Debunking Economics - the podcast by Steve Keen & Phil Dobbie
Steve Keen & Phil Dobbie
Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.
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Categories: Education
Listen to the last episode:
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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Previous episodes
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558 - The Aggregate Problem Wed, 18 Sep 2024 - 0h
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557 - We fought the pandemic and the war won Wed, 11 Sep 2024 - 0h
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556 - Disposable Jobs Wed, 04 Sep 2024 - 0h
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555 - The Old Age Liability Wed, 28 Aug 2024 - 0h
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554 - Could stubborn central banks drive us to debt deflation? Wed, 21 Aug 2024 - 0h
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553 - It’s not complicated! Doyne Farmer on a Better Economics for a Better World Wed, 14 Aug 2024 - 0h
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552 - Debt, savings and investments – how they really work Wed, 07 Aug 2024 - 0h
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551 - Including energy in economic models. It doesn’t have to be that difficult. Wed, 31 Jul 2024 - 0h
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550 - Our obsession with ownership Wed, 24 Jul 2024 - 0h
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549 - Too big for their boots? Are bigger companies slowing the economy. Wed, 17 Jul 2024 - 0h
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548 - Labour’s Energy Halfway House Wed, 10 Jul 2024 - 0h
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547 - Paying for our old age Wed, 03 Jul 2024 - 0h
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546 - Greens Manifesto: An Opportunity Lost Wed, 26 Jun 2024 - 0h
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545 - The West’s vote on immigration Wed, 19 Jun 2024 - 0h
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544 - Two parties obsessed with government debt Wed, 12 Jun 2024 - 0h
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543 - Rising margins, higher inflation, lower wages. No wonder you feel worse off. Wed, 05 Jun 2024 - 0h
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542 - Productivity – the election winner that Rishi Sunak failed on Wed, 29 May 2024 - 0h
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541 - Trump's plan. Same old same old, only more so. Wed, 22 May 2024 - 0h
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540 - Should the wealthy get away with less tax? Wed, 15 May 2024 - 0h
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539 - UK Labour’s Half-Baked Nationalisation Plans Wed, 08 May 2024 - 0h
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538 - Cheap news is bad news Wed, 01 May 2024 - 0h
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537 - Fool’s Gold Wed, 24 Apr 2024 - 0h
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536 - Will America ever be great again? Wed, 17 Apr 2024 - 0h
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535 - Feige’s automated transaction tax – the simple answer? Wed, 10 Apr 2024 - 0h
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534 - Does immigration slow inflation? Wed, 03 Apr 2024 - 0h
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533 - End of the Rising Sun Wed, 27 Mar 2024 - 0h
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532 - The economics of babysitting Wed, 20 Mar 2024 - 0h
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531 - Hunt’s Budget Fantasyland Wed, 13 Mar 2024 - 0h
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530 - Selling bonds to punters shrinks the economy Wed, 06 Mar 2024 - 0h
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529 - Steve Keen, the Musketeer Wed, 28 Feb 2024 - 0h
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528 - Challenging American Exceptionalism Wed, 21 Feb 2024 - 0h
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527 - Economic growth without more money? Wed, 14 Feb 2024 - 0h
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526 - Banking on destruction Wed, 07 Feb 2024 - 0h
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525 - Yanis Varoufakis on Technofeudalism Wed, 31 Jan 2024 - 0h
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524 - Time to ditch entrenched lengthy, risky supply chains Wed, 24 Jan 2024 - 0h
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523 - Does corporate debt kill opportunity? Wed, 17 Jan 2024 - 0h
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522 - Private equity funds – capitalists or leeches? Wed, 10 Jan 2024 - 0h
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521 - Coughing up for the young doctors Wed, 03 Jan 2024 - 0h
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520 - Books for the Holidays Wed, 27 Dec 2023 - 0h
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519 - Should we fix central bank interest rates? Wed, 20 Dec 2023 - 0h
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518 - Keir’s Thatcher love-in Wed, 13 Dec 2023 - 0h
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517 - Does Argentina need a central bank? Wed, 06 Dec 2023 - 0h
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516 - Too many people? Wed, 29 Nov 2023 - 0h
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515 - The temerity of austerity Wed, 22 Nov 2023 - 0h
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514 - Never too big to fail us Wed, 15 Nov 2023 - 0h
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513 - AI – overhyped or capable of great things? Wed, 08 Nov 2023 - 0h
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512 - Does Andreessen need a dose of techno realism? Wed, 01 Nov 2023 - 0h
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511 - Corporate Bullsh*t and what it’s doing to us Wed, 25 Oct 2023 - 0h
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510 - Why are some countries poor? Wed, 18 Oct 2023 - 0h
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509 - Stand, but don’t deliver Wed, 11 Oct 2023 - 0h