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Interest rates have been low in most parts of the world for some time now – in many places they are actually negative. So, what do central banks do next time there’s a global economic downturn which, as we discussed last time, isn’t very far away now. Phil Dobbie asks Prof Steve Keen whether interest rates are now so low, with little opportunity for them to grow, that they are no longer a useful instrument for central banks.

Interest rates have been low in most parts of the world for some time now – in many places they are actually negative. So, what do central banks do next time there’s a global economic downturn which, as we discussed last time, isn’t very far away now. Phil Dobbie asks Prof Steve Keen whether interest rates are now so low, with little opportunity for them to grow, that they are no longer a useful instrument for central banks.

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

It seems like we’re due another recession. If you include the dot-com bust then we’ve had significant downturns every 78-9 years since the 1970s. So, even though it feels like we haven’t recovered from the last one, we appear to be hurtling to another one soon. Phil Dobbie talks to Prof Steve Keen about what will be the trigger this time, how far it will spread and what, if anything, can Central Banks do to prevent it?

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 seems like we’re due another recession. If you include the dot-com bust then we’ve had significant downturns every 78-9 years since the 1970s. So, even though it feels like we haven’t recovered from the last one, we appear to be hurtling to another one soon. Phil Dobbie talks to Prof Steve Keen about what will be the trigger this time, how far it will spread and what, if anything, can Central Banks do to prevent it?

Modern Monetary Theory supports the idea that governments, rather than creating debt, can create as much money as they see fit to invest in the economy and create jobs. Thar works just fine in a closed economy, where the debt is all in your own currency. But, Phil Dobbie asks Prof Steve Keen, whether the idea falls apart once you introduce the pesky idea of a global economy with international trade and foreign currencies.

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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Modern Monetary Theory supports the idea that governments, rather than creating debt, can create as much money as they see fit to invest in the economy and create jobs. Thar works just fine in a closed economy, where the debt is all in your own currency. But, Phil Dobbie asks Prof Steve Keen, whether the idea falls apart once you introduce the pesky idea of a global economy with international trade and foreign currencies.

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?  

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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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?  

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William Nordaus is a recipient of the 2018 Nobel Prize for Economics. He’s been recognised for his work on climate change and his quest to develop economic policy that will mitigate the worst extremes of our impact on the planet. But, as Prof Steve Keen discusses in this edition of The Debunking Economics podcast, his model is doing more harm than good, underestimating the influence of rising temperatures on GDP. For example, an increase in temperature of 10C will see global GDP fall by 25 percent – yet at such a temperature the majority of people on the planet will be wiped out. Phil Dobbie asks, can you expect any growth in GDP if you are aiming to curtail temperatures – aren’t the two forces mutually exclusive?

William Nordaus is a recipient of the 2018 Nobel Prize for Economics. He’s been recognised for his work on climate change and his quest to develop economic policy that will mitigate the worst extremes of our impact on the planet. But, as Prof Steve Keen discusses in this edition of The Debunking Economics podcast, his model is doing more harm than good, underestimating the influence of rising temperatures on GDP. For example, an increase in temperature of 10C will see global GDP fall by 25 percent – yet at such a temperature the majority of people on the planet will be wiped out. Phil Dobbie asks, can you expect any growth in GDP if you are aiming to curtail temperatures – aren’t the two forces mutually exclusive?

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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