic negotiation or a blunder with global consequences? Show host Gene Tunny and returning guest Darren Brady Nelson debate the rationale behind punitive tariffs, the backlash from markets, and whether this is all part of a broader deal-making strategy. They also discuss Elon Musk’s DOGE initiative and Darren’s run-in with a wild turkey on Wisconsin’s special elections campaign trail.

Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.

Timestamps

Introduction and Market Reaction to Trump's Tariffs (0:00)
Darren Brady Nelson's Run-In with a Wild Turkey (1:45)
Assessment of Trump's Tariffs (6:51)
Formula for Calculating Tariffs (12:26)
Impact on Consumers and Businesses (19:59)
National Security Considerations (37:06)
DOGE's Role in Identifying Waste and Fraud (44:07)
Wisconsin Special Election and Voter ID Law (55:14)
Australian Election Predictions (1:00:42)
Final Thoughts and Closing Remarks (1:05:44)

Links relevant to the conversation

Trump’s Executive Order “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits”:

https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/

Statement by IMF Managing Director Kristalina Georgieva:

https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgieva

Darren’s 2018 article “Trumpʼs tariffs: free, fair or foul trade?”, in which he discusses Adam Smith and free trade:

https://drive.google.com/file/d/1xQEt4n1bJ-W3RN2-H7_0w3q6vcI3eBCc/view?usp=sharing

Dan Mitchell’s “Six Visuals to Understand Trump’s Suicidal Tax Increase on Trade”:

https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgieva

CNN reporting, “This is the dubious way Trump calculated his ‘reciprocal’ tariffs”:

https://edition.cnn.com/2025/04/03/economy/reciprocal-tariff-math/index.html

Axios reporting, “Trump's surprisingly simple tariff math”:

https://www.axios.com/2025/04/03/how-trump-calculated-tariffs-trade-deficit

CNBC reporting, “Trump open to tariff negotiations, contradicting White House aides”:

https://www.cnbc.com/2025/04/03/trump-tariffs-live-updates-stock-market-trade-war.html

Note this reporting: ‘Top Trump trade advisor Peter Navarro denied that Trump’s new tariffs are being used as a tool to negotiate better trade terms with other countries.’

Great Reset discussion with Darren from 2020:

https://economics-explained.simplecast.com/episodes/the-great-reset

DOGE’s reported savings:

https://doge.gov/savings

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Inside Project FASTT: Real-Time Payments for All w/ the World Bank's Nilima Ramteke - EP278

gene.tunny@gmail.com (Nilima Ramteke, Gene Tunny) — Wed, 2 Apr 2025 14:00:00 +0000

Show host Gene Tunny and the World Bank’s Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps

Introduction (0:00)
Overview of Project FASTT (2:28)
Benefits and Implementation of Fast Payment Systems (7:50)
Challenges in Implementing Fast Payment Systems (14:51)
Role of Central Banks and Trust in Fast Payment Systems (20:33)
Impact of Fast Payment Systems on Cryptocurrencies (25:53)
Conclusion (31:36)

Takeaways

Fast payments enable 24/7, low-cost, secure, real-time transactions, making them vital for financial inclusion.
Project FASTT provides a toolkit and support for implementing fast payment systems globally.
Central banks, in collaboration with private sectors, play a key role in designing and implementing fast payment systems.
QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.
Fast payments offer an alternative to cryptocurrencies in emerging markets, significantly where volatility and regulatory risks hinder crypto adoption.

Links relevant to the conversation

World Bank Project FASTT website:

https://fastpayments.worldbank.org/

World Bank paper on “What Does Digital Money Mean for Emerging Market and Developing Economies”:

https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099736004212241389/p17300602cf6160aa094db0c3b4f5b072fc

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Fixing Australia’s Housing Crisis: Fusion’s Plan w/ Owen Miller - EP277

gene.tunny@gmail.com (Owen Miller, Gene Tunny) — Wed, 26 Mar 2025 20:45:00 +0000

There’s an upcoming election in Australia, and housing will be a big issue. Show host Gene Tunny chats with Fusion Party candidate Owen Miller about Fusion’s sweeping housing policy proposals. Topics include eliminating negative gearing, taxing capital gains on owner-occupied homes, and increasing public housing. They also discuss ideas like charter cities, high-speed rail, and a government-run real estate platform.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About Owen Miller

Owen Miller grew up in Sydney and has long been interested in science fiction, ultimately leading to the study of mechatronics (robotics & control systems) and computer science at the University of Sydney.

After working in different software roles in Sydney and even dealing Blackjack for some months, Owen moved to Seattle to work on the recommender systems at Amazon. Owen later moved to New York and was involved in smaller startups, especially in hospitality. Although the start-ups didn't take off, this rite of passage involved less shielding from the real world and helped clarify the roles of the market and the state in the provision of essential aspects of life, such as software and social cooperation.

In 2020, Owen started the Non-Human Party; a vision for an opt-in online nationality that would optimise the existence of robots and animals, in addition to humans.

Upon moving to Melbourne in 2022, Owen became the Registered Officer of Fusion, with the hope of enabling Australia to reach its full potential as a wealthy, sustainable and harmonious paradise; a beacon for the rest of the world. He currently serves as Fusion’s Convenor.

Owen was Fusion’s candidate for the 2023 Aston federal by-election.

In 2024, he ran as a candidate for local council in Merri-bek (for the Bulleke-Bek ward).

He will again be running as a federal candidate in 2025, this time in Wills.

In 2024, Spotify classified Owen as belonging to the top 0.05% of Kylie Minogue fans.

Source: https://www.fusionparty.org.au/owen_miller

Timestamps

Introduction (0:00)
Relationship Between Fusion Party and Pirate Party (3:07)
Fusion Party's Housing Policy Goals (4:04)
Comparisons with Other Countries and Tax Policy (6:19)
Immigration and Housing Policy (9:09)
Owner-Occupier Capital Gains Tax and Land Tax (12:53)
Renter's Rights and Social Housing (17:16)
Supply-Side Housing Policies (27:49)
Liberté Account and Open Source Real Estate Listings (38:24)
Final Thoughts and Wrap-Up (51:02)

Takeaways

Tax reform is central to Fusion’s housing strategy — They propose reducing capital gains tax discounts and phasing in land tax for all properties, including owner-occupied homes.
Fusion supports a major investment in social housing — Advocating a jump from 3.2% to 10% of housing stock as public housing.
Tenant rights need an upgrade — Fusion argues for banning no-fault evictions and establishing minimum standards like clean air and energy efficiency.
Livret A accounts could revolutionize infrastructure funding — A French-style citizen savings bond to fund high-speed rail and public housing projects.
Urban sprawl isn't the answer — Fusion favors infill development and transport-driven decentralization over expanding city fringes.

Links relevant to the conversation

Fusion’s housing policy:

https://www.fusionparty.org.au/housing_as_a_home

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gallium, Hafnium & the Strategic Metals Shaping Our World w/ Louis O’Connor, Strategic Metals Invest - EP276

gene.tunny@gmail.com (Louis O’Connor, Gene Tunny) — Thu, 20 Mar 2025 00:30:00 +0000

Show host Gene Tunny speaks with Louis O’Connor, CEO of Strategic Metals Invest, about the increasing demand for strategic metals like gallium, hafnium, and indium—essential for modern technology. They discuss China’s dominance in rare earth processing, the geopolitical stakes, and how supply chain vulnerabilities could impact global markets. Louis also shares insights into investing in these scarce resources.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps

Introduction to Strategic Metals and Geopolitical Implications (0:00)
Overview of Strategic Metals Invest (2:53)
China's Dominance in Rare Earths (4:00)
Characteristics and Importance of Strategic Metals (14:55)
Investment in Strategic Metals (16:11)
Geopolitical Risks and Supply Concentration (23:33)
Private Investment and Market Opportunities (32:45)
Historical Context and Future Outlook (43:09)
Market Volatility and Investment Strategies (46:49)
Partnership Opportunities and Future Growth (49:46)

Takeaways

Strategic metals are crucial – Essential for semiconductors, defence, and energy transition, these metals are essential for modern technology.
China dominates rare earth processing – While reserves exist elsewhere, China leads in refining, creating supply chain risks.
Investing in scarcity – Private investors can own and store strategic metals, profiting from increasing demand and limited supply.
Geopolitical tensions impact prices – Trade restrictions and conflicts can drive scarcity-driven price spikes.
The West is racing to catch up – The U.S., Australia, and Europe are working to develop independent supply chains, but progress is slow.

Links relevant to the conversation

Strategic Metals Invest website:

https://strategicmetalsinvest.com/

Lynas Rare Earths (Australia’s Leading Rare Earth Producer):

https://lynasrareearths.com/

US DoD article “Securing Critical Minerals Vital to National Security, Official Says”:
https://www.defense.gov/News/News-Stories/Article/Article/4026144/securing-critical-minerals-vital-to-national-security-official-says/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

What HS2, Channel Tunnel & Sydney Opera House Teach Us about Project Management w/ Adam Boddison OBE - EP275

gene.tunny@gmail.com (Adam Boddison OBE, Gene Tunny) — Mon, 24 Feb 2025 10:00:00 +0000

In this episode, Gene Tunny interviews Prof. Adam Boddison, CEO of the Association for Project Management. They explore why projects—whether in construction, IT, or public infrastructure—often go over budget and run late. Adam shares insights on project planning, risk management, and the importance of stakeholder engagement. They also discuss real-world case studies, including the Sydney Opera House and the Channel Tunnel, highlighting how long-term benefits sometimes outweigh initial budget overruns.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest: Prof (Dr) Adam Boddison OBE

Adam is Chief Executive of the Association for Project Management. He has a non-executive director portfolio that has previously included being Chair of the Corporation for a Further Education college and a Trustee for a multi-academy trust providing education for 32,000 pupils across 58 primary, secondary and specialist settings. Adam is also a Visiting Professor at Stranmillis University College (Queens University Belfast) and the University of Leicester (School of Business).

Prior to this, Adam held a number of executive leadership roles including Chief Executive for nasen (National Association for Special Educational Needs), Director of the Centre for Professional Education at the University of Warwick and Academic Principal for IGGY (a global educational social network for gifted teenagers). He has published a range of education books and mathematics text books and is a qualified clinical hypnotherapist.

Adam has a particular interest in leading organisations that deliver societal benefit.

Source: https://www.adamboddison.com/

Timestamps for EP275

Introduction and Importance of Project Management (0:00)
Overview of the Association for Project Management (2:59)
Professional Qualifications and Training (5:58)
Critical Chain Project Management (11:15)
Challenges and Successes in Project Management (14:29)
Examples of Successful Projects (26:16)
Risk Management and Judgment in Project Management (30:40)
Mega Projects and Project Management Literature (34:52)
Adam’s work which led to his OBE award (39:00)

Takeaways

Most projects fail at the start, not the end. Poor initial planning and unrealistic expectations often set projects up for failure.
Stakeholder engagement is critical. Involving the right people from the beginning can prevent costly mistakes later.
Project success is about more than time and budget. Long-term benefits, such as economic impact and societal improvements, should be factored in.
Mega-projects are prone to overruns. Large-scale projects often face budget and timeline issues due to political, technical, and financial uncertainties.
The "Pre-Mortem" approach helps mitigate risk. Imagining a project's worst-case scenario before starting can identify potential pitfalls early.

Links relevant to the conversation

Association for Project Management:

https://www.apm.org.uk/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Patriarchy Inc. - Gender and Workplace Dynamics w/ Cordelia Fine - EP274

gene.tunny@gmail.com (Cordelia Fine, Gene Tunny) — Fri, 14 Feb 2025 14:00:00 +0000

Show host Gene Tunny sits down with Professor Cordelia Fine to discuss her latest book, Patriarchy Inc. Professor Fine argues gender biases are embedded in jobs and organizational structures, affecting women's career prospects. Topics include ‘greedy jobs,’ the undervaluation of feminized professions, the limits of diversity programs, and the role of evolutionary psychology in shaping gender assumptions. Whether you agree or disagree, this discussion offers a fresh perspective on gender in the modern economy.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest: Professor Cordelia Fine

Cordelia Fine is a Canadian-born British academic and writer. Her work analyses scientific and popular biological explanations of behavioural sex differences and workplace gender inequalities, explores the effects of gender-related attitudes and biases on judgements and decision-making, and contributes to debates about workplace gender equality. She is the author of three popular science books, published in 13 languages. Among other accolades, Testosterone Rex won the Royal Society Insight Investment Science Book Prize. She is currently a professor in the History & Philosophy of Science in the School of Historical & Philosophical Studies at the University of Melbourne.

Timestamps for EP274

Introduction (0:00)
Cordelia Fine's Background and Interests (2:44)
Defining Patriarchy and Its Persistence (4:45)
Gender Pay Gap and Job Selection (12:03)
Impact of Gender Norms and Stigma (23:09)
Diversity, Equity, and Inclusion (DEI) Programs (33:01)
Market Thinking vs. Relations Thinking (40:07)
Alternative Evolutionary Perspectives (1:05:11)
Conclusion and Recommendations (1:14:11)

Takeaways

The Gender Pay Gap Is Complex – It's not just about discrimination; factors like ‘greedy jobs’ (roles demanding long, inflexible hours) and the devaluation of feminized jobs play a major role.
Diversity Initiatives Have Limits – Many corporate DEI (Diversity, Equity, and Inclusion) programs focus on ‘fixing’ women rather than addressing structural workplace issues.
Workplace Norms Favor Men – High-status, high-paying jobs often assume an ‘ideal worker’ who can dedicate unlimited hours—an assumption that disadvantages women with caregiving roles.
Traditional Economic Models Miss the Full Picture – Traditional market-based explanations of wage determination often overlook workplace hierarchies, organizational power dynamics, and societal gender norms.
Evolutionary Psychology Oversimplifies Gender – Popular claims that men and women have biologically determined career preferences are challenged by alternative theories emphasizing cultural and social learning.

Links relevant to the conversation

Cordelia Fine’s website:

http://www.cordelia-fine.com/

Patriarchy, Inc.:

https://www.amazon.com.au/Patriarchy-Inc-Wrong-Gender-Equality/dp/1838953345

Research showing increasing returns to overwork over time:

https://journals.sagepub.com/doi/full/10.1177/0003122414528936

The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse – EP230

https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Bang for Your Buck in Economic Development: Access to Town Water, Roads to Connect Isolated Communities w/ Kate Schecter, World Neighbors - EP273

gene.tunny@gmail.com (Gene Tunny, Kate Schecter) — Fri, 7 Feb 2025 20:00:00 +0000

Kate Schecter, CEO of World Neighbors, returns to the show and reveals how empowering local communities leads to long-term self-sufficiency in developing economies. She explains that roads connecting isolated communities to local markets can massively improve opportunities. She also explains that even modest interventions, like access to municipal water, can have profound impacts. From disaster preparedness in Indonesia to sustainable farming in Africa, Kate illustrates how World Neighbors helps communities build resilience.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest: Dr Kate Schecter

Kate Schecter, Ph.D., joined WN as President and Chief Executive Officer in June, 2014. Dr. Schecter is responsible for managing World Neighbors’ programs and operations in 14 countries in Asia, Africa, Latin America, and the Caribbean. 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. Through her work with over 35 partnerships addressing healthcare and treatment, she has extensive experience successfully implementing AIHA’s health partnership model.

From 1997 to 2000, Dr. Schecter worked as a consultant for the World Bank specializing in healthcare reform and child welfare issues in Eurasia and Eastern Europe. She taught political science at the University of Michigan in Ann Arbor for four years (1993-1997). She has written extensively about healthcare in post-Soviet states, and has made three documentary films for PBS. Over the past eight years at World Neighbors, Dr. Schecter has authored or co-authored 21 articles about the challenges of international development in very poor rural countries, the impact of climate change, and how to help alleviate mass migration through effective international aid.

Dr. Schecter holds a Ph.D. in political science from Columbia University and an M.A. in Soviet Studies from Harvard University. She is a member of the Council on Foreign Relations and served on the Board of Children’s National Medical Center in Washington, D.C. from 2010 to 2018.

Timestamps for EP273

Introduction (0:00)
World Neighbors’ Geographical Reach and Recent Developments (2:34)
Improving Climate Resilience in Agriculture (6:03)
Disaster Preparedness and Community-Based Approaches (9:57)
Connecting Communities with National and Regional Administrations (14:05)
Funding and Operational Efficiency (23:21)
Impact and Future Plans (27:08)
Conclusion and Final Thoughts (29:24)

Takeaways

Infrastructure can be transformative – Building a simple road or bridge can unlock market access for rural farmers, dramatically improving incomes and food security.
Local savings and credit groups empower communities – These groups help farmers and entrepreneurs access capital for investments without relying on exploitative lenders.
Disaster preparedness saves lives – Teaching communities to plan for floods, earthquakes, and other disasters helps them recover quickly and with fewer casualties.
Indigenous crops can boost resilience – Reviving traditional drought-resistant crops helps communities adapt to climate change and maintain food security.

Links relevant to the conversation

Kate’s previous appearance on the show:

https://economicsexplored.com/2022/05/23/economic-development-through-savings-and-credit-groups-w-world-neighbors-ceo-kate-schecter-ep140/

World Neighbor’s website:

https://www.wn.org/

Francis Fukuyama’s book Trust:

https://www.amazon.com/Trust-Social-Virtues-Creation-Prosperity/dp/0029109760

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Does Free Trade Benefit Everyone? A Deep Dive into the Stolper-Samuelson Theorem - EP272

gene.tunny@gmail.com (Gene Tunny) — Sat, 1 Feb 2025 04:00:00 +0000

Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some while benefiting others. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for today’s global trade debates.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP272

Introduction (0:00)
Explanation of Comparative Advantage and Free Trade (1:50)
Background on Wolfgang Stolper and Paul Samuelson (5:50)
The Heckscher-Ohlin Model and Indirect Factor Arbitrage (16:37)
Stolper-Samuelson Theorem and Its Implications (26:35)
Empirical Evidence and Historical Applications (31:53)
Conclusion and Future Directions (32:19)

Takeaways

Free Trade Creates Winners and Losers – The Stolper-Samuelson theorem predicts that free trade benefits the owners of a country’s relatively abundant factors (e.g., capitalists in capital-rich countries) but can harm the owners of relatively scarce factors (e.g., workers in industrialised economies).
Economic Theory Still Favors Free Trade Overall – While trade can hurt specific groups, economists argue that overall national income rises, making it possible (though not always politically feasible) to compensate the losers.
Historical Evidence Supports the Underlying Theory – Examples from 19th-century trade patterns show factor price convergence, with land rents rising in the U.S. while falling in Britain due to increased trade.
Trade Policy Shapes Political Alliances – Farmers in land-rich nations like Australia and the USA often supported free trade, while industrial workers in capital-rich nations tended to favor protectionism.

Links relevant to the conversation

The previous episode with Ian Fletcher:

https://economicsexplored.com/2025/01/21/industrial-policy-vs-free-trade-w-ian-fletcher-coalition-for-a-prosperous-america-ep271/

Stolper and Samuelson’s 1941 paper “Protection and Real Wages”:

https://academic.oup.com/restud/article-abstract/9/1/58/1588589

William Bernstein’s book “A Splendid Exchange: How Trade Shaped the World”:

https://www.amazon.com.au/Splendid-Exchange-Trade-Shaped-World/dp/0802144160

Roger Backhouse’s book “Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948”:

https://www.amazon.com.au/Founder-Modern-Economics-Samuelson-1915-1948/dp/0190664096

Edward Leamer’s paper on the Hecksher-Ohlin model in theory and practice:

https://ies.princeton.edu/pdf/S77.pdf

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Industrial Policy vs Free Trade w/ Ian Fletcher, Coalition for a Prosperous America - EP271

gene.tunny@gmail.com (Ian Fletcher, Gene Tunny) — Sun, 19 Jan 2025 21:00:00 +0000

Ian Fletcher, co-author of Industrial Policy for the United States, published by Cambridge University Press, joins the show to argue that free trade does not always serve national interests. Fletcher defines industrial policy as government intervention to support better industries, emphasizing that some industries are inherently more valuable. He highlights successful industrial policies in Japan, Korea, and Germany. Fletcher also discusses the role of tariffs in protecting domestic industries, using the example of U.S. electric vehicle tariffs on Chinese imports.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest: Ian Fletcher

Ian Fletcher is an Advisory Board Member for Coalition for a Prosperous America. He is the author of Free Trade Doesn't Work (2010) and a co-author of The Conservative Case Against Free Trade. He was Senior Economist at the Coalition for a Prosperous America and a Research Fellow at the US Business and Industry Council. He was educated at Columbia and Chicago.

Timestamps for EP271

Introduction (0:00)
Defining Industrial Policy (3:31)
Ian Fletcher's Journey into Industrial Policy (6:48)
Better Industries and Manufacturing (11:27)
Arguments Against Free Trade (18:10)
Case Studies and Successes of Industrial Policy (28:07)
Tariffs and Modern Industrial Policy (48:21)
Taiwan's Success Story (51:46)
Conclusion and Final Thoughts (53:51)

Takeaways

Industrial Policy Defined: Industrial policy focuses on nurturing high-value industries that provide higher wages and foster innovation.
Free Trade Critique: While free trade reduces consumer costs, it can lead to job losses, regional economic disparities, and reliance on foreign manufacturing.
Global Lessons: Successful industrial policies in countries like Taiwan and Germany show strategic government intervention can be successful in some instances, while failures in the UK and India underscore the risks of mismanagement.
Technology Pipeline: Ian Fletcher argues that a robust pipeline connecting scientific research to commercialization is critical for maintaining competitiveness in manufacturing and innovation.

Links relevant to the conversation

Ian’s book “Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries”:

https://www.amazon.com.au/Industrial-Policy-United-States-Competition/dp/1009243071

Lumo Coffee promotion

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

How LBOs, Share Buybacks & Private Equity Revolutionized Corporate America: Don Chew’s Case for Transformation - EP270

gene.tunny@gmail.com (Donald Chew, Gene Tunny) — Sun, 12 Jan 2025 22:00:00 +0000

Donald Chew discusses the evolution of corporate finance, emphasizing the shift from old-fashioned corporate finance, which focused on steady earnings growth, to modern corporate finance, which aims for high returns on capital. He highlights the decline of conglomerates in the 1970s and the rise of private equity. Despite criticism, Chew argues that modern corporate finance has been a success story, citing the doubling of U.S. public company market capitalization in the 1980s and the significant correlation of R&D and selling, general and administrative expenses (SG&A) expenses with corporate value. He also addresses the financial crisis, arguing it was due to mispriced mortgages and government policies, not market inefficiencies. Donald Chew is the founding editor of the Journal of Applied Corporate Finance, and joins show host Gene Tunny to discuss his latest book, The Making of Modern Corporate Finance, published by Columbia University Press.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest: Donald Chew

Don Chew is the founding editor and Editor-in-Chief of the Journal of Applied Corporate Finance (JACF), a publication he started almost 30 years ago. He has published over ten books on corporate finance, including The New Corporate Finance: Where Theory Meets Practice and The Revolution in Corporate Finance (with Joel Stern), which are both widely used in business schools throughout the United States and Europe. Don has both a Ph.D. in English and an MBA in finance from the University of Rochester.

Timestamps for EP270

Introduction (0:00)
The Decline of Conglomerates and the Rise of Modern Corporate Finance (5:58)
The Role of Private Equity and Corporate Governance (14:25)
The Impact of Modern Corporate Finance on Corporate Value (15:03)
The Future of Corporate Finance and Productivity Measurement (16:37)
The Role of Corporate Finance in Economic Growth (19:27)
The Critique of Modern Corporate Finance and Corporate Social Responsibility (27:26)
The Financial Crisis and the Role of Government Policy (35:40)
The Future of Corporate Finance and the Role of Private Equity (43:21)

Takeaways

Modern Corporate Finance Principles: The shift from prioritizing steady earnings growth to maximizing long-term firm value has reshaped corporate strategies globally.
The Importance of R&D: Increases in R&D and SG&A spending are now critical indicators of corporate value and long-term success, according to Don Chew.
Private Equity’s Role: Private equity has transformed underperforming companies, streamlining operations and reallocating capital for growth.
The Evolution of Corporate Governance: Shareholder activism has replaced hostile takeovers as the primary tool for enforcing corporate accountability.
ESG and Value Creation: Enlightened value maximization is the idea that corporations can address societal concerns while enhancing long-term profitability.

Links relevant to the conversation

Don Chew’s new book The Making of Modern Corporate Finance:

https://www.amazon.com.au/Making-Modern-Corporate-Finance-History/dp/0231211104

Econometric study of benefits to consumers of Wal-Mart:

https://onlinelibrary.wiley.com/doi/abs/10.1002/jae.994

Lumo Coffee promotion

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Jimmy Carter the Great Deregulator, AmFest, MAGA & Migration, and Why Competition? w/ Darren Brady Nelson - EP269

gene.tunny@gmail.com (Gene Tunny) — Sat, 4 Jan 2025 05:30:00 +0000

Gene Tunny and Darren Brady Nelson discuss the economic legacy of President Jimmy Carter, highlighting his deregulation efforts, particularly in aviation, which led to increased competition and significant cost savings. They also touch on Carter’s appointment of Paul Volcker as Federal Reserve Chairman, credited with fighting inflation. The conversation shifts to the America Fest conference in Phoenix, where key speakers included Charlie Kirk, Tucker Carlson, and Glenn Beck. They discuss the tensions within the MAGA movement, particularly around immigration policies. Lastly, they explore the intersection of Christian economics and competition, emphasizing its ethical foundations and the potential for a moral case for free markets.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP269

President Jimmy Carter's Legacy and Deregulation (0:00)
Carter's Economic Policies and Personal Anecdotes (5:16)
America Fest Conference in Phoenix (14:36)
Trump’s Speech and MAGA Movement Dynamics (27:46)
Christian Economics and Competition (36:34)
Darren's Critique of Mainstream Economics and Antitrust Regulation (51:22)
Regulatory Challenges and Natural Monopolies (55:55)
Final Thoughts and Future Directions (59:26)

Takeaways

Jimmy Carter’s Deregulation Impact: Carter’s policies in aviation, trucking, and beer production revolutionized U.S. markets, creating long-lasting consumer benefits.
MAGA’s Immigration Debate: Tensions exist between Bannon's nationalist stance and Musk's globalist vision for high-skilled immigration policies.
The Role of Competition: Darren highlighted the economic and ethical importance of competition, criticizing overreach in antitrust regulations.

Links relevant to the conversation

Mises Institute article “Jimmy Carter’s Legacy Is Much More than Good Deeds Done in His Later Years”:

https://mises.org/mises-wire/jimmy-carters-legacy-much-more-good-deeds-done-his-later-years

The previous episode with Darren:

https://economicsexplored.com/2024/11/10/trump-2-0-w-top-wisconsin-door-knocker-economist-darren-brady-nelson-ep261/

Great Reset discussion with Darren from 2020:
https://economics-explained.simplecast.com/episodes/the-great-reset

Larry Reed, President Emeritus of FEE, speaking about the Parable of the Vineyard Workers:

https://economicsexplored.com/2022/02/05/price-controls-to-fight-inflation-a-bad-idea-infrastructure-lessons-from-potus-21-ep125/

Darren’s articles in Concurrences on competition and antitrust (paywalled, alas):
https://www.concurrences.com/en/page/recherche/?recherche=darren+nelson#

Alfred Kahn’s Economics of Regulation:

https://www.amazon.com.au/Economics-Regulation-Principles-Institutions/dp/0262610523

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

US Debt Ceiling: Why Trump is Right to Call for its Abolition & Gene’s Experience with Aussie Debt Ceiling - EP268

gene.tunny@gmail.com (Gene Tunny) — Sun, 29 Dec 2024 08:00:00 +0000

Show host Gene Tunny discusses the ineffectiveness of the U.S. debt ceiling, citing its frequent increases and the political grandstanding it entails. He notes that since 1960, Congress has amended the debt limit 78 times. Tunny argues that the debt ceiling does not enforce fiscal discipline and highlights the need for better fiscal rules, such as the Swiss Debt Brake or the Taxpayer Bill of Rights. He also shares his experience with Australia's debt ceiling during the late 2000s financial crisis. Tunny concludes that Trump's criticism of the debt ceiling is justified.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP268

US Debt Ceiling Overview (0:00)
Historical Context and Modern Monetary Theory (4:09)
Ineffectiveness of the Debt Ceiling (7:07)
Australian Experience with the Debt Ceiling (13:00)
Conclusion and Alternative Fiscal Rules (24:49)

Takeaways

Debt Ceilings Are Ineffective: The US debt ceiling fails to control spending or debt accumulation, as it is consistently raised to avoid financial crises.
Alternative Fiscal Rules: Spending caps or frameworks like Switzerland’s debt brake are more effective at managing fiscal discipline than nominal debt ceilings.
Political Grandstanding: The debt ceiling often serves as a stage for political drama rather than meaningful fiscal reform.
Modern Monetary Theory Critique: Printing money to avoid debt constraints, as proposed by some MMT advocates, risks inflation and economic instability.
Lessons from Australia: Australia abolished its debt ceiling a decade ago after recognizing its downsides, offering a model for US fiscal policy reform.

Links relevant to the conversation

Useful information on the US debt and deficit from the US Treasury:

https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit (discusses how many times the debt ceiling has been amended)

https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/ (contains the spending, revenue, and deficit figures that Gene mentions)

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

How Global Events are Affecting Coffee Prices w/ Raihaan Esat, International Coffee Traders - EP267

gene.tunny@gmail.com (Gene Tunny, Raihaan Esat, Tim Hughes) — Fri, 20 Dec 2024 10:00:00 +0000

Coffee prices have surged dramatically over the past year, with green coffee increasing by 78%. In this episode, International Coffee Traders GM Raihaan Esat joins hosts Gene Tunny and Tim Hughes to explore the key drivers behind this spike, including harvest shortages, supply chain disruptions, and geopolitical factors. Discover why your morning brew may soon cost more and how the coffee industry is navigating these challenges.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About our guest: Raihaan Esat, General Manager, International Coffee Traders

Raihaan Esat is a passionate and seasoned coffee professional with extensive experience across the coffee industry. From working in bustling espresso bars and competing at the highest levels of barista competitions to managing roasteries and developing quality control systems, Raihaan has cultivated a deep understanding of every facet of coffee craftsmanship.

As General Manager of International Coffee Traders (ICT), a green coffee sales business, Raihaan connects both commercial and home roasters with premium green beans and equipment, sharing his love for exceptional coffee. Inspired by mentors like Phillip Di Bella and a history of innovation, Raihaan is also spearheading coffee events at The Coffee Commune, fostering a thriving community of coffee enthusiasts. Dedicated to excellence and driven by a lifelong passion, Raihaan continues to inspire others through mentorship, entrepreneurship, and a relentless pursuit of the perfect cup.

Source: https://www.roastmagazine.com/roastsummit/events/raihann-esat

Timestamps for EP267

Coffee Market Overview and Initial Discussion (0:00)
Factors Contributing to Coffee Price Increases (7:36)
Quality Concerns and Market Dynamics (19:41)
Consumer Behavior and Market Volatility (26:44)
Impact on Coffee Shops and Consumers (47:07)
Geopolitical and Weather Impact on Coffee Prices (54:20)

Takeaways

Green Coffee Prices Surge: Over the past 12 months, green coffee prices have increased by 78%, impacting every part of the supply chain.
Major Producers Facing Challenges: Brazil and Vietnam, responsible for a large share of global coffee production, are experiencing lower yields due to weather conditions and harvest quality issues.
Geopolitical Factors: Disruptions in trade routes, such as those caused by Middle East conflicts, have further strained the coffee supply chain, driving up costs.
Changing Consumer Expectations: As prices rise, consumers may need to reconsider what they expect for a $5 cup of coffee and the value they receive in return.
Sustainability of Cafes: For cafes to survive, they need to adjust their pricing to reflect increasing costs in labor, rent, and coffee supplies.

Links relevant to the conversation

Our previous conversation with Raihaan, “The Future of Coffee: Climate Change & Rising Prices w/ Raihaan Esat, International Coffee Traders – EP217”:

https://economicsexplored.com/2023/12/06/the-future-of-coffee-climate-change-rising-prices-w-raihaan-esat-international-coffee-traders-ep217/

Raihaan’s slide explaining factors driving up coffee prices:

https://drive.google.com/file/d/1JAhmCl_TmfSoWRkh9wF9fDFU395mPnyL/view?usp=sharing

Chart of the green coffee price:

https://drive.google.com/file/d/1qnX28VagJ3FtD40JntMujADsNKI-NhBs/view?usp=sharing

International Coffee Traders at the Coffee Commune:

https://www.coffeecommune.com.au/international-coffee-traders/

ABC News article “Coffee prices hit record high after bad weather”:

https://www.abc.net.au/news/2024-12-11/coffee-prices-hit-record-high-after-bad-weather/104711708

Greensquare coffee roaster app:

https://www.greensquare.co/

Lumo Coffee promotion

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Trump & Trade, France in Crisis, Global Capitalism’s Flaws & Job Losses from AI w/ Jean-Baptiste Wautier - EP266

gene.tunny@gmail.com (Jean-Baptiste Wautier, Gene Tunny) — Sat, 14 Dec 2024 01:00:00 +0000

This episode explores the economic implications of Trump’s re-election, France’s political deadlock under Macron, and the future of global capitalism. Jean-Baptiste Wautier, a private equity investor and World Economic Forum speaker, shares insights on trade wars and deficits. He argues that short-term profit motives undermine the global capitalist system. Jean-Baptiste also discusses AI's transformative potential. Please note this episode was recorded on 11 December 2024, before French President Macron appointed François Bayrou as the new PM.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP266

Introduction (0:00)
Economic Implications of Trump's Re-Election (2:55)
Potential Global Trade War (5:50)
Global Trade and Economic Interdependence (8:29)
Challenges Facing France and the Fifth Republic (13:55)
Risks to the Eurozone (20:07)
Flaws in Global Capitalism and Potential Solutions (27:34)
Examples of Enlightened Capitalism (33:01)
The Impact of Artificial Intelligence on Jobs (39:59)
Final Thoughts and Future Directions (44:50)

Takeaways

Trump’s Second Term Risks: His proposed tax cuts and tariffs could reignite inflation and exacerbate the US federal deficit, leading to global economic consequences.
France’s Political Instability: Macron’s government faces gridlock, which could potentially destabilize the Eurozone due to France’s growing budget deficit and political deadlock.
Global Trade War Unlikely: Despite harsh rhetoric, economic interdependence makes a full-scale global trade war improbable, in Jean-Baptiste’s view.
Capitalism’s Short-Term Focus: Jean-Baptiste argues the current capitalist model prioritizes short-term profits over long-term sustainability, causing inefficiencies and negative externalities like mental health crises and economic inequality.
The Role of AI: AI is transforming industries at an unprecedented speed, raising concerns about job displacement and the need for economic adjustments, possibly extending to UBI (Universal Basic Income), depending on the scale of the displacement.

Links relevant to the conversation

Jean-Baptiste Wautier’s website:

https://wautier.co.uk/

EXPLAINER: Why is natural gas still flowing from Russia to Europe across Ukraine?

https://apnews.com/article/russia-ukraine-war-natural-gas-f9f00df7195d01404f8cb2a43152a8b1

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

2024 Highlights: Reagan’s Budget Boss on Trump | Greedy Jobs | Super Abundance | Buffett in Omaha | Housing & Immigration

Sat, 7 Dec 2024 10:00:00 +0000

Host Gene Tunny discusses significant economic issues from the year. He features clips from interviews with experts on various topics, including the economic consequences of Donald Trump's re-election, the U.S. budget deficit, the gender pay gap, and environmental impact. President Reagan’s budget director David Stockman criticizes Trump’s policies for being anti-capitalist, citing a $8 trillion increase in public debt. Fiscal policy wonk Dan Mitchell argues that higher taxes are not the solution to the U.S. budget deficit, as spending is the primary issue. Leonora Risse (Assoc. Prof., University of Canberra) explains the concept of "greedy jobs" contributing to the gender pay gap. Marion Tupy of the Cato Institute discusses the long-term decline in commodity prices, and Daniel Lawse of Verdis Group emphasizes the need for sustainable, long-term thinking in business and policy. Daniel also reflects on the modest lifestyle of Warren Buffett, another Omaha resident. John August discusses the impact of immigration on Australia's housing crisis.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP265

Introduction (0:00)
David Stockman (6:20)
Dan Mitchell (11:20)
Leonora Risse (23:50)
Marian Tupy (32:15)
Daniel Lawse (41:49)
John August (48:06)

Links relevant to the conversation

Episodes featuring the clips:

https://economicsexplored.com/2024/01/28/reagans-budget-boss-david-stockman-on-trumps-economic-policies-ep224/

https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/

https://economicsexplored.com/2024/10/16/abundance-mindset-exploring-the-super-abundance-thesis-w-marian-tupy-cato-institute-ep258/

https://economicsexplored.com/2024/06/01/helping-seattle-aquarium-others-go-to-net-zero-and-beyond-w-daniel-lawse-verdis-group-ep242/

https://economicsexplored.com/2024/04/17/housing-crisis-and-immigration-australias-tough-choices-w-john-august-ep236/

Leonora’s review of Career and Family: Women's Century-Long Journey toward Equity, by Claudia Goldin

https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-4932.12716?domain=author&token=UPATKK2WTIAEZ49UMRMV

Principle of Charity podcast episodes on degrowth:

https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet/id1571868650?i=1000674757240

https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet-pt-2-on-the-couch/id1571868650?i=1000675655623

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Uncertainty and Enterprise: Harnessing Imagination and Narrative w/ Prof. Amar Bhidé - EP264

gene.tunny@gmail.com (Amar Bhidé, Gene Tunny) — Thu, 28 Nov 2024 21:45:00 +0000

Professor Amar Bhidé of Columbia University discusses his new book “Uncertainty and Enterprise”, published by Oxford University Press. It emphasizes the limitations of standard economic models that rely on probability distributions. He argues that entrepreneurship involves dealing with unique, non-quantifiable uncertainties, which require imagination and narrative skills. Bhide critiques the over-reliance on incentives and statistical analysis, advocating for a more imaginative and contextual approach. He highlights the importance of routines and the need for accountability in expert decision-making, particularly in areas like public health and monetary policy. Bhide also discusses the role of narratives in business success and the challenges posed by tech monopolies.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest Professor Amar Bhidé

Professor of Health Policy and Management at Columbia University Irving Medical Center

Bhidé has researched and taught about innovation, entrepreneurship, and finance for over three decades. He now focuses on teaching, developing, and disseminating case histories of transformational technological advances.

A member of the Council on Foreign Relations, a founding member of the Center on Capitalism and Society at Columbia – and a founding editor of Capitalism and Society, Bhide is the author of the forthcoming book Uncertainty, Judgment, and Enterprise (Oxford). His earlier books include A Call for Judgment: Sensible Finance for a Dynamic Economy (Oxford, 2010), The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World (Princeton, 2008), The Origin and Evolution of New Businesses (Oxford, 2000) and Of Politics and Economic Reality (Basic Books, 1984). Starting in the early 1980s, he has written numerous articles for the Harvard Business Review, the Wall Street Journal, the New York Times, and The Financial Times. He has periodically appeared on Bloomberg TV and CNBC.

Bhidé was previously the Lawrence Glaubinger Professor of Business at Columbia University and the Thomas Schmidheiny Professor of Business at Tufts University. He has also taught at Harvard Business School (as an Assistant, Associate, and Visiting Professor)and at the University of Chicago's Booth School of Business.

His professional experience includes directorship of a FTSE 100 company. In the 1980s, Bhidé was a Senior Engagement Manager at McKinsey & Company, a Proprietary Trader at E.F. Hutton, and served on the Brady Commission staff, investigating the 1987 stock market crash.

Bhidé earned a DBA and MBA from Harvard Business School with High Distinction and a B. Tech from the Indian Institute of Technology (Bombay).

LinkedIn: https://www.linkedin.com/in/amar-bhide-8202ba10/

Timestamps for EP264

Uncertainty in Economic Theory and Practice (0:00)
The Role of Imagination in Economic Decision-Making (6:44)
Narrative and Storytelling in Entrepreneurship (15:01)
The Impact of Narratives on Markets and Investment (25:29)
Challenges of Regulating Tech Monopolies (32:34)
Accountability and Expertise in Governance (41:04)
Building Narrative Skills for Entrepreneurs (48:31)
Final Thoughts (52:14)

Takeaways

The Distinction Between Risk and Uncertainty: Frank Knight’s distinction highlights that risk is quantifiable, but uncertainty involves unknowns, requiring judgment and imagination.
The Importance of Narrative in Business: Entrepreneurs use storytelling to make ventures plausible to investors and stakeholders, even when data is incomplete or speculative.
Imagination is Key to Profit: Success in entrepreneurship often depends on the ability to imagine scenarios, adapt to setbacks, and create compelling business models.
Challenges of Accountability in Modern Institutions: Bhide critiques the lack of accountability among experts in fields like public health and monetary policy, advocating for more robust governance structures.
The Role of Plausibility in Decision-Making: Investors and entrepreneurs alike rely on plausible, if not always precise, projections to guide business choices.

Links relevant to the conversation

Amar’s new book Uncertainty and Enterprise:

https://www.amazon.com.au/Uncertainty-Enterprise-Venturing-Beyond-Known/dp/0197688357/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=

Corralling the Info-Monopolists (Project Syndicate Op-ed):

https://sites.tufts.edu/amarbhide/2018/05/14/corralling-the-info-monopolists-project-syndicate-op-ed/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Elite Networks: The Hidden Driver of Inequality? w/ Vuk Vukovic - EP263

gene.tunny@gmail.com (Vuk Vukovic, Gene Tunny) — Fri, 22 Nov 2024 20:15:00 +0000

Dr Vuk Vukovic, economist and founder of Oraclum Capital, joins Gene Tunny to discuss elite networks, their economic impact, and the future of democracy. Delving into his research, Dr Vukovic examines how political connections affect income inequality and corporate success. He shares his innovative Bayesian approach to predicting financial and political trends, offering a glimpse into his hedge fund’s methods. The episode also tackles the dangers of centralized political power and explores solutions for empowering communities and fostering trust in democratic institutions.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

About this episode’s guest Dr Vuk Vukovic

In brief: an academic and practitioner

Academic...

Oxford PhD, LSE Masters, Harvard, Berkeley
5-year university teaching experience
Published in top journals, published a book (@Oxford University Press) => Elite Networks
Expert member of Parliament committee

Practitioner...

Running a hedge fund in NYC, Oraclum Capital (ORCA), based on our scientific innovation in network theory
Before that, founded two companies: market research consultancy & boutique rating agency
Macro-based trader & investor for over 10 years (learning by doing: lots of mistakes, lots of helpful lessons).

Timestamps

0:00 - Gene introduces Vuk and his work on elite networks and Bayesian analysis
3:54 - Vuk explains how they use social network analysis to identify "super forecasters"
7:47 - Vuk discusses the performance of his hedge fund Oraclum Capital
9:29 - Vuk goes into more detail on their social network survey approach
12:54 - Gene and Vuk discuss Vuk’s thesis on how political connections contribute to inequality
20:21 - Discussion of Lina Khan and potential risks of Trump-Musk connections
25:02 - Vuk discusses how corruption and concentrated power can lead to poor economic outcomes
33:30 - Vuk outlines recommendations for decentralizing political power and re-empowering citizens
39:13 - Vuk's final thoughts on the role of elites and the need for system design to channel their influence positively

Takeaways

Elite Networks Drive Inequality: Dr Vukovic’s research shows that corporate executives with political connections earn significantly higher salaries, fueling income inequality.
Bayesian Analysis Enhances Forecasting: Dr Vukovic argues his approach improves financial and political predictions by weighting opinions based on network diversity and historical accuracy.
Centralization vs. Decentralization: Dr. Vukovic argues for reducing centralized political power to lower inequality and enhance democratic processes.
Democracy’s Resilience: While acknowledging current challenges, Dr Vukovic remains optimistic about democracy’s ability to adapt through trial and error.

Links relevant to the conversation

Info on Dr Vuk Vukovic:

https://www.vukvukovic.org/

Elite Networks book:

https://www.amazon.com.au/Elite-Networks-Political-Economy-Inequality/dp/0197774237

Oraclum Capital:

https://oraclumcapital.com/

Lumo Coffee promotion

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Website: https://www.lumocoffee.com/10EXPLORED

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Is DeFi the Future of Finance? Exploring VirtuSwap’s Vision w/ Prof. Evgeny Lyandres - EP262

gene.tunny@gmail.com (Evgeny Lyandres, Gene Tunny) — Fri, 15 Nov 2024 04:00:00 +0000

Explore the mechanics of decentralized finance (DeFi) with Professor Evgeny Lyandres, who breaks down how decentralized exchanges work and how VirtuSwap stands out in providing liquidity for small-cap crypto assets. With insights into the challenges and future of tokenization, this episode offers a clear view of where DeFi may be heading. Evgeny is Professor of Finance and Head of the Blockchain Research Institute at Tel Aviv University. Disclaimer: This podcast episode contains general information only and is not financial or investment advice.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps for EP262

Introduction to Decentralized Exchanges and Their Potential (0:00)
The Evolution and Functionality of Decentralized Exchanges (6:38)
Challenges and Solutions in Decentralized Finance (22:18)
The Future of Crypto and Decentralized Finance (43:32)
Optimizing Liquidity and the Role of AI in Decentralized Exchanges (55:15)

Takeaways

Tokenization of traditional assets, such as stocks or real estate, is a future possibility for DeFi that could expand its impact well beyond the current crypto market.
Liquidity pools and smart contracts are essential to DeFi, providing a protocol-based framework where trades occur automatically based on programmed rules.
VirtuSwap’s unique pool structure, including virtual liquidity reserves, is designed to address the liquidity challenges for less-traded assets in DeFi.
With the aid of AI-driven systems like Minerva, DeFi platforms can optimize liquidity allocation, potentially offering higher returns for liquidity providers and more efficient trades for users.

Links relevant to the conversation

Evgeny’s academic web page:

https://lyandres.sites.tau.ac.il/

VirtuSwap website: https://virtuswap.io/

Previous episodes on web3, DeFi, crypto or blockchain:

The Future of VC: Blockchain, Web3, and Emerging Markets w/ Qin En Looi, Partner, Saison Capital – EP256

https://economicsexplored.com/2024/10/01/the-future-of-vc-blockchain-web3-and-emerging-markets-w-qin-en-looi-partner-saison-capital-ep256/

Navigating Volatile Crypto Markets & Avoiding Scams w/ Ben Simpson, Collective Shift – EP249 https://economicsexplored.com/2024/08/14/navigating-volatile-crypto-markets-avoiding-scams-w-ben-simpson-collective-shift-ep249/

Digital Money Demystified w/ Prof. Tonya Evans – EP216

https://economicsexplored.com/2023/11/30/digital-money-demystified-w-prof-tonya-evans-ep216/

Crypto arbitrage searcher Dave Belvedere on crypto and dApps such as Wizards & Dragons – EP178

https://economicsexplored.com/2023/03/08/crypto-arbitrage-searcher-dave-belvedere-on-crypto-and-dapps-such-as-wizards-dragons-ep178/

Bitcoin & books w/ author & ex-fighter pilot Lars Emmerich – EP157

https://economicsexplored.com/2022/09/18/bitcoin-books-w-author-ex-fighter-pilot-lars-emmerich-ep157/

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Trump 2.0 w/ Top Wisconsin Door-Knocker & Economist Darren Brady Nelson - EP261

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Sat, 9 Nov 2024 05:15:00 +0000

Economist and returning guest Darren Brady Nelson shares insights from his time as the top door-knocker for the Trump campaign in the battleground state of Wisconsin. He explains why Trump’s messages on inflation, immigration, and cultural issues resonated with voters. He breaks down Trump’s economic vision for the second term, including plans for Elon Musk to lead a government reorganisation. Show host Gene Tunny and Darren discuss the prospects for repairing the US budget and the possible economic implications of Trump’s fiscal and trade policies.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP261

Introduction (0:00)
Darren’s experience as Trump’s top doorknocker in Wisconsin (3:00)
Why Trump won (11:40)
Illegal immigration (15:05)
Trump and monetary policy (27:30)
Elon Musk and government efficiency (33:00)
Trump and trade (48:15)
Final Thoughts (57:00)

Links relevant to the conversation

Bio for Darren Brady Nelson available here:

https://economicsexplored.com/regular-guests/

Statistics on illegal immigration in the US:

https://cmsny.org/us-undocumented-population-increased-in-july-2023-warren-090624/

https://lamborn.house.gov/issues/illegal-immigration

Stanford University briefing on China’s Use of Unofficial Trade Barriers in the U.S.-China Trade War:

https://sccei.fsi.stanford.edu/china-briefs/chinas-use-unofficial-trade-barriers-us-china-trade-war

Relevant previous episodes:

Is Uncle Sam Running a Ponzi Scheme with the National Debt? w/ Dr Dan Mitchell – EP235 - https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

US infrastructure: lessons from Australia, with Darren Brady Nelson - https://dashboard.simplecast.com/accounts/a4c530a8-52a1-4290-95a3-19c00e80602c/shows/a3789cf6-a26b-464a-ab7f-551db331ee09/episodes/6134a946-eab5-4a0c-bbe3-dfae5a6bf200/

Lumo Coffee promotion

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Japan’s Corporate Comeback: Inside the Resolute Japan Model, w/ Wharton Prof. Michael Useem - EP260

gene.tunny@gmail.com (Michael Useem, Gene Tunny) — Tue, 29 Oct 2024 10:00:00 +0000

Wharton Professor Michael Useem joins host Gene Tunny to discuss his new book, Resolute Japan, which unveils Japan’s emerging shift in management practices fueling a corporate revival. Japanese companies are adopting ambidextrous management, empowering frontline employees, and embracing Western practices while retaining stakeholder-first traditions. He emphasizes the importance of top management in driving change and the potential for Japan to regain global economic prominence by learning from domestic and international best practices.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP260

Introduction and Overview of the Podcast (0:00)
Japan's Economic Downturn and Resurgence (3:30)
Methodology and Interview Process (5:44)
Innovative Management Practices in Japan (11:29)
Ambidextrous Management and Global Influence (21:51)
Challenges and Opportunities for Japan (42:36)
Economic Research on Management Impact (42:58)
Final Thoughts and Recommendations (52:47)

Takeaways

Japanese companies are adopting innovative management practices, such as empowering frontline employees and embracing the "gemba walk" to better understand operations.
Japanese companies are retaining their commitment to stakeholders, including employees, the community, and the country, while also becoming more open to adopting Western-style management principles.
The concept of "ambidextrous management" is emerging, where companies are exploring new industries while exiting declining ones, demonstrating a willingness to adapt to changing market conditions.
There is an increasing openness among Japanese companies to learn from and adopt best practices from other countries, which is helping drive their resurgence.
The impact of top management changes can significantly influence a company's performance, suggesting the importance of resolute leadership in driving change and improvement.

Links relevant to the conversation

Professor Michael Useem’s profile:

https://mgmt.wharton.upenn.edu/profile/useem/

Resolute Japan book:

https://www.amazon.com.au/Resolute-Japan-Leaders-Corporate-Resurgence/dp/1613631820

OECD Economic Surveys - Japan 2024:

https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-japan-2024_41e807f9-en

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Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The China Business Conundrum: One Bed, Two Dreams w/ Ken Wilcox, former CEO, SVB - EP259

gene.tunny@gmail.com (Ken Wilcox, Gene Tunny) — Tue, 22 Oct 2024 10:00:00 +0000

Ken Wilcox, former CEO of Silicon Valley Bank, discusses his book "The China Business Conundrum" and the challenges of doing business in China. He explains the concept of "one bed, two dreams," highlighting the disparity in goals between western and Chinese joint venture partners. Wilcox details his bank's entry into China, emphasizing the strategic invitations and control exerted by the Chinese Communist Party. He recounts the extensive regulations and control mechanisms, including a three-year restriction on using Chinese currency. Despite the challenges, Wilcox values the experience, noting the complex interdependence between the U.S. and China.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Ken Wilcox

Ken Wilcox was the CEO of Silicon Valley Bank (SVB) from 2001 to 2011, then the CEO of SVB's joint venture with Shanghai Pudong Development Bank (SPDB-SVB) in Shanghai until 2015, followed by four years as its Vice Chairman. He currently serves on the boards of the Asia

Society of Northern California, the Asian Art Museum, and UC San Diego's 21st Century China Center, as well as Columbia Lake Partners, a European venture-debt fund. He is on the Board of Advisors of the Fudan University School of Management in Shanghai and an Adjunct Professor at U.C. Berkeley.

Ken holds a PhD in German from Ohio State University and an MBA from Harvard Business School. He has given numerous speeches in both English and Chinese, published a variety of articles in the banking press, and recently wrote the management book Leading Through Culture: How Real Leaders Create Cultures That Motivate People to Achieve Great Things (Waterside Productions, 2020) and its accompanying workbook, How About You? (Waterside Productions, 2023). His account of establishing an innovation bank in China, The China Business Conundrum: Ensure that Win-Win Doesn’t Mean Western Companies Lose Twice, is forthcoming from Wiley.

To connect with Ken, please visit: www.linkedin.com/in/kenwilcoxsvb/

Timestamps for EP259

Introduction and Overview of the Podcast (0:00)
Ken Wilcox's Journey into China (4:40)
Challenges and Strategic Invitations in China (8:10)
Guanxi and Corruption in Business Relationships (14:13)
State Control and Joint Venture Challenges (20:42)
Impact of SVB's Collapse and Final Reflections (40:02)

Takeaways

Joint ventures in China often suffer from differing goals between Western companies and their Chinese partners, a phenomenon Ken Wilcox refers to as "One Bed, Two Dreams."
The Chinese Communist Party (CCP) holds significant control over both private and state-owned companies, making it difficult for foreign businesses to operate independently.
Guanxi, a system of mutual obligation and trust, plays a critical role in business relationships in China, but it often involves navigating corruption and complex social expectations.
Foreign companies entering China are often targeted for their intellectual property, and the CCP uses strategic partnerships to gain technological insights.
Ken Wilcox’s experience with Silicon Valley Bank in China illustrates the frustrations foreign firms face due to slow regulatory processes and overwhelming state control.

Links relevant to the conversation

Ken’s book “The China Business Conundrum”:

https://www.amazon.com.au/China-Business-Conundrum-Win-Win-Companies/dp/1394294166

Previous Economics Explored episodes on China:

China’s Economic Future Under Xi & the Australia-China Relationship w/ Emmanuel Daniel – EP253

https://economicsexplored.com/2024/09/17/chinas-economic-future-under-xi-the-australia-china-relationship-w-emmanuel-daniel-ep253/

Enterprise China: what western businesses need to know w/ Prof. Allen Morrison – EP171

https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/

Why we’re in the Decisive Decade with China & what the West should do w/ Dr Jonathan D. T. Ward – EP182

https://economicsexplored.com/2023/04/09/why-were-in-the-decisive-decade-with-china-what-the-west-should-do-w-dr-jonathan-d-t-ward-ep182/

China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller – EP146

https://economicsexplored.com/2022/07/04/china-taiwan-the-indo-pacific-w-dr-greta-nabbs-keller-ep146/

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Abundance Mindset: Exploring the Super Abundance Thesis w/ Marian Tupy, Cato Institute - EP258

gene.tunny@gmail.com (Marian Tupy, Gene Tunny) — Tue, 15 Oct 2024 10:00:00 +0000

Marian Tupy, a senior fellow at the Cato Institute, discusses his book "Super Abundance" with Gene Tunny. Tupy argues that resources are becoming more abundant relative to global population, a concept he calls "super abundance." He explains that human ingenuity has led to cheaper commodities over time. Tupy refutes Malthusian predictions of resource scarcity, citing examples like the Haber-Bosch process for synthetic fertilizer. He also addresses environmental concerns, emphasizing that economic growth and technological advancements can mitigate issues like ocean and air pollution and resource depletion.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Marian Tupy, Cato Institute

Marian L. Tupy is the founder and editor of HumanProgress.org, and a senior fellow at the Cato Institute’s Center for Global Liberty and Prosperity.

He is the co-author of the Simon Abundance Index, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet (2022) and Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting (2020).

His articles have been published in the Financial Times, the Washington Post, the Los Angeles Times, the Wall Street Journal, The Atlantic, Newsweek, the U.K. Spectator, Foreign Policy, and various other outlets both in the United States and overseas. He has appeared on BBC, CNN, CNBC, MSNBC, Fox News, Fox Business, and other channels.

Tupy received his BA in international relations and classics from the University of the Witwatersrand in Johannesburg, South Africa, and his PhD in international relations from the University of St. Andrews in the United Kingdom.

Source: https://www.cato.org/people/marian-l-tupy

Timestamps for EP258

Introduction and Overview of the Podcast (0:00)
Explaining the Concept of Super Abundance (2:30)
Methodology and Stylized Facts (6:48)
Julian Simon and the Bet with Paul Ehrlich (9:46)
Future Prospects and Human Ingenuity (12:45)
Environmental Concerns and Degrowth (22:59)
Population Growth and Resource Use (33:11)
Final Thoughts and Future Prospects (34:08)

Takeaways

Tupy argues that human ingenuity continuously expands the resource base, making resources more abundant even as populations grow.
The concept of "time prices" shows that resources are becoming cheaper relative to wages, supporting the thesis of super abundance.
The famous Simon-Ehrlich bet demonstrates that commodities became cheaper over time, disproving doomsday predictions about resource depletion.
Technological advancements, such as desalination and agricultural productivity, are key to sustaining resource abundance.
Economic prosperity and technological innovation are essential for environmental protection.

Links relevant to the conversation

Marian’s book Superabundance:

https://www.amazon.com.au/Superabundance-Population-Growth-Innovation-Flourishing/dp/1952223393

Simon–Ehrlich wager Wikipedia entry:

https://en.wikipedia.org/wiki/Simon%E2%80%93Ehrlich_wager

Regarding the question, “Is it true that the majority of plastic in the oceans comes from Asia and Africa?” see:

https://www.perplexity.ai/search/is-it-true-that-the-majority-o-3aYOSMTyT6m9CcULDm7Iug

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UBI Experiment: Success or Failure? Insights from Sam Altman’s Trial - EP257

gene.tunny@gmail.com (Gene Tunny, Ben Phillips) — Thu, 10 Oct 2024 04:00:00 +0000

In this episode, Gene Tunny dives into a recent Universal Basic Income (UBI) experiment funded by Sam Altman, CEO of OpenAI. Gene explores the key findings of the randomised controlled trial and discusses whether the positive outcomes are enough to convince sceptics. Are UBI recipients more financially secure, or are there deeper concerns about its impact on labour force participation and long-term wealth? Get Gene’s balanced analysis of this major UBI trial and its broader implications.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP257

Introduction (0:00)
Defining Universal Basic Income (UBI) (4:21)
Overview of the OpenAI UBI Experiment (8:09)
Positive Findings from the OpenAI UBI Experiment (13:54)
Concerns and Criticisms of the OpenAI UBI Experiment (21:55)
Financial Impact of UBI on Household Net Worth (22:50)
Gene Tunny's Skepticism About UBI (34:17)
Closing Remarks and Previous Episode Clips (37:57)

Takeaways

Mixed Outcomes of UBI: The experiment showed some positive effects, such as increased financial flexibility and well-being, but also concerning results, such as a slight decrease in labour market participation.
Spending Behavior: UBI recipients spent more on necessities like food and rent; interestingly, they were more likely to help others financially.
Limited Educational and Employment Impact: Younger participants showed interest in further education, but there was no significant boost in human capital or labour productivity.
Debate Over Financial Impact: UBI did not lead to clear improvements in recipients' financial health. The study found increased debt in some cases, raising questions about UBI's long-term benefits.
AI and UBI: As technological advancements continue, UBI is seen by some as a solution to technological unemployment, though Gene and some experts remain sceptical about the scale of potential job loss.

Links relevant to the conversation

Bloomberg article “Sam Altman-Backed Group Completes Largest US Study on Basic Income”:

https://www.bloomberg.com/news/articles/2024-07-22/ubi-study-backed-by-openai-s-sam-altman-bolsters-support-for-basic-income

OpenResearch’s website:

https://www.openresearchlab.org/

Pete Judo’s video on UBI experiment failing:

https://youtu.be/oyoMgGiWgJQ?si=j3T-3yaEL5Rajcpw

NBER working papers on the study

The Employment Effects of a Guaranteed Income: Experimental Evidence from Two U.S. States:

https://www.nber.org/papers/w32719

The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two US States:

https://www.nber.org/papers/w32784

Two Computer Scientists Debunk A.I. Hype with Arvind Narayanan and Sayash Kapoor:

https://youtu.be/M3U5UVyGTuQ?si=qcqSflHCf837GisA

AI can do only 5pc of jobs, says MIT economist who fears crash:

https://www.afr.com/world/north-america/ai-can-do-only-5pc-of-jobs-says-mit-economist-who-fears-crash-20241003-p5kfil

Previous episodes:

https://economicsexplored.com/2022/05/03/a-ubi-advocate-on-its-benefits-and-costs-ep137-show-notes-transcript/

https://economicsexplored.com/2022/02/13/ubi-universal-basic-income-w-ben-phillips-anu-ep126/

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The Future of VC: Blockchain, Web3, and Emerging Markets w/ Qin En Looi, Partner, Saison Capital - EP256

gene.tunny@gmail.com (Qin En Looi, Gene Tunny) — Tue, 1 Oct 2024 10:00:00 +0000

Qin En Looi, a partner at Saison Capital, discusses the venture capital landscape, particularly in emerging markets like Southeast Asia, India, and Latin America. Saison Capital, backed by Credit Saison, focuses on early-stage investments and has $150 million in assets under management. The firm has seen three exits and emphasizes the potential of Web3 and decentralized finance (DeFi). Looi highlights the efficiency and cost advantages of DeFi, citing examples like Thala, a decentralized currency exchange, and Helix, which tokenizes private credit. He also notes the geopolitical implications, such as near-shoring to Mexico, and the positive impact of the recent Fed rate cut on private investments. NB This episode contains general information and should not be considered financial or investment advice.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

About Qin En Looi, Partner at Saison Capital

Qin En Looi is a seasoned venture capitalist with a wealth of experience in fintech, B2B commerce, and web3 startups. At Saison Capital, he leads pre-seed and seed investments and advises multiple Southeast Asia-based web3 startups. His previous roles include co-founding Glints, the leading talent ecosystem in Southeast Asia, and earning recognition from Forbes 30 Under 30. Qin En is also the creator and host of the successful podcast “Parents in Tech.”

Timestamps for EP256

Introduction (0:00)
Venture Capital Terminology and Investment Strategy (3:19)
Evolution of Venture Capital and Web3 (5:49)
Qin En Looi's Journey into Venture Capital (9:56)
Investment Focus on Web3 and Decentralized Finance (12:29)
Helix and the Future of Private Credit (20:02)
Geographic Expansion and Global Opportunities (26:34)
Concerns About Geopolitical and Economic Tensions (33:59)
Impact of Fed Rate Cuts on Private Investments (36:40)
Final Thoughts and Future Outlook (39:27)

Takeaways

Web3 Opportunities in Emerging Markets: Southeast Asia and Latin America are ripe for blockchain and decentralized finance innovations, with venture capitalists looking to capitalize on these growing markets.
Blockchain and Financial Inclusion: Qin En argues Blockchain technology offers faster and more efficient financial services, helping to increase financial inclusion in underserved regions.
Decentralized Finance (DeFi) as a Game Changer: Qin En argues DeFi platforms such as decentralized exchanges are transforming traditional financial models by enabling permissionless, trustless transactions.
Private Credit on Blockchain: According to Qin En, tokenizing real-world assets like private credit offers new ways to reduce costs and increase liquidity, opening up more investment opportunities.
Geopolitical Risks and Global Expansion: VC firms like Saison Capital are navigating geopolitical tensions by expanding into new markets such as Mexico, taking advantage of nearshoring trends.

Links relevant to the conversation

Saison Capital: https://www.saisoncapital.com/

Information on United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA:

https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement

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Balancing Needs & Wants: Chris Ball, Hoxton Wealth, on Global Wealth Management in an Uncertain World - EP255

gene.tunny@gmail.com (Chris Ball, Gene Tunny) — Tue, 24 Sep 2024 10:00:00 +0000

Chris Ball, CEO of Hoxton Wealth, discusses the company's focus on wealth management for internationally mobile individuals, particularly in Dubai. Hoxton Wealth, with offices globally, offers fee-based services to high net worth and mass affluent clients, emphasizing comprehensive financial planning. Ball highlights the use of AI for administrative tasks and the challenges of property investing in the current political climate. He also addresses the debate on retirement income withdrawal rates, advocating for a balanced approach between needs and wants. Ball mentions the impact of geopolitical risks and economic trends on their business and the importance of risk-tailored investment strategies. NB This episode contains general information and should not be considered financial or investment advice.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP255

Introduction (0:00)
Hoxton Wealth's Services and Client Base (4:59)
Challenges in Property Investing and Political Climate (5:14)
Client Profiles and Financial Planning (5:28)
Investment Strategies and Risk Management (14:43)
Cryptocurrency and Geopolitical Risks (20:35)
Economic and Demographic Trends (23:59)
AI in Wealth Management (31:58)
Technology and Client Communication (34:37)
Final Thoughts and Contact Information (35:44)

Takeaways

The complexity of Global Wealth Management: Managing assets across multiple jurisdictions requires expertise in different tax regimes and regulatory environments, especially for high-net-worth individuals and ex-pats.
AI’s Role in Financial Planning: While AI may not replace human financial advisors, it helps streamline administrative tasks, reduce costs, improve efficiency, and allow advisors to serve more clients.
Property Investment Challenges: Rising interest rates and increasing regulation make property investments less attractive, especially for those looking for passive income in retirement.
Retirement Strategies Vary: Wealth management clients need personalized plans that balance their wants and needs for a comfortable retirement.
Crypto’s Place in Wealth Management: Chris Ball believes cryptocurrencies are here to stay. However, investors need to be prepared for volatility and risk with crypto, making it unsuitable for many traditional clients.

Links relevant to the conversation

Chris’s business, Hoxton Wealth: https://hoxtonwealth.com/

Chris’s bio: https://hoxtoncapital.com/staff/chris-ball/

Chris Ball’s LinkedIn page: https://www.linkedin.com/in/chrisballhx/

Fundsmith Equity Fund, mentioned by Chris in the episode: https://www.fundsmith.co.uk/

Controversy over Dave Ramsey’s retirement withdrawal rate recommendation:

https://youtu.be/Rc1nJj4vE_w?si=_7fVgjShgFKg6VX-

https://youtu.be/kghKiz1Mi_8?si=2jAP9DtWKN-LoR50

https://youtu.be/dM6Jqm7PPpg?si=pPvYh08bieusPBzO

Info on tax in UAE:

https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income

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Efficiency and Externalities: A Q&A on Market Failures - EP254

gene.tunny@gmail.com (Scott Prasser, Gene Tunny) — Thu, 19 Sep 2024 05:30:00 +0000

Show host Gene Tunny responds to listener feedback about the private versus public sector's role in wealth creation, particularly addressing externalities like environmental harm and whether governments should fund facilities like Men’s Sheds. He also explores the efficiency of the private sector compared to government spending.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

Timestamps for EP254

Introduction (0:00)
Externalities and Market Efficiency (4:47)
Government's Role in Addressing Externalities (11:30)
Coase Theorem and Market Failures (19:43)
Government Spending and Efficiency (26:31)
Men's Sheds and Government Support (32:51)
Scott Prasser's Critique of Government Spending (39:43)
Balancing Government and Private Sector Roles (45:49)

Takeaways

Externalities in Wealth Creation: Private markets can overlook externalities such as pollution or public health impacts, justifying government intervention in some cases.
Incentives for Efficiency: Due to market competition, the private sector generally has stronger incentives for efficiency, while government projects typically lack the same discipline.
Government Spending Criticism: Many government projects, particularly those done for political reasons, are inefficient and do not consistently deliver expected benefits.
Cost-Benefit Analysis is Crucial: Government spending should be evaluated through cost-benefit analysis to avoid wasting public funds.
Coase Theorem and Market Solutions: While private negotiation can theoretically resolve externalities (as per the Coase Theorem), it typically does not work in practice due to high transaction costs and imperfect information.

Links relevant to the conversation

Relevant previous episodes:

Government vs Private Sector in Wealth Creation:

https://economicsexplored.com/2024/07/05/government-vs-private-sector-who-generates-wealth-ep247/

White Elephant Stampede:

https://economicsexplored.com/2022/10/17/white-elephant-stampede-w-scott-prasser-ep161/

Coase theorem paper - “Does the Coase theorem hold in real markets? An application to the negotiations between waterworks and farmers in Denmark”

https://www.sciencedirect.com/science/article/pii/S0301479711003331

Urbis review of Men’s Sheds:

https://www.health.gov.au/sites/default/files/documents/2022/01/review-of-support-for-the-men-s-shed-movement-current-state-report_0.pdf

Beyond Blue Report on Men’s Sheds:

https://mensshed.org/wp-content/uploads/2022/05/Ultrafeed-beyondblue-Mens-Shed-in-Australia-Final-Executive-Report-2013.pdf

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China’s Economic Future Under Xi & the Australia-China Relationship w/ Emmanuel Daniel - EP253

gene.tunny@gmail.com (Emmanuel Daniel, Gene Tunny) — Tue, 10 Sep 2024 10:00:00 +0000

Show host Gene Tunny talks with Emmanuel Daniel, founder of The Asian Banker, about China's evolving economic policies under Xi Jinping. They explore China’s state intervention, the country's property sector, and the global implications of Xi's economic vision. Emmanuel also shares insights into Southeast Asia's rise, focusing on Indonesia's growth prospects. The conversation concludes with a discussion of Australia’s role in the region, its economic ties with China, and its alliance with the US and UK.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP253

Introduction (0:00)
China's Property Sector and Economic Challenges (6:32)
State's Role in Economic Development and Social Infrastructure (15:20)
China's Economic Growth and Productivity (29:15)
China's Geopolitical Challenges and US Relations (35:58)
Southeast Asia and the Rise of the Rest (44:50)
Australia's Role in the Region and Economic Ties with China (53:38)
Final Thoughts and Future Directions (56:07)

Takeaways

China’s State Activism: The Chinese state has reasserted itself in the economy, implementing policies restricting private sector growth with the objective of promoting long-term social stability.
Challenges of State-Led Development: There are limitations to what the state can achieve compared to the dynamism of private markets, especially in frontier technologies.
The Socialist-Capitalist Tension: China’s current policies reflect a unique blend of socialism and capitalism (aka socialism with Chinese characteristics), with the state playing a more prominent role than in Western economies.
Global Implications: China's economic trajectory under Xi Jinping will profoundly affect global markets, particularly as the state asserts more control over private companies.
Rise of Southeast Asia: Countries like Indonesia are emerging as economic powerhouses, with domestic consumption and political stability driving their growth.

Links relevant to the conversation

About this episode’s guest Emmanuel Daniel:

https://www.emmanueldaniel.com/biography-and-contact/

Economics Explored ep171 on the Enterprise China model:

https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/

Reuters report “Indonesia minister says Musk to consider offer to build EV battery plant in country”:

https://www.reuters.com/business/autos-transportation/indonesia-minister-says-musk-consider-building-ev-battery-plant-country-2024-05-20/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

Franchising Fitness: Lessons from the Expansion of Spartans Boxing Clubs w/ Russell Harrison, CEO - EP252

gene.tunny@gmail.com (Russell Harrison, Gene Tunny) — Tue, 3 Sep 2024 14:00:00 +0000

Show host Gene Tunny interviews Russell Harrison, CEO of Spartans Boxing Club. They discuss the rise of boutique boxing gyms, the benefits of boxing for fitness and mental health, and the challenges of expanding a fitness franchise globally. Russell describes how Spartans uses technology to enhance the member experience and how boxing training can benefit corporate executives and employees. Hear from Russell about Spartans’ "White Collar Boxing" events, where high-performing corporate executives and professionals undergo 12 weeks of boxing training, culminating in a black-tie gala event.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP252

Introduction (0:00)
Ensuring Safety in Boxing (3:13)
Fitness Benefits of Boxing (6:01)
Training and Techniques at Spartans Boxing Clubs (8:32)
Expansion into the Australian Market (10:20)
Boutique Fitness Market and Franchise Model (13:43)
Gender Balance and Market Demographics (35:03)
Corporate Wellness and Holistic Health (35:20)
White Collar Boxing (43:10)
Final Thoughts and Future Plans (45:16)

Takeaways

Community-Driven Gyms: Spartans Boxing Club focuses on creating accessible, community-oriented gyms that cater to a wide demographic, including families and professionals.
Franchise Success: Spartans Boxing's franchise model is designed to be mutually beneficial, with a focus on providing value and support to franchisees.
Holistic Wellness: Beyond physical fitness, Spartans Boxing integrates mental health programs, showing the importance of a holistic approach to well-being.
Global Expansion: Spartans Boxing has successfully expanded into multiple countries by adapting its business model to local markets and regulations.
Boutique Fitness Trends: The rise of boutique gyms like Spartans Boxing reflects a shift towards more personalised, community-focused fitness experiences.

Links relevant to the conversation

Spartans Boxing Club:

https://spartansboxing.com/

A study reporting “Boxing appears to be an effective treatment for persons with Parkinson’s disease”:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9837687/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

From Academia to Impact: Transforming Workplaces w/ Achyuta Adhvaryu, Good Business Lab - EP251

gene.tunny@gmail.com (Achyuta Adhvaryu, Gene Tunny) — Tue, 27 Aug 2024 11:00:00 +0000

This episode delves into the work of Good Business Lab (GBL), co-founded by Professor Achyuta Adhvaryu. GBL focuses on innovative workplace interventions to improve worker well-being and firm productivity, and it typically evaluates these interventions using Randomized Controlled Trials (RCTs). Show host Gene Tunny and Ach discuss the effectiveness of soft skills training programs and the importance of worker voice in creating a more engaged and productive workforce. They discuss methodological issues regarding RCTs and whether the Hawthorne effect is a concern. Ach is Tata Chancellor’s Professor of Economics and Director of the 21st Century India Center at UC San Diego.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Professor Achyuta Adhvaryu

Achyuta Adhvaryu is the Tata Chancellor’s Professor of Economics at the School of Global Policy and Strategy and is the inaugural director of the 21st Century India Center at UC San Diego. Adhvaryu’s research interests are in development economics, organizational economics and health economics, and his experience in organizational development make him well-suited to lead our new center. Prior to this role, Adhvaryu was a professor at the University of Michigan and an assistant professor at the Yale School of Public Health.

https://gps.ucsd.edu/faculty-directory/achyuta-adhvaryu.html

What’s covered in EP251

Introduction. (0:00)
Achyuta's Early Career and Research in East Africa (1:53)
Historical Examples of Private Sector Impact (17:03)
Good Business Lab's Approach and Findings (21:45)
Methodology and Measurement of Impact (37:56)
Hawthorne Effect and Replication of Findings (43:33)
Economic Development and Convergence (49:44)

Takeaways

Soft skills training can significantly improve productivity, even in blue-collar settings.
Worker voice, when effectively harnessed, can reduce turnover and absenteeism while boosting productivity.
Good Business Lab demonstrates the practical value of academic research when applied to real-world business challenges.
A growing body of evidence supports the integration of worker wellbeing initiatives into business strategies globally.

Links relevant to the conversation

Good Business Lab:

https://goodbusinesslab.org/

UC San Diego 21st Century India Center that Ach directs:

https://india.ucsd.edu/

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

RBA Deputy Governor’s ‘Beware False Prophets’ talk: Reactions w/ Michael Knox - EP250

gene.tunny@gmail.com (Michael Knox, Gene Tunny) — Mon, 19 Aug 2024 14:00:00 +0000

Show host Gene Tunny and Morgans Chief Economist Michael Knox explore the recent insights Reserve Bank of Australia Deputy Governor Andrew Hauser shared on monetary policy at the 2024 Economic Society of Australia (QLD) business lunch. They examine the RBA's data-driven approach to interest rates, the equilibrium real interest rate concept, and the impacts of Quantitative Tightening (QT). Michael is one of Australia’s leading market economists and RBA watchers, and he led the Q&A session with the Deputy Governor at the lunch.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP250

Introduction. (0:00)
RBA's monetary policy decisions and the influence of high US debt on interest rates. (4:13)
The equilibrium real interest rate. (10:29)
Monetary policy, inflation, and interest rates. (14:16)
Central bank balance sheet unwind and its potential impact on interest rates. (21:42)
US budget deficits, bond yields, and quantitative tightening. (27:09)
Chinese RMB's decline in international reserve currency status. (34:18)

Takeaways

RBA's Data-Driven Approach: The Reserve Bank of Australia relies on actual data more than forecasts when making interest rate decisions.
Criticism of Overconfidence: RBA Deputy Governor Andrew Hauser criticised the unwarranted confidence with which some commentators argue for monetary policy moves.
Implications of Quantitative Tightening (QT): The recent period of quantitative easing has complicated the relationship between government budget deficits and bond yields. However, there are concerns that as QT continues and deficits remain high, this relationship could reassert itself and lead to higher long-term interest rates than otherwise.

Links relevant to the conversation

RBA Deputy Governor Andrew Hauser’s Beware False Prophets speech:

https://www.rba.gov.au/speeches/2024/sp-dg-2024-08-12.html

Chris Joye’s article ‘Arrogant RBA boss should stop trying to muffle opponents’:

https://www.afr.com/policy/economy/arrogant-rba-boss-should-stop-trying-to-muffle-opponents-20240813-p5k25p

Kevin M Warsh: Financial market turmoil and the Federal Reserve – the plot thickens

https://www.bis.org/review/r080415e.pdf

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Navigating Volatile Crypto Markets & Avoiding Scams w/ Ben Simpson, Collective Shift - EP249

gene.tunny@gmail.com (Ben Simpson, Gene Tunny) — Mon, 12 Aug 2024 21:00:00 +0000

Ben Simpson, founder of Collective Shift, a crypto education and research company, shares valuable insights into the volatile world of cryptocurrency. Because the crypto field is filled with misinformation and scams, Ben emphasises the need for comprehensive education and reliable research before making investment decisions. He emphasises the importance of understanding the risks and potential of Bitcoin and other digital assets. He also discusses the regulatory landscape in Australia and the disruptive potential of decentralised finance (DeFi). NB This podcast episode contains general information only and should not be considered financial or investment advice.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP249

Introduction. (0:00)
Crypto market volatility and how to navigate it. (1:40)
Bitcoin as a digital gold with potential for long-term growth. (6:54)
Crypto regulation, tax treatment, and education. (12:21)
Investing in cryptocurrency, avoiding scams, and seeking professional help. (16:44)
Bitcoin ETFs and investment options in Australia. (21:06)
Crypto market volatility, correlation with the stock market, and investment strategies. (25:20)
Crypto investing and decentralised finance with Ben Simpson. (31:03)

Takeaways

Understanding Crypto Volatility: Cryptocurrency markets, especially Bitcoin, are highly volatile. Investors must be prepared for significant price swings and understand the underlying factors driving these fluctuations.
Importance of Education: The crypto space is filled with misinformation and scams. Ben emphasises the need for comprehensive education and reliable research before making investment decisions.
Regulatory Landscape: The regulatory environment for cryptocurrencies, particularly in Australia, is still evolving. While Bitcoin and Ethereum are generally considered safe from a regulatory standpoint, many other cryptocurrencies could face challenges.
Decentralised Finance (DeFi): DeFi has the potential to disrupt traditional banking by offering financial services without intermediaries. This space is growing and may offer exciting opportunities for investors.
Safe Investing Strategies: Ben advises new investors to start with Bitcoin and be cautious of lesser-known cryptocurrencies, many of which may lack real value and be risky investments.

Links relevant to the conversation

Collective Shift: https://collectiveshift.io/

Ben’s YouTube channel: https://www.youtube.com/@BenCollectiveShift

Ben and Bergs podcast: https://open.spotify.com/show/5xir3V8fvtmHTAQy2D9dQd

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Australia's Lost Policy Exceptionalism w/ Nicholas Gruen - EP248

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Tue, 9 Jul 2024 10:00:00 +0000

Gene Tunny welcomes Dr Nicholas Gruen from Lateral Economics to explore the decline of Australia's policy exceptionalism. They delve into the era of microeconomic reforms, the role of neoliberalism, and the challenges current policymakers face. Nicholas provides a historical perspective and discusses potential ways forward. He shares insights from his time advising the Hawke and Keating governments, discussing the successes and failures of Australia’s economic reforms from the 1980s and 1990s.

This is the last episode before a four-week break. Economics Explored will return in August 2024.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP248

Introduction to Australia's loss of policy exceptionalism. (0:00)
Regulation, economics, and politics in Australia in the 1960s and 1970s. (4:59)
Early Australian economic reform and its challenges. (10:45)
Australian economic reform under Hawke and Keating governments. (16:20)
Car industry policy. (21:36)
Free education vs HECS - why was HECS a good reform? (32:06)
Airline deregulation. (36:48)
Privatisation of public assets and its consequences. (42:55)
Economics of toll roads (48:18)

Takeaways

Since the early 2000s, Australia seems to have lost the problem-solving spirit and policy exceptionalism of the 1980s and 1990s, struggling in various policy areas like energy.
Impact of Neoliberalism: Neoliberal reforms, initially embraced by the left, significantly improved Australia’s economic landscape but also led to unintended consequences.
Key reforms included cutting tariffs, higher education policy changes, airline deregulation, and other competition policy reforms, but some privatised infrastructure assets have not been appropriately regulated post-privatisation.
Challenges in Current Policy: Australia faces challenges in various policy areas, including energy and housing, indicating a need for renewed reform efforts.
Moving forward will require reinvigorating honest, evidence-based policy conversations focusing on problem-solving rather than fixed ideological positions.

Links relevant to the conversation

Nicholas’s YouTube channel where Uncomfortable Collisions with Reality episode will be published:

https://www.youtube.com/@NicholasGruen

Nicholas’s Club Troppo post on economic reform featuring Colin Clark quote:

https://clubtroppo.com.au/2008/03/01/compare-and-contrast/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Government vs. Private Sector: Who Generates Wealth? - EP247

gene.tunny@gmail.com (Gene Tunny) — Tue, 2 Jul 2024 10:00:00 +0000

In this episode, Gene Tunny explores the relationship between government spending and wealth creation. He talks about President Obama’s memorable expression, “You didn’t build that”, and how economists think about the role of government and wealth creation. Gene discusses the roles of both the government and private sector in generating wealth and their impact on productivity, GDP and living standards.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP247

Government role in the economy - private sector vs public sector. (0:00)
Government spending and its impact on the economy. (5:52)
Keynesian economics and the role of aggregate demand in determining GDP. (11:51)
Government spending and its impact on productivity. (18:13)
Government intervention in the economy, with a focus on public goods and cost-benefit analysis. (25:11)
Government's role in the economy, potential for crowding out the private sector. (31:32)
Government impact on the economy and living standards. (38:20)

Takeaways

Government Spending and GDP: Government expenditures can contribute to GDP, but their efficiency and the type of spending critically determine their economic impact.
Private Sector's Role: The private sector is essential in wealth creation due to its efficiency incentives, but it also depends on government-provided infrastructure and services.
Crowding-out Effect: Excessive government spending can crowd out private investment, potentially reducing overall economic efficiency and growth.
Cost-Benefit Analysis: It is vital to conduct thorough cost-benefit analyses for government projects to ensure that public funds are used effectively and do not become a drain on the economy.

Links relevant to the conversation

Dan Mitchell’s article on the impact of government spending on economic growth:

https://www.heritage.org/budget-and-spending/report/the-impact-government-spending-economic-growth

Dan’s article “OECD Economic Research Finds that Government Spending Harms Growth”

https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/

Episode on Alvin Hansen and Evsey Domar:

https://economicsexplored.com/2024/06/19/popularizing-keynes-how-alvin-hansen-and-evsey-domar-shaped-post-war-macroeconomics-ep245/

Episode on Thatcher:

https://economicsexplored.com/2020/12/06/ep64-adam-smith-margaret-thatcher-with-dr-eamonn-butler/

Bacon and Eltis’s 1978 book “Britain’s Economic Problem: Too Few Producers”:

https://link.springer.com/book/10.1007/978-1-349-15863-8

Lumo Coffee promotion

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Dollar Dominance: Can the US Keep Its Edge? w/ Stephen Kirchner - EP246

gene.tunny@gmail.com (Gene Tunny, Stephen Kirchner) — Fri, 28 Jun 2024 10:45:00 +0000

This episode features a conversation between Gene Tunny and Stephen Kirchner about the US dollar's dominance in global finance. They examine the reasons behind the dollar's strong position, the effects of US fiscal policy and public debt, and the debate over its future role. Kirchner explains how the US's status as a net oil exporter influences currency dynamics and global trade.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

About Stephen Kirchner

Stephen Kirchner is the Senior Economist at the Business Council of Australia, the former Program Director for Trade and Investment at the United States Studies Centre at the University of Sydney, and a Senior Fellow of the Fraser Institute. An expert in monetary and fiscal policy, financial markets, and trade economics, Mr. Kirchner was formerly a research fellow at Australia's Centre for Independent Studies, an economist with Action Economics, LLC and a former director of economic research with Standard & Poor's Institutional Market Services, based in Sydney and Singapore. He has also worked as an advisor to members of the Australian House of Representatives and Senate.

Mr. Kirchner holds a BA (Hons) from the Australian National University, a Master of Economics (Hons) from Macquarie University, and a PhD in Economics from the University of New South Wales. He blogs at www.institutional-economics.com and is active on Twitter (@insteconomics).

What’s covered in EP246

US dollar's global role as reserve currency, benefits, and potential challenges. (0:00)
US fiscal policy and its impact on the US dollar's global role. (8:40)
Monetary vs fiscal policy dominance in determining interest rates and exchange rates. (14:39)
US dollar's role in global finance and its potential replacement by other currencies. (20:39)
China's economy, currency, and trade agreements. (29:59)

Takeaways

The US dollar's dominant role in global finance is largely due to the unparalleled size, depth, and liquidity of US capital markets.
Despite concerns about the US fiscal position, the demand for US assets remains strong, which supports the dollar's value.
Other economies, like the Eurozone and China, face challenges in rivaling the US dollar due to less developed capital markets.
The US becoming a net oil exporter has altered the traditional relationship between the US dollar and commodity prices.
Fiscal policy in the US, while concerning, does not currently pose an immediate threat to the dollar's global dominance due to strong international demand for US assets.

Links relevant to the conversation

Stephen’s post on dollar dominance:

https://stephenkirchner.substack.com/p/dollar-dominance-if-you-can-keep

Stephen’s US Studies Centre article “The ‘reserve currency’ myth: The US dollar’s current and future role in the world economy”:

https://www.ussc.edu.au/the-reserve-currency-myth-the-us-dollars-current-and-future-role-in-the-world-economy

Stephen’s post on how the US dollar is now a commodity currency

https://stephenkirchner.substack.com/p/why-is-the-australian-dollar-so-weak

Lumo Coffee promotion

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Website: https://www.lumocoffee.com/10EXPLORED

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Popularizing Keynes: How Alvin Hansen and Evsey Domar Shaped Post-War Macroeconomics - EP245

gene.tunny@gmail.com (Gene Tunny) — Tue, 18 Jun 2024 10:00:00 +0000

In this episode, show host Gene Tunny explores the influential theories of economists Alvin Hansen, the “American Keynes", and Evsey Domar. The episode was inspired by a first edition copy of Hansen and Perloff’s 1944 book “State and Local Finance in the National Economy” that Gene was gifted. It includes a handwritten inscription from Hansen to Domar, his student at Harvard. Key topics include the Keynesian IS-LM model, the secular stagnation hypothesis, and the Harrod-Domar growth model. The episode provides a rich historical context and examines the relevance of these theories to today's economic challenges.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP245

Book by Alvin Hansen and Harvey Perloff on State and Local Finance in the National Economy. (0:00)
Alvin Hansen's contributions to economics, including popularizing Keynes's theory and teaching influential students such as Paul Samuelson and Evsey Domar. (5:06)
IS-LM model. (11:13)
Keynesian economics and secular stagnation hypothesis. (17:42)
Fiscal policy and its impact on the economy. (25:28)
Domar's life and growth model. (32:29)
Harrod-Domar model and its implications for economic policy. (39:00)
Economic growth models and their limitations. (45:22)

Takeaways

Secular Stagnation Hypothesis: Hansen's theory suggesting that mature economies could face prolonged periods of low growth due to structural factors.
IS-LM Model: Developed by Hansen and Hicks, this model became a foundational tool in macroeconomics for analyzing the effects of fiscal and monetary policy.
Fiscal Perversity Hypothesis: Hansen and Perloff's analysis showing that state and local fiscal policies can sometimes exacerbate economic downturns.
Harrod-Domar Growth Model: An important Keynesian model that emphasizes the relationship between investment and economic growth, though not fully explaining long-term growth.
Legacy and Influence: Both Hansen and Domar significantly shaped the development of economic theory and policy, influencing key areas such as social security and public investment strategies.

Links relevant to the conversation

Inscription from Hansen to Domar on Gene’s copy of State and Local Finance in the National Economy:

https://drive.google.com/file/d/167cJbNhxBJpsKRwSYGHxbjupX1Q3Iacx/view?usp=sharing

William Easterly’s paper on the Harrod-Domar model:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=11020

Fiscal perversity papers:

Fabrizio Carmignani’s article “Can public expenditure stabilize output? Multipliers and

policy interdependence in Queensland and Australia”:

https://www.sciencedirect.com/science/article/abs/pii/S0313592615300242?via%3Dihub

Tamim Bayoumi and Barry Eichengreen’s paper “Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization”:

https://www.elibrary.imf.org/view/journals/024/1995/001/article-A002-en.xml

An abridged version of Skidelsky’s three-volume biography of Keynes:

https://www.penguin.com.au/books/john-maynard-keynes-9780143036159

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

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.

Economic Freedom & Efficiency: Lessons from Australia’s Competition Reforms - EP244

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Tue, 11 Jun 2024 10:00:00 +0000

Darren Brady Nelson joins Gene Tunny to discuss the evolution of competition policy in Australia over the past few decades. Darren draws on his experience as an economist in the NSW Treasury and the Queensland Competition Authority. Gene and Darren reflect on the successes of the original National Competition Policy reforms and assess the more limited scope of the subsequent competition policy review. Darren analyzes CPI data to understand rising living costs and argues for reducing government interventions. The conversation also covers unintended policy consequences (e.g. fraud in disability services provision), the US Founding Fathers’ vision for limited government, and debates around the appropriate roles and sizes of government in Australia and the US.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP244

Australian competition policy history and reforms. (0:00)
Free market competition and its impact on living standards. (7:56)
Economic policy and its impact on individuals, including a tragic story from Karen Chester illustrating the costs of high tariffs. (12:31)
Economic policy reforms in Australia during the 1980s and 1990s, including the Hilmar report and National Competition Policy (16:08)
The benefits and costs of National Competition Policy in Australia. (23:36)
Sequels and the original, with examples from movies and economics. (31:51)
Competition policy and its benefits, challenges, and potential reforms in Australia. (35:27)
Cost of living and government interventions. (40:12)
Government intervention in various sectors, including energy, childcare, and alcohol/tobacco. (44:42)
Government policies and their unintended consequences, including fraud in disability support programs. (49:23)
The size and role of government in Australia and the US, focusing on the founding fathers' intentions. (53:43)
Competition policy in Australia and the US, focusing on regulation and deregulation. (1:00:10)
Economics, regulation, and antitrust law with a focus on Australia and the US. (1:06:07)

Takeaways

National Competition Policy (NCP) significantly improved economic efficiency and consumer benefits in Australia.
Reforms under NCP included corporatization and privatization of government-owned businesses, and opening up markets such as telecommunications and airlines to competition, leading to lower prices and better services in many cases.
Despite being from a traditionally left-wing political party, the Hawke-Keating Government was crucial in initiating market-friendly reforms.
Future competition policy reforms face challenges due to political and lobbying pressures, especially in regulated sectors like pharmacies.
Transparent and rational community service obligations were key to ensuring fair distribution of competition policy benefits.

Links relevant to the conversation

Where you can find Darren’s submission to the Productivity Commission’s National Competition Policy analysis inquiry:

https://www.pc.gov.au/inquiries/current/competition-analysis/submissions

AFR article “PC's Karen Chester's love of economics born of despair” (pay-walled):

https://www.afr.com/politics/pcs-karen-chesters-love-of-economics-born-of-despair-20161206-gt4poh

Whitlam Era book featuring Gene’s article on Whitlam and the Economy:

https://www.connorcourtpublishing.com.au/THE-WHITLAM-ERA-A-REAPPRAISAL-OF-GOVERNMENT-POLITICS-AND-POLICY_p_511.html

Productivity Commission’s 2005 NCP review:

https://www.pc.gov.au/inquiries/completed/national-competition-policy/report/ncp.pdf

Episode featuring John Nantz, Free Markets & Limited Government: Lessons from the Founding Fathers for Today – EP218:

https://economicsexplored.com/2023/12/14/free-markets-limited-government-lessons-from-the-founding-fathers-for-today-ep218/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at

www.economicsexplored.com.

The Revival of Industrial Policy: Should Governments Pick Winners? - EP243

Tue, 4 Jun 2024 10:00:00 +0000

This episode explores the resurgence of industrial policy in the US and Australia. We critically analyze whether government interventions can truly shape industries or if they are doomed to repeat past mistakes, such as those experienced during the 1970s and with the Concorde project. The episode includes clips featuring Saxon Davidson from the Institute of Public Affairs and Eamonn Butler from the Adam Smith Institute.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP243

Introduction to Industrial policy and its potential consequences. (0:00)
Budget, inflation, and economic policies in Australia. (8:34)
Climate change policy and government incentives for renewable energy. (13:59)
Australian economy, productivity, and government intervention. (19:44)
UK's economic struggles in the 1970s, including strikes. (29:41)
The failure of the Concorde supersonic jet project. (35:59)
Failures of activist industrial policy - e.g. in Australia's car industry. (49:16)

Takeaways

Revival of Industrial Policy: Governments in the US and Australia are reintroducing industrial policies to shape their economies, sparking debate among economists.
Historical Lessons: The economic turmoil of the 1970s and failures such as the Concorde serve as cautionary tales against heavy government intervention in industry.
Climate Policy Challenges: The push for renewable energy in Australia raises concerns about the rapid transition and its impact on the economy and energy grid reliability.
Productivity Focus: Effective economic policies should enhance productivity through structural reforms rather than picking winners.
Government's Role: While there is a place for government to address market failures, extensive intervention often leads to inefficiencies and unintended consequences.

Links relevant to the conversation

Australian Taxpayers’ Alliance Budget Chat:

https://www.youtube.com/live/MYX35Lk_ZYA?si=0kJzBt47Yh_5sUnS

Gene’s CIS issues analysis paper on the Australian budget, co-authored with Robert Carling:

https://www.cis.org.au/publication/budget-fails-important-policy-tests/

Episode with Eamonn Butler on Thatcher:

https://economics-explained.simplecast.com/episodes/adam-smith-and-margaret-thatcher-with-dr-eamonn-butler-1oXNvQg_

Episode on Concorde:

https://economicsexplored.com/2022/03/20/concordes-economic-lessons-a-closer-look-ep131/

Previous episodes on Australia’s energy transition:

https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/

https://economicsexplored.com/2022/12/19/aussie-energy-crisis-net-zero-transition-w-josh-stabler-energy-edge-ep170/

Australia’s Hydrogen Production and Critical Minerals Tax Incentives:

https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/hydrogen-production-and-critical-minerals-tax-incentives

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee until 30 June 2024.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

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.

Helping Seattle Aquarium & Others Go to Net Zero and Beyond w/ Daniel Lawse, Verdis Group - EP242

gene.tunny@gmail.com (Daniel Lawse, Gene Tunny) — Tue, 28 May 2024 10:00:00 +0000

Daniel Lawse, Chief Century Thinker at Verdis Group, helps many organizations, such as Seattle Aquarium, become more sustainable and contribute positively to the environment. Daniel joins Gene Tunny to discuss how organisations can make meaningful climate and environmental actions. They cover regenerative practices, the journey from sustainability to net-zero emissions, and the crucial role of long-term strategic planning. They also discuss the degrowth movement and how Warren Buffett’s annual Berkshire Hathaway meeting boosts local businesses in Omaha, where Verdis Group is based.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP242

Introduction. (0:00)
Climate action plans and sustainability implementation for organizations. (3:05)
Regenerative systems, circular economy, and ecosystem types. (10:29)
Sustainability and environmental economics, enlightened self-interest and long-term thinking. (16:09)
Sustainable growth and development, comparing nature’s regenerative approach with human economies. (23:15)
Growth vs degrowth. (29:20)
Warren Buffett’s impact on Omaha. (34:20)

Takeaways

Through climate action plans, organizations can take practical steps to reduce their environmental impacts and work towards goals like net zero emissions.
Shifting mindsets from short-term to long-term thinking and considering impacts on future generations can drive more sustainable decision-making.
Nature provides many examples of regenerative and circular systems that organizations can learn from using approaches like biomimicry.
Enlightened self-interest and purpose-driven values can be strong motivators for sustainability action in addition to regulatory requirements.
Balancing economic and environmental considerations is an important topic for debate.

Links relevant to the conversation

Verdis Group: https://verdisgroup.com/

Seattle Aquarium case study: https://verdisgroup.com/case_studies/seattle-aquarium/

Patagonia - Don’t Buy This Jacket, Black Friday and the New York Times:

https://www.patagonia.com.au/blogs/stories/don-t-buy-this-jacket-black-friday-and-the-new-york-times

Books on the role of energy in growth and relevant to the degrowth debate

https://www.e-elgar.com/shop/gbp/the-economic-growth-engine-9781849804356.html

https://www.amazon.com.au/Civilization-Distinguished-Professor-Emeritus-University/dp/0262035774

https://www.amazon.com.au/Growth-Microorganisms-Megacities-Vaclav-Smil/dp/0262042835

Previous episode on degrowth:

https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee until 30 June 2024.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

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.

Unveiling Shrinkflation: How Companies Sneak in Price Hikes - EP241

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza) — Tue, 21 May 2024 10:00:00 +0000

Consumers have noticed bags of chips, chocolates, and many other products have shrunk, but prices have not come down. This episode of Economics Explored features a detailed discussion on shrinkflation with Gene Tunny and Arturo Espinoza Bocangel. They analyze various examples of shrinkflation and its impact on the cost of living. The episode also considers the potential for regulatory and other measures to address this practice. For instance, a US Senator wants to outlaw shrinkflation, and a French supermarket chain puts a sticker on shelves identifying shrunken products. Gene and Arturo also consider the high degree of market concentration in the grocery sector and what the FTC in the US and the ACCC in Australia can do about it.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP241

Introduction to Shrinkflation (product shrinking in size while price remains the same). (0:00)
Shrinkflation in the food industry, with examples of product size reductions and price increases. (5:04)
Senator Casey’s proposal to stop corporations from deceiving consumers through shrinkflation. (10:05)
Shrinkflation and its impact on consumer prices. (13:38)
Shrinkflation as a business strategy. (19:10)
Market power and concentration in the Australian supermarket industry. (25:25)
Supermarket competition in Australia, with a focus on Coles and Woolworths. (30:12)
Supermarket power and calls for regulation. (35:47)
Coles and Woolworths' market power and supplier squeeze. (40:41)

Takeaways

Shrinkflation Explained: Shrinkflation occurs when manufacturers reduce the size of products while maintaining the same price, effectively increasing the unit price without consumers' direct awareness.
Impact on Consumers: This practice can be deceptive, as it often goes unnoticed by consumers who end up paying more for less, affecting their purchasing power and overall cost of living.
Supermarket Power: Large supermarkets like Coles and Woolworths have significant market power, which they can use to negotiate lower prices from suppliers. There are allegations of unfair use of this market power and there are a couple of government inquiries investigating this among other market power issues.
Regulatory Responses: There are ongoing discussions and legislative efforts, such as those led by Senator Bob Casey in the US, to classify shrinkflation as a deceptive practice and regulate it more strictly.
Market Concentration: The high level of market concentration in the supermarket sector, particularly in Australia and to an extent in the US, means that major supermarkets can allegedly make it harder for new entrants like Aldi and Costco to compete effectively.

Links relevant to the conversation

Senator Casey's Report on Shrinkflation: https://www.casey.senate.gov/imo/media/doc/shrinkflation_report.pdf

ABS on how shrinkflation is accounted for in CPI calculation:

https://www.abs.gov.au/articles/quality-change-australian-cpi

Carrefour’s Shrinkflation Warning:

https://www.bbc.com/news/business-66809188

Sanjoy Paul's article on eight ways Woolworths and Coles squeezed their suppliers and customers:

https://theconversation.com/8-ways-woolworths-and-coles-squeeze-their-suppliers-and-their-customers-223857

Details on the exchange between the Woolworths CEO and an Australian Senator during an inquiry - “Greens senator threatens Woolworths CEO with six months in prison for contempt of Senate”:

https://www.abc.net.au/news/2024-04-16/woolworths-ceo-threatened-with-contempt-by-senate-committee/103728244

Bloomberg report on Lina Khan and FTC:

https://www.theguardian.com/us-news/2024/mar/09/lina-khan-federal-trade-commission-antitrust-monopolies

Previous episodes discussing supermarkets and market power with Simon Cowan and Danielle Wood:

https://economicsexplored.com/2023/08/31/how-to-improve-housing-affordability-and-why-the-greedflation-thesis-is-wrong-w-simon-cowan-cis-ep203/

https://economicsexplored.com/2024/03/12/from-the-vault-antitrust-with-danielle-wood-now-australian-productivity-commission-chair/

Lumo Coffee promotion

10% of Lumo Coffee’s Seriously Healthy Organic Coffee until 30 June 2024.

Website: https://www.lumocoffee.com/10EXPLORED

Promo code: 10EXPLORED

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.

Incubating Startups at the Intersection of Insurance and Technology - Insurtech Gateway w/ Stephen Brittain - EP240

gene.tunny@gmail.com (Stephen Brittain, Gene Tunny) — Tue, 14 May 2024 10:00:00 +0000

Stephen Brittain, co-founder of Insurtech Gateway, explains how insurance technology, ‘insurtech,’ provides solutions to real-world problems. From aiding farmers in India to deal with the ‘hot cow’ problem to rethinking commercial flood insurance in the US, startups incubated by Insurtech Gateway are crucial players in helping people and businesses better handle risks.

If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP240

Introduction. (0:00)
Incubating startups in the insurance industry, reducing early stage risk. (4:53)
Innovation in insurance industry, including use of data and AI to predict risk and personalize policies. (9:40)
Using parametric insurance to manage flood risk. (14:28)
Flood insurance and risk management using technology. (19:36)
Using technology to mitigate risks in agriculture and the insurance industry. (24:44)
Disrupting the insurance industry with new technologies and innovations. (31:21)
De-risking climate innovation and insuring against natural disaster risks. (37:17)
Using technology to manage natural disaster risks. (40:48)

Takeaways

Insurtech is leveraging technology to fundamentally change the relationship between insurers and customers, focusing on transparency and proactive risk management.
Technological advances in the insurance sector are now tackling real-world problems by enhancing predictive models and using data more effectively to mitigate risks.
InsurTech innovations improve customer service and efficiency and can also address big challenges such as climate change and disaster management.
Collaboration between tech innovators and traditional insurance companies can potentially redefine industry standards and expectations, leading to more tailored insurance products.
Regulatory challenges remain significant, but the evolving landscape of insurtech suggests a promising future.

Links relevant to the conversation

Insurtech Gateway website:

https://www.insurtechgateway.com/ (scroll down for the video summary of what they do)

Article about the cost-benefit analysis Gene did for IND Technology:

https://adepteconomics.com.au/early-fault-detection-for-rural-power-lines-can-reduce-bushfire-risk/

FloodFlash:

https://floodflash.co/us/

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.

How Good was Adam Smith? 4 Tax Maxims from 250 Years Ago that are Still Fresh - EP239

gene.tunny@gmail.com (Dan Mitchell, Gene Tunny, Miranda Stewart, Simon Cowan) — Tue, 7 May 2024 10:00:00 +0000

This episode delves into Adam Smith’s four maxims of taxation and examines their relevance in today's economic environment. Host Gene Tunny explores the balance between efficiency and equity, discussing historical perspectives and contemporary debates, such as the proposed billionaire tax.

Please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored with any questions, comments, or suggestions.

What’s covered in EP239

Introduction. (0:00)
Important taxation principles. (5:33)
Taxation principles and maxims from Adam Smith's "The Wealth of Nations". (13:19)
Wealth inequality and proposed taxes on billionaires. (20:30)
A classically liberal perspective from Simon Cowan. (28:33)
Taxation principles, including horizontal and vertical equity, convenience, and efficiency. (33:29)
Taxation and its impact on economic activity. (41:19)
Adverse impacts of high taxes: example from Australia's tobacco industry. (47:54)
Wrap up of taxation principles from Adam Smith's "Wealth of Nations." (54:04)

Takeaways

Adam Smith’s maxims of taxation remain highly relevant, advocating for efficiency, equity, certainty, and convenience in tax systems.
Contemporary tax debates often reflect a trade-off between efficiency (minimizing economic distortions) and equity (ensuring fairness across different income groups and treating similar people in the same way).
The episode highlights the potential adverse consequences of high taxation, such as reduced economic growth and black markets and organized crime.
Discussions on billionaire taxes illustrate ongoing disagreements about how to design tax systems that balance economic incentives and equity.
The taxation principles discussed are essential for understanding governmental approaches to raising revenue while minimizing negative economic impacts.

Links relevant to the conversation

Recent episode with Dan Mitchell on US debt:

https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

Episode featuring Simon Cowan on tax:

https://economicsexplored.com/2024/02/23/the-tax-reform-debate-cutting-through-the-spin-w-simon-cowan-cis-ep228/

Episode with Miranda Stewart on Billionaire and inheritance taxes:

https://economicsexplored.com/2021/11/06/ep112-taxing-the-rich-billionaire-and-inheritance-taxes/

Episode with Steve Rosenthal on Tax rules benefiting tech titans and hedge fund managers:

https://economicsexplored.com/2021/11/22/ep114-tax-rules-benefiting-tech-titans-and-hedge-fund-managers/

Adam Smith’s The Wealth of Nations: Books IV-V:

https://www.amazon.com.au/Wealth-Nations-Books-IV-V/dp/0140436154

One of Dan Mitchell’s posts at International Liberty on the adverse impact of taxation on economic growth:

https://danieljmitchell.wordpress.com/2018/03/10/new-imf-study-shows-u-s-would-benefit-from-lower-tax-rates-and-less-government-spending/

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.

Reagan, Supply-Side Economics, and Trump w/ Ed Oswald - EP238

gene.tunny@gmail.com (Ed Oswald, Gene Tunny) — Tue, 30 Apr 2024 10:00:00 +0000

This episode explores the profound influence of Reaganomics and its enduring legacy in American economic policy with tax expert and former US Treasury attorney Ed Oswald. He is the author of a new book, “From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump”. Oswald discusses the transition from Reagan’s tax reforms to Trump's tax policies, highlighting the continuity in supply-side economics and its implications for fiscal policy and the national debt.

Please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored with any questions, comments, or suggestions.

About this episode’s guest: Edwin G. Oswald

Edwin G. Oswald is a partner with the law firm of Orrick, Herrington & Sutcliffe LLP, resident in Washington D.C. He served as an attorney-advisor in the United States Treasury's Office of Tax Legislative Counsel during the Clinton Administration. He is a Fellow of the American College of Tax Counsel and a frequent lecturer on financing State and local infrastructure and the federal taxation of municipal debt. The book is a personal project of Mr. Oswald's and the views and opinions expressed herein are those of the co-authors and do not represent the views and opinions of Orrick.

What’s covered in EP238

Reagan's economic policies and their impact on the US deficit. (0:00)
Supply-side economics and its impact on US deficits. (6:55)
Reaganomics and its impact, and the impact of Clinton administration policies (e.g. NAFTA, repeal of Glass-Steagall). (16:14)
Reagan and Trump similarities, tax cuts, and budget. (26:24)
Tax policy and its impact on the economy. (33:22)

Takeaways

Reagan’s economic policies, particularly his tax cuts, have had a lasting influence on American politics, setting a precedent followed by later administrations, including Trump’s.
Ed Oswald argues that supply-side economic policies from Reagan to Trump show a consistent belief in tax cuts for the wealthy as a means to stimulate economic growth, despite debates about their effectiveness and impact on the national debt.
In Ed's view, addressing the US debt will likely require a balanced approach of tax increases and spending cuts.

Links relevant to the conversation

Ed’s book: https://www.amazon.com.au/Ronald-Donald-Reagan-Became-Trump/dp/1476690324

Ed’s bio: https://www.edwingoswald.com/

Recent episode with Dan Mitchell on US debt:

https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

The Tax Guru the WSJ says has Wall Street’s “Strangest Hustle”: w/ Andy Lee, Parallaxes Capital - EP237

gene.tunny@gmail.com (Andy Lee, Gene Tunny) — Tue, 23 Apr 2024 10:00:00 +0000

According to the Wall Street Journal, this episode’s guest, Andy Lee, is “The Tax Whiz With the Strangest Hustle on Wall Street”. He’s the founder and CIO of Parallaxes Capital, and he joins us to talk about tax receivable agreements (TRAs). Andy explained what TRAs are, how they come about for companies going public such as Shake Shack in 2015, and why he’s investing in them.

Disclaimer: Nothing in this episode should be construed as financial or investment advice.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Andy Lee, Founder and CIO of Parallaxes Capital

Andy founded Parallaxes Capital in 2017. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup.

Andy graduated from the University of Illinois at Urbana-Champaign with a Masters in Accountancy and a Bachelors in Finance and Accountancy.

Andy has been featured in publications including Wall Street Journal, Capital Allocators, Institutional Investor, NBC, Forbes, ReOrg Radio and Fitch’s LevFin Insights. He has spoken at events and conferences for organizations such as the Association of Asian American Investment Managers (“AAAIM”) and leading academic institutions including the University of Illinois, University of Pennsylvania and Texas Christian University (“TCU”)

When Andy is not working, he enjoys taking his corgi (Taco) on long walks.

Fun Fact: Andy, rarely one to back down from highly ambitious goals, ran a marathon less than 180 days from ACL, MCL and PCL surgery.

Source: https://parallaxescapital.com/our-team/

What’s covered in EP237

Introduction. (0:00)
TRAs for companies going public in the US. (6:18)
TRAs agreements and their value for private equity investors (i.e. pre-IPO owners). (12:52)
Tax refunds, risk management, and investment opportunities. (19:57)
TRAs and investment strategies. (24:47)
TRAs and their potential as a diversified investment. (30:55)

Takeaways

TRAs convert future corporate tax savings (e.g. from depreciation expenses) into current income streams.
TRAs provide long-dated, typically 15-year income streams that can be sold by pre-IPO owners (e.g., private equity investors).
Private equity firms use TRAs to increase their earnings from the sale of businesses they’ve invested in.
Ideal Candidates for TRAs are large, stable companies with predictable long-term profitability (e.g. Shake Shack), rather than high-growth tech startups which often lack immediate profitability.
US tax expertise is required to properly analyze and invest in TRAs.

Links relevant to the conversation

WSJ article about Andy, “The Tax Whiz With the Strangest Hustle on Wall Street”: https://www.wsj.com/finance/investing/tax-whiz-strange-hustle-wall-street-d51ddbc6

Parallaxes Capital: https://parallaxescapital.com/

Lumo Coffee promotion

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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.

Housing Crisis and Immigration: Australia's Tough Choices w/ John August - EP236

gene.tunny@gmail.com (John August, Gene Tunny) — Tue, 16 Apr 2024 10:00:00 +0000

This episode of Economics Explored features a deep dive into the ongoing housing crisis in Australia with John August, a Pirate Party of Australia official and Sydney radio host. Gene and John discuss the significant influence of immigration rates and building restrictions on housing availability and prices. They also consider potential policy solutions to ensure more equitable housing access, including developing a charter city named Turing.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: John August

John August is the Treasurer of the Pirate Party Australia. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.

Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page:

https://www.facebook.com/profile.php?id=100063805005395

What’s covered in EP236

Introduction. (0:00)
Housing crisis in Australia, with a focus on supply and demand issues, affordability, and government policies. (2:44)
Population growth, immigration, infrastructure, and housing affordability in Australia. (8:04)
Housing affordability and land value taxation. (13:40)
A Georgist approach to taxing land. (22:05)
Immigration and foreign aid in Australia. (31:24)
Reducing immigration and addressing housing challenges in Australia. (37:46)
Immigration policy, infrastructure, and zoning regulations in Australia. (41:45)
Potential for charter cities (e.g. Turing) and high-speed rail links. (47:34)
Foreign aid, shipping, and taxation. (53:35)

Takeaways

The housing crisis in Australia is exacerbated by high immigration levels and stringent building restrictions, which affect affordability.
Policy debates are intensifying around whether to restrict immigration to ease housing demand or to relax zoning restrictions on development to boost supply.
The concept of "upzoning," similar to Auckland’s approach, could be a viable solution to create more housing in existing urban areas.
Proponents of high immigration levels often overlook the infrastructural and social costs associated with a rapidly increasing population through high immigration rates.
The discussion of housing involves not only economic metrics but also the quality of life and housing accessibility for all population segments.

Links relevant to the conversation

Leith Van Onselen on immigration and housing: https://www.macrobusiness.com.au/2024/04/albo-lies-his-way-out-of-rental-crisis/

Previous episode with Natalie Rayment: https://queenslandeconomywatch.com/2021/04/16/missing-middle-housing-podcast-chat-with-natalie-rayment-of-wolter-consulting/
John’s conversation with Cameron Murray on housing: https://www.mixcloud.com/Johnorg/roving-spotlight-28-november-reviewing-a-pirate-look-at-the-housing-market-with-cameron-murray/
Freightened documentary about the cost of shipping: https://thoughtmaybe.com/freightened/

Lumo Coffee promotion

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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.

Is Uncle Sam Running a Ponzi Scheme with the National Debt? w/ Dr Dan Mitchell - EP235

gene.tunny@gmail.com (Dan Mitchell, Gene Tunny) — Tue, 9 Apr 2024 10:00:00 +0000

In this episode, show host Gene Tunny engages with Dr Dan Mitchell in a frank discussion about the US’s looming debt crisis. The conversation covers Dan’s new book, co-authored with Les Rubin, The Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse. In the episode, Dan talks about the unsustainable trajectory of federal debt, the consequences of government overspending, and the tough choices needed to avert economic disaster. Hear how Dan reacts to the Modern Monetary Theory view that debt and deficits aren’t a problem.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Dr Dan Mitchell

Daniel J. Mitchell is a top expert on fiscal policy issues such as tax reform, the economic impact of government spending, and supply-side tax policy. Mitchell is a former senior fellow with The Cato Institute and The Heritage Foundation and served as an economist for Senator Bob Packwood and the Senate Finance Committee. His articles can be found in such publications as the Wall Street Journal, New York Times, Investor's Business Daily, and Washington Times. He is a frequent guest on radio and television and a popular speaker on the lecture circuit. Mitchell holds bachelor's and master's degrees in economics from the University of Georgia and a Ph.D. in economics from George Mason University.

What’s covered in EP235

Introduction. (0:00)
US government debt and entitlement programs. (4:48)
Government spending and its impact on the economy. (9:05)
US government spending, Social Security, and fiscal policy. (14:06)
US retirement systems and entitlement programs. (18:32)
Medicare reform and the federal budget. (24:05)
US budget deficits and entitlement programs. (27:59)
Taxes, spending, and economic growth. (33:01)
Kyle Kulinksi clip. (38:11)
Dan responds to Monetary Monetary Theory (41:00).
Entitlement programs and government spending. (44:40)

Takeaways

The US federal debt is soaring, with projections showing a large increase in the debt-to-GDP ratio in the coming decades.
Government spending, particularly on entitlement programs, is the primary driver of fiscal imbalance.
Addressing the debt crisis requires significant policy changes, including reforming entitlement programs like Social Security and, to a lesser extent, Medicare and Medicaid.
Reforming Social Security through personal retirement accounts could save trillions over the long run.
Lessons from other countries show that fiscal discipline and restructuring can improve economic stability.

Links relevant to the conversation

The Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse: https://www.amazon.com.au/Greatest-Ponzi-Scheme-Earth-Economic/dp/1637632770
Dan’s bio: https://mises.org/profile/daniel-j-mitchell
Dan’s International Liberty blog: https://danieljmitchell.wordpress.com/
Dan’s post “OECD Economic Research Finds that Government Spending Harms Growth”: https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/
Dan’s post “The IMF, The Laffer Curve, And Supply-Side Economics”: https://freedomandprosperity.org/2022/blog/the-imf-the-laffer-curve-and-supply-side-economics/

Lumo Coffee promotion

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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.

What’s the Future for Charter Cities after the Honduran ZEDE controversy? w/ Jeffrey Mason, Charter Cities Institute - EP234

gene.tunny@gmail.com (Jeffrey Mason, Gene Tunny) — Tue, 2 Apr 2024 10:00:00 +0000

In this episode, we delve into the controversy surrounding the Prospera charter city in Honduras, which has embraced libertarian principles and adopted Bitcoin as legal tender and a unit of account. The city is currently embroiled in a legal battle with the Honduran government. Gene asks Jeffrey Mason, from Charter Cities Institute, what it all means for the future of charter cities. Jeffrey provides some good examples of how charter cities still have a lot of potential, and he talks about projects CCI is involved in in Africa, particularly in Zanzibar. Tune in to gain insights into the intersection of governance, economics, and innovation in the context of charter cities.

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: Jeffrey Mason, Head of Research, Charter Cities Institute

Jeffrey joined CCI as a Researcher in 2019. His research interests include urban economics, structural transformation, special economic zones, and technology ecosystems. He has worked on policy advisory projects in Nigeria, Tanzania, Zambia, and Honduras, among other countries. Prior to joining the Charter Cities Institute, Jeffrey worked as an MA Fellow at the Mercatus Center at George Mason University. He holds a BA in economics from the University of Maryland and an MA in economics from George Mason University. His writing has been featured in publications including City Journal, Works in Progress, Investment Monitor, Quartz Africa, and The American Mind.

What’s covered in EP234

Introduction. (0:00)
Honduran ZEDEs: zones for employment and economic development. (4:12)
Honduran ZEDEs and impacts on local communities. (9:41)
Investor-state dispute settlement mechanisms. (15:15)
Charter cities and their potential to improve governance and economic growth. (20:37)
Charter cities and urban development in Zanzibar. (26:15)
Affordable housing development in Zanzibar, Tanzania. (30:56)
Urban development and new city projects. (39:27)

Takeaways

The controversy surrounding Prospera in Honduras highlights the risks and uncertainties involved in charter city projects.
The concept of charter cities is evolving, with a growing emphasis on affordability, local engagement, and sustainable development to ensure their long-term success.
Legal and political stability, along with government partnerships, are crucial for the success of charter cities, as demonstrated by the contrasting experiences of Prospera and the Zanzibar project, Fumba Town, that Charter Cities Institute is involved in.

Links relevant to the conversation

Jeffrey’s bio: https://chartercitiesinstitute.org/people/jeffrey-mason/
Ryan Grim’s report at the Intercept “Honduras Ratchets Up Battle With Crypto-Libertarian Investors, Rejects World Bank Court”: https://theintercept.com/2024/03/19/honduras-crypto-investors-world-bank-prospera/
Counter Points report “Honduras GOES TO WAR With Crypto Bros”,
CCI's involvement with Fumba Town: https://chartercitiesinstitute.org/fumba-town/
Fumba Town: https://chartercitiesinstitute.org/fumba-town/
EP147 with Kurtis Lockhart on charter cities: https://economicsexplored.com/2022/07/11/charter-cities-a-public-private-partnership-ppp-model-w-kurtis-lockhart-ep147/

Lumo Coffee promotion

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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.

America’s Retirement Crisis: The Pressing Need to Address Social Security's Financial Woes - EP233

gene.tunny@gmail.com (Michael Johnston, Gene Tunny) — Tue, 26 Mar 2024 10:00:00 +0000

Michael Johnston, CFA of WealthChannel and show host Gene Tunny dissect the pressing issues facing the US Social Security system. Amid predictions of future insolvency, they discuss the demographic trends, financial realities, and policy adjustments needed to safeguard retirement incomes for future generations.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Michael Johnston, CFA

Michael Johnston, CFA is a financial industry veteran with a passion for improving outcomes for retail investors.

Following stints in corporate finance and investment banking, Michael founded ETF Database (ETFdb) and grew it into the largest independent media property covering exchange-traded funds (ETFs). Under Michael’s leadership, the company achieved a commanding position within the ETF industry and played a key role in the “low cost revolution” that saw hundreds of billions of dollars flow from expensive mutual funds to low cost ETFs.

ETFdb is now a part of TSX Group, a publicly-traded financial services company that operates the Toronto Stock Exchange.

Michael co-founded WealthChannel with a mission of helping investors achieve financial independence by radically simplifying retirement planning and investing. Michael is responsible for WealthChannel’s content and education initiatives, including its flagship WealthChannel Academy.

Michael graduated from the University of Notre Dame with a degree in finance, and now resides in Oregon with his wife and son. He is active in his community as a member of the Board of Directors of the Lane Regional Air Protection Agency (LRAPA) and a volunteer at Hosea Youth Services.

What’s covered in EP233

[00:02:59] Sustainability of Social Security.
[00:03:52] Retirement crisis in America.
[00:09:43] Americans living longer.
[00:13:25] Social Security trust fund depletion.
[00:17:38] Social Security sustainability.
[00:18:59] Social Security Funding Solutions.
[00:24:36] Frankenstein policy solutions.
[00:27:50] Immigration and Social Security.
[00:30:46] Retirement age and social security.
[00:35:54] Retirement savings statistics.
[00:38:19] Retirement and financial literacy.
[00:41:26] Retirement savings options in the States.
[00:45:02] Social Security explained.
[00:50:26] Social Security and retirement accounts.

Takeaways

Social Security Sustainability: The Social Security program in the US faces sustainability challenges due to changing demographics and financial dynamics.
Retirement Crisis: There is a retirement crisis in the US, with nearly half of Americans having no retirement savings and relying heavily on Social Security for income in retirement.
Potential Solutions: Various solutions were discussed, including raising the retirement age, adjusting cost-of-living adjustments, and increasing contributions to shore up the system.
Individual Retirement Accounts: The US offers tax-effective retirement savings options like 401(k)s and Roth IRAs, but many Americans are not effectively using these tools.
Comparison with Other Countries: The discussion highlighted differences in retirement systems between the US and countries like Australia, where superannuation accounts play a significant role in retirement planning.

Links relevant to the conversation

Michael Johnston’s bio: https://wealthchannel.com/about/michael-johnston/
Wealth Channel Academy, Michael Johnston's initiative to demystify retirement planning: https://wealthchannel.com
Lumo Coffee, sponsor of the episode offering antioxidant-rich coffee: https://lumocoffee.com
Social Security Administration: https://www.ssa.gov/
Millions of Americans nearing retirement age with no savings - CBS News: https://www.cbsnews.com/news/millions-of-americans-nearing-retirement-age-no-savings/
EP87 – Saving & investing for retirement: 401(k)s, IRAs, mutual funds, ETFs, etc: https://economicsexplored.com/2021/05/15/ep87-saving-investing-for-retirement-401ks-iras-mutual-funds-etfs-etc/

Lumo Coffee promotion

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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.

Unlocking the Financial Black Box: Transforming Business Efficiency w/ Andrew Walker - EP232

gene.tunny@gmail.com (Andrew Walker, Gene Tunny) — Tue, 19 Mar 2024 10:00:00 +0000

This episode explores the crucial role of efficient financial management in driving business performance and productivity. Guest Andrew Walker, a seasoned financial consultant, shares his extensive experience advising businesses on utilizing data for improved cash flow and strategic decisions. Walker emphasizes the transformation from traditional bookkeeping to strategic financial planning as businesses scale.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Andrew Walker, CEO, Improcus

Andrew, with over 30 years of executive management and accounting experience, across global and local markets, brings a depth of experience and credibility built across the manufacturing, retail, franchise, construction and transport sectors. Whether as CEO or on the shop floor, Andrew understands the challenges and demands of business. Andrew has an intuitive understanding of business in both financial and functional areas. His work experience includes:

CEO of Improcus, a South East Queensland business improvement consultants company/business and has worked with 100 companies in 10 years with an aggregate annual turnover of $1.0b CEO of AAF Industries Plc, a London stock exchange listed company specialising in design, manufacture and installation of modular buildings in Europe. The Group also included a laboratory furniture manufacturing business and a scaffolding division.
CFO BTR Dunlop Ltd, listed on the Johannesburg Stock Exchange, responsible for all South African operations and the Financial Controller for Africa reporting to BTR PLc. Turnover R1.0billion
Divisional Finance Director of Dorbyl Automotive Components consisting of 16 divisions supplying various automotive components to OEM’s.
Financial Controller for the Aberdare Power Group, the largest manufacturer of power cables in South Africa

What’s covered in EP232

Introduction (0:00)
Streamlining business processes to improve cash flow. (4:15)
Automating business processes for efficiency and growth. (9:19)
Improving business performance through financial analysis. (13:54)
Financial management and growth in a business. (18:30)
Financial management and business growth. (23:55)
When businesses need a CFO or financial controller. (28:52)
Private equity, AI, and business trends. (32:09)
Business software and data analysis. (36:22)
Business productivity, taxes, and insolvency. (42:37)
Financial reporting and cash flow management in businesses. (46:54)

Takeaways

The Peter Principle in Finance: Promotion beyond competence in finance roles can critically hinder a business’s growth. It's crucial to elevate financial management capabilities as the business scales.
Automation and Efficiency: Leveraging modern software and automating processes can significantly reduce time and errors in financial reporting, enabling quicker strategic decisions.
Strategic Role of Chief Financial Officers: A CFO’s role transcends traditional bookkeeping, focusing on external growth opportunities, mergers, acquisitions, and stakeholder management. Understanding when to transition from a bookkeeper to a CFO is key for business evolution.
Data Utilization for Decision Making: Effective use of data, including forecasting and performance analysis, is essential for driving strategic business decisions and identifying areas for improvement.
Cash Flow Management: Proactive cash flow forecasting and management are critical for navigating financial challenges and seizing opportunities, underscoring the importance of a competent finance department.

Abbreviations used in the show

ATO - Australian Taxation Office
BOM - Bill of materials
CFO - Chief financial officer
CV - constant velocity, as in CV joint
DIFOT - Delivery in full on time
ERP - Enterprise resource planning
GST - Goods and Services Tax
IPO - Initial public offering
PAYG - Pay as you go

Links relevant to the conversation

Improcus Business Improvement Specialists

Customer Success Stories – Get inspired by our customers (jedox.com)

Why Jedox? | Simple – Adaptable – Integrated

Alan Jackson (businessman) - Wikipedia

Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.

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

Alternative Investments & Investable Mega-Trends w/ Ben Fraser, Aspen Funds - EP231

gene.tunny@gmail.com (Ben Fraser, Gene Tunny) — Tue, 12 Mar 2024 10:00:00 +0000

Ben Fraser, Managing Director of Aspen Funds, argues, “There's a huge opportunity to get into fossil fuel production.” He discusses macro-driven alternative investments, investable megatrends, including the disruption to energy markets as advanced economies decarbonise, and the outlook for the US economy, particularly inflation.

Disclaimer: this episode presents general information only and is not financial or investment advice.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Ben Fraser

Ben Fraser is the Chief Investment Officer at Aspen Funds, where he combines his analytical nature with a passion for delivering outstanding client service and strong returns through out-of-the-box investments. With a professional background that spans over a decade, Ben has become an expert in the field of investment management and has worked for several reputable financial institutions.

Ben is the co-host of the Invest Like a Billionaire podcast, where he joins his father, Robert, co-founder and CFO of Aspen Funds, along with co-founder Jim Maffuccio, to discuss economic trends and best practices for alternative investing.

Prior to joining Aspen, Ben served as a Commercial Lender at First Business Bank, one of the top SBA lenders in the nation. There, he specialized in government-backed loan originations, specifically SBA and USDA loans. Before that, he worked as a Commercial Credit Underwriter for Crossfirst Bank, where he personally underwrote over $125MM in C&I and CRE loans across various industries.

Ben also has experience working in the asset management industry, having served as a key member of the team at Tortoise Capital Advisors. At Tortoise, he helped grow institutional managed accounts from ~$3BN AUM to ~$7BN AUM.

Ben holds an MBA from Azusa Pacific University and a Bachelor of Science in Finance from the University of Kansas, where he graduated magna cum laude. Ben’s commitment to excellence and his ability to deliver strong returns for clients make him an invaluable asset to the Aspen Funds team.

What’s covered in EP231

00:00:04 - Global Energy from Fossil Fuels (excerpt from interview)
00:00:33 - Introduction to Economics Explored Podcast
00:01:06 - Guest Introduction: Ben Fraser of Aspen Funds
00:02:08 - Aspen Funds' Investment Focus
00:05:17 - Accredited Investors and Investment Opportunities
00:06:04 - Expanding Accredited Investor Definitions
00:08:47 - Alternative Investments and Client Strategy
00:11:29 - Investable Megatrends for the Next Decade
00:13:03 - Inflation and Energy Market Outlook
00:15:37 - Private Credit in Real Estate
00:20:37 - Commercial Real Estate Market Dynamics
00:23:42 - Energy Investments and Fossil Fuel Outlook
00:29:10 - OPEC's Influence on Oil Prices
00:31:28 - Gold, Bitcoin, and Investment Hedges
00:35:09 - US Fiscal Policy and Debt Concerns
00:38:40 - Closing Remarks

Takeaways

Macro-Driven Alternative Investments: Aspen Funds focuses on macro-driven alternative investments, which involve understanding long-term economic trends to identify investment opportunities.
Investable Megatrends: Aspen Funds has identified investable megatrends for the next decade, including higher inflation for longer and an energy crisis due to a transition to green energy.
Opportunities in Real Estate: Aspen Funds sees opportunities in private credit within the real estate market, particularly in the midsection of the capital stack, where risk can be reduced while achieving good returns.
Energy Market Insights: Ben Fraser discusses the impact of transitioning to green energy on fossil fuel production, highlighting potential supply shortages and investment opportunities in fossil fuel production.
Views on Gold and Bitcoin: Ben Fraser comments on gold and Bitcoin as alternative investments, acknowledging their role as hedges against fiat currency but cautioning against heavy allocations due to the risks involved.

Links relevant to the conversation

Aspen Funds

Invest Like a Billionaire Podcast

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse - EP230

gene.tunny@gmail.com (Leonora Risse, Gene Tunny) — Tue, 5 Mar 2024 10:00:00 +0000

This episode of Economics Explored analyzes Australia's new gender pay gap data reported by large companies. Are the data valuable or nonsense, as some critics have alleged? Host Gene Tunny interviews Dr Leonora Risse to discuss the report's methodology, findings, and criticisms. Risse provides context on factors influencing the gender pay gap, like occupational segregation. Tunny and Risse also debate the impact of societal norms and long work hours or ‘greedy jobs’. While acknowledging limitations, Risse argues the data highlights the need to address remaining gender inequities.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest Dr Leonora Risse

Dr Leonora Risse is an Associate Professor in Economics at the University of Canberra and a Research Fellow with the Women’s Leadership Institute Australia and serves as an Expert Panel Member on gender pay equity for the Fair Work Commission. She formerly held roles with the Women and Public Policy Program at Harvard University, the Australian Government Productivity Commission, and RMIT University. She earned her PhD in Economics from the University of Queensland. Leonora is a co-founder and former National Chair of the Women in Economics Network (WEN) in Australia.

What’s covered in EP230

Introduction to the Episode and Topic (00:36)
Overview of Gender Pay Gap Data Reporting (02:59)
Calculation and Implications of Gender Pay Gap Data (04:48)
Insights on Compositional Factors and Industry Dynamics (16:28 & 16:41)
Critical Analysis of Gender Pay Gap Reporting (33:29)
Claudia Goldin's Work and Nobel Prize Discussion (41:02)

Takeaways

The new gender pay gap data reveal significant disparities across companies in male and female median earnings, with factors like occupation and industry composition playing crucial roles.
In Leonora’s view, transparency in reporting pay gaps is crucial for raising awareness but also poses some risks of normalization and misinterpretation.
Leonora argues societal norms and gender biases significantly influence occupational choices and bargaining power, contributing to the gender pay gap.
Future research and data analysis are essential for understanding the drivers of the gender pay gap.

Links relevant to the conversation

Link to WGEA Data Explorer (can look up each company’s pay gap and other gender equality statistics)

https://www.wgea.gov.au/data-statistics/data-explorer

Leonora’s Twitter exchange with Senator Matt Canavan

https://x.com/leonora_risse/status/1762395543366717877?s=20

Gender wage transparency and the gender pay gap: A survey

https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12545

Do Firms Respond to Gender Pay Gap Transparency?

https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.13136

Pay Transparency and Gender Equality

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3584259

Claudia Goldin's “Career and Family: Women’s Century-Long Journey toward Equity”

https://press.princeton.edu/books/hardcover/9780691201788/career-and-family

Leonora’s book review in Economic Record (copy attached)

https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12716

Leonora’s Conversation article on WGEA pay gap data

https://theconversation.com/qantas-pays-women-37-less-telstra-and-bhp-20-fifty-years-after-equal-pay-laws-we-still-have-a-long-way-to-go-223870

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

AI in Finance: Empowering Investors with Real-time Market Insights w/ Andrew Einhorn, LevelFields - EP229

gene.tunny@gmail.com (Andrew Einhorn, Gene Tunny) — Tue, 27 Feb 2024 10:00:00 +0000

Andrew Einhorn from LevelFields shares insights into leveraging AI for financial market analysis. Their innovative platform is designed to detect critical events affecting stock prices, enabling investors to react swiftly. The conversation covers the benefits of AI in democratizing financial information and the future implications for investment strategies. Disclaimer: Nothing in this episode should be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest Andrew Einhorn

Andrew Einhorn is the visionary CEO and co-founder behind Level Fields, a groundbreaking company leveraging artificial intelligence (AI) to revolutionize the way investors interact with the stock market. With a career deeply rooted in technology and finance, Einhorn has dedicated himself to democratizing access to advanced investment strategies, making it possible for the average investor to make informed decisions swiftly and with confidence. Before establishing Level Fields, Einhorn led a successful event monitoring system company for a decade, serving publicly traded companies and offering insights into how market events affect stock prices. His passion for utilizing technology to enhance market transparency and fairness has led to the creation of Level Fields' AI-driven platform, designed to scan the market for events impacting stock prices, thereby leveling the playing field between retail investors and the larger, more resource-rich players in the market.

What’s covered in EP229

Introduction. (0:00)
Using AI to analyze financial news and announcements. (2:47)
Using AI for stock market analysis and avoiding fraudulent companies. (7:19)
AI applications and their limitations. (13:38)
Using AI to analyze market data for investment insights. (18:24)
AI-powered stock market analysis. (23:26)
AI-powered investment research platform for retail investors. (28:01)
Using AI to analyze audio transcripts for investment insights. (33:12)
Using AI for event monitoring and investment analysis. (38:45)
Using historical data for investment strategies. (44:10)
AI's role in investing and the financial establishment's reaction. (49:19)

Takeaways

1. AI can help democratize access to investment strategies by scanning vast amounts of market data and financial reports that individual investors cannot monitor themselves.

2. Understanding how historical events have impacted stock prices can provide insights on predicting future price movements and avoiding losses from overreacting to news.

3. While AI is not a crystal ball, it can be a useful tool for investors when combined with human judgment, by automating tedious research tasks and identifying potential opportunities that may otherwise be missed.

Links relevant to the conversation

LevelFields website: https://www.levelfields.ai/

Andrew’s interview on the Side Hustle City podcast: https://www.sidehustle.money/1350142/14348901-revolutionizing-investing-andrew-einhorn-unveils-levelfields-the-game-changing-tool-in-stock-market-analysis

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The Tax Reform Debate: Cutting Through the Spin w/ Simon Cowan, CIS - EP228

gene.tunny@gmail.com (Gene Tunny, Simon Cowan) — Tue, 20 Feb 2024 10:00:00 +0000

This episode examines the need for tax reform in Australia and reviews various options for overhauling the country's tax system. Simon Cowan joins host Gene Tunny from the Centre for Independent Studies to discuss issues like bracket creep, the tax system's progressivity, mining royalties, and negative gearing. They also analyse the political strategies around the stage three tax cuts and how expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden. Cowan argues the tax system has become too reliant on income tax and higher-income individuals.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest 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.

What’s covered in EP228

Australian tax system overhaul and cost of living relief. (0:04)
Tax bracket creep and its impact on income. (5:14)
Tax system and progressivity. (9:44)
Tax cuts and political strategy in Australia. (15:29)
Tax system in Australia, income tax reliance, and potential changes. (21:13)
Taxation, welfare, and the burden on working-age population. (26:02)
Tax reform and its challenges in Australia. (31:03)
Taxation and resource extraction in Australia. (38:05)
Australian tax system and potential reforms. (45:42)

Takeaways

1. Australia's tax system has become overly reliant on income tax and needs to diversify its revenue sources.
2. Bracket creep is a real problem that has not been adequately addressed, particularly for higher-income earners.
3. Both major political parties have taken cynical, short-term positions on tax reforms that are not in the community's best interests.
4. Expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden.
5. Lowering company taxes could boost business investment and economic growth in Australia.

Links relevant to the conversation

Simon’s article on the stage 3 tax cuts:

https://www.cis.org.au/commentary/opinion/labors-tax-backflip-all-the-easier-against-an-opposition-with-no-spine/

AFR article (pay-walled) “Royalty hike and IR overhaul threaten critical mineral pipeline: BHP”:

https://www.afr.com/policy/economy/royalty-hike-and-ir-overhaul-threaten-critical-mineral-pipeline-bhp-20231119-p5el3y

QLD Government announcement on coal royalty hike:

https://statements.qld.gov.au/statements/95467

Grattan Institute’s view on tax reform:

https://grattan.edu.au/news/thats-not-tax-reform-this-would-be-tax-reform/

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.

Revisiting Ricardo: The Rise and Fall of Ricardian Equivalence

gene.tunny@gmail.com (Arturo Espinoza, Gene Tunny) — Tue, 13 Feb 2024 10:00:00 +0000

This episode of Economics Explored explores the theory of Ricardian equivalence, a proposition that fiscal policy measures like tax cuts or stimulus payments may not effectively boost the economy if households anticipate higher future taxes to pay off government debt. Host Gene Tunny explains the concept originating from David Ricardo and popularized by Robert Barro, involving ultra-rational consumer optimization over infinite time horizons. While an elegant theoretical model, Ricardian equivalence relies on unrealistic assumptions and fails empirical tests. Evidence shows households do increase spending after rebates or transfers, although not always by as much as policy makers would like. Ultimately, while the merits of discretionary fiscal policy are debatable, Ricardian equivalence is too extreme a hypothesis. Households do not behave as ultra-rational dynamic optimizing models predict.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

You can listen to the episode via the embedded player below or via podcasting apps including Google Podcasts, Apple Podcast and Spotify.

Takeaways

Five takeaways from this episode are:

1. Ricardian equivalence is an elegant theoretical model but relies on unrealistic assumptions about rational consumer behavior.

2. Empirical evidence overwhelmingly finds that households do increase spending after tax rebates or fiscal stimulus, contrary to Ricardian equivalence predictions.

3. Related concepts like Friedman's permanent income hypothesis are more nuanced but also face limitations in fully explaining consumer decisions.

4. While fiscal policy faces challenges, Ricardian equivalence is not a compelling argument against its effectiveness due to failures of the underlying theory.

5. Examining economic models against real-world evidence is important for evaluating their validity and implications for policy.

Timestamps

Introduction. (0:00)
David Ricardo's economic theories and their relevance today. (5:30)
Ricardian equivalence in macroeconomics. (11:02)
Consumption function and fiscal policy. (17:48)
Rational economic models and their implications. (23:18)
Ricardian equivalence theory and its limitations. (26:41)
Ricardian equivalence theory and its empirical support. (33:59)
Consumer spending after receiving tax rebates. (39:10)
Ricardian equivalence in economics. (43:55)

Links

Previous episode in which Ricardian Equivalence was mentioned:

https://economicsexplored.com/2024/01/11/the-limits-of-fiscal-policy-insights-from-tony-makin-alex-robson-others-ep222/

Robert Barro’s 1974 article “Are Government Bonds Net Wealth?”

https://eml.berkeley.edu/~saez/course131/Barro74JPE.pdf

James M. Buchanan on “Barro on the Ricardian Equivalence Theorem”

https://www.journals.uchicago.edu/doi/abs/10.1086/260436

Geoffrey Brennan and James M. Buchanan on “The Logic of the Ricardian Equivalence Theorem”

https://www.jstor.org/stable/40911555

John J. Seater on “Ricardian Equivalence”

https://www.jstor.org/stable/2728152

T. D. Stanley on “New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence”

https://www.jstor.org/stable/1060788

Economist 2008 column “Ricardian equivalence is dead”

https://www.economist.com/free-exchange/2008/05/19/ricardian-equivalence-is-dead

Anrdrew Leigh’s paper “How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects”

http://andrewleigh.org/pdf/FiscalStimulus.pdf

Matthew D. Shapiro & Joel B. Slemrod’s study “Did the 2008 Tax Rebates Stimulate Spending?”

https://www.nber.org/papers/w14753

Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod’s analysis “Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?”

https://www.aeaweb.org/articles?id=10.1257/pol.4.3.216

Ikuo Saito’s paper “Fading Ricardian Equivalence in Ageing Japan”

https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Fading-Ricardian-Equivalence-in-Ageing-Japan-44302

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.

From Jekyll to Hyde: Exploring the Dual Nature of Finance | The Bankers' Club w/ Prof. Gerald Epstein - EP226

gene.tunny@gmail.com (Gerald Epstein, Gene Tunny) — Tue, 6 Feb 2024 10:00:00 +0000

Show host Gene Tunny interviews UMass Amherst Professor Gerald Epstein about his new book "Busting the Bankers’ Club", which is about the powerful influence of banks in politics and regulation. Epstein argues the bankers’ club maintains control through political allies and regulators. The conversation also covers financial deregulation, insufficient Dodd-Frank reforms, Quantitative Easing impacts, and alternatives like public banking and non-profit financial institutions.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest Prof. Gerald Epstein

Gerald Epstein received his Ph.D. in economics from Princeton University, is a professor of economics, and is a founding co-director of the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. He has published widely on various economic policy issues, especially in central banking and international finance. His most recent book, Busting the Bankers' Club: Finance for the Rest of Us, was forthcoming in January 2024 from the University of California Press.

What’s covered in EP226

Banking industry's influence in politics and regulation. (0:04)
Financial deregulation and its impact on the economy. (8:58)
Financial system's impact on democracy and fairness. (13:24)
Financial system issues and regulation. (16:24)
Economic policy after the financial crisis, including impacts of Quantitative Easing. (22:50)
Financial regulation and publicly owned institutions. (28:08)
Public banking, crypto, and risk-taking in finance. (33:30)

Takeaways

Professor Epstein argues in this episode:

The "bankers’ club" of allies including politicians, central banks, and economists helps sustain the power and influence of large banks.
Financial deregulation in the US and weak Dodd Frank reforms failed to address issues like too-big-to-fail banks and accountability.
Quantitative easing policies after the financial crisis disproportionately benefited wealthy asset holders over others.
There is a need for more diverse public and non-profit financial institutions focused on social missions over profits.
Crypto poses risks if it infects the core banking system or continues high-carbon polluting practices.

Links relevant to the conversation

Gerald Epstein’s book Busting the Bankers’ Club: Finance for the Rest of Us

https://www.amazon.com/Busting-Bankers-Club-Finance-Rest/dp/0520385640

Working paper co-authored by Prof. Epstein “Did Quantitative Easing Increase Income Inequality?”

https://www.ineteconomics.org/research/research-papers/did-quantitative-easing-increase-income-inequality

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.

How Wall Street Can Help Democracies Survive w/ Marcos Buscaglia - EP225

gene.tunny@gmail.com (Marcos Buscaglia, Gene Tunny) — Tue, 30 Jan 2024 10:00:00 +0000

Show host Gene Tunny interviews Marcos Buscaglia, former head of the Latin America economics team at Bank of America Merrill Lynch, and author of the book "Beyond the ESG Portfolio, How Wall Street Can Help Democracies Survive." Buscaglia argues that, through their investment choices, many investors have inadvertently been supporting autocratic regimes, and he calls for a change in investment practices. Tune in to this thought-provoking episode to learn more about the ultimate impacts of our investments and how Wall Street can contribute to the survival of democracies.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP225

Introduction to the episode. (0:03)
Aligning investments with values and democratic growth. (4:32)
Autocratic regimes, EU funding, and corruption in Hungary. (9:41)
Investing in emerging markets while avoiding autocratic countries. (22:31)
Economic sanctions, autocratic regimes, and investment strategies. (28:06)
Economics, democracy, and the role of finance.

Takeaways

Investing in autocratic regimes can inadvertently support and strengthen those regimes.
ESG (environmental, social, governance) investing should also consider whether countries are democratic.
ESG metrics and indices currently do not prioritize democracy as a factor.
There are limited investment options that exclude autocratic countries, but investor demand can drive change in this area.
Sanctions can be an effective tool in limiting financial support to autocratic regimes.

Links relevant to the conversation

Marcos Buscaglia’s book: Beyond the ESG Portfolio: How Wall Street Can Help Democracies Survive

https://www.amazon.com/Beyond-ESG-Portfolio-Democracies-Survive/dp/1265115605

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.

Reagan’s Budget Boss David Stockman on Trump’s Economic Policies - EP224

gene.tunny@gmail.com (David Stockman, Gene Tunny) — Tue, 23 Jan 2024 10:00:00 +0000

Economics Explored host Gene Tunny speaks with David Stockman, President Reagan’s first Office of Management and Budget director. Stockman discusses his new book, "Trump's War on Capitalism," and shares his frank and fearless commentary on the former president's economic policies. In his foreword to the book, Robert F. Kennedy Jr wrote, “Stockman has become one of the nation’s most steadfast and eloquent crusaders against the corrupt merger of state and corporate power.”

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP224

Trump and capitalism. (0:04)
Trump's fiscal and monetary policies. (4:41)
Government spending and lockdowns during the Trump presidency. (10:04)
Trump's handling of the COVID-19 pandemic and its economic impact. (15:06)
COVID-19 response and blame game. (20:05)
US economy under Trump, job growth, and performance. (25:51)
Economic growth and tax cuts during Trump's administration. (30:10)
Monetary policy and inflation during Trump's presidency. (36:26)
Corruption in US government and military spending. (41:56)
Alan Greenspan's legacy and economic challenges. (49:54)

Takeaways

David Stockman argues that while Trump portrayed himself as a capitalist, his fiscal and monetary policies like large tax cuts, increased spending and pressure on the Fed to keep rates low were reckless and a threat to capitalism.
According to Stockman, the data shows the US economy was not in its strongest position ever pre-COVID, as Trump claimed, with key metrics like GDP growth, job growth and investment lower under Trump compared with some previous presidents.
Stockman believes Trump bears responsibility for the unprecedented pandemic spending and deficits, as he could have resisted lockdowns but instead endorsed huge stimulus packages.
Stockman views Trump as the worst president for sound money policy due to his pressure on the Fed to keep rates low.

Links relevant to the conversation

Amazon page for Trump’s War on Capitalism:

https://www.amazon.com/Trumps-War-Capitalism-David-Stockman/dp/1510779329

William Greider’s famous 1981 Atlantic article “The Education of David Stockman”:

https://www.theatlantic.com/magazine/archive/1981/12/the-education-of-david-stockman/305760/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Nature Tech and the Future of Business w/ Handprint Tech founder Simon Schillebeeckx - EP223

gene.tunny@gmail.com (Simon Schillebeeckx, Gene Tunny) — Tue, 16 Jan 2024 10:00:00 +0000

In this episode, host Gene Tunny sits down with Simon Schillebeeckx, co-founder of Handprint, a nature tech startup. Handprint aims to help companies profitably and seamlessly integrate planet-positive actions into business activities. Simon shares examples of companies that have gone above and beyond regulatory requirements to contribute to the environment positively. Among other questions, Gene asks Simon about the scalability of Handprint’s approach and the role of consumers in driving profit-maximizing businesses to make positive contributions.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest, Dr Simon Schillebeeckx

Simon is co-founder and Chief Strategy Officer of Handprint Tech. Published author, former sustainability consultant, TEDx speaker. Strategic Management Professor at Singapore Management University (SMU), specialising in Digital Sustainability. He holds a PhD in Innovation Management from Imperial College London.

What’s covered in EP223

[00:01:18] Regenerative economy and business activities.
[00:04:33] The concept of Handprint.
[00:11:28] Capturing value through sustainability.
[00:16:02] A-B testing to determine how consumers respond to sustainability measure.
[00:18:30] Linking ads to social impact.
[00:23:06] Gamifying sustainability initiatives.
[00:26:31] The potential for Handprint.
[00:32:45] Plastic pollution and its impact.
[00:36:03] Regenerative practices in agriculture.
[00:41:28] Trust in carbon crediting.
[00:48:49] Large-scale mangrove conservation and afforestation.

Takeaways

According to Simon, companies are increasingly looking to go beyond just reducing their negative environmental impacts and instead create positive impacts through initiatives like planting trees or restoring coral reefs.
Done right, these types of regenerative initiatives have the potential to improve business metrics like sales, click-through rates, and employee engagement.
Handprint is working to make it easier for companies of all sizes to integrate positive impact actions into their business activities in a profitable way
Handprint offers a marketplace for companies to invest in credible positive impact projects, such as mangrove restoration and carbon sequestration, and provides tools for companies to visualize and capture value from their positive impact initiatives.

Links relevant to the conversation

Handprint Tech website:

https://handprint.tech/

Companies/organisations mentioned by Simon:

https://www.sevencleanseas.com/

https://plasticbank.com/

https://oxcarbon.org/

https://globalmangrove.org/

Lumo Coffee (NB promo code for 20% discount on first order: EXPLORED20)

https://lumocoffee.com/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The Limits of Fiscal Policy: Insights from Tony Makin, Alex Robson & others - EP222

gene.tunny@gmail.com (Tony Makin, Alex Robson, Gene Tunny) — Tue, 9 Jan 2024 10:00:00 +0000

This episode on the limits of fiscal policy features highlights from host Gene Tunny's past conversations with the late Australian economist Professor Tony Makin and former OECD Ambassador Alex Robson. In the discussions, Tony Makin provides a balanced and insightful analysis of Australia's fiscal response to the COVID-19 pandemic, critiquing programs like JobKeeper while recognizing some justification. He and Alex Robson discuss the importance of considering the open economy impacts of fiscal stimulus and the long-term burdens of debt. The episode looks to validate Makin's warnings about the limits of discretionary fiscal policy through subsequent evidence and events. Gene summarizes the JobKeeper evaluation results and what happened in the Australian housing market following the pandemic fiscal stimulus.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP222

Fiscal policy limits and its impacts: introduction (0:03)
Economic stimulus measures during the COVID-19 pandemic. (9:36)
JobKeeper program design and targeting. (15:44)
JobKeeper program's effectiveness and infrastructure spending challenges. (21:31)
Keynesian economics and infrastructure spending. (27:50)
Fiscal policy and its impact on the economy. (33:13)
Fiscal policy and its unintended consequences. (40:12)
The economic impact of public debt with Tony Makin and Alex Robson. (48:31)
Fiscal policy and its impact on the economy: wrap up. (53:39)

Takeaways

Fiscal stimulus packages must be carefully designed and limited in size to avoid unintended consequences.
The nature of the workforce is important to consider when implementing fiscal policy, as not all workers can easily transfer to different industries.
The burden of public debt, including interest payments, can have long-term impacts on national income and economic growth.
The effectiveness of fiscal policy in an open economy is influenced by factors such as capital mobility and exchange rates.
Tony Makin was a leading advocate for sensible fiscal policy in Australia, and his contributions to the field are greatly missed.

Episodes the highlights are clipped from

EP119: What Tony Makin taught us about macroeconomics – Economics Explored

A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode | Queensland Economy Watch

Links relevant to the conversation

Fiscal policy papers by Tony Makin:

The Effectiveness of Federal Fiscal Policy: A Review

(PDF) Australia's Competitiveness: Reversing the Slide

A Fiscal Vaccine for COVID-19

Treasury analysis of JobKeeper:

Independent Evaluation of the JobKeeper Payment Final Report | Treasury.gov.au

The employment effects of JobKeeper receipt | Treasury.gov.au

News regarding unintended consequences of fiscal stimulus:

Building company collapses into liquidation days before Christmas, impacting four Guzman Y Gomez sites

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The Power of Economics: A Look Back at the Past 20 Episodes - EP221

Tue, 2 Jan 2024 10:00:00 +0000

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year.

Don't hesitate to contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP221

Economics and decision-making with a focus on open-mindedness. (0:03)
Using experts in decision-making and tolerating dissent. (3:12)
COVID-19 modelling and its limitations. (9:34)
Economic development, critical thinking, and foreign aid. (12:41)
The limitations of economics and the need for interdisciplinary approaches. (19:25)

Takeaways

1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology.

2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions.

3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems.

4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases.

5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors.

Episodes the highlights are clipped from

https://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/

https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/

https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/

https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/

https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/

https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/

Links relevant to the conversation

Article about the Second Fleet of convicts transported to Australia:

https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Nuclear Power, COVID Policies, & Outsourcing: Thoughts on recent episodes w/ John August - EP220

gene.tunny@gmail.com (Gene Tunny, John August) — Tue, 26 Dec 2023 10:00:00 +0000

John August, a Sydney radio host and Pirate Party of Australia official, returns to provide feedback on recent episodes about nuclear power, COVID policies, and government outsourcing and consulting. John discusses his generally positive view of nuclear energy with some qualifications and provides his thoughts on the analysis of COVID restrictions presented in a recent episode by Prof. Gigi Foster. John also weighs in on the challenges of government service delivery, noting potential upsides and downsides to outsourcing and cautioning against contractors dominating policy development.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: John August

What’s covered in EP220

00:04:08 - Discussion on Nuclear Energy
00:13:37 - Gigi Foster's COVID Analysis
00:25:58 - Economic Impact of COVID Restrictions
00:35:57 - Outsourcing and Consulting in Government
00:44:20 - Final Thoughts and Wrap-up

Takeaways

Nuclear power holds promise as an energy source, but challenges around risk management, technology development, and public perception still need to be addressed.
In John’s view, there are reasonable arguments on both sides of the debate around COVID restrictions, with disagreement centring around difficult-to-determine counterfactual scenarios.
Outsourcing can benefit the government, like additional capacity and fresh perspectives, but oversight is needed to avoid issues like mission creep or perverse incentives.

Links relevant to the conversation

Exploring Investment Opportunities in 2024 and Beyond, w/ Will Nutting, Nutstuff - EP219

gene.tunny@gmail.com (Will Nutting, Gene Tunny) — Tue, 19 Dec 2023 10:00:00 +0000

Show host Gene Tunny interviews former investment banker Will Nutting, who runs the investment newsletter "Nutstuff”, to discuss emerging investment opportunities in 2024 and beyond. Will explains how he focuses on unloved areas like coal, uranium and cannabis that many investors overlook. He also emphasizes the importance of factoring geopolitical risks into investments and outlines opportunities that he sees in gold, Bitcoin, distressed debt, and investments in Russia. Will discusses how paying attention to geopolitics can provide an investment edge and outlines his process for gathering insights from his extensive network. Please note that the discussion is meant to provide general information and not specific investment advice.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest Will Nutting

Will is the Founder and CEO of Nutstuff, a no-nonsense, investment newsletter with 2K+ subscribers, including CEOs and CFOs of some of the world’s biggest financial institutions, founders of the most exciting startups, investors at the highest performing funds across private and public markets, and HNWIs.

Will has been writing about and investing in markets since the 1990s, focusing on U.S. and global equities, and has had the good fortune to interact with and exchange ideas with many smart investors.

What’s covered in EP219

Investment banking, media analysis, and providing a better perspective. (1:59)
Geopolitics, equity research, and market trends. (7:32)
Potential peace treaty between Russia and Ukraine. (13:24)
Geopolitical tensions, global debt, and the future of Western nations. (16:53)
Investment strategies and geopolitical risks. (22:51)
Energy policy, ESG investing, and the future of fossil fuels. (28:31)
Investing in various market caps, including small and mid-cap stocks. (34:01)
Crypto investing and market trends. (36:29)
Geopolitics, investing, and global markets. (42:30)
Investing in distressed debt and real estate. (47:29)

Takeaways

Will Nutting believes opportunities exist in unloved areas like coal, uranium, offshore drilling, and cannabis/marijuana stocks.
Geopolitical risks like those in Ukraine, the Middle East, and China/Taiwan need to be factored into investments.
Distressed debt could provide opportunities if the economic situation deteriorates.
Will is positioning for 2024 by focusing on gold, Bitcoin, commodities producers, and select technology companies.

Links relevant to the conversation

Will Nutting’s newsletter Nutstuff:

https://www.nutstuff.co.uk/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Free Markets & Limited Government: Lessons from the Founding Fathers for Today - EP218

gene.tunny@gmail.com (Josh Nantz, Gene Tunny) — Tue, 12 Dec 2023 10:00:00 +0000

The economic philosophy of America's Founding Fathers was centred around individual rights, limited government intervention, and a largely free market. In EP218 of Economics Explored, host Gene Tunny interviews John Nantz about his book, "Rediscovering Republicanism." John discusses the insights of the United States Founding Fathers, such as Ben Franklin and Thomas Jefferson, and how their ideas on limited federal power and local governance are still relevant today. John argues that the country needs to remember these insights and explore how we can apply them to our current situation. Gene asks John, among other questions, how the Founding Fathers tried to reconcile their beliefs with the slavery that existed in the Southern states.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest John Nantz

John Nantz is a Stanford-educated, McKinsey-trained strategy consultant and author of Rediscovering Republicanism. Through his book, John re-introduces Americans, particularly younger ones, to the inspiring founding values and ideas of their country. Also, based on his book, John started a highly popular TikTok series on American history that has earned over 4 million views.

What’s covered in EP218

Rediscovering Republicanism's founding vision and values. (0:03)
Rediscovering American republicanism and its values. (2:25)
US history and political system. (7:21)
US Constitution and citizen power. (10:23)
The economic vision of the US Founding Fathers. (15:01)
The Founding Fathers' views on slavery and the Constitution. (20:04)
Slavery and political representation in the US Constitution. (25:04)
US government role and individual rights. (30:05)
Federalism, welfare programs, and state roles. (36:22)
Poverty, government role, and healthcare in the US. (40:44)
Healthcare and retirement systems in Australia and the US. (48:05)

Takeaways

The founders of the United States had a vision of limited central government power, with a focus on individual rights, state governments, and civil society taking on more responsibility for problem-solving.
The current state of the United States has deviated from this vision, with a significant expansion of federal government power and involvement in various areas such as social welfare and education.
John Nantz argues for a rediscovery of republicanism and a return to the original vision of the founders, with a focus on individual rights, competitive federalism, and a reduced role for the federal government in areas such as welfare programs. The author suggests that this approach could lead to better outcomes and more innovation in addressing complex social issues.

Links relevant to the conversation

Amazon page for John’s book Rediscovering Republicanism:

https://www.amazon.com.au/Rediscovering-Republicanism-Renewing-America-Founding/dp/0761872337

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.

Understanding Income & Growth Stats & How Bad Incentives Can Disadvantage the Poor w/ Josh Crotts, Obsidian Productions - Bonus episode

gene.tunny@gmail.com (Josh Crotts, Gene Tunny) — Fri, 8 Dec 2023 22:00:00 +0000

The podcast’s audio engineer Josh Crotts joins host Gene Tunny to discuss the recent episode with Professor John Cochrane of the Hoover Institution. Josh shares his queries and comments on the episode, particularly regarding Professor Cochrane's average income and economic growth statistics. He also questions Cochrane’s statement that “The other problem we have is that low-income Americans basically don't work.”.

lease get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in the Bonus episode

[00:02:03] Delving into economic growth statistics.
[00:05:26] Women's impact on GDP.
[00:09:41] Earnings distribution skew.
[00:13:36] Average income in China.
[00:16:41] Slowing productivity growth.
[00:19:19] Low income and food stamps.
[00:24:27] Xerox and the mouse.

Takeaways

The importance of accurately interpreting economic data: The episode highlights the need to delve into economic data and understand the different measures and calculations used.
The impact of government policies on low-income individuals: The discussion raises the issue of high effective marginal tax rates (due to the withdrawal of government benefits) and how they can create disincentives for low-income individuals to take a higher-paying job or work additional hours. The example demonstrates the challenges those who rely on social programs face.
The need for nuanced discussions on poverty and work: The episode emphasizes the importance of avoiding generalizations and stereotypes about poverty and work. Many low-income individuals are hardworking and face significant barriers and challenges. Discussions on poverty and work should consider the complexities of individual circumstances and the impact of government policies on incentives and opportunities.

Links relevant to the conversation

Economic growth data sources

US Real gross domestic product per capita: https://fred.stlouisfed.org/series/A939RX0Q048SBEA
US Gross domestic product per capita (i.e. nominal not real/inflation-adjusted): https://fred.stlouisfed.org/series/A939RC0Q052SBEA
US Census Bureau publication Income in the United States: 2022: https://www.census.gov/library/publications/2023/demo/p60-279.html
IMF estimates of GDP per capita, current prices, Purchasing power parity; international dollars per capita: https://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLD
World Bank estimates of GDP per capita, PPP (current international $) - China: https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?locations=CN
World Bank estimates of GDP per person employed (constant 2017 PPP $) - China: https://data.worldbank.org/indicator/SL.GDP.PCAP.EM.KD?locations=CN

ABS article on the difference between mean and median earnings in Australia:

https://www.abs.gov.au/statistics/understanding-statistics/guide-labour-statistics/earnings-guide/average-earnings-guide

Articles Josh consulted on the working poor:

Poor People Work: A Majority of Poor People Who Can Work Do | Economic Policy Institute

One in four Americans think poor people don’t work hard enough - The Washington Post

Sources Gene found on the disincentives to work that some government programs create for the poor:

Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016 | Congressional Budget Office (which reports a small fraction of taxpayers do face effective marginal tax rates >50%) ; and
https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53452-lfpr.pdf
- “...some provisions of the Affordable Care Act probably discouraged some people from participating in the labor force in the past few years by raising their effective tax rates. The resulting reduction in take-home pay probably had the largest effect on lower-earning workers.” (from p. 18 of CBO report linked to above)

On the history of the computer mouse:

https://www.computerhope.com/issues/ch001083.htm

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.

The Future of Coffee: Climate Change & Rising Prices w/ Raihaan Esat, International Coffee Traders - EP217

gene.tunny@gmail.com (Raihaan Esat, Tim Hughes, Gene Tunny) — Tue, 5 Dec 2023 10:00:00 +0000

Quality coffee will be much more expensive in the future, partly due to climate change, according to International Coffee Traders’ Raihaan Esat. Show host Gene Tunny and co-host Tim Hughes are joined by Raihaan in this episode. They delve into the global coffee market, discussing how Raihaan sources coffee beans from various countries and the factors that affect coffee prices. They also explore the impact of climate change on the coffee market. Take advantage of this deep dive into the fascinating world of coffee.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP217

[00:01:51] The impacts of climate change on the coffee market.
[00:06:52] Sourcing coffee from farms.
[00:07:31] Commercialized coffee farming.
[00:12:51] Farming practices and coffee flavor.
[00:18:34] Cafe Feminino and empowerment.
[00:19:23] Coffee cooperative communities.
[00:26:05] Quality differences in coffee sourcing.
[00:27:58] Specialty coffee.
[00:31:28] Antioxidants and coffee benefits.
[00:35:15] Coffee and sustainability.
[00:42:03] Coffee production and pricing.
[00:42:23] Coffee supply chain logistics and financing.
[00:45:21] Shelf life of green coffee.
[00:47:13] Coffee demand and market trends worldwide.
[00:49:45] Emerging coffee markets.
[00:51:33] Climate change and coffee production.
[00:56:03] The future of coffee.
[01:00:07] Exploring coffee variations.

Takeaways

The biggest problem for coffee roasters is controlling costs and accessing good quality green coffee: the right coffee at the right price. [00:05:57]
Supply and demand determine the price of coffee at the end of the day. [00:36:42]
High-quality coffee is going to get more expensive as supply is affected by climate change [00:53:26]
You should spend some time learning how to craft a nice cup of coffee just like you would learn how to make great pasta or a steak or a dessert. [00:58:59]

Links relevant to the conversation

Coffee Commune and International Coffee Traders:

https://www.coffeecommune.com.au/

https://www.coffeecommune.com.au/international-coffee-traders/

Tim’s new coffee brand Lumo Coffee, “Seriously Healthy Organic Coffee” (Promo code for 20% off the first purchase is EXPLORED20):

https://lumocoffee.com/

Cafe Feminino:

https://www.cafefemenino.com/

Aquiares estate in Costa Rica:

https://www.aquiares.com/

https://www.instagram.com/aquiarescoffee/?hl=en

Arturo’s Adept Economics website article on coffee:

https://adepteconomics.com.au/coffees-economic-contribution-in-australia/

Digital Money Demystified w/ Prof. Tonya Evans - EP216

gene.tunny@gmail.com (Tonya Evans, Gene Tunny) — Tue, 28 Nov 2023 10:00:00 +0000

Professor Tonya Evans is the author of the new book "Digital Money Demystified: Go from Cash to Crypto Safely, Legally, and Confidently." She discusses the topic of cryptocurrency with show host Gene Tunny. Professor Evans argues there are many myths surrounding digital assets, including their association with criminal activity and extreme volatility. She aims to dispel these myths and provide readers with a more accurate understanding of cryptocurrencies. Professor Evans is distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. Please note this episode is for general information only and is not meant to be financial or investment advice.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About Professor Tonya M. Evans

Dr. Tonya M. Evans is a distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. With a prestigious 2023 EDGE in Tech Athena Award, she is highly sought-after as a keynote speaker and consultant. Her expertise spans blockchain, entrepreneurship, entertainment law, and more.

As a member of international boards and committees, including the World Economic Forum/Wharton DAO Project Series, Dr. Evans remains at the forefront of cutting-edge research. She recently testified before the House Financial Services Committee and the Copyright Office and USPTO to advise on the intellectual property law issues related to NFTs and blockchain technology.

What’s covered in EP216

[00:05:31] Prudent crypto investing according to Prof. Evans.
[00:09:18] Crypto scams.
[00:13:18] Peer-to-peer technology.
[00:17:34] Taxing crypto assets.
[00:22:45] Central bank digital currencies (CBDCs).
[00:29:13] Exchanging value without government support.
[00:38:17] The currency of outer space.
[00:41:10] Self-custody and centralized exchanges.
[00:47:48] "Not your keys, not your crypto."
[00:49:17] Underrepresentation in the crypto ecosystem.
[00:54:07] Learning the language of crypto.
[00:59:47] Tracking Bitcoin transactions.
[01:01:57] The speed of prosecuting crypto fraud.

Links relevant to the conversation

Amazon page for Digital Money Demystified:

https://www.amazon.com.au/Digital-Money-Demystified-Crypto%C2%AE-Confidently-ebook/dp/B0BVP8GPF8

Regarding a spot Bitcoin ETF, Yahoo Finance reported on 28 November 23 that “Crypto investors are awaiting Security & Exchange Commission (SEC) approval for a spot bitcoin ETF, which could unlock a surge of capital investment in the crypto space.”

https://finance.yahoo.com/video/bitcoin-may-reach-57k-over-175421720.html

Treasury Secretary Janet Yellen on Binance:

https://home.treasury.gov/news/press-releases/jy1926

Iceland's Secret: The Untold Story of the World's Biggest Con w/ Jared Bibler - EP215

gene.tunny@gmail.com (Jared Bibler, Gene Tunny) — Tue, 21 Nov 2023 10:00:00 +0000

Show host Gene Tunny interviews Jared Bibler, author of the book "Iceland's Secret: The Untold Story of the World's Biggest Con." Jared discusses his firsthand experience during the brutal 2008 financial crisis in Iceland, where he worked at a collapsed bank and later at the financial markets regulator. He sheds light on the dodgy behaviour of bankers leading up to the crisis and the severe consequences that followed. Stay tuned to the end of the episode for Gene's interpretation of Iceland's secret and its relevance to economies worldwide.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About Jared Bibler

Jared started his career as a consultant for a Wall Street giant in Boston and New York until moving to Iceland to support the Icelandic pension funds’ foreign investments. He resigned from his job at a leading Icelandic bank a weekend before the 2008 Icelandic financial crisis.

He was subsequently hired to lead a special investigation team, which referred more than 30 criminal cases to the Special Prosecutor of Iceland, including the largest stock market manipulation cases to be prosecuted globally.

Jared’s insider knowledge and unwavering persistence helped Iceland to famously become the only country to jail its bank CEOs. But the real story, deeply complex and sinister, has direct relevance today as banks once again begin to tumble.

What’s covered in EP215

00:02:56 Iceland's financial crisis was fueled by the growth of banks that became Enron-sized and collapsed, causing significant damage to the economy.
00:05:49 Financial industry corruption and collapse.
00:11:30 Iceland's banking system collapsed.
00:19:33 Icelandic banks manipulated stock prices.
00:27:26 The financial system is vulnerable.
00:34:58 Banking fraud and economic collapse.
00:35:58 Currency crisis in Iceland.
00:47:19 Iceland faced an economic crisis and unemployment.
00:50:54 Iceland's recovery transformed into something ugly.
00:57:38 Lessons from Iceland's banking collapse.
01:00:16 Incentives and regulation in finance.

Links relevant to the conversation

Amazon page for Iceland’s Secret:

https://www.amazon.com.au/Icelands-Secret-Untold-Worlds-Biggest/dp/0857198998

John Cochrane on Free Markets & Economic Growth and the Fiscal Theory of the Price Level - EP214

gene.tunny@gmail.com (John Cochrane, Gene Tunny) — Tue, 14 Nov 2023 10:00:00 +0000

Professor John Cochrane of the Hoover Institution discusses the importance of free markets for economic growth and highlights stagnating growth as the biggest economic issue of our time. John talks about what may be his next book, "Free to Grow," which aims to update Milton and Rose Friedman's "Free to Choose" for today's world. After John speaks, show host Gene Tunny interviews him about his views on growth and his controversial Fiscal Theory of the Price Level. This is a recording of a live event at the Centre for Independent Studies in Sydney on 26 September 2023.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About Professor John Cochrane

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute.

Before joining Hoover, Cochrane was a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83).

For more on John, check out his bio here:

https://www.hoover.org/profiles/john-h-cochrane

What’s covered in EP214

00:03:36 Importance of economic growth.
00:16:06 Incentives drive productivity and growth.
00:17:12 Regulation hinders economic growth.
00:22:59 Fixing problems requires better solutions.
00:28:53 Fixing social programs by embracing free markets.
00:39:28 Regulatory state causing innovation slowdown.
00:46:24 Free market healthcare benefits the poor in John’s view.
00:48:47 Fiscal Theory of the Price Level: Inflation caused by government debt.
00:53:56 Avoid old left-right division.
01:05:21 Government debt may lead to a sovereign debt crisis.

Links relevant to the conversation

Video of the Free to Grow event on YouTube:

https://youtu.be/tmZh43Fc6Zo?si=wwWRfBW3zsbYmCRV

CIS web post about the Free to Grow event:

https://www.cis.org.au/event/free-to-grow-unlocking-economic-prosperity/

Is the American Dream a Broken Promise for Latinos? w/ Dr Paul Rivera - EP213

gene.tunny@gmail.com (Paul Rivera, Gene Tunny) — Tue, 7 Nov 2023 10:00:00 +0000

Dr Paul Rivera provides insights into the $3 trillion Latino economy in the United States and asks whether the American dream is a broken promise for Latinos. Dr. Paul Rivera is co-founder of BeActChange, a former senior economist at USAID, and lecturer at California State University Channel Islands. Dr Rivera and show host Gene Tunny also discuss the challenges of delivering foreign aid and the importance of understanding local communities. Rivera shares a compelling example to illustrate this point.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP213

The American Dream and Latino economy with Paul Rivera. (0:03)
International development, strategic planning, and community engagement. (4:41)
Inadequate consultation in international development projects. (10:23)
Latino population's role in US economy and American dream. (14:07)
Latino mental health and the American Dream. (20:13)
The economic power of the Latino community in the US. (25:45)
Latino homeownership, education, and mental health. (29:12)
The American Dream and its accessibility. (34:46)
Immigrant experiences and the American dream. (40:06)
Latino population growth in the US and its impact. (43:48)
Marketing to the Latino community in the US. (47:26)

Links relevant to the conversation

About Dr Paul Rivera on his BeActChange website:

https://beactchange.com/about-paul/

Paul’s LinkedIn page:

https://www.linkedin.com/in/drpaulrivera/

Paul’s book Creating Your Limitless Life co-authored with Dr. Esther Zeledón:

https://www.amazon.com.au/CREATING-YOUR-LIMITLESS-LIFE-Terms-ebook/dp/B0CFZN3FCS

Latino GDP report 2023:

https://lattitude.net/wp-content/uploads/2023/09/LDC%20GDP%20REPORT%202023.pdf

Carbon as an emerging, liquid asset class w/ Michael Azlen, Carbon Cap Management - EP212

gene.tunny@gmail.com (Michael Azlen, Gene Tunny) — Tue, 31 Oct 2023 10:00:00 +0000

With carbon prices becoming more common globally, carbon is an emerging, liquid asset class, according to Michael Azlen, CEO and co-portfolio manager of Carbon Cap Management. Michael shares his insights into investing in carbon markets with show host Gene Tunny. Michael, an experienced investment professional and regular speaker at investment conferences, shares his research on the benefits of diversifying investments across multiple carbon markets. Tune in to learn more about the potential of carbon markets as an investment opportunity. Disclaimer: This is for general information only, and does not constitute investment or financial advice.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP212

Carbon markets and investing in an emerging asset class. (0:03)
Carbon markets and their correlation with other asset classes. (2:57)
Carbon markets and impact investing. (9:20)
Carbon markets and emissions trading schemes. (13:42)
Carbon market mechanisms and their effectiveness. (20:52)
Carbon markets and their potential for investment. (28:19)
Climate change impact on asset management industry. (33:35)
Final thoughts on carbon markets and investing with Michael Azlen. (38:25)

Links relevant to the conversation

About Michael Azlen and Carbon Cap:

https://www.carbon-cap.com/about-us

Michael’s article on “The Carbon Risk Premium”:

https://www.pm-research.com/content/iijaltinv/25/1/33

Uncovering the Secrets of Valuing and Selling Businesses w/ Arthur Petropoulos, Hill View Partners - EP211

gene.tunny@gmail.com (Arthur Petropoulos, Gene Tunny) — Tue, 24 Oct 2023 10:00:00 +0000

Show host Gene Tunny is joined by Arthur Petropoulos, founder and managing partner of Hill View Partners, a company specializing in mergers and acquisitions, business sales, and capital advisory services for middle market companies. They discuss how Arthur finds, values, and sells businesses, as well as the wider economic impacts of his work and the role of private equity. They also explore whether we should be concerned about modern-day Gordon Gekkos and how the business landscape has changed since the 1980s.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP211

Business sales and capital raising with Hillview Partners. (1:22)
Business brokering process and outreach strategies. (5:18)
Business valuation and acquisition strategies. (8:10)
Buyers and sellers in mergers and acquisitions. (14:47)
Business sale process and foreign investment constraints. (17:34)
Selling a business, focusing on narrative and information sharing. (24:18)
Private company sales and legal risks. (28:00)
The role of capital markets in the economy. (38:05)
Private equity's role in the economy, including pros and cons. (44:10)

Links relevant to the conversation

About this episode’s guest Arthur Petropoulos:

https://hillviewps.com/leadership/

Arthur’s YouTube channel:

https://www.youtube.com/channel/UCZu4Nl6i5IseEJBqp1IPd3g

Hill View Partners social media:

https://www.linkedin.com/company/hillviewpartners/

From Adelaide to Global Power: Young Rupert Murdoch w/ Walter Marsh

gene.tunny@gmail.com (Walter Marsh, Gene Tunny) — Tue, 17 Oct 2023 10:00:00 +0000

Journalist Walter Marsh talks about his new book "Young Rupert: The Making of the Murdoch Empire." Walter and show host Gene Tunny discuss Rupert Murdoch's early years in Adelaide, South Australia and how they shaped his later career. From challenging established systems to becoming a globally influential media mogul, Murdoch's career has been highly controversial.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Walter Marsh

Walter Marsh is a journalist based in Tarntanya/Adelaide with a background in history and culture. A former editor and staff writer at The Adelaide Review and Rip It Up, his writing has appeared in The Guardian, The Monthly, The Saturday Paper, and InDaily.

What’s covered in EP210

Rupert Murdoch's career and the making of the Murdoch empire. (0:00)
Rupert Murdoch's life and career. (3:09)
The origins of Rupert Murdoch's media empire in Adelaide. (8:16)
Newspaper circulation wars in Adelaide. (14:01)
The business strategies of a successful entrepreneur. (20:28)
A controversial murder case and its aftermath in Australia. (23:35)
A historical libel trial involving Rupert Murdoch and his newspaper. (28:09)
Media, power, and ethics in the Rupert Murdoch era. (33:20)
Rupert Murdoch's legacy. (38:15)

Links relevant to the conversation

You can purchase Young Rupert via Amazon:

https://www.amazon.com.au/Young-Rupert-making-Murdoch-empire/dp/1761380044

Author’s website:

https://waltermarsh.com.au/

Private vs public sector jobs, consulting scandals & economics as an ‘imperialist discipline’ w/ UQPPES - EP209

gene.tunny@gmail.com (Joe Christenson, Gene Tunny) — Tue, 10 Oct 2023 10:00:00 +0000

Show host Gene Tunny speaks with students from the University of Queensland Politics, Philosophy and Economics Society. They discuss topics such as private versus public sector jobs, the future of consulting, and the risks of outsourcing for government officials. Gene takes an historical perspective and goes back to the time of convict transportation to Australia. He also talks about, among other things, his time working in Treasury during the Rudd Government, and how psychology is relevant to economics. The students express concerns about the consulting sector in light of a recent scandal involving PwC partners misusing confidential government information.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP209

Economics career paths and differences between public service and consulting. (3:04)
Consulting industry challenges and scandals. (15:39)
Outsourcing in government and potential mitigation of risks. (17:50)
Greedflation. (28:30)
Limits of economics as a discipline. (33:59)
Public vs private sector work experiences. (38:22)
Government consulting and ethics. (43:48)

Links relevant to the conversation

About UQPPES:

https://uqppes.com.au/about-us/

On how badly designed outsourcing of convict transportation created the ‘death fleet’, see:

https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/

Growth or Degrowth? w/ Oliver Hartwich, NZ Initiative - EP208

gene.tunny@gmail.com (Oliver Hartwich, Joe Christenson, Gene Tunny) — Tue, 3 Oct 2023 10:00:00 +0000

Show host Gene Tunny delves into the concept of Degrowth: the idea of deliberately shrinking economies to avoid the runaway climate change, ecological collapse, and societal breakdown that degrowth proponents are worried about. Gene first discusses degrowth with Oliver Hartwich from the New Zealand Initiative, and then responds to questions about degrowth at a recent University of Queensland Politics, Philosophy, and Economics student event.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Dr Oliver Hartwich, NZ Initiative

Dr Oliver Hartwich is the Executive Director of The New Zealand Initiative. Before joining the Initiative, he was a Research Fellow at the Centre for Independent Studies in Sydney, the Chief Economist at Policy Exchange in London, and an advisor in the UK House of Lords. Oliver holds a Master’s degree in Economics and Business administration and a PhD in Law from Bochum University in Germany.

What’s covered in EP208

[00:04:39] Degrowth to stop climate change?
[00:08:00] Economic growth and adaptation to climate change?
[00:11:53] How a threatened lungfish colony stopped a new dam in South East Queensland.
[00:15:47] Are we rich enough already?
[00:20:20] Democratization of wealth and prosperity.
[00:24:05] Economic growth as a positive.
[00:30:39] Carbon pricing.
[00:34:10] Decreasing Antarctic sea ice extent.

Links relevant to the conversation

Gene’s September 2023 Centre for Independent Studies (CIS) paper on Degrowth:

https://www.cis.org.au/publication/debunking-degrowth/

NZ Initiative podcast from which part 1 of this episode was borrowed:

https://www.nzinitiative.org.nz/reports-and-media/podcasts/podcast-debunking-degrowth/

How Ben Bernanke can bring Superforecasting to the Bank of England w/ Nicholas Gruen - EP207

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Tue, 26 Sep 2023 10:00:00 +0000

Host Gene Tunny chats with Dr. Nicholas Gruen about economic forecasting and what recommendations former US Fed Chair Ben Bernanke could make in his current review of forecasting at the Bank of England. Nicholas, the CEO of Lateral Economics, discusses the shortcomings of economic forecasting and shares his insights into how it can be improved. The conversation was inspired by Nicholas's article in the Financial Times titled "How to Improve Economic Forecasting." The episode is split into two parts, with the second part focusing on the feedback Nicholas received on his article.

Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

About this episode’s guest: Nicholas Gruen

Described by the Financial Times’ Chief Economic Writer Martin Wolf as “a brilliant man who deserves to be better known”, and by former Finance Minister Lindsay Tanner as “Australia’s foremost public intellectual”, Dr Nicholas Gruen is a policy economist, entrepreneur and commentator on our economy, society and innovation.

What’s covered in EP207

[00:02:13] Ben Bernanke’s review of economic forecasting at the Bank of England. [00:05:23] Hedgehogs and foxes.
[00:09:36] Long-term issues with economic forecasting.
[00:13:18] Improving economic forecasting techniques.
[00:19:29] Forecasting accuracy.
[00:24:30] Open sourcing economic forecasting.
[00:26:29] Developing a forecasting market.
[00:34:21] Tetlockian forecasting tournaments.
[00:48:37] Wind in the Willows author Kenneth Grahame at the Bank of England.

Links relevant to the conversation

Video versions of the conversations featured in this episode on Nicholas’s YouTube channel:

https://youtu.be/uJNU8z9148w?si=lk4jfQMWkVx1__Le

https://youtu.be/KflFvpeC3iI?si=sFOaNruFTMet802j

Information on the Bank of England’s Citizens’ Panels/Forums:

https://www.bankofengland.co.uk/about/get-involved/citizens-panels

https://www.bankofengland.co.uk/about/get-involved/citizens-panels/the-uk-economy-insights-from-the-bank-of-englands-citizens-panels

Mandarin column in which Nicholas declares former Bank of England Chief Economist Andy Haldane was “my favourite public servant in all the world”:

https://www.themandarin.com.au/87423-now-time-complacency-rba-vs-bank-england-edition/

Exploring the Energy Transformation: A Conversation with Tucker Perkins, Propane Education & Research Council - EP206

gene.tunny@gmail.com (Tucker Perkins, Gene Tunny) — Tue, 19 Sep 2023 10:00:00 +0000

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

Gigi Foster estimates COVID lockdowns cost young people 116x any benefits - EP205

gene.tunny@gmail.com (Gigi Foster, Tim Hughes, Gene Tunny) — Tue, 12 Sep 2023 10:00:00 +0000

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

Business as Unusual: No such thing as Business as Usual anymore? w/ Rick Yvanovich - EP204

gene.tunny@gmail.com (Rick Yvanovich, Gene Tunny) — Tue, 5 Sep 2023 10:00:00 +0000

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/

How to improve housing affordability and why the Greedflation thesis is wrong w/ Simon Cowan, CIS - EP203

gene.tunny@gmail.com (Simon Cowan, Gene Tunny) — Tue, 29 Aug 2023 10:00:00 +0000

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

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

Australia’s Net Zero transition: successes & challenges w/ Andrew Murdoch, Arche Energy - EP202

gene.tunny@gmail.com (Gene Tunny, Tim Hughes, Andrew Murdoch) — Tue, 22 Aug 2023 10:00:00 +0000

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.

Experts and democracy: pandemics, monetary policy & AI w/ Peter Kurti, CIS - EP201

gene.tunny@gmail.com (Peter Kurti, Gene Tunny) — Tue, 15 Aug 2023 10:00:00 +0000

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.

Highlights of last 100 incl. Brad DeLong, Sir David Hendry, Leonora Risse, Andrew May - EP200

Tue, 8 Aug 2023 10:00:00 +0000

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 companies

Links 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.

The ESG puppet show & taking Liberty seriously w/ Nicholas Gruen - EP199

gene.tunny@gmail.com (Nicholas Gruen, Gene Tunny) — Tue, 1 Aug 2023 10:00:00 +0000

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.

Sir David Hendry on economic forecasting & the net zero transition - EP198

gene.tunny@gmail.com (Sir David Hendry, Gene Tunny, Tim Hughes) — Tue, 25 Jul 2023 10:00:00 +0000

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.

Democratizing VC Investment Opportunities w/ James Kwan, VentureCrowd - EP197

gene.tunny@gmail.com (James Kwan, Gene Tunny) — Tue, 18 Jul 2023 10:00:00 +0000

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.

Do central banks stabilize or destabilize economies? w/ Addison Wiggin, NYT-bestselling-author - EP196

gene.tunny@gmail.com (Addison Wiggin, Gene Tunny) — Tue, 11 Jul 2023 10:00:00 +0000

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 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 most accomplished works as a writer, publisher, and filmmaker include the New York Times Best Seller The Demise Of The Dollar and the documentary I.O.U.S.A, an exposé on the national debt crisis in America.

What’s covered in EP196

How is it that the US dollar can be the reserve currency of the world? (2:37)
Why not just accept that the business cycle is a thing and not do anything about it? (7:25)
Minsky’s instability thesis. (11:42)
The debt ceiling is just political theater. (16:52)
Central bankers and economists thought we’d solve the problem of business cycle management. (21:29)
How monetary policy was determined during the Gold standard era (25:06)
When the Federal Reserve presided over the contraction of the US money supply as multiple banks failed, the money supply fell 30% from 1930 to 1933. (30:17)
What does all this mean in the current context? (35:54)
Central banks need to choose wisely and they need some methodology to do so. (41:23)

Links relevant to the conversation

Part 1 of Gene’s conversation with Addison:

https://economicsexplored.com/2023/06/18/exploring-the-us-banking-crisis-with-addison-wiggin-ep192/

US Federal Reserve on what happened to monetary policy during the Great Depression, “From the fall of 1930 through the winter of 1933, the money supply fell by nearly 30 percent.”:

https://www.federalreservehistory.org/essays/great-depression

Episode with Stephen Kirchner in April 2022 in which the “lean versus clean” debate was discussed:

https://economicsexplored.com/2022/04/20/nominal-gdp-targeting-w-stephen-kirchner-ep135/

Till Time's Last Sand: A History of the Bank of England by David Kynaston:

https://www.amazon.com.au/Till-Times-Last-Sand-1694-2013/dp/1408868563

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The Paradox of Debt w/ Richard Vague, ex-Sec. of Banking & Securities, Pennsylvania - EP195

gene.tunny@gmail.com (Richard Vague, Gene Tunny) — Tue, 4 Jul 2023 10:00:00 +0000

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 most recently as Secretary of Banking and Securities for the Commonwealth of Pennsylvania. As the author of The Paradox of Debt (2023), The Case for a Debt Jubilee (2021), A Brief History of Doom (2019), and The Next Economic Disaster (2014), Richard Vague established himself as a clear and independent voice in the ongoing conversation about the role of private sector debt in the global economy.

What’s covered in EP195

[00:04:39] Debt and the global financial crisis.
[00:11:23] Debt always grows faster than the economy, Richard argues. [00:12:53] Increased debt and higher net worth.
[00:17:23] Paradox of debt and inequality.
[00:23:01] Type one and type two debt.
[00:28:50] Regional banking crisis in the US.
[00:32:13] The paradox of debt: summary.
[00:35:10] Debt forgiveness in the private sector.
[00:41:43] Debt restructuring in banking.
[00:47:48] A win-win-win solution.
[00:49:53] Massive job training as something Richard would like to see.

Links relevant to the conversation

Where you can buy Richard’s new book The Debt Paradox: A New Path to Prosperity Without Crisis:

https://www.amazon.com.au/Paradox-Debt-Prosperity-Without-Crisis/dp/1512825328

Richard’s previous book The Case for a Debt Jubilee:

https://www.amazon.com.au/Case-Debt-Jubilee-Richard-Vague/dp/1509548734

Gene’s conversation with Allen Morrison about the Enterprise China model which he mentions this episode:

https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Invisible Hand, social media, Goldbacks, crypto & CBDC w/ John August - thoughts on recent episodes - EP194

gene.tunny@gmail.com (Gene Tunny, John August) — Tue, 27 Jun 2023 10:00:00 +0000

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.
[00:50:34] Crypto as a solution.
[00:55:46] CBDC concerns and conspiracy theories.

Links relevant to the conversation

John’s website where you can find his writings and a link to his radio show:

https://johnaugust.com.au/

Gene’s previous conversations with John:

https://www.mixcloud.com/Johnorg/roving-spotlight-24-may-22-post-election-all-over-gene-tunny-economics-internet-purchases/

https://economicsexplored.com/2022/06/21/advertising-surveillance-capitalism-w-john-august-ep144/

https://economicsexplored.com/2022/05/11/the-pirate-partys-economic-policy-platform-w-john-august-ep138-transcript/

Recent episodes mentioned in the conversation:

https://economicsexplored.com/2023/05/12/govt-wellbeing-budgets-frameworks-useful-or-useless-w-nicholas-gruen-ep187/

https://economicsexplored.com/2023/04/29/the-invisible-hand-economic-religious-or-mystical-concept-w-dan-sanchez-fee-ep185/

https://economicsexplored.com/2023/04/12/what-are-goldbacks-and-whos-buying-them-e-g-preppers-libertarians-collectors-w-goldback-founder-jeremy-cordon-ep183/

https://economicsexplored.com/2023/03/31/odd-way-to-fix-housing-crisis-proposed-by-aus-govt-invest-in-stocks-first-w-dr-cameron-murray-sydney-uni/

https://economicsexplored.com/2022/09/18/bitcoin-books-w-author-ex-fighter-pilot-lars-emmerich-ep157/

https://economicsexplored.com/2023/03/08/crypto-arbitrage-searcher-dave-belvedere-on-crypto-and-dapps-such-as-wizards-dragons-ep178/

https://economicsexplored.com/2022/12/19/aussie-energy-crisis-net-zero-transition-w-josh-stabler-energy-edge-ep170/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The importance of physical & mental health for top CEO performance w/ Andrew May - EP193

gene.tunny@gmail.com (Andrew May, Tim Hughes, Gene Tunny) — Tue, 20 Jun 2023 10:00:00 +0000

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 an assistant coach at the Australian Institute of Sport in Tasmania. He has worked with multiple Olympic/international athletes in track and field, tennis, swimming, hockey, netball, basketball and AFL; culminating in working as the Physical Performance Manager for both the NSW and Australian Cricket teams. Andrew has dual degrees in the body and brain – completing a Bachelor of Applied Science in Exercise Physiology (body) and a Masters in Coaching Psychology (brain).

For further information about Andrew, check out his full bio:

https://www.andrewmay.com/about-andrew/

What’s covered in EP193

[00:01:10] Physical and mental fitness in performance.
[00:04:24] Well-being and Performance.
[00:08:21] CEOs and high performance sport.
[00:10:57] Male vulnerability and authenticity.
[00:13:14] Life's purpose and meaning.
[00:16:49] Building sustainable operating rhythms.
[00:19:59] Slow brainwave patterns.
[00:23:00] More on building sustainable operating rhythms.
[00:26:24] Sleep and recovery for CEOs.
[00:30:16] Wearable device metrics.
[00:32:57] Cycling culture and health.
[00:38:29] Longevity through lean muscle.
[00:39:40] Biological age and VO2 max.
[00:43:24] Performance Intelligence Mastermind.
[00:47:26] Work-life balance.
[00:49:46] Managing stress for executives.
[00:53:12] Wearable tech and data analysis.
[00:56:32] ROI.
[01:01:00] CEO Health Coaching Benefits.
[01:04:02] CEOs and Health Performance.

Links relevant to the conversation

Andrew’s podcast:

https://www.andrewmay.com/performance-intelligence-with-andrew-may/

Andrew’s book Match Fit and related online course:

https://www.amazon.com.au/MatchFit-Andrew-May-ebook/dp/B07ND3CNB6

https://www.andrewmay.com/mf8/

Regarding DEXA (dual x-ray absorptiometry) scans:

https://www.cdc.gov/nceh/radiation/dexa-scan.html

Studies mentioned by Gene in his debrief with Tim at the end of the episode include the following.

Study published in Leadership Quarterly in June 2023 “CEO health”:

https://doi.org/10.1016/j.leaqua.2022.101672

Here’s the abstract:

“Using comprehensive data on 28 cohorts in Sweden, we analyze CEO health and its determinants and outcomes. We find CEOs are in much better health than the population and on par with other high-skill professionals. These results apply in particular to mental health and to CEOs of larger companies. We explore three mechanisms that can account for CEOs’ robust health. First, we find health predicts appointment to a CEO position. Second, the CEO position has no discernible impact on the health of its holder. Third, poor health is associated with greater CEO turnover. Here, both contemporaneous health and health at the time of appointment matter. Poor CEO health also predicts poor firm outcomes. We find a statistically significant association between mental health and corporate performance for smaller-firm CEOs, for whom a one standard deviation deterioration in mental health translates into a performance reduction of 6% relative to the mean.”

Leibniz Information Centre for Economics & Centre for Financial Research (CFR), University of Cologne working paper titled “Does CEO fitness matter?”

https://www.econstor.eu/bitstream/10419/123715/1/841379122.pdf

Here’s an excerpt from the abstract:

This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. CEO fitness is also associated with higher firm profitability and higher M&A announcement returns.

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Exploring the US Banking Crisis with Addison Wiggin - EP192

gene.tunny@gmail.com (Addison Wiggin, Gene Tunny) — Tue, 13 Jun 2023 10:00:00 +0000

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 most accomplished works as a writer, publisher, and filmmaker include the New York Times Best Seller The Demise Of The Dollar and the documentary I.O.U.S.A, an exposé on the national debt crisis in America.

What’s covered in EP192

Addison’s background and how he came to the conclusion that the US financial system is in danger of collapse. (1:53)
Will the Reserve Bank of Australia increase rates again? (10:46)
The uncertain lender of last resort: The Federal Reserve. (17:11)
The Fed’s job is to make sure fewer people have jobs. (21:52)
Banking crisis and the failure of regulation. (26:21)
FDIC and confidence. (32:00)
Why it’s important to understand how booms and busts even take place. (37:07)
Cryptocurrency as part of the story. (41:47)
What has happened to the dollar since 1913, when the US Federal Reserve was established. (46:41)

Links relevant to the conversation

Special download link to Anatomy of a Bust for Economics Explored listeners:

https://jointhesessions.com/ee/

Presentation by Addison that Gene mentions early in the episode:

Anatomy of A Bust: Banks Go First | Special Presentation by Addison Wiggin

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Immigration & Australia’s housing crisis w/ Alan Kohler - EP191

gene.tunny@gmail.com (Alan Kohler, Gene Tunny) — Tue, 6 Jun 2023 10:00:00 +0000

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] Australia’s housing crisis.
[00:06:47] The need to coordinate immigration and housing.
[00:08:00] Short-term vs long-term rental - the impact of AirBnB, etc.
[00:13:05] Local governments and the housing shortage.
[00:18:30] Drop in average housing size.
[00:22:32] Increasing housing supply as a solution.
[00:24:17] Immigration and housing affordability.
[00:28:07] The pandemic response and the housing crisis.

Links relevant to the conversation

Alan Kohler’s articles:

Labor immigration and housing policies are an explosive mix

Alan Kohler: Population growth equals economic growth, but for whom?

RBA research on average household size:

A New Measure of Average Household Size | Bulletin – March 2023 | RBA

Previous Economics Explored episodes on housing:

Odd way to fix housing crisis proposed by Aus. Gov’t: invest in stocks first w/ Dr Cameron Murray, Sydney Uni. – Economics Explored

The high cost of housing and what to do about it w/ Peter Tulip, CIS – EP134 – Economics Explored

Missing Middle Housing podcast chat with Natalie Rayment of Wolter Consulting | Queensland Economy Watch

Australian Financial Review articles on housing:

Housing supply crisis: How Auckland took on the NIMBYs and won

1.3 million missing homes blamed on councils and NIMBYs

Thanks to Darren Brady Nelson for connecting Gene with Alan Kohler, to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

US debt ceiling & Gene’s Aussie debt ceiling experience in the GFC | Emerging economies debt crisis - EP190

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza) — Tue, 30 May 2023 10:00:00 +0000

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.

Links relevant to the conversation

Noah Smith’s Subtack post:

https://open.substack.com/pub/noahpinion/p/the-debt-ceiling-deal-what-was-the?r=2hwg1&utm_campaign=post&utm_medium=email

Treasury to take ‘extraordinary measures’ as US hits debt ceiling | Financial Times

Michael Knox’s note on the debt ceiling:

AUS_ESQ_230523_US government shutdowns and why US treasuries never default.pdf

https://www.whitehouse.gov/cea/written-materials/2023/05/03/debt-ceiling-scenarios/

Federal Spending | U.S. Treasury Fiscal Data

The future US fiscal crisis and how to avert it w/ Romina Boccia, Cato Institute – EP159 – Economics Explored

The IMF faces a nightmarish identity crisis

How China changed the game for countries in default | Financial Times

There Is No Chinese ‘Debt Trap’ - The Atlantic

Fiscal Monitor April 2023

Argentina raises interest rate to 97% as it struggles to tackle inflation | CNN Business

Argentina inflation smashes past every forecast to hit 109% | Reuters

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

French Journalist Guillaume Pitron argues the Digital World is Costing the Earth - EP189

gene.tunny@gmail.com (Guillaume Pitron, Tim Hughes, Gene Tunny) — Tue, 23 May 2023 10:00:00 +0000

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, IMF, European Commission, Unesco).

Link to Guillaume’s website:

https://www.en-guillaumepitron.com/

What’s covered in EP189

Introduction to this episode. (0:06)
What is the dark cloud? (1:27)
There is no digital life without rare earths. (3:54)
What is the real cost of digital technology? (8:06)
What’s the cost to the environment? (13:07)
What can we do as individuals to make this better? (17:38)
Facebook's Lapland data center. (22:22)
Facebook uses hydro-electricity to run its servers. (24:25)
What happens if there’s no water? (28:05)
What is the future of the internet going to look like in 10 years? (33:18)
Are there any governments around the world that are taking steps forward to regulate the internet? (41:02)
What can be done to address this issue? (43:59)
What were the main takeaways from the conversation? (48:11)

Links relevant to the conversation

The Dark Cloud book:

https://scribepublications.com.au/books-authors/books/the-dark-cloud-9781922585523

Digital Cleanup Day:

https://www.digitalcleanupday.org/

Jevons paradox:

https://en.wikipedia.org/wiki/Jevons_paradox

It appears the Amiga hard drive Gene's neighbour in the late 1980s had was a 20MB hard drive:

https://bigbookofamigahardware.com/bboah/product.aspx?id=534

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Seaweed: the next big thing in sustainable agriculture? w/ Scott Spillias, University of Queensland - EP188

gene.tunny@gmail.com (Scott Spillias, Tim Hughes, Gene Tunny) — Tue, 16 May 2023 10:00:00 +0000

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 research on seaweed farming. (27:27)
How do you farm seaweed? What does it involve? (30:04)
Where can we grow seaweed in Australia? (35:14)
Seaweed has the potential to remove 2.6 billion tonnes of CO2 from the atmosphere per year. (40:02)
What kind of seaweed is growing in the world? (44:49)
How does seaweed farming prevent biodiversity loss and climate change? (49:50)

Links relevant to the conversation

Scott Spillias’s UQ page:

https://sees.uq.edu.au/profile/13311/scott-spillias

Australian ABC News article on Scott’s research “Seaweed researchers find bright future for underwater crop”:

https://www.abc.net.au/news/rural/2023-01-27/seaweed-research-uq-future-farming/101895072

Guardian Australia article on Scott’s research “Food, feed and fuel: global seaweed industry could reduce land needed for farming by 110m hectares, study finds”:

https://www.theguardian.com/environment/2023/jan/27/food-feed-and-fuel-global-seaweed-industry-could-reduce-land-needed-for-farming-by-110m-hectares-study-finds

Economist article featuring the banana index:

A different way to measure the climate impact of food | The Economist

UN and World Bank reports on food and climate:

https://www.un.org/en/climatechange/science/climate-issues/food

Chapter 5 : Food Security — Special Report on Climate Change and Land

What You Need to Know About Food Security and Climate Change

Review of scientific evidence on “Risks and benefits of consuming edible seaweeds”:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6551690/

Please note the key message of the above review:

“If the potential functional food and nutraceutical applications of seaweeds are to be realized, more evidence from human intervention studies is needed to evaluate the nutritional benefits of seaweeds and the efficacy of their purported bioactive components.”

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Gov’t wellbeing budgets & frameworks: useful or useless? w/ Nicholas Gruen - EP187

gene.tunny@gmail.com (Nicholas Gruen, Gene Tunny) — Tue, 9 May 2023 10:00:00 +0000

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 measure? (28:36)
Is complexity a plus or a minus in the Treasury wellbeing framework? (33:39)
Why do you need a framework? (40:02)
Good examples of programs which could improve wellbeing. (44:29)
The importance of being connected to family and friends. (53:42)

Links relevant to the conversation

Nicholas Gruen’s YouTube channel:

https://www.youtube.com/@NicholasGruen

Video version of this episode on Nicholas’s Uncomfortable Collisions with Reality podcast:

Wellbeing: can we escape the iron law of business-as-usual

Measuring what matters — second consultation process | Treasury.gov.au

Fairfax Lateral Economics Index of Australia's Wellbeing Final Report (the HALE index discussed in the conversation)

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The Greedflation hypothesis - EP186

gene.tunny@gmail.com (Arturo Espinoza, Gene Tunny) — Tue, 2 May 2023 10:00:00 +0000

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.
[00:25:45] Problems with Covid stimulus.
[00:27:58] Excessive stimulus and inflation.
[00:32:35] Corporate power and antitrust.

Links relevant to the conversation

Greedflation articles:

Blaming inflation on greedy business is a populist cop out

Profits and Inflation in Mining and Non-Mining Sectors | The Australia Institute's Centre for Future Work

Underlying Australia's inflation problem is a historic shift of income from workers to corporate profits

Corporate profits have contributed disproportionately to inflation. How should policymakers respond? | Economic Policy Institute

'Greedflation' is the European Central Bank's latest headache amid fears it's the key culprit for

price hikes

How Much Have Record Corporate Profits Contributed to Recent Inflation? - Federal Reserve Bank of Kansas City

Cost-Price Relationships in a Concentrated Economy - Federal Reserve Bank of Boston

Inflation is being amplified by firms with market power

Chris Murphy’s economic modeling on stimulus and inflation in Australia:

https://onlinelibrary.wiley.com/doi/full/10.1111/1759-3441.12382

UK windfall profits tax:

What is the windfall tax on oil and gas companies? - BBC News

Energy Profits Levy Factsheet - 26 May 2022 - GOV.UK

RBA on sources of inflation in Australia:

Box C: Supply and Demand Drivers of Inflation in Australia | Statement on Monetary Policy – February 2023 | RBA

Charts:

Australian bank deposits

Australian money supply (M3)

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The Invisible Hand: economic, religious, or mystical concept? w/ Dan Sanchez, FEE - EP185

gene.tunny@gmail.com (Dan Sanchez, Gene Tunny) — Tue, 25 Apr 2023 10:00:00 +0000

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 they circumscribe their utopian dreams [15:45]
Dan’s views on big tech [19:23]
Is there a case for regulation or a ban on TikTok? [23:32]

Links relevant to the conversation

Dan’s bio: https://fee.org/people/dan-sanchez/

Dan’s Twitter handle: @DanSanchezV

Dan’s article on “How Atheist Anti-Capitalists miss the point”:

https://fee.org/articles/how-atheist-anti-capitalists-miss-the-point/

Von Mises book on the economic calculation problem

https://mises.org/library/economic-calculation-socialist-commonwealth

Article about problems with Soviet shoe production:

https://www.econlib.org/archives/2009/09/soviet_shoes.html

Bio of 19th century British free trade advocate Richard Cobden who Dan mentions:

https://en.wikipedia.org/wiki/Richard_Cobden

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

A new Monetary Policy tool to end Inflation and avoid Recession w/ Prof. Larry Marsh, Notre Dame - EP184

gene.tunny@gmail.com (Larry Marsh, Gene Tunny) — Tue, 18 Apr 2023 10:00:00 +0000

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 banking as a solution to the banking sector problems [24:55]
A good example of an all-employee owned company: Burns & McDonnell, Kansas City, MO [31:31]
What Larry describes as a winner-takes-all economy [34:37]
The invisible hand of the market [37:43]
Gene’s wrap up: How the current monetary policy tightening is causing hardship in many economies, it may well be worth experimenting with a new monetary policy tool [43:47]

Links relevant to the conversation

Larry Marsh’s Optimal Money Flow website:

https://optimal-money-flow.website/

Where you can purchase Larry’s Optimal Money Flow book:

https://www.avila.edu/optimal-money-flow/

AEA conference session in which Larry presented his idea for the new monetary policy tool using a CBDC (presentation available for download):

https://www.aeaweb.org/conference/2023/program/1335

Australian ABC News article referring to Nicholas Gruen’s savings policy proposal mentioned by Gene in the episode:

https://www.abc.net.au/news/2023-02-12/raising-interest-rates-reserve-and-bank-and-inflation-management/101952926

Nicholas’s 1999 paper outlining the policy proposal:

https://lateraleconomics.com.au/wp-content/uploads/2014/02/AvoidingBoomandBust.pdf

Links to videos on China a listener sent me in response to EP182 with Dr Jonathan D T Ward:

Prepare for Armageddon: China's warning to the world | 60 Minutes Australia

Two Davids & Goliath | David Matas & David Kilgour | TEDxMünchen

America Just KILLED China's Tech Industry

What are Goldbacks and who’s buying them - e.g. preppers, libertarians, collectors? w/ Goldback Founder Jeremy Cordon - EP183

gene.tunny@gmail.com (Jeremy Cordon, Gene Tunny) — Tue, 11 Apr 2023 10:00:00 +0000

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]
What are the different types of gold buyers? Why Goldbacks are popular with preppers [11:30]
What’s the acceptance of Goldbacks by local businesses? [14:12]
Why are Goldbacks better than the old gold standard? [20:56]

Links relevant to the conversation

Goldbacks website:

https://www.goldback.com/

Jeremy’s bio:

https://www.goldback.com/meet-the-team

Related previous podcast episode:

Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson – EP179

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Why we’re in the Decisive Decade with China & what the West should do w/ Dr Jonathan D. T. Ward - EP182

gene.tunny@gmail.com (Jonathan Ward, Gene Tunny) — Tue, 4 Apr 2023 10:00:00 +0000

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 The Decisive Decade picks up where his previous book China’s Vision of Victory left off [2:02]
What’s the actual concern with China at the moment? [5:20]
What does economic containment mean? [9:40]
Dr Ward proposes to restructure the world economy in favour of the democracies and against China [14:18]
Is China such a threat that we should sacrifice our economic gains from trading with China? [19:25]
China’s economic development has allowed it invest large amounts in its military [23:18]
Western companies and forced labour supply chains in China [26:51]
Dr. Ward’s final observations on China [33:24]

Links relevant to the conversation

Dr Jonathan D T Ward’s bio is available from the Atlas Organization’s website:

https://atlasorganization.com/

Jonathan’s book The Decisive Decade: America's Grand Strategy for Triumph Over China:

https://amzn.to/3TQyGoi

This may be the Ben Franklin quote Dr Ward had in mind: “Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety”:

https://www.npr.org/2015/03/02/390245038/ben-franklins-famous-liberty-safety-quote-lost-its-context-in-21st-century

Related previous podcast episodes:

China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller – EP146 – Economics Explored

How to Defeat the Dictators w/ Charles Dunst, Asia Group – EP180 – Economics Explored

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Using Coase’s 1937 theory to explain Hutchies doing its own concrete formwork - EP181

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Tue, 28 Mar 2023 10:00:00 +0000

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 always contract out [20:00]
What’s done in house and what’s outsourced? [25:03]
Gig economy platforms (e.g. UpWork) [33:02]
A closer look at The nature of the firm by Ronald Coase [40:56]

Links relevant to the conversation

Courier-Mail article on Hutchinson’s decision to do its own formwork:

https://www.couriermail.com.au/business/citybeat/hard-labour-hutchies-plan-to-survive-building-crisis/news-story/e3b8acc34728e49cc04d0c4b88bafc8d

Ronald Coase’s classic article on the nature of the firm:

https://onlinelibrary.wiley.com/doi/full/10.1111/j.1468-0335.1937.tb00002.x

American Express article on pros and cons of hiring versus outsourcing:

https://www.americanexpress.com/en-us/business/trends-and-insights/articles/pros-cons-hiring-house-vs-outsourcing/

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Odd way to fix housing crisis proposed by Aus. Gov’t: invest in stocks first w/ Dr Cameron Murray, Sydney Uni.

gene.tunny@gmail.com (Gene Tunny, Cameron Murray) — Sat, 25 Mar 2023 00:00:00 +0000

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 economist specialising in property and urban development, environmental economics, rent-seeking and corruption.

Book: Rigged: How networks of powerful mates rip off everyday Australians

Website: https://fresheconomicthinking.substack.com/

Twitter: @drcameronmurray

What’s covered in this bonus episode

Cameron’s submission to the Senate Inquiry into the Housing Australia Future Fund Bill [2:39]
What’s going on with the Housing Australia Future Fund [5:02]
The only reason you can make a premium is if you take risk [8:57]
Why you need to separate the funding and the spending [10:36]
Why doesn’t the Future Fund just directly invest in new houses? [14:21]
How governments are increasingly doing financially tricky things that don’t make sense [19:23]
Cameron’s thoughts on the impact of the bill on the level of investment in housing [23:14]
What’s going on behind the scenes at Parliament House [26:18]

Links relevant to the conversation

Cameron’s submission to the inquiry into the Housing Australia Future Fund:

https://fresheconomicthinking.substack.com/p/australias-housing-future-fund-my

Direct link to Senate Committee inquiry report:

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/HousingPackageofBills/Report

HAFF inquiry home page:

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/HousingPackageofBills

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

How to Defeat the Dictators w/ Charles Dunst, Asia Group - EP180

gene.tunny@gmail.com (Charles Dunst, Gene Tunny) — Tue, 21 Mar 2023 10:00:00 +0000

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 Strongman (Hodder & Stoughton, February 2023).

For further information about Charles, check out https://www.charlesdunst.com/.

What’s covered in EP180

What is the Asia Group and what does it do? [1:35]
Is democracy no longer seen as the path to prosperity in developing economies? [5:28]
What are the most important organizing principles for a democratic system? [11:38]
Accountability and the lack of trust in government [16:34]
Best practices for running a democratic country in the 21st century [21:36]
Too much money in politics in the US [25:41]
Does the West need to decouple from China? [27:37]
The role of public private partnerships (PPPs) such as Operation Warp Speed [32:27]
How will dictators be defeated if we govern ourselves better? [34:59]
The importance of engaging in the conversation through social media and local governance [38:32]
Inequality and the Dream Hoarders [39:00]

Links relevant to the conversation

Defeating the Dictators (Please buy the book via this link to support the show):

https://amzn.to/3liQrjx

Matthew Engel’s FT article “The foreign states that own Britain’s railways”:

https://www.ft.com/content/e57c5fd0-bf54-11e9-9381-78bab8a70848

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It

https://amzn.to/3LvCOrL

Track Nancy Pelosi’s stock portfolio:

https://www.capitoltrades.com/politicians/P000197

https://twitter.com/PelosiTracker_

SVB & Credit Suisse | Bank runs & Moral hazard - Bonus episode

gene.tunny@gmail.com (Gene Tunny) — Wed, 15 Mar 2023 22:24:45 +0000

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/news/articles/2023-03-12/us-moves-to-help-depositors-offer-bank-backstop-in-wake-of-svb?leadSource=uverify%20wall

Breaking Points video SECRET Fed BAILOUT Pumps BILLIONS Into Banks

https://youtu.be/Lj5BE951aP8

Why fiat money means higher inflation & why a radical Reserve Bank review is needed w/ Darren Brady Nelson - EP179

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Tue, 14 Mar 2023 10:10:12 +0000

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 [6:54]
What is the Austrian School? [10:19]
Would the Austrians recommend abolishing the central bank? [21:08]
The Bank of England’s report on modern banking [25:54]
The need for a broader review of the Reserve Bank of Australia [30:35]
Fiat money systems are much more prone to inflation than commodity money systems [34:20]

Links relevant to the conversation

Darren’s bio on the Economics Explored website:

https://economicsexplored.com/regular-guests/

Darren’s opinion piece on the Spectator Australia website:

The RBA (reckless bank of Australia) needs a radical, not reserved, review

Bank of England paper on money creation:

Money creation in the modern economy | Bank of England

Minneapolis Fed paper on fiat money, commodity money, and inflation:

Money, Inflation, and Output Under Fiat and Commodity Standards | Federal Reserve Bank of Minneapolis

US Gold Commission Report

Minority report of the Gold Commission, co-authored by Ron Paul:

The Case for Gold: Minority Report of the US Gold Commission 1982

Alan Greenspan’s autobiography discusses his advice to President Reagan regarding gold:

The Age of Turbulence*

Another great book on Greenspan which discusses Friedman’s views too:

The Man who Knew: The LIfe & Times of Alan Greenspan*

*You can help support the show by buying a copy of either book via the links above.

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Crypto arbitrage searcher Dave Belvedere on crypto and dApps such as Wizards & Dragons - EP178

gene.tunny@gmail.com (Dave Belvedere, Gene Tunny, Tim Hughes) — Tue, 7 Mar 2023 10:00:00 +0000

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? [52:07]
What are dApps? [57:01]
What are the use cases? What would motivate you to have crypto? [1:06:33]

Links relevant to the conversation

Bitcoin creator:

https://en.wikipedia.org/wiki/Satoshi_Nakamoto

Wizards & Dragons game:

https://dappradar.com/ethereum/games/wizards-dragons-game

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

How performance-based pay can motivate employees, but there are risks - EP177

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Tue, 28 Feb 2023 10:00:00 +0000

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 manufacturing business [52:54]

Links relevant to the conversation

IZA World of Labor - Performance-related pay and productivity

How group-based incentives increase worker performance | CEPR

Does Group-Based Incentive Pay Lead To Higher Productivity? Evidence from a Complex and Interdependent Industrial Production Process

The Use of Reward and Incentive Systems: A Case Study of McDonald's - ToughNickel

McDonald's Restaurants puts motivation and reward at heart of business strategy - Employee Benefits

Give and Take – Adam Grant

Performance-related pay | The Economist

Real Estate Agent Commissions: How Does it Work and How Much Should You Be Paying

Learn the Truth About Real Estate Commissions | PropertyNow

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

How to be a Superforecaster w/ Warren Hatch, CEO of Good Judgment - EP176

gene.tunny@gmail.com (Warren Hatch, Gene Tunny, Tim Hughes) — Tue, 21 Feb 2023 10:00:00 +0000

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 recognition? Raven’s matrices [9:24]
Link between subject matter expertise and forecasting ability [10:40]
What are some of the techniques that are used to help super forecasters rid themselves of prejudice and bias? [12:57]
How large does a super forecasting group need to be to be successful? [20:35]
Tips for being a super forecaster [25:59]
Using the percentages to retrospectively see how you’ve gone [27:56]
Bayes’ Theorem [31:41]
The importance of being open to a range of different views [42:47]

About this episode’s guest: Warren Hatch, CEO of Good Judgment

Warren Hatch is Good Judgment’s second CEO, succeeding co-founder Terry Murray.

Before joining Good Judgment, Hatch was a partner at McAlinden Research, where he identified thematic investment opportunities in global markets for institutional investor clients. Previously, he co-managed a hedge fund seeded by Tiger Management and was a portfolio manager at Morgan Stanley.

Hatch holds a doctorate in politics from Oxford, a masters in Russian and international policy studies from Middlebury Institute of International Studies at Monterey, and a bachelors in history from the University of Utah. He is also a CFA® charterholder.

Links relevant to the conversation

Good Judgment’s website and Twitter:

https://goodjudgment.com/ and https://twitter.com/superforecaster?lang=en

BBC Reel featuring Warren Hatch:

https://www.bbc.com/reel/video/p0dwntct/can-you-learn-to-predict-the-future-

Warren’s talk on YouTube which Gene quotes from in the episode:

What is Superforecasting? - Warren Hatch, Good Judgement

Article by Nicholas Gruen:

Making better economic forecasts

Links regarding foxes versus hedgehogs:

https://longnow.org/seminars/02007/jan/26/why-foxes-are-better-forecasters-than-hedgehogs/

https://goodjudgment.com/the-cost-of-overconfidence/

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Values-based Capitalism: What is the Aussie Treasurer planning? w/ John Humphreys - EP175

gene.tunny@gmail.com (John Humphreys, Gene Tunny) — Tue, 14 Feb 2023 10:00:00 +0000

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 a voice message via https://www.speakpipe.com/economicsexplored.

What’s covered in EP175

Jim Chalmers’ idea of co-investing with the private sector [4:21]
Regarding superannuation funds increasingly having social goals that they aim to meet as well as financial goals [9:12]
The Australian stage 3 tax cuts and values-based capitalism: are they compatible? [12:37]
ESG, stakeholder capitalism, and socialism [15:24]
How does the Treasurer intend to direct investment? [23:28]
How a poor government policy can lead to another poor government policy [27:31]
The social impact investment bank expected in the 2023 Australian budget [32:34]

Links relevant to the conversation

Jim Chalmers’ essay Capitalism after the Crises

Clean Energy Finance Corporation Financial Outcomes 2021-22

Australian Government principles for social impact investing | Treasury.gov.au

Impact Investing Won’t Save Capitalism

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

China’s falling population & global population update - EP174

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Tue, 7 Feb 2023 10:00:00 +0000

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 Chinese and global economies? [14:09]
The importance of immigration in Australia population growth [19:27]
How the world’s population will eventually level out toward the end of the century [23:35]
Can governments solve environmental challenges? Discussion of the hole in the ozone layer and the Montreal Protocol [30:09]
Paul Krugman vs Dean Baker on the future of China [42:07]
Tim asks how do you maintain a growth mindset in a declining population? How do you make it work? [47:25]
Will demographics and a weaker economy bring down the Chinese administration? [53:06]

Links relevant to the conversation

UN World Population Prospects 2022 data

https://population.un.org/wpp/

Paul Krugman’s article “The problem(s) with China’s population drop”

https://themarketherald.com.au/the-problems-with-chinas-population-drop-2023-01-19/

Dean Baker’s article “Paul Krugman, China’s Demographic Crisis, and the Which Way Is Up Problem in Economics”

https://cepr.net/paul-krugman-chinas-demographic-crisis-and-the-which-way-is-up-problem-in-economics/

China’s old-age dependency ratio

https://population.un.org/wpp/Graphs/Probabilistic/Ratios/OADR/65plus/15-64/156

Stanford Business School article “Baby Bust: Could Population Decline Spell the End of Economic Growth?” discussing Charles I Jones views on the link between population, innovation, and economic growth

https://www.gsb.stanford.edu/insights/baby-bust-could-population-decline-spell-end-economic-growth

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Normalization of interest rates & monetary policy - EP173

gene.tunny@gmail.com (Arturo Espinoza, Gene Tunny) — Tue, 31 Jan 2023 10:00:00 +0000

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 more interest rate increases will be needed? [11:11]
Will we have a recession this year? [19:12]
Is there a risk that we could get back to the crazily high interest rates seen in 1989-90 in Australia? [24:00]
What is the equilibrium rate of interest? What is the real interest rate? [26:54]
The main takeaway from this episode: monetary policy is still in a tightening cycle because inflation is too high [38:43]

Links relevant to the conversation

Data released since the episode was recorded

Australian retail trade fell 3.9% in December, suggesting interest rate increases are starting to bite, meaning the RBA faces an even more difficult challenge in deciding how many more interest rate increases to make:

https://www.abs.gov.au/statistics/industry/retail-and-wholesale-trade/retail-trade-australia/dec-2022

CBC article “U.S. inflation and consumer spending eased in December, new numbers show”:

https://www.cbc.ca/news/business/us-consumer-spending-holidays-1.6728173

Nine News story “Inflation in Australia rises to higher-than-expected 7.8 per cent”:

https://www.9news.com.au/finance/australia-inflation-consumer-price-index-december-quarter/9ef0ed13-e606-4c9e-b7db-feaccfae39fb

Inflation targets

US: 2%; see https://research.stlouisfed.org/publications/economic-synopses/2022/09/02/inflation-part-3-what-is-the-feds-current-goal-has-the-fed-met-its-inflation-mandate

Australia: 2-3%; see https://www.rba.gov.au/inflation/inflation-target.html

UK: 2%; see https://www.bankofengland.co.uk/monetary-policy

Bank of Finland article on monetary policy normalisation:

https://www.bofbulletin.fi/en/2022/3/what-is-monetary-policy-normalisation/

Chatham Financial article on US tightening cycles:

https://www.chathamfinancial.com/insights/historical-interest-rate-tightening-cycles

Jo Masters, Barrenjoey Chief Economist on how “Everything must go right for Australia to dodge a recession”

https://www.afr.com/markets/debt-markets/australia-will-dodge-close-call-recession-20221216-p5c71b

Chart on historical UK bank rate:

https://drive.google.com/file/d/1NDH7WjQBY0ZjWDWgY430qZdrrIf017_4/view?usp=share_link

Chart on central bank policy interest rates since 1960:

https://drive.google.com/file/d/1Mrzre-ijAKAvrU0j4YeQt71FkTr-gzob/view?usp=share_link

Chart on inflation in the US, UK and Australia:

https://drive.google.com/file/d/11lp880Wwb9bk_GI5wJ0EQ975h-ZkAuDK/view?usp=share_link

Wikipedia article on the Fisher equation:

https://en.wikipedia.org/wiki/Fisher_equation

Wikipedia article on UK consols:

https://en.wikipedia.org/wiki/Consol_(bond)

Guardian article on “UK bonds that financed first world war to be redeemed 100 years later”:

https://www.theguardian.com/business/2014/oct/31/uk-first-world-war-bonds-redeemed

What Jane Austen can tell us about historical rates of return:

https://janeaustensworld.com/2008/02/10/the-economics-of-pride-and-prejudice-or-why-a-single-man-with-a-fortune-of-4000-per-year-is-a-desirable-husband/

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Do environmental and business sustainability go hand in hand? w/ John Engelander - EP172

gene.tunny@gmail.com (John Engelander, Gene Tunny) — Fri, 30 Dec 2022 20:31:52 +0000

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 we need to own cars? [33:54]
John’s final thoughts on the importance of being a conscious consumer [44:29]

About this episode’s guest: John Engelander

A true force of nature, CEO & Founder John was green way before it was cool. It was his belief in profit with a purpose that led him to start The Planet Earth Cleaning Company circa 1994, and he has been inspiring people and companies to be greener and better for the planet ever since.

In 2007, John completed his certificate in Sustainability Advocacy at Swinburne University. He believes, “when you look after the planet, you look after yourself”. When we influence others to take responsible actions there is a ripple effect. And that’s part of doing good by being good.

Today, John works with people that are looking for a healthier alternative & genuinely cares about making a difference to the planet, whether that’s through The Planet Earth Cleaning Company, the EcoBin business, or his personal advocacy & public speaking. John believes “conscious consumption is a great way to start. Afterall, less is more, and your planet will be healthier for it.” Now that’s good for business.

Out of the office John burns off some of his high energy levels with water sports, snow skiing, mountain bike riding, cardio pilates and enjoying time in nature. And when not running after his kids and dogs, he likes to tinker on the piano, watch movies and have dinner with friends.

Links relevant to the conversation

John’s business EcoBin:

https://www.ecobin.com.au/

Quote by Vandana Shiva:

https://quotefancy.com/quote/925201/Vandana-Shiva-It-s-not-an-investment-if-its-destroying-the-planet

Mastercard study quoted by Gene:

https://www.mastercard.com/news/insights/2021/consumer-attitudes-environment/

CSIRO article on natural capital accounting:

https://ecos.csiro.au/knowing-the-price-of-nature-the-rise-of-natural-capital-accounting/

UN article on The Rise, Fall and Rethinking of Green GDP:

https://seea.un.org/news/rise-fall-and-rethinking-green-gdp

Australian Government guidance note on cost-benefit analysis, which makes it clear CBAs should consider environmental impacts, quantitatively if possible but otherwise qualitatively:

https://www.pmc.gov.au/sites/default/files/publications/cosst-benefit-analysis.docx

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Enterprise China: what western businesses need to know w/ Prof. Allen Morrison - EP171

gene.tunny@gmail.com (Allen Morrison, Gene Tunny) — Fri, 23 Dec 2022 20:09:19 +0000

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 western businesses need to know when doing business in China [12:40]
Does China have an imperial ambition? [17:28]
Companies which have done well and those which have done badly in China [22:29]
Challenges to the Enterprise China model and the CCP [27:48]
Gene’s takeaways from the episode [39:30]

About this episode’s guest: Allen Morrison

Allen J. Morrison is professor in the Thunderbird School of Global Management. Morrison previously served as CEO and director-general, senior advisor for global management education and executive education initiatives at Arizona State University. Before joining ASU in 2014, Morrison was professor of global management and the holder of the Kristian Gerhard Jebsen Chair for Responsible Leadership in the Maritime Industry at IMD. Professor Morrison was also director of the IMD Global CEO Center, which focuses on the challenges CEOs face while leading their companies in the global economy.

For further information about Prof. Morrison, check out his ASU page:

https://search.asu.edu/profile/2551923

Links relevant to the conversation

Get a copy of Enterprise China: Adopting a Competitive Strategy for Business Success:

https://amzn.to/3YMb1aI

Prof. Morrison’s article “Competing with “Enterprise China” vs. Chinese Enterprises” on the Thunderbird School of Global Management website:

https://thunderbird.asu.edu/thought-leadership/insights/competing-enterprise-china-vs-chinese-enterprises

William Kirby’s HBR article “The real reason Uber is giving up in China”:

https://hbr.org/2016/08/the-real-reason-uber-is-giving-up-in-china

Credits

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Aussie energy crisis & Net Zero transition w/ Joshua Stabler, Energy Edge - EP170

gene.tunny@gmail.com (Joshua Stabler, Tim Hughes, Gene Tunny) — Fri, 16 Dec 2022 21:12:00 +0000

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, financial intermediaries and banks. Joshua is also the author of The Edge – Gas Market Update report.

Joshua has a BE (Computer Systems).

You can follow Josh on LinkedIn:

https://au.linkedin.com/in/josh-stabler-6683895b

Links relevant to the conversation

Energy Edge, the advisory business Josh is Managing Director of:

https://www.energyedge.com.au/

What are Renewable Energy Zones?

https://www.climatecouncil.org.au/resources/what-is-renewable-energy-zone/

Abbreviations

EV Electric vehicle

NEM National Electricity Market

REZ Renewable Energy Zone

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Chokepoint Capitalism w/ Rebecca Giblin - EP169

gene.tunny@gmail.com (Rebecca Giblin, Gene Tunny) — Fri, 9 Dec 2022 19:19:07 +0000

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, technology regulation and copyright. Using quantitative, qualitative, doctrinal and comparative methods, she leads interdisciplinary teams with expertise across data science, cultural economics, literary sociology, information research and law to better understand how law impacts the creation and dissemination of creative works.

You can follow Rebecca on Twitter:

https://twitter.com/rgibli

Links relevant to the conversation

Where you can buy Chokepoint Capitalism:

https://amzn.to/3HohDFV

Website about the book:

https://chokepointcapitalism.com/

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Understandable Economics w/ Howard Yaruss, NYU - EP168

gene.tunny@gmail.com (Howard Yaruss, Gene Tunny) — Fri, 2 Dec 2022 14:00:00 +0000

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 for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Modern markets for all w/ Wingham Rowan - EP167

gene.tunny@gmail.com (Wingham Rowan, Gene Tunny) — Sat, 26 Nov 2022 20:31:04 +0000

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 platforms are a natural monopoly; governments should dare to think about how they might initiate an alternative version for citizens and businesses.”

https://www.cigionline.org/articles/its-time-to-build-public-utilities-for-essential-digital-services/

Modern Markets Initiative: https://www.modernmarketsinitiative.org/

Articles on workforce scheduling tools:

https://www.businesswire.com/news/home/20151116006112/en/Kronos-Workforce-Central-8-Fastest-Adopted-Product-Release

http://modernmarketsforall.com/wp-content/uploads/2022/06/210120-Kronos-briefing.pdf

NB Kronos has subsequently rebranded as UKG: https://www.ukg.com

On the growth of irregular work hours:

https://www.nytimes.com/2017/05/31/business/economy/volatile-income-economy-jobs.html

Quality Jobs Index from Cornell University:

https://qz.com/1752676/the-job-quality-index-is-the-economic-indicator-weve-been-missing

The UK government program (then called “Slivers-of-Time” working):

https://www.theguardian.com/politics/2010/nov/14/welfare-reform-working-slivers-of-time

The fate of the Universal Credit program which the program was eventually folded into: https://www.theguardian.com/commentisfree/2018/jun/15/universal-credit-colossal-catastrophe-national-audit-office

Website about MM4A’s gig work markets: www.BeyondJobs.com

The Californian platform in action: www.cedah.video

The local website about the program: www.WorkLB.org

Wikipedia article on the Tobin tax which Wingham mentions a few times:

https://en.wikipedia.org/wiki/Tobin_tax

Credits

Thanks to Wingham Rowan for the great conversation and the links provided. Also thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The Progress Illusion w/ Prof. Jon Erickson, University of Vermont - EP166

gene.tunny@gmail.com (Jon Erickson, Gene Tunny) — Fri, 18 Nov 2022 20:54:59 +0000

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 Conservation, Ecological Economics of Sustainable Watershed Management, Frontiers in Ecological Economic Theory and Application, and Ecological Economics: a Workbook for Problem-Based Learning. He is also Adjunct Professor at the University of Iceland, and has been a Fulbright Scholar in Tanzania, Assistant Professor of Economics at Rensselaer Polytechnic Institute, and visiting professor in the Dominican Republic, Norway, Germany, and Slovakia. Outside of the university, he is an Emmy-award winning producer and director of documentary films, co-founder and board member of numerous non-profit organizations, past-President of the US Society for Ecological Economics, and advisor to state and national policymakers. Jon lives in Ferrisburgh, Vermont with his wife Pat, their occasionally visiting sons Louis and Jon, and a menagerie of dogs, cats, horses, chickens, and donkeys.

Links relevant to the conversation

You can buy The Progress Illusion and if you listen to the episode Jon will reveal a discount code:

https://islandpress.org/books/progress-illusion

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Innovative cities, coffee shops & entrepreneurs w/ Christopher Hire - EP165

gene.tunny@gmail.com (Christopher Hire, Gene Tunny) — Fri, 11 Nov 2022 14:00:00 +0000

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 message via https://www.speakpipe.com/economicsexplored.

Links relevant to the conversation

See and download the Index in Excel:

https://innovation-cities.com/indexes

Substack Innovation Cities Gazette Newsletter:

https://innovation-cities.substack.com/

Get the data - Answer your research question with city data points:

https://citybenchmarkingdata.com

Connect with Christopher HIre on LinkedIn:

https://linkedin.com/in/christopherhire

Structural budget deficits - EP164

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza Bocangel) — Fri, 4 Nov 2022 21:49:29 +0000

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/publication/economic-roundup-issue-3-2010/economic-roundup-issue-3-2010/estimating-the-structural-budget-balance-of-the-australian-government

IMF Fiscal Monitor which contains cyclically-adjusted budget balances (Tables A3 and A4):

https://www.imf.org/en/Publications/FM

Media coverage of Australian budget:

https://www.theaustralian.com.au/nation/politics/jim-chalmers-takes-forensic-approach-to-tax-concessions/news-story/25c4e1be826abb87f27c918532a69614

https://www.theaustralian.com.au/nation/bill-shorten-admits-push-to-curb-ndis-cost-growth/news-story/8a15cb3daabd55961e35df957f206bcf

IFS analysis of UK mini budget:

https://ifs.org.uk/articles/mini-budget-response

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Slouching Towards Utopia w/ Brad DeLong - EP163

gene.tunny@gmail.com (Brad DeLong, Gene Tunny) — Fri, 28 Oct 2022 19:53:29 +0000

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 technological competence of the human race globally doubles every generation. [6:50]
The importance of industrial research labs in the big story since 1870 [16:35]
The role of the modern corporation [18:23]
Globalization in the late nineteenth century and pre WWI [23:25]
How bad governance can make a country very poor very quickly [29:09]
The neoliberal turn [35:56]
Prof. DeLong thinks the big lesson of history is that trying to maintain social and economic systems past their sell-by date doesn’t work [58:28]

About this episode’s guest: Brad DeLong

Brad DeLong is a professor of economics at U.C. Berkeley, a research associate of the National Bureau of Economic Research, a weblogger at the Washington Center for Equitable Growth, and a fellow of the Institute for New Economic Thinking. He received his B.A. and Ph.D. from Harvard University in 1982 and 1987. He joined UC Berkeley as an associate professor in 1993 and became a full professor in 1997.

Professor DeLong also served in the U.S. government as Deputy Assistant Secretary of the Treasury for Economic Policy from 1993 to 1995. He worked on the Clinton Administration's 1993 budget, on the Uruguay Round of the General Agreement on Tariffs and Trade, on the North American Free Trade Agreement, on macroeconomic policy, and on the unsuccessful health care reform effort.

Before joining the Treasury Department, Professor DeLong was Danziger Associate Professor in the Department of Economics at Harvard University. He has also been a John M. Olin Fellow at the National Bureau of Economic Research, an Assistant Professor of Economics at Boston University, and a Lecturer in the Department of Economics at M.I.T.

Links relevant to the conversation

Brad DeLong’s substack:

https://braddelong.substack.com/

DeLong on Hobsbawm’s short 20th century (1914 to 1989) compared with his long 20th century:

https://www.bradford-delong.com/2016/12/the-short-vs-the-long-twentieth-century.html

Re. Yegor Gaidar’s analysis of the collapse of the Soviet Union:

https://sites.dartmouth.edu/asamwick/2007/06/08/the-soviet-collapse-grain-and-oil/

Lant Pritchett’s book Let Their People Come: Breaking the Gridlock on Global Labor Mobility:

https://www.cgdev.org/sites/default/files/9781933286105-Pritchett-let-their-people-come.pdf

Credits

Thanks to Brad DeLong for a great conversation, Nicholas Gruen for connecting Gene with Prof. DeLong, and Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com

Preparing the National Accounts w/ Robert Ewing, Australian Bureau of Statistics - EP162

gene.tunny@gmail.com (Robert Ewing, Gene Tunny) — Fri, 21 Oct 2022 19:17:19 +0000

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 considered the National Accounts:

https://economicsexplored.com/2022/08/23/gdp-the-national-accounts-what-they-are-and-why-they-matter-w-brendan-markey-towler-ep153/

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

White Elephant Stampede w/ Scott Prasser - EP161

gene.tunny@gmail.com (Scott Prasser, Gene Tunny) — Fri, 14 Oct 2022 19:10:42 +0000

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 covering portfolios of education and training, and regional health, sport and decentralisation. In addition, Scott has held academic positions at five universities across four states and territories, the last at professorial level. Scott gained his undergraduate and master’s degrees from University of Queensland, and his doctorate from Griffith University. Scott’s most recent publication with Helen Tracey was Royal Commissions and Public Inquiries: Practice and Potential (2014); and Audit Commissions: Reviewing the Reviewers (2013).

Scott’s substack newsletter: https://policyinsights.substack.com/

Links relevant to the conversation

The new book from Connor Court White Elephant Stampede: Case Studies in Policy and Project Management Failures:

https://www.connorcourtpublishing.com.au/White-Elephant-Stampede-Case-Studies-in-Policy-and-Project-Management-Failures_p_510.html

Criteria for identifying White Elephant projects:

https://drive.google.com/file/d/1qcrWWc39VRZ8ATNO2CRmWRe8KbUxUcki/view?usp=sharing

Regarding the cost of the Gold Coast desalination plant, see:

https://www.brisbanetimes.com.au/national/queensland/tugun-desal-plant-back-online-permanently-from-2020-seqwater-20150901-gjcioa.html

The Brisbane Times article reports:

“The controversial $1.2 billion Tugun plant was closed in 2009 after a string of complaints including rusting pipelines and mothballed from fulltime water production in 2010.

Normally it provides only three megalitres per day to Southeast Queensland's water grid and costs between $12 million and $15 million a year to operate.”

Time Out article on fixing up the acoustics in the concert hall of the Sydney Opera House:

https://www.timeout.com/sydney/news/the-new-and-improved-concert-hall-of-the-sydney-opera-house-has-finally-been-unveiled-071422

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Regional divergence: why cities are growing faster than regions w/ Robert Sobyra | EP160

gene.tunny@gmail.com (Robert Sobyra, Gene Tunny) — Fri, 7 Oct 2022 14:00:00 +0000

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:

https://osf.io/2ywd8

Data mentioned by Gene:

https://www.gov.uk/government/publications/trend-deck-2021-urbanisation/trend-deck-2021-urbanisation

Urban population (% of total population) - United States

https://population.un.org/wup/Publications/Files/WUP2018-Highlights.pdf

Brookings' article about US regional divergence:

https://www.brookings.edu/blog/the-avenue/2020/01/28/regional-divergence-is-more-than-an-economic-dilemma-its-a-civil-rights-issue/

On agglomeration effects, please check out EP136:

https://economicsexplored.com/2022/04/26/wider-economic-benefits-of-infrastructure-projects-ep136/

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

The future US fiscal crisis & how to avert it w/ Romina Boccia, Cato Institute | EP159

gene.tunny@gmail.com (Romina Boccia, Gene Tunny) — Fri, 30 Sep 2022 15:05:40 +0000

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 article: How Much You Will Get From Social Security

https://money.usnews.com/money/retirement/social-security/articles/how-much-you-will-get-from-social-security

Credits

Hyperinflation: what causes it, how to prevent it & how to stop it - EP158

gene.tunny@gmail.com (Arturo Espinoza Bocangel, Gene Tunny) — Fri, 23 Sep 2022 22:34:23 +0000

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 Fujimori

https://en.wikipedia.org/wiki/Alberto_Fujimori

Why a Zimbabwean firm offers pensions denominated in cows | The Economist

https://www.economist.com/middle-east-and-africa/2022/05/14/why-a-zimbabwean-firm-offers-pensions-denominated-in-cows

The Modern Hyperinflation Cycle: Some New Empirical Regularities (IMF Working paper from 2018):

https://www.imf.org/en/Publications/WP/Issues/2018/12/07/The-Modern-Hyperinflation-Cycle-Some-New-Empirical-Regularities-46368

Chris Edmond’s note on Cagan’s model of hyperinflation:

https://pages.stern.nyu.edu/~cedmond/ge07pt/notes_cagan.pdf

Alberto Alesina and Lawrence H. Summers’ paper Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence:

https://www.jstor.org/stable/2077833

Bitcoin Could Solve Zimbabwe’s Hyperinflation Problem—Instead, The Country Is Telling Impoverished Citizens To ‘Just Buy Gold’ (Forbes article):

https://www.forbes.com/sites/martinrivers/2022/07/27/bitcoin-could-solve-zimbabwes-hyperinflation-problem--instead-the-country-is-telling-impoverished-citizens-to-just-buy-gold/?sh=179b8f8b66d2

Inflation is spiking in Zimbabwe (again). Why high interest rates aren’t the answer (Conversation article by Jonathan Munemo):

https://theconversation.com/inflation-is-spiking-in-zimbabwe-again-why-high-interest-rates-arent-the-answer-187362

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Bitcoin & books w/ author & ex-fighter pilot Lars Emmerich - EP157

gene.tunny@gmail.com (Lars Emmerich, Gene Tunny) — Fri, 16 Sep 2022 14:22:53 +0000

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 about good guys with a bad streak and bad guys with a few redeeming qualities.

He is the author of the million-selling Sam Jameson series. He lives in Colorado with his family and his neuroses. He's either hard at work on the next novel in the series, or he's procrastinating. Usually the latter.

Stop by www.larsemmerichbooks.com to pick up a free digital copy of The Incident: Inferno Rising, the first installment in the Sam Jameson series.

Check out Lars’s author page on Amazon:

https://www.amazon.com/Lars-Emmerich/e/B00HXKRZZI%3Fref=dbs_a_mng_rwt_scns_share

Links relevant to the conversation

The controversy over Tim Ferriss’s deal with Amazon Publishing for the 4-Hour Chef:

https://www.usatoday.com/story/life/books/2012/11/19/ferriss-4-hour-chef-controversy/1715335/

What is hash power and why would anyone buy it?

https://www.nicehash.com/support/mining-help/general-help/what-is-hash-power-and-why-would-anyone-buy-it

Financial Times article - The Merge: a blockchain revolution or just more hype? (pay-walled)

https://www.ft.com/content/88518bc5-3af4-41c3-99b5-c0cd0ba69ab9

Book on Bitcoin recommended by Lars: The Bitcoin Standard: The Decentralized Alternative to Central Banking

https://www.amazon.com.au/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 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.

The Aussie electricity market malfunction of June 2022 - EP156

gene.tunny@gmail.com (Andrew Murdoch, Gene Tunny) — Fri, 9 Sep 2022 20:00:28 +0000

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, project director and engineer operating in renewable power, power generation, energy, ports and heavy infrastructure. For more on Andrew’s experience, check out the Arche Energy website:

https://archeenergy.com.au/about-us/andrew-murdoch/

Links relevant to the conversation

Australian Energy Market Operator (AEMO) report into market suspension in June 2022:

https://www.aemo.com.au/-/media/files/electricity/nem/market_notices_and_events/market_event_reports/2022/nem-market-suspension-and-operational-challenges-in-june-2022.pdf?la=en

AEMO’s Integrated System Plan:

https://aemo.com.au/en/energy-systems/major-publications/integrated-system-plan-isp

NEM suspensions costs lower than expected - NB when they were directed to supply gas to the market at an uneconomic price for them at the market price cap of $300/MWh, the generators became eligible for compensation:

https://aemo.com.au/newsroom/media-release/nem-suspension-costs-lower-than-expected

AEMO’s Electrical Statement of Opportunity

https://aemo.com.au/en/energy-systems/electricity/national-electricity-market-nem/nem-forecasting-and-planning/forecasting-and-reliability/nem-electricity-statement-of-opportunities-esoo

Some large-scale Australian renewable and battery projects:

https://lockyerenergy.com.au/

https://supernode.com.au/

Global coal demand as high as it has ever been:

https://www.iea.org/reports/coal-market-update-july-2022/demand

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

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.

EV taxes, congestion charges & taking high-polluting trucks off the roads w/ Marion Terrill - EP155

gene.tunny@gmail.com (Marion Terrill, Gene Tunny) — Fri, 2 Sep 2022 20:41:51 +0000

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 Council of Australia, and at the Australian National University.

Links relevant to the conversation

Marion’s bio: https://grattan.edu.au/expert/marion-terrill/

Grattan Institute on Twitter: @GrattanInst

Marion’s Australian Financial Review article “Electric vehicles: Feds should pave way for gold standard road user charges” (pay-walled): https://www.afr.com/policy/tax-and-super/feds-should-pave-way-for-gold-standard-road-user-charges-20220822-p5bbss

Grattan’s 2019 report Right time, right place, right price: a practical plan for congestion charging in Sydney and Melbourne: https://grattan.edu.au/report/right-time-right-place-right-price/

The Grattan truck plan: practical policies for cleaner freight: https://grattan.edu.au/report/grattan-truck-plan/

Previous episodes featuring Marion:

https://economics-explained.simplecast.com/episodes/megaprojects-with-marion-terrill-from-grattan-institute

https://economics-explained.simplecast.com/episodes/unfreezing-discount-rates-with-marion-terrill-of-the-grattan-institute

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Fuel prices & electric vehicles (EVs) - EP154

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Fri, 26 Aug 2022 15:06:56 +0000

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

Australian Competition and Consumer Commissions (ACCC) monitoring of Australia’s petrol price cycle: https://www.accc.gov.au/consumers/petrol-diesel-lpg/petrol-price-cycles#petrol-prices-in-brisbane

Information on Queensland’s electric superhighway: https://www.qld.gov.au/transport/projects/electricvehicles/super-highway

Queensland Government website on environmental benefits of EVs: https://www.qld.gov.au/transport/projects/electricvehicles/hitting-the-road

The Grattan Car Plan which includes lots of useful data on EVs: https://grattan.edu.au/report/grattan-car-plan/

John Freebairn on fuel excise in Australia: https://theconversation.com/what-is-petrol-excise-and-why-does-australia-have-it-anyway-179373

Drive magazine article on impact of EVs on electricity use: https://www.drive.com.au/news/electric-cars-could-have-big-impact-on-australia-s-energy-supply/

Australian Energy Market Commission (AEMC) paper on integrating EVs in the power grid: https://www.aemc.gov.au/news-centre/media-releases/integrating-electric-vehicles-power-system

Economics Explored EP113 - Lithium and the new energy revolution with Lukasz Bednarski: https://economicsexplored.com/2021/11/13/ep113-lithium-and-the-new-energy-revolution-with-lukasz-bednarski/

ABC News report As EVs drive a mining revolution, will Australia become a battery minerals superpower?:

https://www.abc.net.au/news/2022-08-25/can-lucky-country-australia-become-a-battery-mineral-superpower/101358050

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

GDP & the National Accounts: What they are and why they matter w/ Brendan Markey-Towler - EP153

gene.tunny@gmail.com (Brendan Markey-Towler, Gene Tunny) — Fri, 19 Aug 2022 14:48:01 +0000

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 business generated $1.7 billion in revenue for the big four accounting and consulting firms over the past five years – though the government has a different take on the contract value of that business.”

https://www.afr.com/companies/professional-services/revealed-deloitte-ey-kpmg-and-pwc-earned-17b-from-government-work-20180326-h0xymn

Credits

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

ROI of education: how economists estimate it + US economic update - EP152

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza Bocangel) — Fri, 12 Aug 2022 20:34:19 +0000

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 Blom, Urban Institute

https://www.urban.org/research/publication/evaluating-return-investment-higher-education

Reassessing the College Wage Premium Payoff by Jack Salmon, Mercatus Center, George Mason University

https://www.jamesgmartin.center/2021/03/reassessing-the-college-wage-premium-payoff/

Rich Roll’s podcast:

https://www.richroll.com/all-episodes/

Graduate Winners: Assessing the public and private benefits of higher education by Andrew Norton

https://grattan.edu.au/report/graduate-winners-assessing-the-public-and-private-benefits-of-higher-education/

Estimating the public and private benefits of higher education report from Deloitte Access Economics

https://www.dese.gov.au/higher-education-reviews-and-consultations/resources/estimating-public-and-private-benefits-higher-education

Median weekly hours data by qualification for Australia

https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/characteristics-employment-australia/latest-release

Thanks to Josh Crotts for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

US recession, climate change & monetary policy w/ Darren Brady Nelson - EP151

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Fri, 5 Aug 2022 14:30:36 +0000

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: “Since 1948, the economy has never seen consecutive quarterly growth declines without being in a recession.”

https://www.cnbc.com/2022/07/28/gdp-q2-.html

But many economists are skeptical about whether the US is in a recession, including recent podcast guests Stephen Kirchner and Michael Knox.

Stephen Kirchner on the US recession question:

https://stephenkirchner.substack.com/p/recession-is-as-recession-does-updating?utm_source=email

Michael Knox's Economic Strategy: Fed hikes rates, but Fed says no recession:

https://drive.google.com/file/d/16xlMMKAEXv_wFA20EN3n3aVyYm7UuKua/view?usp=sharing

Credits

Global economic outlook + Aussie inflation & house prices - EP150

gene.tunny@gmail.com (Randall Evans, Gene Tunny) — Fri, 29 Jul 2022 14:00:00 +0000

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/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022

US recession news from NPR:

https://www.npr.org/2022/07/28/1113649843/gdp-2q-economy-2022-recession-two-quarters

Credits

Thanks to Randall Evans for letting us borrow the audio from his latest Deactivist show for this episode. Also, thanks to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 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.

Reserve Bank of Australia being reviewed after big mistakes w/ Peter Tulip - EP149

gene.tunny@gmail.com (Peter Tulip, Gene Tunny) — Fri, 22 Jul 2022 18:55:00 +0000

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/2022/04/11/the-high-cost-of-housing-and-what-to-do-about-it-w-peter-tulip-cis-ep134/

Australian Treasurer’s 20 July 2022 announcement of RBA review:

https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/review-reserve-bank

Peter’s CIS paper on the RBA:

https://www.cis.org.au/publication/structural-reform-of-the-reserve-bank-of-australia/

Kevin Warsh’s review of the Bank of England Monetary Policy Committee:

https://www.hoover.org/sites/default/files/transparency_and_the_bank_of_englands_monetary_policy_committee.pdf

This is the 2010 Statement on the Conduct of Monetary Policy that Peter refers to at the end of the episode:

https://www.rba.gov.au/monetary-policy/framework/stmt-conduct-mp-5-30092010.html

This is the most recent statement:

https://www.rba.gov.au/monetary-policy/framework/stmt-conduct-mp-7-2016-09-19.html

Credits

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Aussie Conference of Economists wrap-up w/ Leonora Risse & Cameron Murray - EP148

gene.tunny@gmail.com (Cameron Murray, Leonora Risse, Gene Tunny) — Fri, 15 Jul 2022 14:00:00 +0000

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 the WEN National Chair. Leonora earned her PhD in Economics from the University of Queensland, and previously served as a Senior Research Economist for the Australian Government Productivity Commission. She is currently appointed as a Senior Lecturer in Economics at RMIT University in Melbourne, Australia. Her Twitter handle is @leonora_risse.

Dr Cameron Murray is Post-Doctoral Research Fellow in the Henry Halloran Trust at The University of Sydney. Cameron has taught a number of courses including UQ's MBA economics course, macroeconomics, globalisation and economic development, and managerial economics.He writes for MacroBusiness, IDEA economics and Evonomics. Cameron has a PhD from the University of Queensland on the economics of corruption. He hosts the podcast Fresh Economic Thinking and his Twitter handle is ‎@DrCameronMurray.

Links relevant to the conversation

Leonora’s paper (co-authored with Angela Jackson) on a gender lens on COVID-19 economic impacts:

https://research.curtin.edu.au/businesslaw/wp-content/uploads/sites/5/2021/10/AJLE242risse.pdf

Cameron’s Fresh Economic Thinking substack:

https://fresheconomicthinking.substack.com/

Re. Cameron’s idea of looking to Singapore to solve Australia’s housing affordability crisis:

https://www.abc.net.au/news/2022-02-06/could-australia-learn-from-singapore-to-make-housing-affordable/100801082

Long abstract for Nicole Kagan’s Not So Super paper:

https://az659834.vo.msecnd.net/eventsairseasiaprod/production-leishman-public/6d771a2b34594388a5f61afdb368258c

Long abstract for Gene’s paper on the Queensland Titles Registry:

https://az659834.vo.msecnd.net/eventsairseasiaprod/production-leishman-public/2e33ed5868d340fc80cdd348b3036fd4

Long abstract for Cameron’s paper on housing supply:

https://az659834.vo.msecnd.net/eventsairseasiaprod/production-leishman-public/56bff701d624428497fb49964ff56f59

Credits

Thanks to this episode's guests Leonora and Cameron for the great conversations, and to the show’s audio engineer Josh Crotts for his assistance in producing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Charter Cities: A Public-Private Partnership (PPP) model w/ Kurtis Lockhart - EP147

gene.tunny@gmail.com (Kurtis Lockhart, Gene Tunny) — Fri, 8 Jul 2022 14:00:00 +0000

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 Centre (IGC), for Warc Africa (both in Sierra Leone), and for the ELIMU Impact Evaluation Center in Kenya where he managed the implementation of several randomized control trials across many different sectors (health insurance, rural electrification, tax administration, and legal aid). Kurtis has also completed consulting projects with both Oxford Development Consultancy and with Warc Africa. He holds an MSc in Development Management from the London School of Economics where he graduated top of his class, as well as a BA in Economics and Development Studies (First Class Honors) from McGill University.

Find him on Twitter @kurtislockhart.

Links relevant to the conversation

The Charter Cities Institute

Podcast Archives - The Future of Development (Charter Cities Institute podcast)

Paul Romer: Why the world needs charter cities

The Charter Cities Institute on Twitter: @CCIdotCity

Credits

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller - EP146

gene.tunny@gmail.com (Greta Nabbs-Keller, Gene Tunny) — Fri, 1 Jul 2022 14:00:00 +0000

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 consulting, research, and international development roles. She contributes regularly to media and think-tank analysis on regional strategic, political and foreign policy issues, and engages with policy communities through submissions, dialogues, conferences and executive educations programs. Greta’s broader research interests include Indonesian civil-military relations, Indonesia-China relations, politico-security developments in Southeast Asia, and Australia’s regional foreign policy. Greta is an Executive Council member of the Australian Institute of International Affairs (AIIA) Queensland and Adjunct Research Affiliate at Griffith Asia Institute.

Links relevant to the conversation

Greta’s articles at the Lowy Institute Interpreter:

https://www.lowyinstitute.org/the-interpreter/contributors/articles/greta-nabbs-keller

Greta’s articles at ASPI’s the Strategist:

https://www.aspistrategist.org.au/author/greta-nabbs-keller/

Greta’s conversation article on Australia’s relationship with South East Asia:

https://theconversation.com/how-well-has-the-morrison-government-handled-relations-with-southeast-asia-181958

Background reading on China and Taiwan:

https://www.cfr.org/blog/what-xi-jinpings-major-speech-means-taiwan

https://www.brookings.edu/on-the-record/understanding-beijings-motives-regarding-taiwan-and-americas-role/

Credits

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

ESG: useful concept or greenwashing? w/ Rachel Baird & Stephen Howell, Effective Governance - EP145

gene.tunny@gmail.com (Gene Tunny, Rachel Baird, Stephen Howell) — Fri, 24 Jun 2022 15:37:59 +0000

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

Stephen Howell - Director - Effective Governance - Part of the HopgoodGanim Advisory Group | LinkedIn

Origins and Consequences of the ESG Moniker (paper mentioned by Rachel in the episode)

Who Cares Wins 2005 Conference Report: Investing for Long-Term Value

Tim Paine scandal a mess of Cricket Australia's making — and it will get worse - ABC News

How ESG investing came to a reckoning | Financial Times

Effective Governance

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode, to HopgoodGanim for providing a room to record in, and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.

Advertising & surveillance capitalism w/ John August - EP144

gene.tunny@gmail.com (Gene Tunny, John August) — Fri, 17 Jun 2022 20:04:51 +0000

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 of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.

Links relevant to the conversation

Kyle Bagwell’s superb monograph on the economics of advertising:

https://academiccommons.columbia.edu/doi/10.7916/D8TB1K1S/download

Talk on the Age of Distraction John mentions:

https://www.abc.net.au/radionational/programs/bigideas/age-of-distraction/6535850

Bureau of Meteorology Online Advertising Policy

New search engine which doesn’t serve you ads or track you:

https://neeva.com/

EconTalk episode Gene mentions:

Sridhar Ramaswamy on Google, Search, and Neeva - Econlib

• Facebook ad revenue 2009-2020 | Statista

Chicago-School-type perspective on advertising:

Drop the opposition: Advertising benefits us all

Originator of the term positional goods:

Fred Hirsch - Social Limits to Growth

Thorsten Veblen’s classic of economics:

The Theory of the Leisure Class - Wikipedia

Episode 22 of the show on hipster antitrust:

Antitrust & “Hipster Trustbusters” with Danielle Wood from Grattan (NB The show name has been change since then to avoid a clash with a popular YouTube channel)

Episode 21 of the show on surveillance capitalism:

Surveillance Capitalism with Darren Brady Nelson

Deloitte report for advertising industry body mentioned by Gene:

Advertising Pays | Deloitte Australia | Deloitte Access Economics, TMT, Communications

Hotelling’s paradox (or law) mentioned by John:

Hotelling's law - Wikipedia
“Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's linear city model.”

Links re. permission marketing:

https://www.akimbo.com/

https://seths.blog/2008/01/permission-mark/

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Stagflation: be alert, not alarmed - EP143

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza Bocangel) — Fri, 10 Jun 2022 21:32:00 +0000

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 market disruptions, growth and inflation (BIS Bulletin 54)

Robert Heller’s paper on International Reserves and Global Inflation (from p. 28)

Stagflation Risk Rises Amid Sharp Slowdown in Growth (World Bank report)

Stagflation danger prompts World Bank to cut growth outlook (Washington Post article)

EP59 on the Natural Rate of Unemployment (re. Milton Friedman’s AEA presidential address)

Friedman's presidential address

NB Australia’s wage price index increased 2.4% through the year to March 2022 (see Wage Price Index, Australia, March 2022 | Australian Bureau of Statistics)

Chart of the Week - The real price of crude oil - Callum Thomas

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Is a US recession imminent? w/ Michael Knox, Chief Economist, Morgans Financial - EP142

gene.tunny@gmail.com (Gene Tunny, Michael Knox) — Fri, 3 Jun 2022 14:00:00 +0000

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 Queensland Government advisory committees. He was Chairman of the Queensland Food Industry Strategy Committee in 1992, a Member of the Consultative Committee of the Ipswich Development Board in 1993, a Member of the Queensland Tourism Strategy Committee in 1994 and a Member of the Ministerial Advisory Committee on Economic Development in 1997.

From 2003 to 2012, he was Chairman of the Advisory Committee of School of Economics and Finance at the Queensland University of Technology. He has been a Governor of the American Chamber of Commerce from 1997 to 2007.

In 2008, Michael joined the Board of The City of Brisbane Investment Corporation Pty Ltd. Michael remained on the Board until 2016. Michael was the President of the Economic Society of Australia (Qld) Inc from 2009 to 2013.

Links relevant to the conversation

Robert Heller’s paper on International Reserves and Global Inflation (from p. 28)

Is the US heading for recession? | Michael Knox, Morgans Chief Economist

How to see a US Recession??? | Michael Knox, Morgans Chief Economist

How Budget Deficits Caused US Inflation: Michael Knox, Morgans Chief Economist

Michael Knox's note: Watch the RBA copy the FED

Michael Knox's note: Is the US heading for recession

Michael Knox's note: How the budget deficits caused US inflation

Michael Knox's note: Will the commodities boom ever rest

Where you can find the indicators Michael mentions:

FRED

Chicago Fed National Activity Index (CFNAI)

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

How I became an economist + advice for aspiring economists w/ show host Gene Tunny - EP141

gene.tunny@gmail.com (Gene Tunny, Francisco Garcia) — Fri, 27 May 2022 14:00:00 +0000

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.

Economic development through savings and credit groups w/ World Neighbors CEO Kate Schecter - EP140

gene.tunny@gmail.com (Kate Schecter, Gene Tunny) — Fri, 20 May 2022 14:00:00 +0000

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 Ukraine and numerous pilot sites in Russia and Central Asia.

Through her work with over 35 partnerships addressing primary healthcare, chronic disease management, hospital management, maternal/child health, Tuberculosis, blood safety and HIV/AIDS, she has extensive experience successfully implementing AIHA’s health partnership model.

Before joining AIHA, Dr. Schecter worked as a consultant for the World Bank for three years (1997-2000), specializing in healthcare reform and child welfare issues in Eurasia and CEE. She taught political science at Tel Aviv University in Israel for a year (1992) and at the University of Michigan in Ann Arbor for four years (1993-1997).

She has written extensively about the Soviet socialized healthcare system and was a principal investigator for the Carnegie Corporation’s Russia Initiative where she researched the issue of social cohesion in Russia. She is the co-editor and co-author of Social Capital and Social Cohesion in Post-Soviet Russia (M.E. Sharpe, 2003), author of a chapter in Russia’s Torn Safety Nets: Health and Social Welfare in Post-Communist Russia (St. Martin’s Press, 2000), and an entry on Chernobyl for Scribner’s Encyclopedia of Europe 1914-2004, (2006). She also has made three documentary films for PBS about the Former Soviet Union. Dr. Schecter holds a Ph.D in political science from Columbia University in New York and an M.A. in Soviet studies from Harvard University.

Links relevant to the conversation

A New Paradigm for Microfinance: Savings and Credit

COVID-19 and the Global Food Supply: Big Lessons from the World's Small Farms

Videos - World Neighbors

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

The Go Woke, Go Broke hypothesis w/ Darren Brady Nelson - EP139

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Fri, 13 May 2022 14:00:00 +0000

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. Nelson also earned a master’s degree in commerce (magna cum laude) from the University of New South Wales, where he majored in business law.

This is Darren’s tenth appearance on Economics Explored. Links to his previous appearances are available on the Regular guests – Economics Explored page.

Links relevant to the conversation

Gillette faces backlash and boycott over '#MeToo advert'

When brands go woke, do they go broke? | CIM Exchange

'Go woke go broke': New survey find most Brits dislike businesses preaching about 'social issues' | Sky News Australia

Go Woke, Go Broke | Frontier Centre For Public Policy

Disney Drops Gina Carano From The Mandalorian After Controversial Social Media Post

ESG and Financial Performance - NYU Stern

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

The Pirate Party’s economic policy platform w/ John August - EP138

gene.tunny@gmail.com (Gene Tunny, John August) — Fri, 6 May 2022 14:18:56 +0000

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

Links relevant to the conversation

https://pirateparty.org.au/

https://www.fusionparty.org.au/

Land Value Uplift from Light Rail by Cameron Murray

On the persistence of the China shock by David Autor, David Dorn, and Gordon Hanson

Termites in the Trading System by Jagdish Bhagwati

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

UBI advocate Michael Haines on its benefits and costs - EP137

gene.tunny@gmail.com (Gene Tunny, Michael Haines) — Fri, 29 Apr 2022 21:34:21 +0000

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 Better: Welfare, A Job Guarantee, Or A Universal Basic Income? | By Michael Andrew Haines. | Apr, 2022

UBI: Universal Basic Income w/ Ben Phillips, ANU – EP126 – Economics Explored

Poverty In Australia 2018

Basic Income Australia (overview of UBI policy Michael is proposing)

Money creation in the modern economy | Bank of England

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Wider economic benefits of infrastructure projects - EP136

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza Bocangel) — Fri, 22 Apr 2022 14:00:00 +0000

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 Transport Corridors : Evidence from International Development Organizations - World Bank paper using night time lights data

Clarification

In the episode Gene didn’t get the title of Jane Jacobs’s famous book on cities right. The correct title is The Death and Life of Great American Cities.

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Nominal GDP targeting w/ Stephen Kirchner - EP135

gene.tunny@gmail.com (Gene Tunny, Stephen Kirchner) — Fri, 15 Apr 2022 14:00:00 +0000

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 fellow at the Centre for Independent Studies, a senior lecturer in economics at the University of Technology Sydney Business School and an economist with Standard & Poor’s Institutional Market Services based in both Sydney and Singapore. He has also worked as an advisor to members of the Australian House of Representatives and Senate.

He has published in leading academic and think-tank journals, including Public Choice, The Australian Economic Review, Australian Journal of Political Science and The Cato Journal.

His op-eds have appeared in publications including The Wall Street Journal, Straits Times, Businessweek, The Australian Financial Review, The Australian, and Sydney Morning Herald.

Stephen holds a BA (Hons) from the Australian National University, where he was awarded the L. F. Crisp Prize for Political Science, a Master of Economics (Hons) from Macquarie University, and a PhD in Economics from the University of New South Wales.

Stephen posts regularly on his substack:

https://stephenkirchner.substack.com/

Links relevant to the conversation

Stephen’s papers on nominal GDP targeting:

Reforming Australian Monetary Policy: How Nominal Income Targeting Can Help Get the Reserve Bank Back on Track

The RBA’s pandemic response and the New Keynesian trap

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 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.

The high cost of housing and what to do about it w/ Peter Tulip, CIS Chief Economist - EP134

gene.tunny@gmail.com (Gene Tunny, Peter Tulip) — Fri, 8 Apr 2022 14:00:00 +0000

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

Links relevant to the conversation

Inquiry into housing affordability and supply in Australia

CIS Submission to the Inquiry into Housing Affordability and Supply in Australia

Gene’s article Untangling the Debate over Negative Gearing

Missing Middle Housing podcast chat with Natalie Rayment of Wolter Consulting

A Model of the Australian Housing Market by Trent Saunders and Peter Tulip

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Investing for success w/ Paul Mladjenovic, author of Stock Investing for Dummies - EP133

gene.tunny@gmail.com (Gene Tunny, Paul Mladjenovic) — Fri, 1 Apr 2022 21:22:40 +0000

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 https://www.ravingcapitalist.com/.

Links relevant to the conversation

Some of Paul’s books mentioned this episode:

Stock Investing For Dummies

Investing in Gold & Silver For Dummies

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

The virtues of the free market w/ David Bahnsen - EP132

gene.tunny@gmail.com (Gene Tunny, David Bahnsen) — Fri, 25 Mar 2022 14:00:00 +0000

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 conversation

David Bahnsen’s books:

There’s No Free Lunch: 250 Economic Truths

Elizabeth Warren: How Her Presidency Would Destroy the Middle Class and the American Dream

The Case for Dividend Growth: Investing in a Post-Crisis World

Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It

David’s podcasts:

Capital Record

The Dividend Cafe

Radio Free California

Concorde’s economic lessons: a closer look - EP131

gene.tunny@gmail.com (Gene Tunny, Arturo Espinoza Bocangel) — Fri, 18 Mar 2022 20:09:59 +0000

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-benefit analysis of the Concorde mentioned in the episode:

http://www.bath.ac.uk/e-journals/jtep/pdf/Volume_V1_No_3_225-239.pdf

Other websites consulted:

https://daily.jstor.org/the-rise-and-fall-of-the-supersonic-concorde/

https://www.businessinsider.com/concorde-supersonic-jet-history-2018-10?r=AU&IR=T

https://theadaptivemarketer.com/2012/01/14/a-pricing-lesson-from-the-concorde/

https://www.heritageconcorde.com/who-built-concorde

https://www.historyhit.com/facts-about-concorde/

https://science.howstuffworks.com/transport/flight/modern/concorde2.htm

https://en.wikipedia.org/wiki/Concorde

https://ultimateclassicrock.com/phil-collins-live-aid/

https://www.cntraveler.com/story/celebrity-passengers-and-caviar-at-55000-feet-what-it-was-like-to-fly-concorde-in-the-70s

https://www.economist.com/1843/2018/09/03/when-concorde-was-the-future

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Thriving w/ Wayne Visser, Cambridge & Antwerp sustainable business expert - EP130

gene.tunny@gmail.com (Gene Tunny, Wayne Visser) — Fri, 11 Mar 2022 19:49:46 +0000

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 Antwerp Management School, where he holds the world’s first academic chair in sustainable transformation. He is also a director of the think tank and media company Kaleidoscope Futures Lab and founder of CSR International. Previous roles include director of sustainability services for KPMG and strategy analyst for Capgemini in South Africa.

Follow Wayne on Twitter: @WayneVisser

Links relevant to the conversation

Thriving: The Breakthrough Movement to Regenerate Nature, Society, and the Economy

DNA Spray-On Technology Could Revolutionize Food Traceability

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Top 10 insights from economics - EP129

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Fri, 4 Mar 2022 19:16:12 +0000

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.

Risk, Cost-benefit analysis, and the Enlightenment w/ Prof. Deb Brown - EP128

gene.tunny@gmail.com (Gene Tunny, Tim Hughes, Deb Brown) — Fri, 25 Feb 2022 14:00:00 +0000

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 assessment and to maximise outcomes for students, particularly those from disadvantaged backgrounds. Deb has established a professional development program for educators, booster courses for school and university students and research collaborations with a diverse range of researchers from the broader UQ community.

Deb has a Bachelor of Arts from the University of Queensland and a Master of Arts and PHD from the University of Toronto.

Links relevant to the conversation

Truth (or the lack of it) in politics and how to think critically with help from Descartes – EP123

Abbreviations

QALY Quality-Adjusted Life Year

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

US Inflation, Woke Capitalism & China w/ Darren Brady Nelson + weird Aussie tax rules - EP127

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson, Brendan Coates) — Fri, 18 Feb 2022 14:58:42 +0000

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 guests – Economics Explored.

Brendan Coates is the Economic Policy Program Director at Grattan Institute, where he leads Grattan’s work on tax and transfer system reform, retirement incomes and superannuation, housing, macroeconomics, and migration. He is a former macro-financial economist with the World Bank in Indonesia and consulted to the Bank in Latin America. Prior to that, he worked in the Australian Treasury in areas such as tax-transfer system reform and macro-economic forecasting, with a strong focus on the Chinese economy.

Links relevant to the conversation

Americans Return to Work as Biden Administration Work Disincentives Expire, but Jobs Remain Over 7 million Below Trend | Latest | America First Policy Institute (article referring to inflation tax of $855/year for an American family associated with a 7% yearly inflation rate)

Summers stumbles – John Quiggin

Woke Capitalism Is a Monopoly Game | Mises Wire

Joe Biden appears to insult Fox News reporter over inflation question

The implications of removing refundable franking credits - Grattan Institute

Charts

US CPI inflation rate, through-the-year

US Producer Prices inflation rate, through-the-year

US inflation expectations - University of Michigan estimates

Clarifications

“Average hourly earnings for all employees on US private nonfarm payrolls increased by 5.7% year-on-year in January of 2022” (see United States Average Hourly Earnings YoY - January 2022 Data - 2007-2021 Historical) This compares with inflation running at 7.5% through-the-year.

Amazon hikes average US starting pay to $18, hires for 125,000 jobs | Reuters

Abbreviations

CPI Consumer Price Index

PPI Producer Price Index

Credits

Thanks to Darren and Brendan for great insights and conversation, and to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

UBI: Universal Basic Income w/ Ben Phillips, ANU - EP126

gene.tunny@gmail.com (Gene Tunny, Ben Phillips) — Fri, 11 Feb 2022 14:00:00 +0000

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 a senior economist and the Bureau of Tourism Research as an economic forecaster. Ben has a first class honours degree in economics and is undertaking a PhD through the Crawford School of Public Policy focusing on the tax and transfer system.

Links relevant to the conversation

EP112 – Taxing the rich: Billionaire and inheritance taxes with Miranda Stewart

Ben’s co-authored 2019 paper: A basic income for Australia? Exploring rationale, design, distribution and cost

Economist article Gene quotes from: Might the pandemic pave the way for a universal basic income?

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 us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored.

Price controls to fight inflation a bad idea + infrastructure lessons from POTUS 21 Chester Arthur w/ Larry Reed - EP125

gene.tunny@gmail.com (Gene Tunny, Larry Reed) — Fri, 4 Feb 2022 14:45:44 +0000

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 1982 to 1984.

In May 2019, he retired to the role of President Emeritus at FEE and assumed the titles of Humphreys Family Senior Fellow, and Ron Manners Global Ambassador for Liberty.

He holds a B.A. in economics from Grove City College (1975) and an M.A. degree in history from Slippery Rock State University (1978), both in Pennsylvania. He holds two honorary doctorates, one from Central Michigan University (public administration, 1993) and Northwood University (laws, 2008).

Reed has authored nearly 2,000 columns and articles in newspapers, magazines and journals in the United States and abroad. His writings have appeared in The Wall Street Journal, The Washington Examiner, Christian Science Monitor, Intellectual Takeout, USA Today, Baltimore Sun, The Epoch Times, Detroit News and Detroit Free Press, among many others. He has authored or coauthored eight books, the most recent being Was Jesus a Socialist? (a major expansion in 2020 of an earlier essay) and Real Heroes: Inspiring True Stories of Courage, Character and Conviction. Additionally, he co-authored and edited five e-Books. See the “Books” section of this web site for more info. He is frequently interviewed on radio talk shows and has appeared as a guest on numerous television programs.

Links relevant to the conversation

Larry’s article “Price controls: killing the messenger”:

https://elamerican.com/price-controls-killing-the-messenger/

Larry’s article “Why I wish we could put Chester Arthur and Joe Biden in a room together to talk infrastructure spending”:

https://fee.org/articles/why-i-wish-we-could-put-chester-arthur-and-joe-biden-in-a-room-together-to-talk-infrastructure-spending/

Larry’s article “The World’s Oldest Republic Reveals the Secret to Peace and Prosperity”:

https://fee.org/articles/the-world-s-oldest-republic-reveals-the-secret-to-peace-and-prosperity/

Larry’s article “Why the Separation of Bank and State Is so Important”:

https://fee.org/articles/why-the-separation-of-bank-and-state-is-so-important/

Leonard E. Read’s article “I, Pencil”:

https://fee.org/resources/i-pencil/

Article on “Is It Wrong for Christians to Raise Rent on Tenants? Dave Ramsey Sparks Controversy With His Answer”:

https://churchleaders.com/news/414426-is-it-wrong-for-christians-to-raise-rent-on-tenants-dave-ramsey-sparks-controversy-with-his-answer.html

The parable of the vineyard workers: https://www.bbc.co.uk/bitesize/guides/zd76rj6/revision/5

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Women in Economics w/ Dr Leonora Risse of RMIT, Melbourne - EP124

gene.tunny@gmail.com (Gene Tunny, Leonora Risse) — Fri, 28 Jan 2022 15:04:21 +0000

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

Leonora is a co-founder of the Women in Economics Network (WEN) in Australia and currently serves as the WEN National Chair. Leonora earned her PhD in Economics from the University of Queensland, and previously served as a Senior Research Economist for the Australian Government Productivity Commission. She is currently appointed as a Senior Lecturer in Economics at RMIT University in Melbourne, Australia.

Leonora’s research focuses on understanding gender differences in economic opportunities and outcomes, encompassing such issues as the gender pay gap, women’s under-representation in leadership, and the influence of societal norms. Her areas of expertise extend to labour economics, demographic economics, economic psychology, disadvantage and wellbeing.

She engages regularly with public audiences, government, industry and community groups on gender equality issues. This includes identifying evidence-based strategies to close gender gaps and applying a ‘gender lens’ to economic analysis and policy design.

Leonora was named among Apolitical’s 100 Most Influential People in Gender Policy in 2021.

Leonora’s Twitter handle: @leonora_risse

Links relevant to the conversation

Leonora’s papers:

Lifting diversity and inclusion in economics: How the Australian Women in Economics Network put the evidence into action

Economics and Gender Equality: A Lens from Within

Other material:

Reserve Bank of Australia: Women in Economics educational material

The Gender Pay Gap with Dr Leonora Risse

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Truth (or the lack of it) in politics and how to think critically with help from Descartes - EP123

gene.tunny@gmail.com (Gene Tunny, Tim Hughes, Deb Brown) — Fri, 21 Jan 2022 14:00:00 +0000

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

Deb has a Bachelor of Arts from the University of Queensland and a Master of Arts and PHD from the University of Toronto.

Links relevant to the conversation

Abbreviations Deb uses:

NAPLAN: National Assessment Program – Literacy and Numeracy
SES: Socio-economic status

The Australian ABC News article Deb was quoted in:

Is telling the truth too much to ask of our politicians?

A book Deb highly recommends:

On Bullshit by Harry G. Frankfurt

Article on the AUKUS (Australia-UK-US) nuclear submarine agreement:

https://www.ussc.edu.au/analysis/explainer-what-is-the-aukus-partnership

NPR report on Trump-Trudeau argument about the US’s trade balance with Canada:

Trump Admits To Making Up Trade Deficit In Talks With Canadian Prime Minister

Note that the claim made by President Trump was that the US was running a trade deficit with Canada, whereas the US typically has a trade surplus with Canada (i.e. typically US exports of goods and services to Canada exceed imports to the US from Canada). The White House argued that President Trump was referring to the trade balance relating to goods only and excluding services.

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Dan Mitchell on the global tax cartel and California’s economic suicide - EP122

gene.tunny@gmail.com (Gene Tunny, Dan Mitchell) — Fri, 14 Jan 2022 14:00:00 +0000

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 conversation

Relevant posts on Dan’s International Liberty blog:

https://danieljmitchell.wordpress.com/2022/01/13/yes-starve-the-beast/

https://danieljmitchell.wordpress.com/2022/01/03/the-need-for-global-tax-competition/

https://danieljmitchell.wordpress.com/2021/11/01/the-global-tax-cartel-is-a-victory-for-politicians-over-workers/

https://danieljmitchell.wordpress.com/2016/05/11/the-necessary-and-valuable-economic-role-of-tax-havens/

https://danieljmitchell.wordpress.com/2022/01/12/california-and-economic-suicide/

Other relevant material:

https://www.weforum.org/agenda/2021/11/global-minimum-tax-rate-deal-signed-countries/

https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/g20-endorses-global-minimum-tax-rate

https://www.reuters.com/business/ireland-backs-global-tax-deal-gives-up-prized-125-rate-2021-10-07/

Information on incidence of corporate taxation

In his textbook Public Finance and Public Policy (6th edition, p. 748), MIT’s Jonathan Gruber wrote:

Suarez Serrato and Zidar (2016) estimate that 35% of corporate taxes are shifted to wages, 25% is shifted to land owners (through general equilibrium effects), and 40% is borne by corporate owners.

The study Gruber cites was published in vol. 106, no. 9 of the American Economic Review:

Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

What is the Economy? And Why It Matters to You | EP121

gene.tunny@gmail.com (Gene Tunny, Beth Leslie, Joe Richards) — Fri, 7 Jan 2022 14:00:00 +0000

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, to local schools and the UK government.

Links relevant to the conversation

Where you can purchase What is the Economy? And Why it Matters to You:

US https://www.bloomsbury.com/us/what-is-the-economy-9781786995605/

UK https://www.bloomsbury.com/uk/what-is-the-economy-9781786995605/

Australia https://www.booktopia.com.au/what-is-the-economy--beth-leslie/book/9781786995605.html

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

120: Inflation, Covid, China & Crypto - looking back on 2021 and forward to 2022

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Fri, 31 Dec 2021 14:00:00 +0000

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’ economy, and why you might actually enjoy it

EP115 – The Opioid Crisis and the War on Drugs

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

What Tony Makin taught us about macroeconomics with ex-Ambassador to OECD, Alex Robson

gene.tunny@gmail.com (Tony Makin, Alex Robson) — Thu, 23 Dec 2021 14:00:00 +0000

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 conversation

Celebrating the Life of Anthony John Makin

Gene’s Economic Explored conversation with Tony: A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode

Tony’s critique of the 2008-09 Australian Government fiscal stimulus: Did Australia’s Fiscal Stimulus Counter Recession?: Evidence from the National Accounts

Tony’s paper for the Minerals Council of Australia which prompted a critical response from the Australian Treasury: Australia’s Competitiveness: Reversing the Slide

Australian Treasury’s 2014 Response to Professor Tony Makin’s Minerals Council of Australia Monograph – ‘Australia’s Competitiveness: Reversing the Slide’

Tony’s 2016 paper prepared for the Treasury reiterating the arguments he previously made about the ineffectiveness of fiscal stimulus: The Effectiveness of Federal Fiscal Policy: A Review

Alex’s papers with Tony (NB full articles behind paywalls): Missing money found causing Australia's inflation, The Welfare Costs of Capital Immobility and Capital Controls

Gene’s paper with Tony: The MMT Hoax

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

EP118: The Skyscraper Curse and Austrian Economics with Mark Thornton, Mises Institute

gene.tunny@gmail.com (Gene Tunny, Mark Thornton) — Fri, 17 Dec 2021 14:00:00 +0000

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 Journal of Libertarian Studies and several other academic journals. He has served as a member of the graduate faculties of Auburn University and Columbus State University. He has also taught economics at Auburn University at Montgomery and Trinity University in Texas. Mark served as Assistant Superintendent of Banking and economic adviser to Governor Fob James of Alabama (1997-1999), and he was awarded the University Research Award at Columbus State University in 2002. He is a graduate of St. Bonaventure University and received his PhD in economics from Auburn University. In 2014, he debated in opposition to the "War on Drugs" at Oxford Union.

Links relevant to the conversation

https://mises.org/

Mark Thornton’s book The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century

Cantillon’s Essay on Economic Theory edited by Mark Thornton

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

COP26 Glasgow Climate Change Summit: Success or Failure?

gene.tunny@gmail.com (Gene Tunny, Scott Hook) — Fri, 10 Dec 2021 14:00:00 +0000

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 improving access to, and management of, climate change and disaster risk finance for Pacific island countries. He has supported Pacific Island Delegations in the Finance discussions of the UNFCCC Conference of the Parties negotiations as a technical adviser, coordinator and negotiator.

He has experience with working with a range of partners and their modalities of engagement, such as. the Green Climate Fund (Forum Secretariat is a Readiness Partner and organising the 2015 and 2016 Pacific Roundtable Meetings), European Development Fund (design and governance for a €29 million energy programme), and a US$10 million regional programme of the Climate Investment Fund through the development of the Pacific component of the Strategic Program for Climate Resilience. He has worked closely with a wide range of partners including the Pacific Community, SPREP, DFAT, EU, NZAID, the ADB and World Bank.

Links relevant to the conversation

New Zealand commits millions to climate relocation fund for Fiji

World’s First –Ever Relocation Trust Fund for People Displaced by Climate Change Launched by Fijian Prime Minister

Pacific Adaptation for Climate Change (PACC) Project

Previous Economics Explored episodes on COP26:

EP108 – COP26 climate change summit with Tony Wood, Grattan Institute

EP110 – COP26 Dissenting Voices Part 1: Dr Alan Moran

EP111 – Australian Senator Matt Canavan – COP26 Dissenting Voices Part 2

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

The Great Resignation

gene.tunny@gmail.com (Gene Tunny, Louise Gibson, Anthony Bersz) — Fri, 3 Dec 2021 14:00:00 +0000

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 Brisbane, Anthony continued his career within the same global brand supporting IT companies and professionals with their recruitment and career needs. After listening to the candidate and client frustrations of working with a large global agency, Anthony decided to create Remedy Resourcing to provide a more tailored and flexible approach.

Email anthony@remedyresourcing.com

Louise Gibson is Director of Remedy Legal. Louise’s recruitment career began in 2001 (whilst living in the United Kingdom) and for the next several years, she recruited for one of the largest recruitment agencies in the world, before obtaining a Directorship in the North West’s leading taxation and legal search and selection firms. During this decade, Louise sourced both tax accountants and tax lawyers for Big 4 Accounting, magic circle law firms and other private practice and FTSE 100 companies.

Louise moved to Brisbane in 2012 and returned to the same international agency for several years where she took responsibility for managing the legal, professional services and finance team for their Brisbane office. It was here in 2015 that she was awarded the Queensland state record for the highest fees billed in a single period since records began. At the end of 2015, Louise joined Remedy to head up and develop the Legal recruitment arm of the business.

Email louise@remedyresourcing.com

Links relevant to the conversation

Great Resignation charts Gene refers to in conversation

Who Is Driving the Great Resignation? HBR article

Top reasons for quitting jobs in the Great Resignation: health fears, burnout, and bad managers Washington Post article

The Great Resignation Is Accelerating Atlantic Monthly article

Australia's 'great resignation' is a myth — we are changing jobs less than ever before article by Mark Wooden showing Great Resignation hasn’t come to Australia yet

Escape to the country: how Covid is driving an exodus from Britain’s cities (September 2020 Guardian article)

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

The Opioid Crisis and the War on Drugs with Dr Jeffrey Singer

gene.tunny@gmail.com (Gene Tunny, Jeffrey Singer) — Fri, 26 Nov 2021 14:00:00 +0000

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 Leadership at Arizona State University from 2014 to 2018 and is an adjunct instructor in the Program on Political History and Leadership at ASU. He writes and speaks extensively on regional and national public policy, with a specific focus on the areas of health care policy and the harmful effects of drug prohibition.

He received his BA from Brooklyn College (City University of New York) and his MD from New York Medical College. He is a fellow of the American College of Surgeons.

Jeff is @dr4liberty on Twitter.

Links relevant to the conversation

The North Carolina study:

https://pubmed.ncbi.nlm.nih.gov/26333030/

The Harvard/Johns Hopkins study on misuse rates in opioid naive post-surgical patients:

https://www.bmj.com/content/360/bmj.j5790

The Cicero study on the rise of heroin as the "gateway" drug:

https://pubmed.ncbi.nlm.nih.gov/28582659/

Jeff’s report in the Journal of Pain Research:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6369835/

Jeff’s Quadrant article on e-cigarettes:

https://quadrant.org.au/opinion/public-health/2021/10/whose-lungs-are-they-anyway/

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Tax rules benefiting tech titans and hedge fund managers in the US

gene.tunny@gmail.com (Gene Tunny, Steve Rosenthal) — Fri, 19 Nov 2021 14:00:00 +0000

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 areas. He is the former chair of the Taxation Section of the District of Columbia Bar Association.

Rosenthal holds an AB and JD from the University of California, Berkeley, and an MPP from Harvard University.

Links relevant to the conversation

Tax Fairness: President Donald Trump, a Case Study (Steve’s testimony before the U.S. House Ways and Means Oversight Subcommittee)

Buy, borrow, die: How rich Americans live off their paper wealth (WSJ article)

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.

Lithium and the new energy revolution with Lukasz Bednarski

gene.tunny@gmail.com (Gene Tunny, Lukasz Bednarski) — Fri, 12 Nov 2021 14:00:00 +0000

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 to the conversation

Lithium: The Global Race for Battery Dominance and the New Energy Revolution by Lukasz Bednarski

Amazon page for Lukasz’s book

How Tesla’s Battery Mastermind Is Tackling EV's Biggest Problem

Are aviation biofuels ready for take off?

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 us at contact@economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Taxing the rich - Billionaire and inheritance taxes

gene.tunny@gmail.com (Gene Tunny, Miranda Stewart) — Fri, 5 Nov 2021 14:00:00 +0000

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 inheritance tax)

The coming boom in inherited wealth by John Quiggin

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:

https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/

Aussie Senator Matt Canavan - COP26 Dissenting Voices Part 2

gene.tunny@gmail.com (Gene Tunny, Matt Canavan) — Wed, 27 Oct 2021 03:40:13 +0000

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.

Links relevant to the conversation

FLASHBACK: Queensland’s hydrogen-powered car | 7NEWS

Global Coal Plant Tracker

EP110 - COP26 Dissenting Voices Part 1 - Dr Alan Moran

EP108 – COP26 climate change summit with Tony Wood, Grattan Institute

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile.

COP26 Dissenting Voices Part 1 - Dr Alan Moran

gene.tunny@gmail.com (Gene Tunny, Alan Moran) — Fri, 22 Oct 2021 14:00:00 +0000

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 degrees from the University of Salford and the London School of Economics.

Links relevant to the conversation

Beware a blind charge to net-zero emissions | The Spectator Australia

Australia’s Obscene Green Subsidy Machine – Quadrant Online

The Business Council of Australia’s green schizophrenia | The Spectator Australia

Bruce Mountain article The verdict is in: renewables reduce energy prices (yes, even in South Australia)

Australia’s Renewable Energy Target (RET)

EP108 – COP26 climate change summit with Tony Wood, Grattan Institute

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile.

Philosophy and Truth

gene.tunny@gmail.com (John Atkins, Tim Hughes, Gene Tunny) — Fri, 15 Oct 2021 14:00:00 +0000

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, at the University of Queensland. His research interests include Wittgenstein, Quietism, and Institutional Integrity. He has a PhD from the University of Queensland.

Links relevant to the conversation

EP101 – How do we know what’s true or why trust science?

Ray Dalio says going broke in 1982 was the ‘best thing that ever happened’ to him

Helgoland by Carlo Rovelli (book on Heisenberg Uncertainty Principle and Quantum Physics mentioned by Gene)

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:

https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/

COP26 climate change summit with Tony Wood, Grattan Institute

gene.tunny@gmail.com (Ben Scott, Gene Tunny, Tony Wood) — Fri, 8 Oct 2021 14:00:00 +0000

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 January 2018, Tony was awarded a Member of the Order of Australia in recognition of his significant service to conservation and the environment, particularly in the areas of energy policy, climate change and sustainability. In October 2019, Tony was elected as a Fellow to the Australian Academy of Technology and Engineering.

Links relevant to the conversation

Australia’s emissions strategy should be a countdown to zero

EP99 - Carbon border taxes

EP92 – Nuclear energy and decarbonizing economies

EP86 – Decarbonizing the Economy

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:

https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/

Gender differences in negotiation and policy for improvement

gene.tunny@gmail.com (Maria Recalde, Gene Tunny) — Fri, 1 Oct 2021 14:00:00 +0000

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 employers

Links mentioned in Gene’s introduction relating to EP106

At an Overrun ICU, ‘the Problem Is We Are Running Out of Hallways’

Heartbreaking plea from ICU nurse: 'Bodies are piling up'

Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:

https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/

COVID lockdowns and vaccine mandates with Dr Gilbert Berdine

gene.tunny@gmail.com (Gene Tunny, Gilbert Berdine) — Fri, 24 Sep 2021 14:00:00 +0000

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 University of Texas Health Sciences Center in San Antonio from 1983-1989. He was in the private practice of medicine from 1989-2009 when he returned to academia as a faculty member of TTUHSC.

Dr. Berdine’s current teaching activities include lecturer for the respiratory blocks in the 1st year Major Organ Systems course and the 2nd year Systems Disorders 1 course. His clinical duties include staff attending physician for the inpatient Pulmonary Consult Service, inpatient Internal Medicine Floor Service, and the outpatient Pulmonary Fellow Clinic. He also sees patients in the Pulmonary Clinic for Texas Tech Physicians.

Dr. Berdine’s research interests include the application of Austrian Economics to health care delivery and consumption. Dr. Berdine has published articles on these topics in peer reviewed journals and is a contributor to the Mises Daily Wire and the American Institute of Economic Research.

Contact: gilbert.berdine@ttuhsc.edu

Links relevant to the conversation

COVID-19 Vaccines and the Delta Variant – AIER article by Gilbert Berdine MD

Lockdowns of Young People Lead to More Deaths from Covid-19 – AIER article by Gilbert Berdine MD

Covid Misclassification: What Do the Data Suggest? – AIER article by Gilbert Berdine MD

Sometimes hesitancy is justified by Gilbert Berdine MD

Vaping Laws and the Treachery of Good Intentions by Gilbert Berdine MD

EP100 – Incentivizing Vaccinations or Cash for Jabs

Correspondence from Dr Berdine on COVID mortality rates

Following the recording, Dr Berdine provided the following clarification regarding COVID-19 mortality in the USA to show host Gene Tunny:

...the mortality rate has a range of over 1000:1 depending on your age. The average mortality is heavily determined by the number of people over age 80 in the population.

Based on latest census data and current CDC figures for COVID deaths

https://www.census.gov/data/tables/2019/demo/age-and-sex/2019-age-sex-composition.html

https://data.cdc.gov/NCHS/Provisional-COVID-19-Deaths-by-Sex-and-Age/9bhg-hcku

Mortality expressed as 1/mortality :

Age: Mortality

Under 5: 124,126

5 to 14: 283,027

15 to 24: 32,461

25 to 34: 7,850

35 to 44: 2,845

45 to 54: 1,087

55 to 64: 475

65 to 74: 213

75 to 84: 87

85 +: 31

Cumulative Age

Under 5: 124,126

Under 15: 199,917

Under 25: 64,258

Under 35: 20,120

Under 45: 8,681

Under 55: 3,880

So, for 35 and younger, the cumulative mortality including the overcounting is less than 1/10,000. If one looks at annual mortality, the figure for Under 45 including overcounting is likely less than 1/10,000. If one adjusts modestly for overcounting, the figure for Under 55 is likely less than 1/10,000.

Why bad social norms such as FGM can persist

gene.tunny@gmail.com (Gene Tunny, David Smerdon) — Fri, 17 Sep 2021 19:58:15 +0000

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 from economics, David is also a chess Grandmaster and has represented Australia at seven chess Olympiads.

Links relevant to the conversation

‘Everybody’s doing it’: On the persistence of bad social norms (journal article co-authored by Dr David Smerdon, which contains details of the experiment he ran)

The economic impact of female genital mutilation (an article by David on his FGM research project)

The Institutional Revolution: Measurement and the Economic Emergence of the Modern World by Douglas W. Allen

Victimless Crimes with Marc J. Victor

gene.tunny@gmail.com (Marc Victor, Gene Tunny) — Fri, 10 Sep 2021 14:00:00 +0000

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 spoken on the Live and Let Live Principle, the foundation upon which he has established The World’s Only Real Peace Movement (www.liveandletlive.org).

Marc has been quoted locally, nationally and internationally on radio, television, in print and in person as a legal commentator and expert on many local and national cases.  He was an expert legal commentator for local NBC 12 News for the Jodi Arias case. Marc and firm partner Andrew Marcantel host The Peace Radicals Podcast with a new episode every Friday. The Peace Radicals is available on most streaming platforms including Apple Podcasts and Spotify and is also available to watch on YouTube.

Links relevant to the conversation

Economics Explored episode 19: Cannabis with Dr Stephen Thornton

Victimless Crimes Are Not Really Crimes At All - Attorney Marc J. Victor - Attorneys For Freedom - YouTube

Ending the War on Drugs: By the Numbers - Center for American Progress

Peace Radicals Episode 36 - Mask Mandates, Vaccines, Lockdowns, and The Live and Let Live Philosophy

Why Ayn Rand's concept of self-esteem is unreasonable with Dr Michael Edelstein

gene.tunny@gmail.com (Gene Tunny, Michael Edelstein) — Fri, 3 Sep 2021 14:00:00 +0000

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 - http://threeminutetherapy.com/

Michael Edelstein - Why Ayn Rand's Self Esteem is Unreasonable [Capitalism & Morality Seminar 2015] - https://www.youtube.com/watch?v=pMHFGfVnZQ0

‘Fountainhead’ a good read beneath the controversy http://brandeishoot.com/2012/01/27/fountainhead-a-good-read-beneath-the-controversy/

William F. Buckley Jr. speaks with Charlie Rose about Ayn Rand’s Atlas Shrugged -

https://youtu.be/5KmPLkiqnO8

Arrow's Impossibility Theorem

gene.tunny@gmail.com (Priscilla Man, Gene Tunny) — Fri, 27 Aug 2021 14:00:00 +0000

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.

How do we know what's true or why trust science?

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Fri, 20 Aug 2021 14:00:00 +0000

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.

Incentivizing Vaccinations - Cash for Jabs

gene.tunny@gmail.com (Isaac Katz, Gene Tunny) — Fri, 13 Aug 2021 14:00:00 +0000

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

Isaac Katz is a Director of Harding Katz Pty Ltd, a small consulting practice based in Melbourne specialising in utility regulation, energy market reform, business strategy and applied economics.

Isaac was previously a Senior Manager with Cap Gemini Ernst & Young in Melbourne from October 1997 to September 2001. He has provided economic and regulatory advice to regulators, Government and regulated businesses on a wide range of strategy and policy issues.

Prior to moving to Australia, Isaac worked as a senior economic assistant for the UK electricity regulator (now Ofgem); and as a pool price analyst for a regional electricity company. Isaac also worked as an economist for Railtrack plc, focusing on aspects of the regulatory framework prior to and immediately after privatisation.

Isaac has a Master of Arts, Economics, from Cambridge University and a Master of Science, Business Economics, from Strathclyde University.

Links related to the conversations include:

https://theconversation.com/free-beer-doughnuts-and-a-1-million-lottery-how-vaccine-incentives-and-other-behavioral-tools-are-helping-the-us-reach-herd-immunity-160591

https://www.bbc.com/news/world-us-canada-58020090

Carbon border taxes

gene.tunny@gmail.com (Ben Scott, Gene Tunny) — Fri, 6 Aug 2021 14:00:00 +0000

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

Political legitimacy with Prof. Phillip LeBel

gene.tunny@gmail.com (Phillip LeBel, Gene Tunny) — Fri, 30 Jul 2021 14:00:00 +0000

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.

BS jobs critique + CBDC thoughts from Dr Nicholas Gruen

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Sat, 24 Jul 2021 02:19:22 +0000

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 Innovation (TACSI) (ending 2016).

He was the founding chair of Kaggle which was sold to Google and is an investor in numerous other Australian and international start-ups. He was also founding chair of HealthKit (now Halaxy).

He has advised Cabinet Ministers, sat on Australia’s Productivity Commission and founded Lateral Economics and Peach Financial in 2000.

Links relevant to the conversation

Re. BS jobs:

https://queenslandeconomywatch.com/2021/07/10/people-escaping-bs-jobs-covered-in-my-latest-podcast-episode-and-going-into-business-for-themselves/#comments

https://www.griffithreview.com/articles/trust-competition-delusion-gruen/

Re: CBDCs:

https://clubtroppo.com.au/2021/05/19/central-banks-get-serious-on-digital-currencies-2/

https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp

https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy

Please send any questions, comments, or suggestions to contact@economicsexplored.com

Managing Government Budgets

gene.tunny@gmail.com (Rachel Nolan, Gene Tunny) — Fri, 16 Jul 2021 14:00:00 +0000

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 with a popular YouTube channel)

BS or pointless jobs

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Fri, 9 Jul 2021 14:00:00 +0000

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

Economics of New Media

gene.tunny@gmail.com (Gene Tunny, Matt Wong) — Fri, 2 Jul 2021 14:00:00 +0000

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@economicsexplored.com

Public Choice theory with Dr Brendan Markey-Towler

gene.tunny@gmail.com (Brendan Markey-Towler, Gene Tunny) — Fri, 25 Jun 2021 14:00:00 +0000

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

Nuclear energy and decarbonizing economies

gene.tunny@gmail.com (Gene Tunny, Ben Scott) — Fri, 18 Jun 2021 14:00:00 +0000

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.

Negotiation and Design Thinking with David Johnson of Stanford

gene.tunny@gmail.com (Gene Tunny, David Johnson) — Fri, 11 Jun 2021 14:00:00 +0000

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 Plattner Institute of Design at Stanford. Across the last 20 years he has also practiced law in Silicon Valley, primarily as General Counsel for tech companies and, most recently, a non-profit foundation.

He has testified before Congress and the California Assembly on law and technology issues. He has conducted dozens of trials and appeals, including two state Supreme Court arguments. His client list included some of the biggest names in science and technology: Apple, Caliper, Google, McKesson, Sankyo Pharma, and The Computer History Museum.

In 2007 David completed a JSM in Law, Science and Technology. His thesis explored design methods for software and their potential application to systemic environmental issues. In 2014, David wrote, produced and delivered the world’s first free online course on Negotiation to some 5,000 students in 47 nations. General Electric thereafter licensed the course for a four-year run in their executive education program, “Brilliant U.”

Last year, during sabbatical in Singapore, he wrote a keynote article for the Singapore Academy of Law, Design for Legal Systems. Now back at Stanford, David is working on a book applying design thinking to climate change activism, working title: Climate Activism by Design. In addition to writing and teaching, David is an avid skier and sailor, and a diligent but decidedly average tennis player.

Lockdown Cost-Benefit Analysis with Professor Douglas Allen

gene.tunny@gmail.com (Douglas Allen, Gene Tunny) — Fri, 4 Jun 2021 14:00:00 +0000

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.

CPI inflation concerns with Darren Brady Nelson

gene.tunny@gmail.com (Gene Tunny) — Fri, 28 May 2021 14:00:00 +0000

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.

Evolutionary Economics with Dr Brendan Markey-Towler

gene.tunny@gmail.com (Gene Tunny, Brendan Markey-Towler) — Fri, 21 May 2021 14:00:00 +0000

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?

Saving and Investing for Retirement: 401(k)s, IRAs, mutual funds, ETFs, etc.

gene.tunny@gmail.com (Gene Tunny, Sarah Holden) — Sat, 15 May 2021 03:41:18 +0000

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 Investing

Australia vs US: A scorecard on the Australian and US Defined Contribution Systems

Decarbonizing the Economy

gene.tunny@gmail.com (Gene Tunny) — Sat, 8 May 2021 05:53:35 +0000

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

Business cases for public infrastructure projects

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Fri, 30 Apr 2021 14:00:00 +0000

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

Economics and Religion

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Thu, 22 Apr 2021 14:00:00 +0000

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?

Missing Middle Housing & other urban planning issues

gene.tunny@gmail.com (Gene Tunny, Natalie Rayment) — Wed, 14 Apr 2021 14:00:00 +0000

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 Committee.

In early 2016, Natalie co-founded YIMBY Qld, a not-for-profit public interest organisation, saying yes in my back yard to good development that makes for better living. And in 2019, she joined the Board of Beddown as Deputy Chair. Beddown is a charitable organisation providing pop-up accommodation hubs for those who are most vulnerable.

Relevant links

Natalie's LinkedIn post on Missing Middle Housing

The Economist on House prices are going ballistic

The Effect of Zoning on Housing Prices

5 Things You Should Know About Portland's New Housing Reform

The High Cost of Free Parking

Cutters Landing History

Female Breadwinning with Prof. Gigi Foster

gene.tunny@gmail.com (Gene Tunny, Gigi Foster) — Wed, 7 Apr 2021 14:00:00 +0000

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 Maryland.

Relevant links

Does Female Breadwinning Make Partnerships Less Healthy or Less Stable?

An Economic Theory of Greed Love Groups and Networks

Freeing Fiscal Policy from political tinkering with Dr Nicholas Gruen

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Wed, 31 Mar 2021 14:00:00 +0000

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

The Olympics - economic boon or burden?

gene.tunny@gmail.com (Gene Tunny) — Wed, 24 Mar 2021 14:00:00 +0000

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

Running the Numbers on COVID-19 Measures with Prof. Peter Swan

gene.tunny@gmail.com (Peter Swan, Gene Tunny) — Fri, 19 Mar 2021 14:00:00 +0000

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 the Queen’s Birthday Honours lists in 2003 and 2016 with the Order of Australia (AM) and (AO), respectively. In 2018 he was elected a Fellow of the Royal Society of New South Wales (FRSN). His Officer of the Order of Australia (AO) Citation states: “For distinguished service to finance and commerce as a leading academic, journalist, and commentator on domestic investment, and on a range of political and economic issues.” His Member of the Order of Australia (AM) Citation states: “For services to academia as a scholar and researcher and through contributions to public policy in the fields of economics and finance”.

Links relevant to this episode

Prof. Swan's Quadrant article Run the Numbers, Survey the Folly

Open letter from 122 Australian economists: don't sacrifice health for 'the economy' (which Prof. Swan critiques in his Quadrant article and in this episode)

COVID-19 deaths worldwide per million population as of March 19, 2021

Anarcho-capitalism and a Libertarian analysis of COVID with Prof. Walter Block

gene.tunny@gmail.com (Gene Tunny, Walter Block) — Wed, 10 Mar 2021 14:00:00 +0000

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

The role of the Treasury in Economic Policy with Paul Tilley

gene.tunny@gmail.com (Gene Tunny, Paul Tilley) — Thu, 4 Mar 2021 14:00:00 +0000

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: contact@economicsexplored.com

Insights from behavioural economics & science regarding COVID responses

gene.tunny@gmail.com (Stephen Whyte, Gene Tunny) — Thu, 25 Feb 2021 14:00:00 +0000

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 radio interview:

COVID lockdowns prove Aussies aren't larrikins after all

Economics Explored interview with Stephen's colleague Prof. Benno Torgler:

Certified Corona-Immunity as a Resource with Prof. Benno Torgler

Get in touch

Get in touch with Economics Explored host Gene Tunny with any comments, suggestions, or questions by emailing him via: contact@economicsexplored.com

The Fed and Inflation Targeting

gene.tunny@gmail.com (Gene Tunny, Michael Knox) — Thu, 18 Feb 2021 14:00:00 +0000

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

Industry Assistance and Crony Capitalism with Darren Brady Nelson

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Wed, 10 Feb 2021 14:00:00 +0000

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 written extensively on film industry assistance in Australia - e.g. this 2017 Centre for Independent Studies Policy paper: The case against film industry subsidies.

On the experience of other jurisdictions with subsidies to the film industry, check out this Advocate article: Film tax break costs Louisiana millions, new study shows.

Regarding what a refundable tax credit is, check out the IRS website.

On trends in industry assistance in Australia, check out the Productivity Commission’s Trade and Assistance Review.

Finally, check out Dan Mitchell’s write up of Milton Friedman’s matrix which Darren and Gene discuss in the episode.

About this episode’s guest

Since 1994, Nelson has worked as an economist in Australia, New Zealand, United Kingdom, and the United States. Nelson’s work in economics has focused on the energy, finance, government, transportation, water, and telecommunications industries.

Nelson has also worked as a political and policy commentator since 2009. As a commentator, Nelson has written articles for numerous conservative and libertarian publications and think tanks, and he has appeared on countless podcasts, radio shows, and television programs.

He is the author of the book Ten Principles of Regulation & Reform (Connor Court 2017), and is frequent public speaker and media commentator.

Nelson has bachelor’s degree in economics (cum laude) from the Australian National University, where he majored in economic history. Nelson also earned a master’s degree in commerce (magna cum laude) from the University of New South Wales, where he majored in business law.

Fiscal Stimulus with Prof. Fabrizio Carmignani

gene.tunny@gmail.com (Gene Tunny, Fabrizio Carmignani) — Wed, 3 Feb 2021 14:00:00 +0000

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 Economics in the Griffith Business School. His research is in the broad field of applied macroeconomics and applied econometrics. His recent publications are in the areas of conflict economics, tourism economics, policy modeling, spatial econometrics, and the economics of natural resources. He has also been appointed as a member of the ARC College of Experts from 2019 to 31 December 2021.

He is a regular contributor to various media outlets, where he writes and speaks about fiscal and monetary policy issues in Australia and overseas. Between 2002 and 2009 he worked for the United Nations in various roles, including the position of First Economist in the Trade, Finance and Economic Development Division of the UN Economic Commission for Africa. Fabrizio holds a PhD from the University of Glasgow and a Research Doctorate from the Universita' Cattolica in Milano.

Foreign Direct Investment & Productivity

gene.tunny@gmail.com (Gene Tunny) — Wed, 27 Jan 2021 14:00:00 +0000

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 productivity spillovers and was published in July 2020 in the Journal of International Business Studies.

The authors can be contacted regarding their research via pascalis.raimondos@qut.edu.au

To get in touch with Gene, and to ask any questions or provide any comments or suggestions, please email him via contact@economicsexplored.com

Links relevant to the conversation

How hiring this man gave Brisbane company an instant $100m windfall

Tesla’s 100% American Owned Factory In China Is A Big Deal

Note from Pascalis and Sara on examples of indirectly controlled firms

Below are two examples from our dataset where the foreign subsidiary is immediately owned by a firm resident in the same country, but ultimately owned (i.e. controlled with more than 50% voting equity) by a single foreign owner (i.e. the ultimate owner).

In studies that look for an immediate direct foreign owner (rather than the ultimate owner) to identify a firm as ‘foreign’, our example firms will be classified as domestic – leading to significant mis-categorisation of what is a foreign firm.

As you can see from our ‘egg’ figure in the paper, there are just as many of these ‘typically hidden’ foreign firms as those captured under an ‘immediate direct foreign owner’ definition.

EXAMPLE 1

Name: GTS Industries
ID: FR331620096
Country: France
Owner ID: FR562094425
Owner Name: ARCELORMITTAL FRANCE
Owner Country: France
The biggest direct owner is registered in France. Hence the company would be defined as domestic under the traditional (10%, influence) definition
Ultimate Owner ID: DE7290116150
Ultimate owner name: DHS DILLINGER HUETTE SAARSTAHL AG
Ultimate Owner country: Germany

EXAMPLE 2

Name: STE DES ACIERS D'ARMATURE POUR LE BETON (SAM)
ID: FR389517061
Country: France
Direct Owner: River Acier
Direct Owner ID: FR344733803
Direct Owner country: France
Direct owner in the same country as the company, wherefore it is defined as domestic
Ultimate owner: ITMI0840952
Ultimate owner name: Riva Family (PARTECIPAZIONI INDUSTRIALI S.P.A.)
Ultimate owner country: Italy

Retail is Detail with Bruno Cortigiani of Merlai

gene.tunny@gmail.com (Gene Tunny, Bruno Cortigiani) — Wed, 20 Jan 2021 11:46:06 +0000

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]

The Circular Economy with Craig Lawrence

gene.tunny@gmail.com (Gene Tunny) — Wed, 13 Jan 2021 14:00:00 +0000

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 to know that it's something that is actually workable, viable, something that is going to increase economic utility, consumption, and can also engage with business properly as well.

About this episode’s guest

Craig Lawrence is the Founder and Managing Director of Lytton Advisory Pty Ltd (2013 – present). He is also a founding Director of UTL Utilities Pty Ltd (2018 – present). He has over 30 years of experience across government and private sector projects, particularly in infrastructure, transport, and tourism.

Between December 2018 and September 2019, Craig led the Economic and Social Infrastructure Program as its inaugural Managing Director. This $130m Australian program supports the planning, prioritisation, and delivery of key energy, telecommunications and water infrastructure in Papua New Guinea.

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.

Craig’s previous roles include as a senior consultant in several professional service firms and as an economic analyst in the Queensland and Australian Federal Government systems. His federal government experience includes extended periods in economic analyst and policy roles in the Treasury, Transport and Tourism portfolios during the 1990s.

Links relevant to the conversation

The Circular Economy in detail

Australia’s National Tyre Product Stewardship Scheme

'Right to repair' taken up by the ACCC in farmers' fight to fix their own tractors

Crude Oil Prices - 70 Year Historical Chart

Financing the COVID-19 Government Debt

gene.tunny@gmail.com (Begoña Dominguez, Gene Tunny) — Wed, 6 Jan 2021 14:00:00 +0000

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 whether some groups were under or over-compensated, and that evaluation could guide future tax policies

3. improving the efficiency of the tax system, to ensure that whatever revenue is raised is raised in the most efficient way possible.

In the conversation, Begoña mentions that the US Federal Reserve has modified its inflation target during the pandemic. For further information, see:

What does average inflation targeting mean for investors?

COVID and Wartime – Comparison of economic impacts

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Wed, 30 Dec 2020 14:00:00 +0000

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 wartime economy)

Robert Gordon’s The Rise and Fall of American Growth (outstanding book by a leading US economist containing a great discussion of America’s wartime economy)

Aussies over-confident after being over-compensated by Gov’t for COVID-recession

Mint security lapse amazes judge (story about theft from the Australian Mint in early-to-mid 2000s)

Finally, the word Gene got stuck on at 6:55, irredentist, means, “a person advocating the restoration to their country of any territory formerly belonging to it”, according to Oxford Languages.

If you'd like to ask a question for Gene to answer in a future episode or if you'd like to make a comment or suggestion, please get in touch via the website. Thanks for listening.

Regulating Big Tech

gene.tunny@gmail.com (Gene Tunny) — Sat, 26 Dec 2020 10:52:15 +0000

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

Money and Cryptocurrency

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Wed, 16 Dec 2020 14:00:00 +0000

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

Behavioural Finance with Dr Tracey West of Griffith Business School

gene.tunny@gmail.com (Gene Tunny, Dr Tracey West) — Wed, 9 Dec 2020 14:00:00 +0000

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

Adam Smith and Margaret Thatcher with Dr Eamonn Butler

gene.tunny@gmail.com (Dr Eamonn Butler, Gene Tunny) — Wed, 2 Dec 2020 14:00:00 +0000

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

The Great Reset

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Wed, 25 Nov 2020 14:00:00 +0000

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'

Megaprojects with Marion Terrill from Grattan Institute

gene.tunny@gmail.com (Marion Terrill, Gene Tunny) — Wed, 18 Nov 2020 14:00:00 +0000

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)

Economics of the Fourth Industrial Revolution: Internet, AI and Blockchain

gene.tunny@gmail.com (Gene Tunny, Brendan Markey-Towler, Nicholas Johnson) — Wed, 11 Nov 2020 14:00:00 +0000

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

Minimum wages and employment

gene.tunny@gmail.com (Gene Tunny) — Sat, 7 Nov 2020 11:28:16 +0000

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

Natural rate of unemployment or NAIRU

gene.tunny@gmail.com (Gene Tunny) — Fri, 30 Oct 2020 14:00:00 +0000

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

Tech Giants challenged by the Media and Governments

gene.tunny@gmail.com (Gene Tunny, Taylor-Rose Hull, Ben Scott) — Wed, 21 Oct 2020 14:05:00 +0000

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

Corporate governance & corporate social responsibility

gene.tunny@gmail.com (Gene Tunny, Stephen Howell) — Wed, 14 Oct 2020 14:05:00 +0000

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

Quantitative Easing as a long-term strategy with Michael Knox

gene.tunny@gmail.com (Gene Tunny, Michael Knox) — Wed, 7 Oct 2020 14:05:00 +0000

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)

The Precautionary Principle and COVID-19

gene.tunny@gmail.com (Gene Tunny, Joe Branigan) — Wed, 30 Sep 2020 14:05:00 +0000

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

Rationalising Regulation

gene.tunny@gmail.com (Gene Tunny) — Wed, 23 Sep 2020 14:05:24 +0000

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.

COVID-induced border battle in Australia

gene.tunny@gmail.com (Gene Tunny) — Wed, 16 Sep 2020 14:05:05 +0000

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

Economics and Public Policy

gene.tunny@gmail.com (Ben Scott, Gene Tunny) — Wed, 9 Sep 2020 14:05:01 +0000

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

What Economists do and why the world needs them

gene.tunny@gmail.com (Gene Tunny) — Wed, 2 Sep 2020 14:05:21 +0000

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

New Normal Post-COVID

gene.tunny@gmail.com (Gene Tunny) — Wed, 26 Aug 2020 14:05:06 +0000

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

Gold with Darren Brady Nelson

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Wed, 19 Aug 2020 14:05:26 +0000

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

The Deficit Myth & Modern Monetary Theory – initial views

gene.tunny@gmail.com (Ben Scott, Gene Tunny) — Wed, 12 Aug 2020 14:06:11 +0000

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

Re-opening economies in this time of COVID-19 with Joe Branigan

gene.tunny@gmail.com (Joe Branigan, Gene Tunny) — Wed, 5 Aug 2020 12:10:56 +0000

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

Challenges of Economic Forecasting in the COVID-19 Pandemic with Prof. Rodney Strachan

gene.tunny@gmail.com (Gene Tunny, Rodney Strachan) — Wed, 29 Jul 2020 14:05:11 +0000

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.

Valuing the Environment with Dr Boyd Blackwell

gene.tunny@gmail.com (Gene Tunny, Boyd Blackwell) — Wed, 22 Jul 2020 14:05:07 +0000

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

State Government Economic Responses to COVID-19

gene.tunny@gmail.com (Gene Tunny) — Wed, 15 Jul 2020 14:05:03 +0000

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

Dynamic Pricing

gene.tunny@gmail.com (Ben Scott, Gene Tunny) — Wed, 8 Jul 2020 14:05:06 +0000

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

Unfreezing Discount Rates with Marion Terrill of the Grattan Institute

gene.tunny@gmail.com (Gene Tunny, Marion Terrill) — Wed, 1 Jul 2020 14:05:19 +0000

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 Paper I quote from in my introductory remarks is Discounting for Public Cost–Benefit Analysis

Fiscal Vaccine for COVID-19 with Prof. Tony Makin

gene.tunny@gmail.com (Tony Makin, Gene Tunny) — Wed, 24 Jun 2020 14:05:10 +0000

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 Cooperation Council (PECC).

Resources mentioned in the conversation include:

Australia’s Competitiveness: Reversing the Slide by Tony Makin

Response to Professor Tony Makin’s Minerals Council of Australia Monograph – ‘Australia’s Competitiveness: Reversing the Slide’

The Effectiveness of Federal Fiscal Policy: A Review

Tony Makin’s Agenda paper on fiscal stimulus during the GFC

IS-LMentary by Paul Krugman

Australian examples of Depression-era public works projects:

Lamington National Park's history

Mt Spec Road and Little Crystal Creek Bridge

Gender pay gap recap

gene.tunny@gmail.com (Gene Tunny, Benjamin Scott) — Wed, 17 Jun 2020 14:05:02 +0000

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

Seven Habits of Highly Effective Economists

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Wed, 10 Jun 2020 14:05:07 +0000

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

Picking winners: Industry policy with Craig Lawrence

gene.tunny@gmail.com (Craig Lawrence, Gene Tunny) — Wed, 3 Jun 2020 14:05:03 +0000

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 per job saved Gene mentioned in the conversation)

Uncertainty and the perils of prediction with William M Briggs

gene.tunny@gmail.com (Gene Tunny, William M Briggs) — Wed, 27 May 2020 14:05:13 +0000

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 fail replication survey

US infrastructure: lessons from Australia, with Darren Brady Nelson

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Wed, 20 May 2020 14:05:02 +0000

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 – discussion of National Competition Policy in Australia and how the Australian economic reform process slowed down in the 2000s
28:10 – reference to Productivity Commission’s finding of substantial economic gains from National Competition Policy in Australia (e.g. see the 2005 Inquiry Report - Review of National Competition Policy Arrangements) and Darren argues the US can easily replicate Australia's very high ROI with a US National Competition Policy

Working from home during & after the pandemic with Alison Pennington

gene.tunny@gmail.com (Gene Tunny, Alison Pennington) — Wed, 13 May 2020 14:05:09 +0000

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 – how workplaces can adapt – an end to hot-desking, a return to pods, and staggered start times
28:05 – discussion of employee surveillance by employers – 70% of employees subject to at least one type of digital surveillance and there is a risk this can extend into people’s homes if working from home becomes the new normal
32:20 – reference to how the Australian Taxation Office (ATO) has tried to make working from home easier (check out the ATO page Working from home during COVID-19)

Highlights of recent coronavirus-related episodes

Wed, 6 May 2020 14:05:05 +0000

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
33:40 – discussion of Dr Dan Mitchell’s views on bailouts
43:10 – discussion of Australia’s COVIDSafe app

Other recent coronavirus-related episodes not yet mentioned include:

EP28 with Dr Nicholas Gruen on coronavirus policy responses

EP27 with Michael Knox from Morgans on coronavirus, machine trading & financial markets

Radical Uncertainty with Prof. John Kay CBE

gene.tunny@gmail.com (Gene Tunny, John Kay) — Wed, 29 Apr 2020 14:05:01 +0000

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 to a question referencing climate change

Kay and King’s lessons on the appropriate use of economic models include:

deploy simple models (as you’re trying to “illuminate part of the large world of radical uncertainty”, rather than trying to precisely describe it)
identify the most important parameters and undertake research to determine sensible values of those parameters,
simple models are more flexible, and
under radical uncertainty, options provided by a particular policy can be extremely important.

It goes without saying that this book is highly recommended reading.

This episode was recorded on Friday 24 April 2020 using Zoom.

Bailouts in this time of coronavirus with Dr Dan Mitchell

gene.tunny@gmail.com (Dan Mitchell, Gene Tunny) — Wed, 22 Apr 2020 14:05:16 +0000

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 companies, after Gene quotes from a Guardian article US government agrees on $25bn bailout for airlines as pandemic halts travel
11:50 – “There are no good options” according to Dan
17:00 – is the coronavirus crisis an indictment of capitalism? No, says Dan. Check out Dan’s post Coronavirus and the Tradeoff Between Big Government and Competent Government
19:10 – to what extent is US situation a failure of the federal government versus state governments? Dan thinks the states are best placed to deal with coronavirus
25:10 – discussion of what Dan thinks are misplaced concerns about stock buybacks (check out Dan’s post Washington’s Counterproductive Attack on Stock Buybacks)
32:05 – discussion of Dan’s Venn diagram in his post Coronavirus, Economics, and Saving Lives
34:05 – reference to UN report which acknowledges economic cost of coronavirus containment measures (check out this NPR article U.N. Agency Fears ‘Vulnerable’ Africa May Suffer At Least 300,000 COVID-19 Deaths)

This episode was recorded early on the morning of Saturday 18 April 2020 (Australian Eastern Standard Time) via Zoom.

Paying for the coronavirus rescue measures with Joe Branigan

gene.tunny@gmail.com (Gene Tunny, Joe Branigan) — Wed, 15 Apr 2020 14:26:41 +0000

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 investor base)
20:00 - discussion of Bank of England direct financing of UK Gov't spending (discussed in a pay-walled article in the Financial Times, Bank of England to directly finance UK government's extra spending), monetisation of deficits, and Modern Monetary Theory
29:20 - repaying versus refinancing/refunding the debt
31:10 - long-term problems/risks with government debt
37:30 - overview of Joe's research on costs and benefits of coronavirus policy measures

Certified Corona-Immunity as a Resource with Prof. Benno Torgler

gene.tunny@gmail.com (Gene Tunny, Benno Torgler) — Wed, 8 Apr 2020 14:05:21 +0000

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?
11:55 – importance of widespread testing and the need to discuss trade-offs (e.g. public health and economy), prompting discussion of final sentence of abstract, “There is a risk that the impacts of the secondary crisis could outweigh that of the biological event from a health and societal perspective.”
13:40 – discussion of Frank Snowden’s book Epidemics and Society: From the Black Death to the Present
16:40 – reference to post-September 11 study which showed driving deaths increased following terrorist attack which led to less air travel by Gerd Gigerenzer, Out of the Frying Pan into the Fire: Behavioral Reactions to Terrorist Attacks
21:00 – reference to Paul Frijters’ articles on the virus - e.g. The Corona Dilemma
23:45 – Benno mentions Rizio and Skali paper on How often do dictators have positive economic effects?

Coronavirus responses with Joe Branigan, Tulipwood Economics

gene.tunny@gmail.com (Joe Branigan, Gene Tunny) — Wed, 1 Apr 2020 14:17:12 +0000

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" - recognition we have much to learn from the variety of responses and experiences around the world
32:00 - major takeaway is that each country is on its own trajectory and policy responses need to be specific to each country

Coronavirus policy responses with Dr Nicholas Gruen of Lateral Economics

gene.tunny@gmail.com (Gene Tunny, Nicholas Gruen) — Wed, 25 Mar 2020 14:05:21 +0000

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 Dilemma
12:30 – discussion of John Quiggin’s Option value post on the benefits of early action
14:05 – Nicholas suggests policy makers should follow Google’s example and experiment and AB test policy responses, generating feedback to improve policies
15:05 – discussion of what Ben Shapiro calls The Un-askable Question
26:35 – Nicholas observes “when things change they become highly unpredictable” in our discussion of what coronavirus could mean for our future economic system
36:00 – conclusion of discussion with a quote from Nicholas’s article: “Right now, panic is the friend of anyone who doesn’t want to get this disease, which continues to surprise on the downside (i.e. the bad side).”

COVID-19, machine trading & financial markets with Michael Knox

gene.tunny@gmail.com (Michael Knox, Gene Tunny) — Wed, 18 Mar 2020 14:05:23 +0000

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 hundred years or every 50 years - you can't build a model of something like that. So inherently, what those trading models are acting on is the momentum signal…”
7:00 – beginning of discussion on market liquidity
11:00 – Michael discusses the relationships between liquidity, price discovery, and market volatility
15:10 – Michael notes re. COVID-19, “On this occasion, you had a change, which was caused by a once in 50 years shock or once in 100 years shock. The market doesn't have that kind of memory of data to be able to price that in.”
16:15 – discussion of valuation of shares/stocks
18:15 – what is momentum?
24:20 – discussion of fair value of Australian sharemarket and Australian economic outlook

Nothing in this podcast should be considered financial advice, and it contains general information only.

City Infrastructure with Craig Lawrence

gene.tunny@gmail.com (Craig Lawrence, Gene Tunny) — Wed, 11 Mar 2020 14:05:01 +0000

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 agglomeration effects and benefits of active transport
23:30 – Craig delivers his assessment of the economic viability of the Brisbane City to Kangaroo Point pedestrian bridge – “at the moment, there's not enough evidence on the benefit side, to be able to justify the project “
26:00 – further discussion of wider economic benefits – Craig notes a rule of thumb is that they should only be 15-20% on top of private benefits
32:00 – Gene commences conversation with Craig about Brisbane City Council’s un-costed redevelopment of Victoria Park Golf Course into a public park and how one might assess its economic viability
43:20 – beginning of discussion on Cross River Rail, a controversial new subway system in Brisbane which was originally costed at $5 billion but may end up costing $12 billion, a mega project which Craig has previously been sceptical about (Cross River Rail Dice Roll?)

*Economics Explained host Gene Tunny is currently working with Craig as a Senior Associate with Lytton Advisory on projects in the Middle East and Australia.

Climate change with Nicki Hutley from Deloitte Access Economics

gene.tunny@gmail.com (Gene Tunny, Nicki Hutley) — Wed, 4 Mar 2020 14:05:10 +0000

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 international agreements/measures won’t reduce emissions enough
16:00 – discussion of the inadequacy of Australian state government aspirational targets for renewable energy in the absence of a carbon price/emissions trading scheme or carbon tax
21:00 – Nicki argues that, due to the lack of a carbon price, we are not encouraging sufficient investment in renewables or in R&D – reference to blue and green hydrogen (check out Woodside’s website for information)
22:50 – Gene mentions Brian Fisher’s controversial estimate of the cost of the Australian Opposition’s climate change plan of $500 billion and asks Nicki about the cost of acting versus not acting, with Nicki noting the cost of inaction would be many multiples of the cost of action
25:40 – discussion of implications of transition away from fossil fuels for coal miners, etc.
27:40 – costs of renewable energy vs coal

The FIRE movement with Dr Di Johnson

gene.tunny@gmail.com (Gene Tunny, Di Johnson) — Wed, 26 Feb 2020 14:05:01 +0000

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 mentions some information on average spending by singles and couples that was once on ASIC’s MoneySmart website: Weekly spend by life stage)
11.20 – challenge of forecasting future living costs in decades to come – e.g. think about trying to forecast current Sydney cost of housing back in the 1970s
16:40 – Di says some positives of the FIRE movement are it encourages people to save when they’re young and it promotes conscious consumerism
23:05 – what is Barista FIRE?
25:35 – discussion of digital nomads and vagabonding
30:05 – Di notes it may be preferable to just find ways to make your current work more enjoyable – e.g. the slow work movement, taking longer holidays, etc.

The episode was recorded via Zoom video conferencing on the 25th of February 2020.

Entrepreneurship with Professor Peter G. Klein

gene.tunny@gmail.com (Peter G. Klein, Gene Tunny) — Wed, 19 Feb 2020 14:05:01 +0000

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 State of Entrepreneurship Research on YouTube)
26:15 – Gene mentions Cal Newport’s point that Steve Jobs thought the big value add of the iPhone was you could have your phone and iPod in the one device and didn’t foresee just how important all the apps would be (check out Newport’s great book Digital Minimalism)
35:15 – discussion of best places to be an entrepreneur, in which Peter tells Gene that Australia may not be as bad as he thinks, and Austin, Texas is attracting people who are leaving Silicon Valley
39:05 – Peter says entrepreneurs are “absolutely front and centre in the process of economic growth”
44:15 – Peter refers to "the allure of fine tuning the economy" regarding frequent tweaks to R&D tax incentives

The episode was recorded via Zoom video conferencing on the 12th of February 2020.

Antitrust with Danielle Wood from the Grattan Institute

gene.tunny@gmail.com (Gene Tunny, Danielle Wood) — Wed, 12 Feb 2020 14:05:10 +0000

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 – the data the tech companies have on us and network effects as barriers to entry
19:45 – Grattan’s analysis of market concentration in Australia
25:05 – problem isn’t market power per se, but the abuse of it
26:15 – discussion of US Department of Justice-Microsoft case
31:10 – should we break up big tech companies?
33:29 – ACCC has been good at pushing for new powers, but it hasn’t been successful in mergers cases in the courts in the last 20 years

The episode was recorded via Zoom video conferencing on the 10th of February 2020.

Surveillance Capitalism with Darren Brady Nelson

gene.tunny@gmail.com (Gene Tunny, Darren Brady Nelson) — Wed, 5 Feb 2020 14:05:11 +0000

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 economist George Gilder who thinks current tech giants are “going over the hill” (according to this Forbes article) and companies to watch will be in blockchain and quantum computing
25:55 – Darren mentions section 230 of the US Communications Decency Act, often referred to as “The Twenty-Six Words That Created the Internet”
27:30 – discussion of how it’s monarchs or governments which have traditionally created monopolies – e.g. British East India Company
42.30 – mention of recent laws affecting tech companies – EU GDPR (e.g. see this Wired article) and California Consumer Privacy Act (for info, check out this Guardian article)

Innovation + Equality with Dr Andrew Leigh MP

gene.tunny@gmail.com (Andrew Leigh, Gene Tunny) — Wed, 29 Jan 2020 14:05:05 +0000

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 – Gene asks Andrew about Nicholas Gruen’s idea about public private partnerships for digital public goods (e.g. listen to Economics Explained episode 7)
24:00 – Andrew tells us how we can connect with him, including by listening to his Good Life podcast
24:40 – discussion of how to improve teach effectiveness, in which Gene asks about teachers’ unions and performance-based/teacher merit pay; check out Andrew’s 2012 paper The economics and politics of teacher merit pay (NB Gene mangled the end of his question, but Andrew got the gist of it, thankfully)
28:45 – Andrew proposes assessing teacher quality policy measures via Randomised Controlled Trials (RCTs)

This episode was recorded on 20 January 2020 via Skype.

Cannabis with Dr Stephen Thornton

gene.tunny@gmail.com (Stephen Thornton, Gene Tunny) — Wed, 22 Jan 2020 14:05:06 +0000

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 http://www.priceofweed.com/; Stephen has noted that, based on Price of Weed data, the black market price of cannabis in the non-legalised countries of Australia and UK is higher than the average price in Canada/California (approx. $200.00/ounce), with Australia approx. 40% higher and the UK approx. 25% higher
32:50 – discussion of Stephen’s preliminary cost-benefit analysis of legalising Cannabis in Queensland, The Economic and Social Benefits and Costs of Legalising Recreational Cannabis in Queensland, which received a couple of media mentions (e.g. this Brisbane Times article)
40:20 – discussion of US House of Representatives Judiciary Committee’s view on cannabis (e.g. see House panel approves of marijuana decriminalization, but it faces a long, hard road)
43:40 – Stephen mentions Australian Senate inquiry on Current barriers to patient access to medicinal cannabis in Australia
44:30- reference to share price surge of CannPal, which is developing medicinal cannabis-based products for pets

This episode was recorded on 6 January at the Adept Economics office, Spring Hill, Brisbane. Australia.

Government spending and economic growth with Dr Dan Mitchell

gene.tunny@gmail.com (Dan Mitchell, Gene Tunny) — Wed, 15 Jan 2020 14:05:11 +0000

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)
32:45 – using foreign judges to import the rule of law

Global population growth

gene.tunny@gmail.com (Gene Tunny, Tim Hughes) — Wed, 8 Jan 2020 14:05:06 +0000

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 growth is declining and global population may eventually peak and start falling by 2100
15:53 – huge projected population growth in sub-Saharan Africa – e.g. in Nigeria
20:30 – why is a fertility rate greater than 2 necessary to replace the population? And more on declining fertility rates – e.g. birth control pill, increasing opportunity cost of having children
28:35 – sources of Australia’s population growth (NB more recent ABS demographic data than what Gene recalled off the top of his head suggest three-fifths of the growth is due to immigration, and two-fifths is due to natural increase (births minus deaths)

This episode was recorded on Thursday 19 December 2019 at the Adept Economics office in the Johnson Hotel, Spring Hill Brisbane.

Big economic issues for the 2020s

gene.tunny@gmail.com (Gene Tunny) — Wed, 1 Jan 2020 14:05:24 +0000

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.

Highlights of Economics Explained in 2019

Thu, 26 Dec 2019 13:55:03 +0000

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.

Randomised controlled trials & economic development

gene.tunny@gmail.com (Andreas Chai, Gene Tunny) — Wed, 18 Dec 2019 14:05:02 +0000

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
16:00 – Bill and Melinda Gates Foundation and Abdul Latif Jameel Poverty Action Lab
17:50 – what is a randomised controlled trial? How one helped find the cure for scurvy.
22:40 – RCTs in poverty alleviation
31:25 – Dr Andrew Leigh MP as proponent of RCTs in policy analysis and development in Australia (e.g. see Andrew’s 2018 interview on RN Breakfast)
31:50 – ethical issues with RCTs?
33:20 – future Nobel Prize winners? Neuroeconomics as an emerging field
36:35 – Andreas’s own work on economic development issues; e.g. this UNIDO report on Household Consumption Patterns and the Sectoral Composition of Growing Economies

The Gender Pay Gap with Dr Leonora Risse

gene.tunny@gmail.com (Gene Tunny, Leonora Risse) — Wed, 11 Dec 2019 14:05:08 +0000

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 settings (e.g. means-testing of child care benefits) can create high effective marginal tax rates for women and discourage them from returning to the workforce or working more hours
12:26 – men get rewarded for being confident and ambitious, but women don’t – what does this mean regarding all those self-help books by Sheryl Sandberg, Marie Forleo, etc.?
17:57 – women won’t go for a new job unless they feel they meet 100% of the criteria while men will if they think they meet 60%
26:58 – impact of big 5 personality traits (e.g. agreeableness, conscientiousness, etc.) on gender pay gap
41:07 – barriers to women moving into male-dominated industries (e.g. mining, economics & finance)
43:07 – Gene asks Leonora whether gender pay gap will naturally close over time due to higher tertiary enrolments among women than men and Leonora responds “…even though a higher share of women compared to men to achieve these educational qualifications, they still tend to be concentrated in fields of study that are associated with lower pay.”
48:42 – what the Australian Women in Economics Network (WEN) has been up to, and why we should try to avoid “manels”, all male panels of speakers

Leonora has kindly provided the following supplementary information on her gender pay gap research to help listeners understand her findings:

Supplementary analysis of gender pay gap

Earlier this year, Leonora recorded a podcast interview on the gender pay gap for the Economic Society of Australia (Victoria):

Does confidence advance women’s careers?

Also, you may be interested in Leonora’s Mandarin article:

Rewarding competence not confidence offers a step toward equality

And if you’re interested in what the Australian Women in Economics Network has been doing to promote a career in economics to women, check out this video:

https://www.youtube.com/watch?v=AtOU-DAVch0

Multinational and Personal Tax Avoidance and Evasion

gene.tunny@gmail.com (Gene Tunny, Pascalis Raimondos) — Wed, 4 Dec 2019 14:16:31 +0000

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 Henry (see the 2010 Final Report)

Gene and Pascalis’s conversation was recorded on 28 November 2019 in Pascalis’s office at QUT, Gardens Point Campus, Brisbane, using a Zoom H4n Pro digital recorder and Shure SM58 microphones.

The Media and Digital Disruption with Rebecca Archer

gene.tunny@gmail.com (Rebecca Archer, Gene Tunny) — Wed, 27 Nov 2019 14:05:05 +0000

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 traditional business models of media organisations, and how Twitter is where breaking news now occurs (e.g. important updates from emergency services)
12:25 – Nine-Fairfax merger as response to how difficult it is to make money in traditional media these days, followed by observation people are able to bypass traditional media and get news directly from sources via Twitter or Facebook
15:05 – Gene refers to Centre for Media Transition report for the ACCC which discusses news as a public good
20:00 – how newspapers have lost the “rivers of gold” which were classifieds advertising revenues, and how some media organisations have taken strong ideological positions to attract an audience
23:00 – how media organisations can thrive: create content people can relate to, don’t be highbrow, and use social media to add value (e.g. Facebook Live discussion regarding a 60 Minutes story)
29:00 – whether quality journalism has been compromised by digital disruption
32:10 – polarisation and filter bubbles
38:20 – whether journalism remains a good career
41.30 – journalists as story tellers (Gene mentions Cal Fussman’s outstanding podcast Big Questions)
45:10 – the role of public broadcasters such as the ABC and BBC in this age of digital disruption

Gene and Rebecca’s conversation was recorded on 26 November 2019 in the Adept Economics office at the Johnson, Spring Hill, Brisbane, using a Zoom H4n Pro digital recorder and Shure SM58 microphones.

Economics in Two Lessons with John Quiggin

gene.tunny@gmail.com (Gene Tunny) — Wed, 20 Nov 2019 14:05:19 +0000

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.

Job platforms and recruitment agencies

gene.tunny@gmail.com (Gene Tunny, Chris Poole) — Wed, 13 Nov 2019 14:05:06 +0000

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.

Behavioural Economics with Dr Brendan Markey-Towler

gene.tunny@gmail.com (Gene Tunny) — Wed, 6 Nov 2019 14:05:04 +0000

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 Richard Thaler and Cass Sunstein
Thinking, Fast and Slow by Daniel Kahneman

The interview was recorded on 30 October 2019 at the Precinct innovation hub in Fortitude Valley, Brisbane.

Innovation & digital public goods with Nicholas Gruen

gene.tunny@gmail.com (Nicholas Gruen, Gene Tunny) — Wed, 30 Oct 2019 14:05:17 +0000

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 has the track record to be a credible authority on innovation.

Gene's wide ranging conversation with Nicholas includes discussion of:

innovation
knowledge as a public good
digital public goods
government as impresario
Nicholas's upcoming book on the public goods of the 21st century
climate change policy
citizens' juries

If you're interested in Nicholas's Government as Impresario report mentioned in the podcast, you can find it on the Nesta website:

Government as Impresario

Personal Finance

gene.tunny@gmail.com (Gene Tunny, Di Johnson) — Wed, 23 Oct 2019 20:36:03 +0000

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 ABC radio and TV here in Brisbane.

During the conversation, Di noted that, in Australia, free financial counselling is available for people in financial trouble:

Financial Counselling page on ASIC Moneysmart website

Note this podcast episode contains information of a general nature only and does not constitute financial advice, which always needs to consider people's individual circumstances.

Money on the Screen - Film Industry Economics

gene.tunny@gmail.com (Tim Hughes, Gene Tunny) — Fri, 18 Oct 2019 14:05:19 +0000

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 Australian content on streaming services such as Netflix, an issue Tim and Gene discuss in the episode, the latest news is:

Change is coming: Netflix, Amazon, Apple get the jump on regulation

The Gig Economy with Darren Brady Nelson

gene.tunny@gmail.com (Darren Brady Nelson, Gene Tunny) — Sun, 13 Oct 2019 14:05:02 +0000

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 has a range of features designed to make freelancers and entrepreneurs comfortable, including beer and sparkling water on tap and coffee.

The following articles were mentioned in the interview:

OECD Working Paper – Gig Economy Platforms: Boon or Bane?

Mises Institute article – Is the Sharing Economy Exploitative?

In the episode, I alluded to the regulators taking a dim view of Uber in London. The latest news is that Uber is effectively on probation in London:

Uber gets two-month operating license in London. It wanted five years

Economics of Infrastructure - Part 2

gene.tunny@gmail.com (Gene Tunny) — Mon, 7 Oct 2019 21:26:10 +0000

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: