Debunking Economics - the podcast

De: Steve Keen & Phil Dobbie
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  • Resumen

  • Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.

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    Copyright 2016 . All rights reserved.
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Episodios
  • Have marketers made Marx surplus to requirements?

    Have marketers made Marx surplus to requirements?
    Oct 2 2024
    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.

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    36 m
  • Why is the US economy doing so much better than Europe?

    Why is the US economy doing so much better than Europe?
    Sep 25 2024
    Europe and the US are both recovering from the same problem – COVID and the inflation that followed. But last week the Fed in the US dropped interest rates by half a percent, with markets expecting a soft-landing for the US economy. Europe, meanwhile, is struggling, with Germany’s economy heading backwards for more than a year. So, when the big difference when both economies are coming from the same place? Steve Keen tells Phil Dobbie that the US would be struggling just as much if it restricted itself to the Maastricht rules on fiscal policy and government debt. Instead, Joe Biden spent big on the Inflation Reduction Act.

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    36 m
  • The Aggregate Problem

    The Aggregate Problem
    Sep 18 2024

    The 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 society, or income, will add a lot of extra complexity to models, but they would do a much better job of showing us what’s going on. For example, central bank policy right now aims to restrict spending and wage growth to tame inflation. But, even if that was the cause of inflation, what if those creating inflation by spending more on services, are distinct from those facing the consequences of central bank policy, losing jobs and paying higher mortgages?


    Steve points out that as the economy slows – and it has to because of climate change - knowing the distribution of income and consumption becomes vitally important. Unless we are prepared to see the rich grow richer at the expense of everyone else.


    Economic models are built on aggregates of key variables. Those aggregates hide distribution impacts. That makes it easier for central banks to pursue monetary policy without worrying about the consequences.


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    34 m
Economía Ciencias Sociales Ciencia
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Economics for not so dummies

You'll probably spend a little time looking up things but this is highly informative

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