Debunking Economics - the podcast
Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.
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- Update frequency
- every 7 days
- Average duration
- 34 minutes
- Episodes
- 472
- Years Active
- 2016 - 2025
Piero Sraffa and the non-existent supply curve
Most people think economics can be summarised in just two words – supply and demand. Where they cross that determines price and as they move the price moves. But what if the supply curve is wrong, or…
00:40:55 |
Mon 02 Jan 2023
Joseph Schumpeter and creative destruction
This week, another economist that has influenced Steve Keen’s thinking; the Austrian born economist Joseph Schumpeter. His economic thinking veers a long way from the traditional Austrian school. As …
00:34:53 |
Wed 28 Dec 2022
Bill Phillips & His Curve
Bill Phillips, rightly or wrongly, has a lot to answer for, because his work is drawn on by central banks when trying to determine the likely rate of inflation. But are they misinterpreting his theor…
00:30:04 |
Wed 21 Dec 2022
Richard Goodwin and non-linear thinking
We continue our series looking at economists who influenced Steve Keens thinking. This week it’s American economists Richard Goodwin, who Steve says is the chief proponent of non-linear thinking in e…
00:40:39 |
Wed 14 Dec 2022
Irving Fisher and Debt Deflation
Irving Fisher was an American economist whose book The Purchasing Power of Money looked at the relationship between money supply and price levels. In fact, to many he is seen as the father of monetar…
00:41:39 |
Wed 07 Dec 2022
The Debt Myth
How widespread is the idea that one person's debt is another person's credit and therefore has no impact on the economy. What are the implications of this thinking and what changes when the realisati…
00:39:09 |
Wed 30 Nov 2022
What would Keynes do now?
His answer to Great depression was that we should spend our way out. But now we have rampant inflation because people are spending too much. What would Keynes do now if he was presented with the chal…
00:37:03 |
Wed 23 Nov 2022
A long way from a Minsky moment
During the last big financial crisis there was a lot of talk about the work of Hyman Minsky. Even Janet Yellen, at the time the chair of the San Francisco Fed, said there were a lot of lessons in his…
00:39:57 |
Wed 16 Nov 2022
Will more realistic pricing of energy and pollution save the planet?
In a recent podcast Steve Keen claimed that the law of thermodynamics dictates that we can no longer extend economic growth whilst looking for efficiencies in our use of energy. This week Phil questi…
00:40:40 |
Wed 09 Nov 2022
Private or public – getting the balance right
Last week on the Debunking Economics podcast Phil and Steve talked about the likely imposition of Austerity 2.0 around the world, in particular in the UK. Steve said there’s really no need for it. Th…
00:38:44 |
Wed 02 Nov 2022
Ready for Austerity 2.0?
With big-spending Boris gone, Britain’s new Prime Minister will almost certainly promote austerity 2.0, under the guise of fiscal conservatism. He won’t be alone in that, with governments the world o…
00:41:12 |
Wed 26 Oct 2022
Can we get by without growth, growth, growth?
Before her plans were ripped up, the UK’s newest Prime Minister was promising growth, growth, growth in an economy that has avoided it for a long time. And she was going to do it through that tried a…
00:39:09 |
Wed 19 Oct 2022
Understanding the cost and value of money
We all know money has a value, but if you are borrowing it, it also has a cost. But aside from buying houses and a few other big items, we generally are more concerned with the value of the money we …
00:41:17 |
Wed 12 Oct 2022
What's the right level of inflation?
The world is living in fear of rising inflation. Central banks are trying to combat it by pushing up interest rates, which means people also now fear how much their mortgage is going to cost. So, are…
00:39:51 |
Wed 05 Oct 2022
How much money is too much?
Last week Kwasi Kwarteng, the new UK Chancellor, announced a cut in taxes at the same time that the government was stepping in to subsidise rising energy costs for homes and businesses. The cost of a…
00:43:12 |
Mon 26 Sep 2022
Shadow Banks – necessary or a force for evil?
Shadow Banks can take the blame for the 2007-8 financial crisis, packaging up mortgages and selling them as securities to investors. It seems like there’s no lack of imagination when it comes to how …
00:38:17 |
Wed 21 Sep 2022
Energy, a free market failure
It’s clear, when energy becomes short in supply, free market forces can’t look after all of society. Just the wealthy. That’s why governments are having to step in, propping up an industry that is ra…
00:38:22 |
Wed 14 Sep 2022
Changing the role of central banks
Liz Truss, the UK’s latest Prime Minister, has vowed to review the mandate of the Bank of England (BoE). It’s unclear what outcome she wants, although Kwasi Kwarteng, who is likely to be the new Chan…
00:38:19 |
Wed 07 Sep 2022
Is the European economy stuffed?
Whilst the US might be struggling a bit with inflation, its nothing compared to what’s likely to happen in Europe. This week Russia shuts down its gas pipeline to Europe, supposedly for repairs, but …
00:36:36 |
Wed 31 Aug 2022
Should we be bricking it over BRICS?
It seems the whole approach to global trade is being redrawn. Donald Trump wanted to do less trade with China before the pandemic, and now with the Ukraine invasion the west wants to do less – prefer…
00:34:08 |
Wed 24 Aug 2022
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