Steve Keen & Phil Dobbie - Podcast Details

Shows

Debunking Economics - the podcastWhy we are getting poorer (with Cahal Moran)Why is it, that whilst there are an increasing number of billionaires on the planet, the rest of us are no better than we were decades ago? Young people can’t get on the housing ladder, there’s an increasing waiting list for health services, schools are short of money and tertiary education, once free, leaves students with a lifetime of debt. Except for the very rich, of course. Cahal Moran says more economics students are questioning what they are being taught in lectures and examines what’s really happening in his Unlearning Economics You Tube channel. He joins Steve and Ph...2025-04-3047 min

Debunking Economics - the podcastTrump. Has he lost his mind?It’s clear that President Trump lied to the American people about his reciprocal tariffs. Many of the countries he is imposing tariffs do not impose anywhere near those numbers on imports from America. As Phil points out, some countries, like Cambodia, that sell cheap goods to the US don’t buy from the US because they can’t afford to on their low wages. You can only have trade equalisation if you have similar income levels.Steve takes us through the formula that was sued to calculate these ‘reciprocal’ tariffs. The only resolution to the issue, say...2025-04-0937 min

Debunking Economics - the podcastIs there a ceiling to economic supremacy?Donald Trump is doing everything he can think off to improve the US economy. Tariffs, cutting government spending, bringing manufacturing back home, accessing more resources and lowering the cost of energy. Will it work? And, if it does, Phil wonders whether there’s a ceiling to how far the US economy can grow. Or does it grow at the expense of other countries/ In other words, Phil wants Steve Keen to explain what happens as the US, the world’s leading economy, tries to heighten its supremacy. Hosted on Acast. See acast.com/privacy for more information.2025-03-1236 min

Debunking Economics - the podcastMore on how money is createdPhil asked Steve a lot last week about how bank create money through the loans they issue. But he has been, it’s fair to say, a little less convinced about how government deficits create money. So prepare for a light bulb moment as Steve breaks down the process that sees the government spending more, with more money moved to the private sector, and people buying bonds, effectively with new money. They also answer a couple of listeners questions -one on the impact of Donald Trump’s tax cuts, another on crypto and another on a Worgel-l...2025-02-0535 min

Debunking Economics - the podcastCoinucopia’s thriving banking sectorSteve and Phil have described the island of Coinucopia in previous editions of the podcast. It started as a place where only coins were legal tender, and the supply of coins didn’t increase. They explained how that created deflation and inhibited growth, so the government started adding more coins. Then they let banks issue loans. Now, what happens when the island allows banks to issue electronic loans. Actually, life becomes much simpler. Much simpler than most conventional economists would have you believe. Listen in to understand how banking now works, not just in Coinucopia, but in the real world. H...2025-01-2945 min

Debunking Economics - the podcastBanks, reserves, lending and money supplyThere’s a common myth around banks. That banks are the intermediaries who collect deposits from customers, keep a bit in reserve, then lend out the rest at a higher interest rate. That argument then extends to a multiplier effect, where the money loaned out is deposited in banks, freeing up more money for further loans. The multiplier is how textbooks argue that banks create new money for the economy. This week Steve argues that the multiplier doesn’t exist. Not in that way anyway. And banks create money, not by lending out deposits, but by creating new money to lend...2024-12-1145 min

Debunking Economics - the podcastCan Europe be Draghi-ed out of stagnation?You’ll know the name Mario Draghi. He was the President of the European Central Bank and, for a short while, Prime Minister of Italy. Earlier this year he produced a report EU Competitiveness. It called on the need for more Europe-wide investment, particularly for innovation, emerging industries and the transition to green energy. Phil and Steve talk through the ideas and the challenges they present to the structure of the EU. Are the challenges insurmountable? Is that why Draghi’s plan already seems to have been lost at the back of the bookshelf. There is one competitive edge of Europe...2024-11-2740 min

Debunking Economics - the podcastMilking inheritanceThe UK Labour party seems top have scored another own goal, with their inheritance tax on family farms. Previously farms were exe pt from inheritance, but that meant wealthy landowners, with massive stately homes set in sprawling estates could buy a few sheep and claim they were a farm. Hence, the government limited the exemption to properties worth less than £1 million, a threshold which Steve Keen suggests is well below a realistic level. Thresholds should only be there for th every rich, which is the US approach to inheritance. This week Phil and Steve look at ways of managing inheritance an...2024-11-1339 min

Side One/Side B with Dave and SteveSEASON 1 FINALE! CAN YOU SMELL THE HAIRSPRAY? Steve tests the limits of his friendships by making 3 punks listen to overblown hair metal album DEF LEPPARD, PYROMANIA (1983)Send us a textPyromania is the third studio album by English rock band Def Leppard, released on 20 January 1983[2] through Vertigo Records in UK and Europe and through Mercury Records in the US. The first album to feature guitarist Phil Collen who replaced founding member Pete Willis, Pyromania was produced by Robert John "Mutt" Lange. The album was a shift away from the band's traditional heavy metal roots toward a more radio-friendly sound, finding massive mainstream success. Pyromania charted at No. 2 on the Billboard 200,The album was partially recorded with original guitarist Pete W...2024-11-121h 13

Debunking Economics - the podcastCo-ops change the gameSteve Keen says he builds his economic model based on the motivation of three types of actors. First, the worker, who wants to maximise his or her wage. Then there’s the capitalist who wants to maximise profits. And the financiers who wants to lend out as much money as possible with the best possible returns.How does Steve’s model change if most businesses became cooperatives. Workers would also become shareholders, also wanting to see strong profits. They might also have other considerations, such as working conditions, which will impinge on the returns won by the...2024-10-2331 min

Debunking Economics - the podcastThe cycles of the economyWhat causes an economy to fall from a peak? Many economists will argue it’s exogenous shocks but, as Phil and Steve discuss, there’s not too many of those around. Maybe COVID was one, but even that came about because our economic system has drawn us closer to wildlife habitats. Or is it a lack of resources? We run out of capacity to produce more, whether it’s factories, people or natural resources, like fossil fuels. Does the shortage relative to demand force prices up and its inflation that ultimately kills growth.No, sa...2024-10-1636 min

Debunking Economics - the podcastHave marketers made Marx surplus to requirements?Phil tells Steve that he’s always struggled with Karl Marx’s idea of surplus value. The idea that workers work for themselves, then a bit more to create the profit for a business. Phil says, that seems like a cost-plus approach, whereas in his marketing days, it was all about creating a brand that people would pay more for. The extra value was created by the goodwill associated with the brand. How do you apply Marx’s theory of surplus value to a $1,000 Gucci handbag, for example. Steve says it still applies and explains why in this week’s episode.2024-10-0236 min

Debunking Economics - the podcastThe Aggregate ProblemThe UK’s unemployment rate is 4.1%, the inflation rate is growing at 3.1% and the economy is growing at 0.6% quarter on quarter. That’s how the economy is doing, what more do we need to know?Well, it would be useful to know whether the unemployed are predominantly in certain income groups, or that income growth was greater in particular parts of the economy Like, more for capitalists and less for workers?As Steve and Phil discuss this week, economists are building business models built on aggregates. Breaking down aggregate data into functions in socie...2024-09-1834 min

The Purpose Matrix#35 Lifeonaire Author Steve CookSend us a textSteve Cook is passionate about sharing the Lifeonaire message and helping business leaders to experience abundant lives rather than enduring them. At Lifeonaire we help to make business and life fun again.In this episode, Steve and Phil discuss: · Steve’s start in entrepreneurship, and how he bought himself 2 jobs.· How he used wholesaling to start his real estate investing career.· His light bulb moment he had after finding his first deal!· What a motivated seller is, and how to find one!· Steve’s definit...2024-08-2748 min

Debunking Economics - the podcastIt’s not complicated! Doyne Farmer on a Better Economics for a Better WorldComplex systems don’t have to be complicated to provided deep insights into the real world. That’s the view of Doyne Farmer, special guest on this week’s podcast. It’s an approach he shares to economics with Steve Keen. Steve develops systems from the top-down, whereas Doyne’s work focuses on agent-driven bottom-up modelling. But they arrive at similar conclusions. Phil Dobbie talks to them both about how we could arrive at a more accurate understanding of the economy and financial systems, which could result in better regulatory and planning behaviour by central banks and governments. Doyne also describes...2024-08-1454 min

Debunking Economics - the podcastToo big for their boots? Are bigger companies slowing the economy.The global share market has always been dominated by the US, now we’re seeing a number share of very large tech companies claiming a larger slice of that pie. Even though they are trading with price to earnings ratios well beyond the historic average, these companies won’t fail. They dominate the market, with billions of customers, low production costs, a low number of workers and the spare cash to vest in growth without the expense of extra capital. Phil asks Steve, what damage are these companies doing – to the share market, to the global economy a...2024-07-1737 min

Debunking Economics - the podcastLabour’s Energy Halfway HouseLabour has romped to victory in the UK and they need to get cracking on all their election promises. One of those is the creation of Great British Energy. Keir Starmer points to the number of foreign interests owning energy generation in the UK. But, as Phil highlights this week, foreign companies are also heavily invested in energy distribution and retailing. The National Grid is suffering from a lack of investment. Doesn’t that also need to be brought into public hands. And what about all the energy retailers who dd nothing to the picture apart from extra marketing co...2024-07-1038 min

Debunking Economics - the podcastTrump's plan. Same old same old, only more so.Steve is on hols this week, so Phil takes a look back at a couple of Debunking Economics podcasts from just before Donald Trump took office. In many ways he stuck to his promises. He tried to cut immigration, he introduced protectionism with hefty tariffs on China and he cut taxes. Now he’s promising more of the same, although Biden might have beaten him to it when it comes to heftier taxes on China’s EV exports. The first time around Steve suggested some of Trump’s thinking was right, although perhaps for the wrong reason...2024-05-2229 min

Debunking Economics - the podcastUK Labour’s Half-Baked Nationalisation PlansUK Labour leader Keir Starmer has said if he wins the next general election, within 5 years he will have re-nationalised Britain’s railways. Phil asks Steve whether it naturally follows that this will lead to an improvement in services and lower fares? Steve reckons you any need to look at government run services elsewhere in Europe to answer that question – but Britain’s trains weren’t so great even in the days of British Rail, when they were in government hands. This time there’s a chance one of the key areas of investment will remain in private hands, negating t...2024-05-0844 min

Debunking Economics - the podcastSteve Keen, the MusketeerElon Musk has his fingers in many pies. Social media, space travel, internet access, AI. Even tunnel drilling. He’s grown from developing a modest series of online city guides, to being one of the richest men on the planet. Is he a genius, or simply a Trumpesque style wheeler and dealer? This week phil – not a big fan – asks Steve – massive fan – whether Elon Musk is actually good for humanity. It’s a chance for Steve to expound his theory that whatever else he is doing he is preparing the way for mankind to leave the planet and live on Mars. Dis...2024-02-2841 min

Debunking Economics - the podcastBanking on destructionHave central banks waited too long before dropping interest rates. Over the last week or so we’ve had Jerome Powell, the Governor of the Fed, saying inflation is coming down but they want to see more data before they’re convinced enough to drop rates. The Bank of England’s Andrew bailey said pretty much the same thing. And the ECB. But, as Phil and Steve observe this week, whilst we wait bank loans to corporations are falling rapidly, and in the US corporate bound issuance is also well down. Delaying rate cuts is hurting businesses who can’t grow and...2024-02-0736 min

Debunking Economics - the podcastYanis Varoufakis on TechnofeudalismYanis Varoufakis joins Steve nd Phil this week to talk about the thinking behind his new book technofeudalism. The ‘cloudists, as he calls them, aren’t operating in the market, they have replaced the market. They learn from us tell us what we want to buy and then sell it to us. Their capital is the algorithm they have developed, but also the information we provide in the records of our behaviour and the posts that we make. The result is a massive accumulation of wealth. But how sustainable is a model that sees so much money being made by so f...2024-01-3154 min

Debunking Economics - the podcastTrump’s Ring Around the CollarIf he managed to stay out of gaol and makes it to the White House, Donald Trump has proposed a flat 10% tariff on all goods coming into America. He’s called it the Ring Around the Collar of America – which has led some to suggest the policy is a nasty stain that will be difficult to get out. But as phil Dobbie discovers, Trump has one supporter in the shape of Steve Keen. Steve talks from Hungary, where he is currently on assignment, suggesting this form of protectionism will be good for America. But will it come at the expense of G...2023-08-3044 min

gAy A: The Queer Sober Hero ShowIt's How You Carry It ft. Phil B #143Send us a textSteve welcomes Phil to share their experience, strength, and hope with you, along with advice on getting and staying sober.Thank you for listening. Please join our Patreon family for the post-show, along with more exclusive content at www.Patreon.com/gAyApodcastFind Phil on Facebook at Phil Brunke and follow us while you are at it on all the socials @gAyApodcastIf you are interested in sharing your story, getting involved with the show, or just saying hi, please e-mail me at gayapodcast@gmail.com 2023-06-0839 min

Debunking Economics - the podcastAustralian House Prices. That old Chestnut.At the end of this week’s mega-long episode of the Debunking Economics Podcast Steve Keen admits he longer sees Australian house prices as the most important issue on the planet. But it, along with private schools, continues to occupy dinner party conversations in many Australian households. So, with prices now falling, will they spiral down further as the RBA continues to lift interest rates. Or will they, as often seems to happen will they slow for a while than pick back up as inflation slows? This week Phil and Steve examine the growing wealth divide in Australia, driven by th...2023-03-0852 min

Debunking Economics - the podcastFuture Cities, Unequal CitiesThis week on Debunking Economics Phil and Steve are joined by Richard McGahey, author of a new book “Unequal Cities: Overcoming anti-urban bias to reduce inequality in the United States”. One of the problems the US faces is that cities, by and large, are self-funded, with little in the way of federal or state support, beyond minimal welfare programmes. And cities compete with each other to survive. As Steve points out, being self-sufficient within an organism is not how organisms function properly. But that’s how the American economy is structured. And Richard suggests that the US is losing out, becaus...2023-03-0141 min

Debunking Economics - the podcastWhat’s the right wage?The UK is gripped by strikes right now, but they are not the only ones. All over the world public and private sector workers are taking action as their salaries fail to keep up with inflation. Central banks are urging caution, fearing a wage spiral could push prices higher. This week Phil Dobbie and Steve Keen discuss the theory behind wage setting – a principle that someone sees chief executives earning a ridiculous multiple of the take-home pay of their workers. So, how are wages arrived at? One theory suggests it is the contribution they make to the profitability of a co...2023-02-1536 min

Debunking Economics - the podcastWhat 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 challenge of trying to prevent the world from going into a global recession whilst also getting inflation under control? Steve and Phil look at the ideas of Keynes and ask would any of them help us in the situation we now find ourselves in. Hosted on Acast. See acast.com/privacy for more information.2022-11-2337 min

Debunking Economics - the podcastA long way from a Minsky momentDuring 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 work for central bankers. What did she mean? Or, as Steve Keen asks, has she actually read any of his work? This week Phil asks Steve what was the thinking behind Minsky’s Financial Instability Hypothesis. And what was a Minsky moment, and why are we so far from one right now? Hosted on Acast. See acast.com/privacy fo...2022-11-1639 min

Debunking Economics - the podcastWill 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 questions Steve more on this. After all, so much of the growth we have seen over the last 100 years has come from the way we harness energy and use it to better effect. Can’t we just keep doing that? And could we use economics to fix the problems it has created, by more accurtaelyt pricing the real cost of energy and pollution? Even if we could – and...2022-11-0940 min

Debunking Economics - the podcastPrivate or public – getting the balance rightLast 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. This week he explains more about how cuts in the government deficit starves the private sector of cash, which will guarantee a recession, or worse. Listen in for an easy-to-follow explanation of how a government deficit increases money in circulation and how reducing that deficit shrinks the money supply. They talk about Wynne Godley’s explanation of sectoral balances, and how the interplay between government spending and...2022-11-0238 min

Debunking Economics - the podcastEnergy, a free market failureIt’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 raking in massive profits. But could free market forces drive a more efficient delivery of energy, by making lower cost renewable energy able to compete on a more level playing field. Whilst there’s no doubt pricing is distorted in favour of fossil fuel provides, Steve tells Phil there’s still no option but to nationalise the provision of energy, something we know will never...2022-09-1438 min

Debunking Economics - the podcastChanging the role of central banksLiz 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 Chancellor of the Exchequer, has suggested the BoE didn’t move fast enough to lift interest rates. Does that mean she wants more influence over the bank’s decision making? On this week’s podcast Phil Dobbie and Prof Steve Keen look at the approach taken by central banks this time round to reduce inflation and Phil asks Steve, if you were to change the...2022-09-0738 min

Debunking Economics - the podcastHow long before central banks realise they are making a big mistake?Inflation is rising everywhere as supply chains hit prices in the shops and at the fuel bowsers. Central banks are responding to this the only way they know how – by pushing up interest rates. Phil Dobbie asks Steve Keen what’s their rationale, when higher interest rates won’t fix the supply issues? Steve suggests there will be a rapid reversal in policy when the central banks realise the real damage they are doing to the economy. ‘There will be no soft landing’, he says. ‘There never is’. But what about taxation, asks Phil. Could demand be softened by taxing the high earne...2022-07-0434 min

Debunking Economics - the podcast275. Is globalisation a good thing, or a bad thing? (preview)When COVID has gone and the war is over, will we return to the patterns of international trade we were enjoying just a few years ago? Steve Keen says not, which puts him in the camp of anti-globalists that FT columnist Martin Wolf wrote about recently, in an article ‘The big mistakes of the anti-globalisers’. This week Phil puts some of Martin’s arguments to Steve, including the evidence that international trade has significantly boosted GDP globally and helped reduce extreme poverty. Won’t a more self-sufficient approach turn back the clock on both those achievements. Listen in for why Stev...2022-06-2810 min

Debunking Economics - the podcastIs globalisation a good thing, or a bad thing?When COVID has gone and the war is over, will we return to the patterns of international trade we were enjoying just a few years ago? Steve Keen says not, which puts him in the camp of anti-globalists that FT columnist Martin Wolf wrote about recently, in an article ‘The big mistakes of the anti-globalisers’. This week Phil puts some of Martin’s arguments to Steve, including the evidence that international trade has significantly boosted GDP globally and helped reduce extreme poverty. Won’t a more self-sufficient approach turn back the clock on both those achievements. Listen in for why Steve th...2022-06-2835 min

Debunking Economics - the podcastDoes Economic Isolationism Work?The war in Ukraine looks set to continue for a long time. A 90 minute high-level meeting between the two parties, mediated in Turkey, got nowhere today. Meanwhile, the west is imposing more and more sanctions on Russia. Putin spoke calmy at a press conference today about how they will manage these increasing constraints on trade and finance, making out it wasn’t really a big deal. So will they make their way through it, or will these sanctions be the nail in the coffin for Putin’s plan? Or will they just make him more resolute? Will he start to attra...2022-03-1029 min

Debunking Economics - the podcastTime for a monetary reset?A society riddled with debt is a society that is reluctant or unable to spend. A lot of that debt has now found its way into housing, with mortgages higher than ever. That’s money we’re using to pay off our home loan that we could be spending keeping the economy moving. In short, its slowing the speed at which money circulates. So, how do we fix it? The answer is get rid of the debt. And Steve Keen has a cunning plan. A monetary reset. How would it work? Phil Dobbie explores the idea in detail with Steve on t...2022-02-2132 min

Debunking Economics - the podcastWhat’s driving the Great Resignation?One of the surprises as we emerge from the worst of COVID (hopefully) is what’s being called the Great Resignation. Even though employment levels in most countries remain below pre-pandemic levels, that’s not stopping those who hung onto their jobs through the crisis from leaving in their droves. So, what’s driving this trend. Prof Steve Keen suggests it’s a “kick in the balls to the gig economy”. But what happens next? Already central banks are lifting interest rates, fearful of rising wages pushing inflation higher. How is that going to work out. Tune in to this free half-hour...2022-01-0929 min

Five in the EyeFive in the Eye 0332 with SteveMICHAEL Good morning and welcome! You’re listening to Colourful Radio and this is me - Michael Ohajuru - welcoming you to episode 0332 of our weekly news review show, Five in the Eye. PHIL And joining Michael this week via Zoom, it’s Phil Woodford, revealing that we’ve invited a very special guest to join us today. Mr Steve Martin is going to help us dissect five of the stories that have caught our eye over the past seven days.. Hi there Steve! STEVE Hi Phil, hello Michael. It’s g...2021-11-2043 min

Faces of FaithEp. 25: Steve BeverlyEpisode 25 of Faces of Faith features former news anchor and news director, Steve Beverly. Phil and Steve have been friends for nearly 40 years and the episode is a continuation of their time spent together.Hear their stories together and how Steve tackles mental health in a stressful industry like broadcasting.Watch “Faces of Faith” live every Thursday night at 7/6 Central on WRBL.comCatch The Previous Episode Here 2021-10-2953 min

Debunking Economics - the podcastSteve for the NSW SenateSteve Keen is a man of many surprises. His latest is that he is going to stand for the Senate in New South Wales. He’s packing his bags and heading back to Australia, for an election that will be held early next year. He’ll be one of six senate candidates in NSW for the New Liberals. So, is this a good move? From an academic to a politician, from developing and challenging theories to creating soundbites for TV? Phil Dobbie asks why he is making the move, what are his chances and what does the New Liberal party stan...2021-10-0534 min

Debunking Economics - the podcastEconomics and thermodynamicsSteve Keen has often said, the problem with economics in, it ignores thermodynamics. That’s not always been the case. Georgescu-Roegen, a Romanian economist, wrote The Entropy Law and the Economic Process in 1971, which embraced the orle of energy and waste in economics. But we’ve taken backward steps since then. This week Phil Dobbie asks Steve Keen to explain what thermodynamics is and why it is critical to the forward direction for economics. Without it, can we really save the planet? Hosted on Acast. See acast.com/privacy for more information.2021-07-2642 min

Debunking Economics - the podcastSteve Keen’s Predictions for 2021Earlier this year Phil Dobbie asked Steve keen for his predictions for 2020. Without a whiff of COVID-19 IN THE AIR, Steve talked of a capitalist economy on government life support. On that he was pretty much on the mark. So what of 2021. In this free edition of the Debunking Economics podcast he explains the reasoning behind his five predictions for the year ahead:1. Recession in Europe and America as financial aftermath to the COVID crisis.2. The housing bubble to continue in Australia., but maybe not in Canada.3. Strong growth in China.4...2020-12-3043 min

Debunking Economics - the podcastIs it time for a debt jubilee?Steve Keen and Michael Hudson have both been arguing for a debt jubilee for some time. Now, as COVID-19 hits the poorest hardest, and leaves those with money better off than before, is this the right time to write off debt? Can the economy recover without it? After all, its stagnated since the 2008 global financial crisis. If you were to have a debt jubilee, how would you do it. Steve and Michael have different ideas about how it should be implemented. They explain their thinking to Phil Dobbie on this week’s edition of the Debunking Economics podcast. Hosted on...2020-12-0451 min

Debunking Economics - the podcastAsk Steve: Keynesian v Post Keynesian; Austrian v Chicago SchoolsIt’s a first for the Debunking Economics podcast, but we think it’s not a bad idea – a bunch of listener questions to make sure we are all on the same page. Suneil Basu wrote to ask if we could cover off the differences between Keynesian and Post-Keynesian economics, and the different approaches of the Chicago and Austrian Schools. Also, how did neo-classical economists claim the centre ground? Listen in for Steve’s answers. Also a couple of questions on the EU versus the WTO, and whether Russia had a hand in the Brexit result. SAs we say on the podca...2020-11-2636 min

Debunking Economics - the podcastWho can create money to fight COVID?There’s a commonly held misconception that the Bank of England is creating extra money and pumping it into circulation through quantitative easing. In this week’s podcast Prof Steve Keen explains how QE amounts to nothing more than an asset swap – so no new money is created. The only way money can be created is through commercial banks issuing loans – something they are not doing much of – or governments running a deficit. Even the IMF is now suggesting that advanced economies should not be worried about public debt. Talking to Phil Dobbie, Steve explains the limited impact of QE and the...2020-10-1233 min

Debunking Economics - the podcastThe practicality of a job guaranteeWould a job guarantee resolve the battle between inflation and unemployment? Conventional economists argue that when the labour market is tight – and there are few jobs to go around – people ask for more money and that creates inflation. When there are very few jobs – like now – inflation is much lower. The counter argument, from Modern Monetary Theorists, is that a job guarantee would reduce this flux, whilst improving the lifestyles and wellbeing of the population. This week Phil Dobbie asks Steve Keen whether the MMT have got the logic right and, even if they have, can it be practically applied? Host...2020-09-2738 min

Debunking Economics - the podcastThe mythical world of NAIRUThe US Federal reserve this week indicated that interest rates will remain close to zero through till 2023, at the earliest. Why because inflation is subdued and they don’t expect it to pick up until employment returns to normal. But what’s normal? Central banks work on the principle of NAIRU - the nonaccelerating inflation rate of unemployment – but they never seem to be able top in down exactly what that rate is. Before the pandemic US unemployment was down to 3.5 percent, with no sign of inflation lifting. Phil Dobbie asks Prof Steve Keen whether the idea of a fixed NAIRU...2020-09-1736 min

Debunking Economics - the podcastNordhaus is the climate’s worst enemyThere are the deniers who will argue that mankind has no influence on climate, but worse yet, there are economists who argue the impact will be so small the cost of trying to prevent it will be far greater than the consequences of living with it. That’s the line taken by joint Nobel prizewinner William Nordhaus. In this week’s edition of the Debunking Economics podcast Prof Steve Keen takes Phil Dobbie through some of the spurious arguments and assumptions used by Nordhaus to reach his spurious conclusions. Some of them defy logic. If you offered them in a hi...2020-09-0942 min

Debunking Economics - the podcastGoodbye Shinzo, Farewell Abenomics?In Japan Shinzo Abe has announced he is stepping aside because of ill health. Will this mark the end of Abenomics, the term used to describe his three-pronged approach to fighting the country’s ailing growth rate and deflation? Some point to the continued slow growth as a sign that his approach hasn’t worked, but on today’s podcast Prof Steve Keen tells Phil Dobbie, things would have been much worse with a more conventional approach. Japan is an example of Modern Monetary Theory in action, and for those who believe pumping money into the system will create inflation like i...2020-09-0735 min

Debunking Economics - the podcastCan MMT solve to the COVID-19 debt problem?Governments the world over are spending like crazy to try and steer their economies through the COVID-19 crisis. Whether it’s the fiscal policies of the government or the monetary policies of the central bank, it all still revolves around using money that wasn’t around a few months ago. So how much of what is happening is described by Modern Monetary Theory – and how much more could be done if we accepted that MMT is the way things should really work. And do central banks, or treasurers really understand it? Phil Dobbie asks Prof Steve Keen whether MMT can solve...2020-08-2739 min

STAND TALL LEADERSHIP SHOWEpisode 1 Season 1 "Conversation with Steve and Phil"This 1st episode is an introductory episode where Steve takes you with him as he's interviewed by Phi Boyte - Phil Boyte wants your school to be a place so fun, encouraging and safe you have to beg students and teachers to leave at the end of the day. He has traveled the continent for over thirty years working with school educators in thousands of schools. Phil is the creator of programs such as Link Crew, WEB, and Breaking Down the Walls and wrote the book "School Culture By Design." Steve and Phil go back...2020-08-2338 min

Debunking Economics - the podcastThe Cost of COVID CocooningWe’re travelling less, staying away from the office, and spending more time at home. In the short term, it seems, those who still have money are spending a slug of it doing up their house, or moving to a bigger one, with outdoor space. House prices in the UK are growing much faster in Scotland, Wales and regional England than they are in London, for example. So, will escalating house prices be one of the consequences of COVID cocooning – and does that make the economic impact of the virus even worse than it is already? Questions Phil Dobbie puts to P...2020-08-1833 min

Debunking Economics - the podcastAre we finally heading for a United States of Europe?The agreement by EU members to issue grants and loans to member states suffering the most from COVID-19 was a turning point for the union. Whilst US politics sees continued bickering on the size and form of a stimulus package, across the Atlantic a diverse range of countries have come together to agree a way forward. Is this a major turning point for the EU. Come we see fiscal and monetary union that could pave the way for the United States of Europe? It’s a question Phil Dobbie puts to Steve Keen in this week’s Debunking Economics podcast....2020-08-1429 min

Debunking Economics - the podcastShould we really close the door to labour mobility?The UK’s Home Secretary Priti Patel has revealed the government’s plan to curb migration to the UK, with a universal points system. It’s going to be hard for anyone to migrate to Britain without a job lined up that pays over £25k. Phil Dobbie asks Steve Keen whether it’s a good thing to set a minimum wage for migrants. After all, having we been exploiting workers, paying too little for jobs the locals aren’t prepared to do? Or do these low paid jobs impact the rate of pay for all workers, whatever they do for a living?2020-08-0634 min

Debunking Economics - the podcastGood tax, bad taxIncome tax, sales tax, council tax, car tax, capital gains tax, inheritance tax – there’s just so much tax! This week Phil Dobbie talks to Prof Steve Keen about the whole idea of taxation. For many it’s simply a form of revenue raising for governments, but once you accept that governments can create their own money in their own currency, the role of taxation changes. This week we look at the role tax plays in minimising income disparity, and the importance it should play in Boris Johnson’s quest to ‘level up’ the economy. And thanks to Ed Twohig for suggesti...2020-07-2110 min

Debunking Economics - the podcastThe China crisis: are we being hypocritical trading with China?The world has become dependent on trade with China, so much so that . We’ve become so we’ve been prepared to overlook human rights violations. But is that about to change? President Trump has managed to convince world leaders to ditch Huawei from their telecoms networks on fears that their equipment could be snooping on us. But, could it also be that Huawei makes twice as much money as the US’s Cisco, the world’s next biggest telecommunications equipment provider? In this week’s podcast Phil Dobbie asks Prof Steve Keen whether the world can do without China, and are hy...2020-07-1612 min

Debunking Economics - the podcastDoes protectionism kill growth?Donald Trump is pushing ahead with his protectionist agenda, and possibly with good reason. There were over 17 million manufacturing jobs in the US in 2000, in the 10 years that followed, China joined the WTO and the US lost about a third of those jobs. In this edition of the Debunking Economics podcast Phil Dobbie asks Steve Keen whether protectionism is valid in this day and age. What of the conventional philosophy that trying to do everything locally avoids economies of scale and pushes prices up for everyone? Steve’s argument, you need a complex economy to produce efficiency and innovation. It’s the...2020-06-2335 min

Debunking Economics - the podcastInequality – are we stuck with it?Economists tend to see income as related to the value labour adds to a product or service. By that rationale, during this crisis, nurses helping save lives contribute only a fraction of the CEOs who are watching their companies fall apart. Or is something else driving inequality? It’s largely the growth of the rentier class, says Steve Keen. Phil Dobbie asks whether technology could also be making thinks worse, not better. Is a skilled carpenter forced to charge less because of the availability of mass produced pre-packed furniture? And how can lots of office jobs, which create nothing, pay mo...2020-05-1331 min

Debunking Economics - the podcastAfter Corona, the new normalIn some parts of the world politicians, investors, business leaders and economists are behaving as though the Corona virus is almost eradicated. There are talks of easing up on restrictions, even though it’s only through the lockdown that infection rates have been held back. If, instead, we believe epidemiologists, who tell us this thing is with us for some time, what will life be like on the other side. Phil Dobbie asks Prof Steve Keen for his views on how our lifestyle and ways of business will change. Steve says it’s the beginning of a fundamental change in the...2020-04-3033 min

Debunking Economics - the podcastHow did we get here?How did we allow the spread of the Caronavirus happen? Why were governments and health services so unprepared? In this week’s Debunking Economics podcast entrepreneur and venture capitalist Nick Hanauer joins Phil Dobbie and Steve Keen to look at the inevitability of this crisis. Nick says it’s all down to the preoccupation with small government. How do we solve it? Massive government spending and the creation of new money. What have we learnt? Steve hopes it’ll enable us to focus on the bigger issue, what we’re doing to the planet. Hosted on Acast. See acast.com/priv...2020-03-2741 min

Debunking Economics - the podcastSteve Keen’s Predictions for 20202019 was quite a year. We had the ongoing Brexit saga, the US China trade war, Europe close to recession and a big housing downturn in Australia. It was capped off with some of the worst bushfires ever seen. Phil Dobbie asks Prof Steve what this year has in store for us? if austerity has gone will we see a bright future for Britain, or will it be dragged down by Brexit? Is this the year that Donald Trump gets re-elected, or will the US economy take a turn for the worst and drag him down with it? And will housing...2020-01-0634 min

Debunking Economics - the podcastFive Big Myths of Classical EconomicsIt’s taken us a few years to tackle the obvious topic for the Debunking Economics podcast, what are the biggest failings of neoclassical economics. Prof Steve Keen tells Phil Dobbie that it starts on page one of rudimentary economics textbooks, which the idea of the demand curve. Having debunked that, he moves on to the capital market line, used to determine investment decisions. Then it’s the models being used to determine the impact of climate change. Then the concept of diminishing marginal productivity. And finally, the process of simplifying assumptions. Having dismissed all the major tenants of economics Phil...2019-12-2338 min

Debunking Economics - the podcastThe Opportunity Cost FallacyIt’s one of the basic constructs of classical economics – the concept of the opportunity cost. Steve Keen admits it works at the individual level – you are listening to this podcast at the expense of doing something else, for example. But does the theory work when applied to broader economic thinking? No, says Steve – it’s a case of false equivalences, that renders it meaningless. Does that mean it’s useless as a tool for economists? And is there a way Phil Dobbie can use it as a way of getting out of mowing the lawn? Hosted on Acast. See acast.co...2019-12-1627 min

Debunking Economics - the podcastBusiness cycles – what causes them?In this edition of the Debunking Economics Podcast Phil Dobbie and Steve Keen discuss business cycles. What causes them and how can we reduce their impact. As Steve explains, neo-classical economics teaches us that the turns in a cycle are caused by exogenous shocks when, in reality, it is the economies own internal cycle that is the root cause. Listen in to find out why business cycles really occur and what we can do to lessen their impact. Plus, Phil asks, why has the cycle stalled all of a sudden, and is it necessarily a bad thing? Hosted on...2019-12-1132 min

Debunking Economics - the podcastBrexit - a good idea or not?Steve Keen and Phil Dobbie had very different ideas about Brexit a few years ago. Now they both agree it’s a vote that should never have happened? So, is it the impact of tariffs?? Is it the impact on foreign investment? Is it impacts on the supply chain? No, many of those things, Steve believes, will be overcome. It’s the one unsurmountable thing that was never discussed ahead of the vote – the one thing that is likely to kill the whole idea. Now they agree on one thing, Brexit will never happen. Hosted on Acast. See acast.com/pr...2019-11-0341 min

Debunking Economics - the podcastGood debt, bad debtIs debt good or bad? Or does it depend on the type of debt? One of our listeners, Roy Langston, wrote in to ask why Steve Keen is in favour of bank created debt. Shouldn’t investment be funded by other people’s savings? If debt is funded by money created by banks, pursuing income from the interest, doesn’t it create too much debt money, which Steve is calling to resolve through a debt jubilee? An interesting question that Phil Dobbie puts to Steve, as well as discussing when debt can be a good thing, even if the money was cre...2019-07-1539 min

Debunking Economics - the podcastSteve Bannister Pours Cold Fusion on Climate DeniersSteve Bannister, from the University of Utah, is special guest on this week’s Debunking Economics podcast. He talks to Phil Dobbie about his approach to climate change modelling, based on GDP growth, energy use and carbon emissions. Steve Keen talks about the weakness of other modelling, including Nordhaus’ DICE model. Steve Bannisters model predicts things will even out eventually, but will we be alive to see it? Nope. The answer seems to be, there’s a need for a new source of energy. Clearly, its where science needs to focus its efforts, but is the sense of urgency strong enough...2019-06-0947 min

Debunking Economics - the podcastWhy Steve Keen is voting Liberal in the Aussie electionSteve Keen believes the Australian economy is about to tank. If there's a Labor government in charge they will be blamed for the mismanagement of the economy. Better that label is stuck on the Liberals, he says. But, Phil Dobbie suggests we should always vote for who we believe will deliver the best outcome for the country. Hosted on Acast. See acast.com/privacy for more information.2019-04-1534 min

Debunking Economics - the podcastGetting out of the monopoly rutIn a recent podcast Phil Dobbie suggested that Australia suffers for its relatively small population size, which restricted competition and meant people were paying higher prices. Peter Y, a listener, wrote in saying Phil needs to get out of his rut on thinking about competition – Steve Keen needs to explain to him how competition really works. He does, in this edition of the podcast, but Steve still agrees a lack of competition does mean Australians are still suffering from a lack of competition. Hosted on Acast. See acast.com/privacy for more information.2019-04-0440 min

Debunking Economics - the podcastWere Austrian economists wrong to have purpose?The Austrian School of Economics has been around since the 1870s but was given a new lease of life in the 1970s by Frederich Hayek. In this week’s podcast Phil Dobbie asks Prof Steve Keen about some of the fundamental principles of the Austrian school, including the theory of marginal utility, opportunity cost and the often-touted principle that humans always act with purpose. They are also big proponents of less government intervention. Steve accepts some of the principles of the Austrian School – Phil asks if he could take away two, what would they be? Hosted on Acast. See acast...2019-02-2533 min

Debunking Economics - the podcastCould the Euro be the world’s reserve currency?A few weeks back Jean Claude Juncker suggested that the Euro should be established as a reserve currency to challenge the reliance on the US dollar. In this podcast, Phil Dobbie asks Prof Steve Keen if there is a realistic chance of that ever happening, and why did the US dollar become the reserve currency in the first place? Given that Steve is not a supporter of the Euro, because its existence distorts the ability of sovereign states within the EU to control their own economies, is there a better alternative that Europe could provide if it wanted to challenge...2018-10-2031 min

Debunking Economics - the podcastAnnouncing the Nobble Prize in EconomicsToday William D Nordhaus and Paul Romer were announced as joint winners of the Noble Prize for Economic Science. Yes, science! Neither would qualify for the profession's newest award, to be launched next year, simultaneous to the Noble award ceremony. In this podcast Professor Steve Keen talks to Phil Dobbie about the launch of the ‘Nobble Prize for Economics’ for those with barking mad assumptions that have (or will) pervert the course of economics for some time. Steve suggests Ben Bernanke would be a notable contender as well as, of course, Milton Friedman. Hosted on Acast. See acast.com/priv...2018-10-1033 min

Debunking Economics - the podcastThe growth of credit is slowing money downIn this podcast Prof Steve Keen and Phil Dobbie revisit the velocity of money, with a focus on how increasing credit is a major determinant in why the speed of money transfers has been slowing markedly since the eighties. But, it’s not just that. As Steve observes, its part of a complex system. Far more complex than Friedman’s MV=PY equation. We also include comments from listeners who listened to the first podcast on this topic. Hosted on Acast. See acast.com/privacy for more information.2018-07-2628 min

Debunking Economics - the podcastWhat’s the main driver of inflation?There’s the theory that the supply of money is a major contributor to the rate of inflation. Prof Steve Keen says the central banks have spent the last ten years unsuccessfully trying to demonstrate as much. The need for money to be issued to cover government debt has often been levelled as a cause of inflation and a reason for the austerity measures that have been so prevalent in the last decade. Nobody wants to end up like Zimbabwe, right? In this podcast Phil Dobbie asks Prof Steve Keen what’s the real cause of inflation, if it’s got litt...2018-07-2035 min

Debunking Economics - the podcastDo high mortgages slow growth?Ask a conventional economist about household debt and they’ll say it’s not an issue. The money you spend on repayments won’t be spent on shopping, but whoever gets that money will spend it and keep it circulating. Phil Dobbie asks Prof Steve Keen whether, in that case, debt matters. Listen in to hear Steve’s explanation on why it does matter, and why high mortgage debt slows down the economy. Hosted on Acast. See acast.com/privacy for more information.2018-06-1325 min

Debunking Economics - the podcastHow Marx was wrong on revolutionKarl Marx got a lot right, but he was wrong about the need to a revolution. In this podcast Prof Steve Keen explains how, if Marx had followed his own theories, he would have realised that there wasn’t a need for a shift to socialism. In this free 36 minute podcast Phil Dobbie talks with Steve about the basis of Marx’s theory, from the Labour Theory of Value through to Use Value and Exchange Value. The conclusion, says Steve, is that “the increasing organic composition of capital (as Marx called it) has no implications for the rate of surplus, has no...2018-05-1035 min

Debunking Economics - the podcastIs it time to break up the Internet giants?With Mark Zuckerberg being probed by the US government recently, and similar hearings being held in the UK, there’s been a lot of discussion lately about whether the Internet giants wield too much power. In this edition of the Debunking Economics podcast Phil Dobbie asks Prof Steve Keen why we don’t treat them as monopolies, and force their break-up into smaller, competing operators. Steve doesn’t agree. He says the problem is, such a move would force prices up, rather than down. But it’s not just a question of price, surely? Hosted on Acast. See acast.com/priv...2018-04-2529 min

Debunking Economics - the podcastIs a trade deficit a bad thing?In this podcast series Prof Steve Keen has repeatedly argued the importance of keeping an economy in surplus. But, Alex Howlett, a regular listener and Patreon supporter, asks why this might be. He suggests a trade deficit is a good thing, because it suggests companies overseas are willing to accept your currency. The more currency you generate, the more you can buy. To a point. Phil Dobbie asks Steve, what’s wrong with Alex’s hypothesis? Hosted on Acast. See acast.com/privacy for more information.2018-04-0326 min

Debunking Economics - the podcastCarillion, another public sector outsourcing disasterThe collapse of Carillion is down to poor management but, as Phil Dobbie discusses with Prof Steve Keen, it’s also down to a company that took risks because it was raking in so much money from the public sector. In this discussion they look at where you draw the line between government insourcing and outsourcing. The problem is, says Steve, governments have lost the expertise to know what to outsource and when. It’s the blind buying from the greedy. Hosted on Acast. See acast.com/privacy for more information.2018-01-1622 min

Debunking Economics - the podcastIs GDP the best way to measure wealth?We rely on GDP to measure the wealth of a country and it’s rate of growth, but is it the most meaningful measure? Phil Dobbie asks Prof Steve Keen whether it’s an accurate measure of happiness, for example. And Steve suggests its an incomplete measure if it doesn’t consider the return on the energy invested to provide growth. So how should we really go about measuring the health of an economy. Hosted on Acast. See acast.com/privacy for more information.2018-01-1026 min

Debunking Economics - the podcastThe Unanswerable Irish Border QuestionEver considered that the reason nobody has come up with an answer to how the EU border with Northern Ireland will work, is because there isn’t one. And that’s really bad news for the Republic of Ireland. In this podcast Phil Dobbie suggests that's the case. The choices of a frictionless border or North Ireland remaining within the EU are both unworkable. So what will happen if there’s a hard border? Phil discusses the issue with Prof Steve Keen, an ardent Brexiteer, who believes Britain’s exit will help towards the collapse of the EU and, in particular...2017-11-1327 min

Debunking Economics - the podcastIs Economics a Science? Really?There’s an argument that economics can never be science because it involves the behaviour of humans. You can’t apply empirical rules in the way you do with physical sciences. In this episode of the Debunking Economics podcast Phil Dobbie asks Professor Steve Keen whether this means economics should never be seen as a science. Steve says economics can be a science, if economists behaved like scientists – that means recognising anomalies and adjusting their theories accordingly. To date, this isn’t happening. The response to the global financial crisis being a significant case in point. Hosted on Acast. See acas...2017-08-0828 min

Debunking Economics - the podcastWhy we shouldn't worry (too much) about government debtGovernments everywhere are preoccupied with keeping their spending under control. We are conditioned into thinking about the massive levels of interest being paid on the money that our governments owe. In this edition of the Debunking Economics podcast Professor Steve Keen explains to Phil Dobbie why we should quit worrying – governments can create money through their central banks. He explains the process in detail. The only concern is when money is owed in a foreign currency – again, Steve explains why. The upshot is, we should be less concerned about government debt and more worried about our trade deficit. Hosted on A...2017-07-1132 min

Debunking Economics - the podcastFour ideas for the G20The G20 is meeting in Berlin right now. With expectations of any constructive outcomes set to low, maybe there’s a better way forward. In this edition of the Debunking Economics podcast Phil Dobbie and Prof Steve Keen work through four ideas that could change the way the economy works – for the better. Phil suggests ideas related to climate change tariffs and a global minimum wage, whilst Steve looks at trade imbalances and a new reserve currency. Hosted on Acast. See acast.com/privacy for more information.2017-07-0719 min

Debunking Economics - the podcastCentral banks ignore credit at our perilThe world’s Central Bankers have been meeting up in Portugal this week and seem to have colluded on the idea of raising interest rates sometime soon. It looks like the UK, Europe and Canada are in on it but, Professor Steve Keen reckons, they’ll soon be eating humble pie. Any rise in rates right now will quickly be reversed, because the bankers are ignoring the role of credit. Find out why that is so important in this free edition of the Debunking Economics Podcasts with Phil Dobbie and Steve Keen. Hosted on Acast. See acast.com/privacy for...2017-06-3017 min

Debunking Economics - the podcastWhy salaries are going nowhereIn the UK salaries are now rising slower than inflation – which means living standards are going backwards. Around the world salaries seem to have stagnated, even though unemployment is low. Conventional economic theory suggests that more competition for employees should push wages higher. Phil Dobbie asks Professor Steve Keen why that’s not happening. The cause, Steve suggests, is to do with the demise of union power and the rise of the financier. The answer is more to do with reducing debt. Hosted on Acast. See acast.com/privacy for more information.2017-06-0625 min

Debunking Economics - the podcastAussie House Prices Are Ready to CrashProfessor Steve Keen has predicted a house price crash in Australia before, but this time he is more certain than ever. Even the Reserve Bank of Australia has been flagging concerns about the country’s rising household debt and inflated house prices. In this edition of the Debunking Economics podcast Phil Dobbie asks Steve why he is so certain this time, and what can be done about it. Hosted on Acast. See acast.com/privacy for more information.2017-06-0130 min

Debunking Economics - the podcastIs there any economic rationale in the UKIP Manifesto?UKIP released its manifesto this week. It’s a glossy production with a range of arguments designed to appeal to the disenfranchised UK worker. But do they stack up economically? In this podcast Phil Dobbie talks with Professor Steve Keen about some of their plans, including zero net migration, changes to VAT, getting rid of inheritance tax, redirecting foreign aid to the NHS and ways of helping small business. It’s fair to say they get a mixed report card from Steve, but some of their ideas are worth considering. Major parties, take note. Hosted on Acast. See acast.com...2017-05-2632 min

The PulpMX.com ShowShow #297 - Marvin Musquin, Jessy Nelson, Wil Hahn, JImmy Albertson and Phil NicolettiMarvin Musquin has accepted his new role as top dog for the Orange Brigade and looked feisty in the closing laps of moto 2 in Hangtown. He's on to discuss his start to the Nationals. Jessy Nelson is finally on to shed light on what he has been up to since his accident. Wil Hahn comes on to discuss BluCru and rip on Steve with Phil. Top Jimmy makes a long overdue appearance and of course Phil Nicoletti is in studio!2017-05-235h 07

Debunking Economics - the podcastGovernment debt, when does it become a problem?In the seventies US government debt was less than 40 percent of GDP. Now, it’s over 100 percent. And the US is still to pass a change to the debt ceiling, which inhibits the government’s ability to spend more money. In this edition of the Debunking Economics podcast, Phil Dobbie asks Professor Steve Keen when government debt becomes a significant issue. Conventional economics suggests too much spending can raise inflation, which reduces the attractiveness of government bonds, making it more difficult to raise money. And what about a reduction in a country’s credit rating? Steve suggests we think in too li...2017-03-2124 min

Debunking Economics - the podcastWhere QE is failing – time for a people’s QEThe Bank of England, like many central banks, has used Quantitative Easing as a tool to try and engender growth in the economy. It’s a tool they had to resort to when sustained low interest rates failed to achieve the desired outcome. In this podcast Phil Dobbie talks to Steve Keen about how QE is, why it’s failing and how to should be redesigned. Hopefully the Bank of England will listen, along with the Treasury. In fact, the UK’s Treasury Committee is running an inquiry into the Effectiveness and Impact of post-2008 UK Monetary Policy and we discus...2017-02-2732 min

Debunking Economics - the podcastDo Banks Really Work for Us?It’s very easy to look at the big salaries in the city and compare it to the average wage and assume bankers are taking us for a ride. But, for time immemorial we have needed money as a more effective means of trade than bartering. Who wants a chicken egg in exchange for today’s paper? So, banks emerged as the intermediary that enables trade. But, as Prof Steve Keen explains to Phil Dobbie, banks don’t just act as an intermediary, they also create money, and focus on encouraging us all to build up debt. So, can we regula...2017-02-1722 min

Debunking Economics - the podcastMay's Got the Wrong Plan For BrexitJournalist Phil Dobbie and economist Steve Keen agree on lots of things, but fall on either side of the Brexit camp. One believes Britain should have remained to fight EU bureaucracy from the inside, the other suggests the community is fundamentally flawed, along with the concept of free trade, and will collapse soon anyway.In this FREE podcast Phil questions Steve on whether, irrespective of the ideology, Brexit will inflict a lot of short term hurt on many of those who voted for it. There’s also discussion on Theresa May’s 12 point plan, which both agree seem...2017-01-1838 min

Debunking Economics - the podcastSteve Keen on the Year AheadThe start of the end of the Euro, the continued rise of the right, recession for Australia and a booming US economy thanks to Trump‘s spending program. That’s how Prof Steve Keen sees the year ahead looking in this free edition of the Debunking Economics podcast. For more insights for the year ahead, subscribe and enjoy further commentary and analysis throughout 2017. Hosted on Acast. See acast.com/privacy for more information.2016-12-3121 min

Debunking Economics - the podcastWhy Debt is Like Sex With AccountantsProf Steve Keen explains to Phil Dobbie why economists have got their theories wrong because they have misunderstood the role of double entry book-keeping. That means, argues Steve, this episode will be particularly exciting for accountants – perhaps the most fun they’ll ever have. And we discover why government debt is generally a good thing, but too much private debt can be destructive. Hosted on Acast. See acast.com/privacy for more information.2016-12-0630 min