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Today 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.

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It’s often argued, by politicians and business owners, that higher wages cut into company profits, which is bad for the economy. Yet, lower wages cuts spending, and that’s worse for the economy. In this podcast Phil Dobbie asks how much more productive the economy would be if we saw a smaller difference between low wage earners and the filthy rich.

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

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It’s often argued, by politicians and business owners, that higher wages cut into company profits, which is bad for the economy. Yet, lower wages cuts spending, and that’s worse for the economy. In this podcast Phil Dobbie asks how much more productive the economy would be if we saw a smaller difference between low wage earners and the filthy rich.

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One of the reasons people voted for Brexit was to “take control of our borders”. Around the world, western leaders are echoing a similar message. It seems migrants are viewed more as a drain on resources than a boost to the economic output of a country. At the other end of the spectrum, there are some who argue that the world should have complete labour mobility and, if people could live where they wanted, then world GDP would double. Phil Dobbie asks Prof Steve Keen where this the optimum point on the spectrum. Is labour mobility a good thing or a bad thing?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

One of the reasons people voted for Brexit was to “take control of our borders”. Around the world, western leaders are echoing a similar message. It seems migrants are viewed more as a drain on resources than a boost to the economic output of a country. At the other end of the spectrum, there are some who argue that the world should have complete labour mobility and, if people could live where they wanted, then world GDP would double. Phil Dobbie asks Prof Steve Keen where this the optimum point on the spectrum. Is labour mobility a good thing or a bad thing?

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A new law in New Zealand prevents foreign buyers from acquiring homes in there. It’s a response to rising house prices which, the government claims, is being driven by New Zealanders being outbid by people from overseas. Home ownership in New Zealand is now at its lowest level since 1951. So, will the plan work? Phil Dobbie asks Prof Steve Keen.

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

A new law in New Zealand prevents foreign buyers from acquiring homes in there. It’s a response to rising house prices which, the government claims, is being driven by New Zealanders being outbid by people from overseas. Home ownership in New Zealand is now at its lowest level since 1951. So, will the plan work? Phil Dobbie asks Prof Steve Keen.

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The spread of yield between short and long term US Treasuries is narrowing. It could even invert, meaning the yield is higher on short term Treasuries than long dated ones. This is precisely what happened prior to every US recession – so does that mean another is on the way. A listener to the podcast wrote asking why yield curve inversion is such a reliable indicator of recession, if indeed it is? Phil Dobbie gives a quick explanation of what yield curves are, and Prof Steve Keen gives his reasoning on why it is flattening in the US right now. And does it mean a recession is on the way?

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

Premium

The spread of yield between short and long term US Treasuries is narrowing. It could even invert, meaning the yield is higher on short term Treasuries than long dated ones. This is precisely what happened prior to every US recession – so does that mean another is on the way. A listener to the podcast wrote asking why yield curve inversion is such a reliable indicator of recession, if indeed it is? Phil Dobbie gives a quick explanation of what yield curves are, and Prof Steve Keen gives his reasoning on why it is flattening in the US right now. And does it mean a recession is on the way?

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Robinson Crusoe lives on a desert island with Man Friday. There’s no need for money. But then Woman Saturday comes along, selling goods that both men want to acquire, and they devise the concept of money, which she quickly grabs the lions share of. Next, they discover a large village on the other side of the island. How does that change the value of their three-person economy when they introduce an island-wide currency? Then, when they find a neighbouring island with a very productive economy, what is their money worth now? Phil Dobbie takes Prof Steve Keen through a series of hypotheticals, to understand the role money plays, right from its origins.

To hear the full version subscribe by picking a plan in the right column of the Debunking Economics website (not the mobile app). Or become a patron at https://www.patreon.com/ProfSteveKeen

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