Podcast
Debunking Economics - the podcast
Hosted by Steve Keen & Phil Dobbie · EN
Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.
Hosted on Acast. See acast.com/privacy for more information.
38episodes
Episodes
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Is education wasted on the young?
Mar 300:32:14Tap to summarizeIn this episode of the Debunking Economics podcast, Phil and Steve Keen explore the shifting value of higher education, questioning whether the move toward commercialization and high student debt is fundamentally undermining the learning experience. Steve reflects on the decay of academic standards over the last thirty years, arguing that universities have transformed from centers of scholarship into profit-driven credential mills that prioritize enrollment numbers over depth of thought. They discuss the rising financial burden on graduates—averaging £53,000 in the UK—and compare the declining real-term starting salaries of academics and white-collar professionals with the robust earnings of skilled tradespeople like plumbers. The conversation also tackles the looming threat of AI, which Steve fears will amplify the trend of superficial learning by replacing critical thinking and clerical skills, ultimately risking the creation of an "uneducated community" more focused on paying off debt than engaging in meaningful discovery. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →The word from the World Forum
Feb 2400:32:20Tap to summarizePhil and Steve Keen discuss Steve’s recent experience at the World Forum in Berlin, which he frames as a progressive "antidote" to the World Economic Forum. Their conversation touches on a wide range of global issues, including the conflicted leadership in the Palestinian Authority and Israel, the necessity of a two-state solution in Gaza, and the controversial role of figures like Hillary Clinton and Bob Geldof. A significant portion of the dialogue focuses on Steve’s proposal to expand the legal definition of ecocide to include criminal negligence, arguing that economists and corporations should face personal liability for their role in climate change. Phil remains sceptical of the practical enforceability of such laws given the entrenched interests of powerful nations, but both agree that current international agreements like COP are largely ineffective, serving more as a venue for fossil fuel lobbying than real environmental progress. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Musk’s moneyless mirage
Feb 2000:38:19Tap to summarizeThis week Phil and Steve dissect Elon Musk’s futuristic vision of a moneyless society driven by AI and ubiquitous robotics. Drawing parallels to Marxist ideals and ancient "slave" societies (reimagined with robots), they explore the logistical impossibilities of such a world—from the staggering mineral requirements for billions of droids to the complex social dynamics of status and resource allocation in the absence of a pricing mechanism. Ultimately, they argue that while our current monetary system is flawed, the move toward a post-scarcity world requires a "better" multi-dimensional currency rather than the complete abolition of money, which serves as a vital tool for managing scarcity and human competition. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Does monetary policy work?
Feb 1100:44:04Tap to summarizeIn this episode we ask whether monetary policy actually works, as the RBA lifts rates to 3.85%—well above other advanced economies—despite inflation being driven by capacity constraints rather than excess demand. We explore why higher rates may worsen the problem by choking investment and productivity, why the quantity‑of‑money story doesn’t hold when spending velocity rises, and how fiscal tools could target inflation far more precisely. Steve argues that Australia’s deeper issue is its housing‑debt machine: high house prices, bank‑driven mortgage lending, and a credit‑fuelled economy that rate hikes can’t fix and may even reinforce. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Learning from Iceland
Feb 400:36:21Tap to summarizePhil Dobbie talks to Prof Steve Keen about the one modern economy that actually let its banks fail — Iceland — and what the rest of the world should have learned from it. They unpack how a tiny country ended up with banks eleven times the size of its GDP, fuelled by high interest rates, foreign borrowing, and a carry‑trade frenzy that made Iceland look less like a nation and more like a hedge fund with a flag. When the krona collapsed, imports doubled in price, inflation exploded, and the banking system imploded — yet Iceland refused to socialise the losses, letting foreign creditors take the hit while rebuilding with new domestic banks, capital controls, and a currency so cheap it sparked a tourism boom. Phil and Steve contrast that with Ireland, Greece, and Cyprus, where governments guaranteed bank debts, couldn’t devalue, and ended up trapped in austerity. The episode asks the big question: what’s the real lesson from Iceland’s crash — and why did so few countries follow it? Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Can the EU take on the US?
Jan 2100:37:17Tap to summarizeThis week Phil and Steve explore who would be hit hardest by a full‑blown US–EU trade war, and how the escalating Greenland dispute exposes Europe’s dependence on American defence and technology. They examine whether Europe could credibly build its own security architecture — from a eurozone‑funded army to a rapidly expanding domestic arms industry — and how tariff retaliation, energy costs, and the dominance of US big tech complicate the picture. With studies suggesting EU exports to the US could halve under 25% tariffs, and with Europe still buying billions in American weaponry each year, the discussion asks whether a strategic reset is inevitable, and what it would take for Europe to stand on its own economically, militarily, and digitally. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Sovereign Money and 100% money, explained
Jan 1400:40:16Tap to summarizeIn this episode of Debunking Economics, Phil Dobbie and Professor Steve Keen dive into the thorny world of “sovereign money” and “100% money” — two reform proposals that aim to radically reshape how modern banking works. Prompted by a listener email, the conversation unpacks why today’s system of bank‑created money, reserves, and government deficits is so convoluted, and whether a simpler, more transparent architecture is even possible. Phil sketches the appeal of a world where everyone holds an account directly at the central bank, bypassing the private banking system for everyday payments, while Steve explores what such a shift would mean for money creation, government spending, and the role of commercial banks.As the discussion deepens, they examine the historical roots of these ideas, from Irving Fisher’s 1930s push for 100% reserve banking to modern proposals emerging from Switzerland and Germany. Steve highlights the technical and political challenges: how to separate the payment system from the credit system, whether banks could remain profitable without the ability to create money, and why double‑entry bookkeeping is essential to understanding any reform. Phil presses on the potential benefits — stability, simplicity, and a more direct way for governments to manage the money supply — while Steve warns that poorly designed reforms could unintentionally collapse the very financial system they aim to fix.The result is a lively, accessible exploration of one of the most misunderstood corners of economics. Whether you’re curious about sovereign money, sceptical of private bank power, or simply trying to make sense of how money actually moves around the economy, this episode offers a clear and provocative guide through the debate Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Bringing manufacturing home, the Japanese Way
Mar 5, 202500:41:45Tap to summarizeIn a recent podcast Phil suggested that bringing manufacturing home to America won’t necessarily create jobs, because most factories will be automated. They just need one man and a dog, he said. The man to turn the machine on, and the dog to make sure he doesn’t touch anything else.That touched a nerve with Brian Hanley has spent his life refining manufacturing processes. The key ingredient suggests, is people. Elon Musk was the latest to try the lights out approach and realised it didn’t work.Instead, if the US wants to succeed with a competitive manufacturing sector, it needs to look to post-war Japan. Workers were an integral part of the refinement and adaptive nature of manufacturing processes, in part because of the company-based (rather than industry-speciifc) union structure. Listen in to find out how Japan’s adaptive approach is what’s needed if the US is to develop a successful manufacturing sector.Two books related to this, that Brian says should be required reading or every economist:- Kanban Just-in Time at Toyota by Japan Management Association- The Sayings of Shigeo Shingo by Shigeo Shingo Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Are we giving up on climate change?
Feb 26, 202500:40:17Tap to summarizeDonald Trump, as the world’s highest profile climate change denier, has famously said, repeatedly, that he wants to drill baby drill, to make US energy even cheaper. It’s already half the price of Europe, and all the productivity benefits that provides. Phil and Steve talk about whether this the final nail in the coffin in a world which is paying lip service to the changes required. Is nuclear our only way to fast track a workable solution? Hosted on Acast. See acast.com/privacy for more information.
Transcribe →The trade war has begun
Feb 19, 202500:41:06Tap to summarizeReciprocal tariffs could be coming to every OECD country if we believe everything Donald Trump says. He sees VAT as a tariff imposed on US imports, which means he wants to impose the same amount on those countries for goods they export to America. That would apply to every OECD country and, supposedly, the President has said there will be no exceptions. Does this mean a global trade war is just about to happen? Steve has been a supporter of protectionism as a way to aid growth, and understands the need for America to bring jobs back home, but not with the “bull in the China shop approach” that Trump is taking. But Phil asks whether the horse has already bolted. The web of international supply chains is well established and difficult to break. Haven’t we all benefited from lower cost goods? And even if you brought back production functions would automation mean few new jobs would be produced? In short, is Trump too late to make a difference. Will he just create chaos? Hosted on Acast. See acast.com/privacy for more information.
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