Podcast
Economics Explored
Hosted by Gene Tunny · EN
Hard-headed economic analysis applied to important economic, social, and environmental issues.
30episodes
Episodes
Newest firstAll episodes
Argentina’s Radical Economic Turnaround
Mar 100:30:53Tap to summarizeArgentina was on the brink: inflation near 300% a year, real wages collapsing, poverty rising, and a large fiscal deficit. Voters elected libertarian economist Javier Milei, who promised deep spending cuts and radical reform. Many predicted a disaster. Two years on, inflation has fallen sharply, and real wages are projected to rise. In this episode, show host Gene Tunny chats with John Humphreys (Australian Taxpayers’ Alliance Chief Economist) and Michael Arbon (adviser to Senator Ralph Babet) on how disinflation works, why fiscal credibility matters, and what Argentina’s experience could mean for Australia — particularly on energy policy and political risk. Gene also briefly touches on developments in the Iran war and their potential global economic implications. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. What You’ll Learn How credible fiscal and monetary reform can rapidly reduce inflation. Why cutting government spending doesn’t automatically cause a recession. What economists mean by a “political risk premium.” How uncertainty about future policy affects investment decisions. Why major reform often involves short-term pain — and political risk. Timestamps Global Economic Uncertainty and Iran Conflict (0:00) Economic Implications of Higher Energy Prices (2:06) Argentina's Economic Crisis and Reforms (3:56) John Humphreys on Argentina's Economic Reforms (6:33) Lessons from Argentina's Reforms (7:40) Political Risk and Investment in Argentina (22:11) Potential Application of Argentina's Reforms in Australia (28:10) Conclusion and Future Prospects (29:31) Links relevant to the conversation John’s Substack post, “What can we learn from Milei's Argentina?”: https://austaxpayers.substack.com/p/what-can-we-learn-from-mileis-argentina Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED
Transcribe →A Pro-Growth Tax Reform Agenda for Australia
Feb 2100:50:24Tap to summarizeWhat would tax reform look like if the goal were higher wages and stronger long-term growth — rather than more revenue? In this episode, Gene Tunny and John Humphreys examine capital gains tax, bracket creep, and income tax reform through the lens of productivity and living standards. While the discussion focuses on Australia, the principles apply everywhere. How should governments tax capital versus labour? Should tax brackets be indexed to inflation? And how can tax systems encourage saving, investment, and innovation? This episode explores the economic ideas behind a genuinely pro-growth tax reform agenda. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. What You’ll Learn Why productivity growth—not redistribution—is central to rising real wages and living standards. How capital gains tax works, and why inflation and the time value of money complicate its design. Why economists worry that taxing capital income can discourage investment. How bracket creep quietly increases tax burdens even when real wages aren’t rising. What a pro-growth tax reform agenda looks like. Timestamps Introduction to the Podcast and Episode Theme (0:00) Discussion on Productivity and Tax Reform (2:17) Capital Gains Tax Discussion (7:22) Proposed Tax Reforms and Economic Benefits (19:56) Indexing Tax Brackets to Eliminate Bracket Creep (45:41) Conclusion and Final Thoughts (49:03) Links relevant to the conversation The Australian Taxpayers’ Alliance livestreams that this episode borrows from… Bold tax cut proposal for a new opposition || #32: https://www.youtube.com/live/HYsNOmJ1tKc?si=ZCqtX2f5FWmxDo0C Taxes are going up || #31 https://www.youtube.com/live/UkQWVCo1Qko?si=Cyp-SBtjdYI3nBRp Related ATA newsletter articles: https://austaxpayers.substack.com/p/bold-tax-proposal-for-a-new-opposition https://austaxpayers.substack.com/p/tax-hikes-on-alcohol-and-petrol Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED
Transcribe →What Would Adam Smith Make of Australia? | A C+ Scorecard
Feb 1300:58:39Tap to summarizeAdam Smith is often invoked as the intellectual godfather of modern capitalism — but he was also a moral philosopher. Judo Bank founder and former CEO Joseph Healy joins Gene Tunny to argue that Australia’s market economy has drifted from Smith’s vision. From weak competition and high household debt to corporate scandals and lobbying influence, this episode explores whether capitalism has been “hijacked by capitalists” — and why complacency may be Australia’s greatest economic risk.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. About this episode’s guest: Joseph HealyJoseph Healy is an experienced Australian banking executive and the author of What Would Adam Smith Make of Modern Australia? He has had a long career in financial services in Australia and internationally, including as a co-founder and former CEO of Judo Bank, a specialist SME bank. Joseph has a longstanding interest in Adam Smith’s work as both an economist and moral philosopher. In his book, he draws on The Wealth of Nations and The Theory of Moral Sentiments to assess the state of modern Australian capitalism — examining competition, corporate governance, banking, regulation, education, and the relationship between economic performance and societal wellbeing.What You’ll LearnWhy Adam Smith must be read as both an economist and a moral philosopher.How shareholder value thinking reshaped corporate incentives from the 1980s onward.Why weak competition in banking, airlines, retail, and energy may be generating economic rents in Australia.How the shift of bank lending toward housing may have created systemic risk and underinvestment in SMEs in Australia.Why Joseph gives Australia a C+ overall — and why that grade could deteriorate.Timestamps02:25 – Why Joseph wrote to The EconomistThe 250th anniversary of The Wealth of Nations and reclaiming Smith’s legacy.09:18 – Why Moral Sentiments still matters“Loved and lovely” — Smith’s moral framework explained.16:30 – The legal test vs the moral test“It’s not ‘Will we get caught?’ — it’s ‘Is this the right thing to do?’”18:29 – Shareholder value and the erosion of restraintHow incentives shifted corporate behaviour from the 1980s onward.27:39 – Banking concentration and the shift to mortgagesBig Four dominance and declining SME lending.31:05 – Systemic risk and household leverageIs Australia too exposed to housing debt?36:10 – Lobbying and barriers to competitionWhy reform is politically difficult.40:45 – Five areas of reformGovernment size, competition, tax reform, governance, trade unions & education.48:34 – The Qantas exampleLobbying, protection, and consumer impact.51:39 – What would Adam Smith make of Australia?The “report card”: A for trade, D for competition, C+ overall.55:11 – Reclaiming capitalism“Capture it back again so it’s working for everybody.”Links relevant to the conversationJoseph’s book, What Would Adam Smith Make of Modern Australia?https://majorstreet.com.au/products/what-would-adam-smith-make-of-modern-australia-br-i-small-by-joseph-healy-i-smallLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →What Counts as Economic Activity — and What Doesn’t
Feb 700:41:29Tap to summarizeWhat do we actually count as economic activity — and what do we leave out? In this episode, Gene speaks with economist Misty Heggeness about Swiftynomics, her new book on women’s work, unpaid care, and the limits of standard economic statistics. Misty uses Taylor Swift as a narrative anchor for a broader argument about care, work, and economic growth. She argues that large amounts of productive activity — especially care and household work — sit outside GDP. The conversation explores unpaid labour, the gender pay gap, universal childcare, and whether rethinking what we measure could lead to better economic policy.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. About this episode’s guest: Misty HeggenessMisty L. Heggeness is an associate professor in the School of Public Affairs and Administration and an associate research scientist in the Institute for Policy and Social Research at the University of Kansas. She has over a decade of experience leading high-profile research that informed decision-making within the U.S. federal government. Her research focuses on poverty & inequality, gender economics, and the high-skilled workforce and has appeared in outlets like The New York Times, Wall Street Journal, NPR, The Economist, and Science.https://spaa.ku.edu/people/misty-heggenessTakeawaysGDP measures market activity — but ignores much unpaid care and household work.Women, on average, do more total economic activity per day once unpaid work is included.How we measure the economy influences which policies governments prioritise.TimestampsIntroduction to the Podcast and Guest (0:00)Discussion on the Book's Theme (2:31)Taylor Swift's Relevance and Personal Experiences (4:34)Defining Swiftynomics and Its Broader Implications (12:08)Policy Proposals and Universal Child Care (14:03)Gender Pay Gap and Workplace Flexibility (18:43)Affirmative Action and Gender Quotas (28:54)Conclusion and Key Takeaways (36:53)Links relevant to the conversationSwiftynomics: How Women Mastermind and Redefine Our Economy:https://www.amazon.com/Swiftynomics-Women-Mastermind-Redefine-Economy/dp/0520403118The Care Board:https://thecareboard.org/ Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →Why Economists Defend Free Speech
Jan 2400:43:41Tap to summarizeWhat does free speech have to do with economics? A lot more than you might think. In this episode, Gene Tunny is joined by John Humphreys to explore free speech as a core institutional pillar of prosperous societies. From Mao’s Great Leap Forward to modern Australia, they show how restricting speech distorts incentives, breaks feedback loops, and leads to catastrophic policy failure. Even well-intentioned speech laws, they argue, can have dangerous unintended consequences.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. Key takeaways (What you’ll learn)Why economists see free speech as a feedback mechanism, similar to prices in marketsHow restricting speech shifts incentives from truth-seeking to conformityWhy censorship often hides problems until they become crisesHow historical disasters, like China’s Great Leap Forward, illustrate the cost of silenced feedbackWhy tolerating error is essential for democracy, learning, and social progressTimestampsFree Speech and Its Importance (0:00)The Role of Free Speech in Democracy (4:16)Historical Context and Legal Perspectives (9:00)Tolerance and the Enlightenment (11:03)The Impact of Free Speech Restrictions (16:02)The Politics of Free Speech Legislation (20:21)The Evolution of Anti-Speech Legislation (22:15)The Role of Multiculturalism and Social Cohesion (22:31)The Future of Free Speech Legislation (32:45)Links relevant to the conversationGene and John’s recent Australian Taxpayers’ Alliance livestreams on free speech:https://www.youtube.com/live/ZdQ2y96QakI?si=cCKdaqylXJ03FgFahttps://www.youtube.com/live/fvd3usSMT3o?si=oIr7UJrO9C53Fi4cChris Berg’s Institutional Theory of Free Speech:https://chrisberg.org/2017/02/an-institutional-theory-of-free-speech/The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure:https://www.amazon.com.au/Coddling-American-Mind-Intentions-Generation/dp/0735224897Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →Auckland Upzoning: Hype or Housing Fix?
Jan 1700:46:59Tap to summarizeAuckland’s upzoning reforms have become a global case study in housing policy. Gene Tunny and John August dig into the data behind claims that loosening zoning rules boosted housing supply and eased rent pressures. They explore the statistical methods used, the critiques raised by sceptics, and the limits of zoning reform on its own. The episode also examines infrastructure constraints and whether complementary policies are essential for real housing affordability gains.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. TimestampsAuckland Upzoning and Housing Affordability (0:00)Introduction of John August and Initial Discussion (3:41)Statistical Analysis and Critiques (3:59)Cameron Murray and Tim Helm’s analysis (7:33)Broader Economic Context and Infrastructure (25:23)Conclusion and Future Directions (46:23)TakeawaysRigorous statistical studies find a strong link between upzoning and increased housing consents in Auckland.Critics argue that zoning reform alone cannot overcome development cycles, infrastructure bottlenecks, or land banking.Development approvals are a useful, though imperfect, proxy for actual housing supply growth.Infrastructure provision is crucial—densification without follow-through can reduce amenity and limit affordability gains.Zoning reform works best as part of a broader policy package, potentially including land value taxation to fund essential infrastructure.Links relevant to the conversationThe impact of upzoning on housing construction in Auckland by Ryan Greenaway-McGrevy and Peter C.B. Phillips:https://cowles.yale.edu/sites/default/files/2024-02/p1863.pdfZoning and housing supply: empirics in search of a theory by Tim Helm and Cameron Murray:https://ace2025.org.au/wp-content/uploads/2025/07/01-Tim-ACE-2025-Tim-Helm-TAKE-II.pdfLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →AI, Power & the Future of Politics w/ Bruce Schneier, Harvard Kennedy School
Jan 1000:26:20Tap to summarizeShow host Gene Tunny speaks with cybersecurity expert Bruce Schneier of the Harvard Kennedy School about his new book, Rewiring Democracy, which explores the profound and often underappreciated ways AI is already reshaping democratic institutions. From AI-powered political campaigns and legislative drafting to citizen engagement and court systems, Schneier lays out both the potential and the peril of this technological transformation.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. TimestampsIntroduction (0:00)Bruce Schneier's New Book "Rewiring Democracy" (1:44)Impact of AI on Democracy and Humanity (4:25)AI in Government Administration and Courts (9:12)Examples of AI in Citizen Assemblies and Public AI (12:02)Challenges and Opportunities with AI in Democracy (18:10)Regulation and Accountability of AI (22:04)TakeawaysAI is already transforming democracy. It plays roles in political campaigning, lawmaking, courtrooms, and public service—even if we don’t always notice it.The real danger is corporate control. Schneier stresses that AI’s trajectory is largely shaped by a small group of powerful tech companies and calls for “public AI” as a counterbalance.AI is a tool, not a force. Whether AI supports democracy or authoritarianism depends entirely on how humans use it.Citizens can be empowered by AI. Projects from CalMatters and make.org show how AI can help amplify civic voices and improve transparency.Urgent regulation is needed. Schneier argues that AI, like cars or planes, must be regulated for safety, transparency, and accountability—especially to prevent manipulation and abuse.Links relevant to the conversationBruce’s book - Rewiring Democracy: How AI Will Transform Our Politics, Government, and Citizenshiphttps://mitpress.mit.edu/9780262049948/rewiring-democracy/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →Why Roman Interest Rates Collapsed After Augustus Won | Fertility Economics Questions Answered | Friedman & Reagan on the Gold Standard – ep 304
Nov 2900:52:39Tap to summarizeGene responds to thoughtful listener feedback on record-low fertility rates and explores why childcare, IVF, and returning to work for fortysomething mothers can be so economically challenging. He then travels back to ancient Rome to unpack a curious moment after Augustus’s victory over Antony and Cleopatra, when treasure flooded into Rome, interest rates plummeted, and land values soared—and explains how this fits neatly into modern monetary economics. Finally, Gene revisits remarkable exchanges between Milton Friedman, Alan Greenspan, and Ronald Reagan that shed fresh light on the perennial debate over the gold standard.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. TimestampsIntroduction (0:00)Childcare Costs and Staffing Ratios (5:15)IVF Costs and Penalties for Women Returning to Work (9:52)Rise of Singleton Households and Economics of Smaller Populations (17:32)Economic Impact of Ancient Rome’s Influx of Gold and Treasure (22:56)Milton Friedman and the Gold Standard (42:01)TakeawaysChildcare costs are structurally high due to labour intensity, mandated staff–child ratios, and qualification requirements.The “motherhood penalty” is real and appears driven partly by human capital loss during career breaks and partly by occupational choices for flexibility.Augustus’s influx of treasure into Rome increased real money balances, pushing interest rates from ~12% to ~4% and boosting land prices—an excellent real-world example of short-run monetary non-neutrality.Milton Friedman and Alan Greenspan both advised Ronald Reagan NOT to pursue a gold standard, arguing fiscal discipline and controlled monetary growth matter more than metal backing.Links relevant to the conversationReferenced Previous EpisodesIs Gold Flashing a Warning Sign? https://economics-explained.simplecast.com/episodes/is-gold-flashing-a-warning-sign-ep303The Great Baby Busthttps://economics-explained.simplecast.com/episodes/the-great-baby-bust-why-it-happened-and-what-it-means-for-us-ep300The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse - EP230https://economics-explained.simplecast.com/episodes/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230The Gender Pay Gap w/ Dr Leonora Rissehttps://economics-explained.simplecast.com/episodes/the-gender-pay-gap-with-dr-leonora-risseChina’s falling population & global population update - EP174https://economics-explained.simplecast.com/episodes/chinas-falling-population-global-population-update-ep174U.S. Census data on rising singleton householdshttps://www.census.gov/library/stories/2023/06/more-than-a-quarter-all-households-have-one-person.html “The Motherhood Wage Penalty: A Meta-Analysis” – Social Science Research paperhttps://www.sciencedirect.com/science/article/pii/S0049089X20300144Florida childcare staffing ratioshttps://www.elcslc.org/parents/vpk-locator/licensing-files-what-to-look-for/state-of-florida-mandated-adult-to-child-ratios/Australian childcare qualification requirementshttps://earlychildhood.qld.gov.au/careers/qualifications-and-pathways/approved-qualificationsBooks MentionedTom Holland’s translation of Suetonius – Lives of the Caesarshttps://www.amazon.com.au/Lives-Caesars-Suetonius/dp/0241186897Sebastian Mallaby – The Man Who Knew: The Life and Times of Alan Greenspanhttps://www.amazon.com.au/Man-Who-Knew-Times-Greenspan/dp/0143111094Mark Blaug – Economic Theory in Retrospecthttps://www.amazon.com.au/Economic-Theory-Retrospect-Universiteit-Amsterdam/dp/0521577012Cassius Dio – Roman Historyhttps://penelope.uchicago.edu/Thayer/e/roman/texts/cassius_dio/51*.htmlLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
Transcribe →Is Gold Flashing a Warning Sign? ep303
Nov 1500:29:45Tap to summarizeGold has doubled in price in less than two years—so what exactly is happening? Gene Tunny and John Humphreys break down the economic and geopolitical forces driving the surge, from inflation fears and rising global debt to BRICS nations buying massive amounts of gold. The conversation also explores whether a new gold-backed currency could challenge US dollar dominance.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. Time stamps00:00 – Introduction01:30 – Why gold is surging04:30 – The role of inflation fears & global debt07:15 – BRICS gold buying and the idea of a gold-backed currency12:00 – Is a gold-backed currency workable?16:00 – Gold vs. fiat currencies: long-term stability22:30 – Geopolitical implications of a shift away from the USD26:00 – Gene’s clarification of Ken Rogoff’s perspective28:30 – Outro TakeawaysGold has doubled in price in under two years, suggesting deep market concerns about inflation, debt, geopolitics, or structural distrust of fiat currencies.BRICS nations—particularly China—are buying unprecedented amounts of gold, possibly preparing for a commodity-backed settlement currency.A gold- or commodity-backed currency is politically useful for BRICS, as it may help overcome trust deficits relative to the US.Gold standards constrain monetary policy, reducing the ability to monetize debt or respond flexibly to recessions. Gene and John debate whether this constraint is feature or bug.LinksGold charts:https://drive.google.com/file/d/1TamqJ1GOpXxveAVLRS0UJnb7U9GyRATX/view?usp=sharingATA livestream on 6 November:https://www.youtube.com/live/gSVJ9ZU6lC4?si=8sXvajwG5cdUk85fLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED
Transcribe →Should Australia “Make Things Again”? - ep302
Nov 800:56:05Tap to summarize“Make things again” — it’s a powerful slogan. But what does it really mean for Australia’s economy, workers, and national security? Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys dig into the heart of the debate, from the politics of nostalgia to the realities of automation and global trade. A thought-provoking conversation about whether Australia can, or should, bring manufacturing back home.Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. Timestamps00:00 – Introduction – Why “Make Things Again” is back in the headlines01:40 – From CIS Consilium to the manufacturing debate06:15 – The political appeal of “making things again”12:50 – Australia’s car industry and economic reality16:55 – What policy tools are we really talking about?21:45 – The energy policy civil war on the right27:50 – Legitimate arguments for tariffs: revenue & security31:30 – National security, China, and economic resilience40:10 – Automation and the meaning of work44:55 – The future of the centre-right48:25 – Wrap-up: where the new right might go49:00 – Outro – national security, critical minerals & what’s nextTakeawaysAutomation has changed everything – Even if manufacturing expands, the old factory jobs aren’t coming back; future growth will be in advanced, high-value sectors.Politics vs economics – “Made in Australia” is powerful politically, but protectionism risks higher costs and lower productivity.National security is a legitimate concern – But it needs a framework; not everything can be justified in its name.Energy costs are critical – High power prices are a big constraint on manufacturing.Meaningful work matters – Many calls for reindustrialisation reflect cultural and social concerns about meaning, not just economics.Links relevant to the conversationATA livestream of Made in Australia debate || ATA #26:https://www.youtube.com/live/tvBKU7-Ce7E?si=g-Mr8AlL3-wDxNlEAndrew Hastie MP’s call to make things again:https://youtube.com/shorts/9NQGcBnaI8I?si=h4jwFskB2byxJ6YySimon Cowan’s opinion piece “The hard truth: why the government should let this smelter fai”:https://www.cis.org.au/commentary/opinion/the-hard-truth-why-the-government-should-let-this-smelter-fail/Productivity Commission paper “Guardrails for modern industry policy”:https://www.pc.gov.au/inquiries-and-research/guardrails-industry-policy/Richard Holden’s AFR article “Labor needs a strategy to say where minerals bailouts stop” (paywalled):https://www.afr.com/policy/economy/labor-needs-a-strategy-to-say-where-minerals-bailouts-stop-20251012-p5n1szJohn Quiggin’s article “If government bailouts of companies are the new normal, we need a better strategic vision”:https://theconversation.com/if-government-bailouts-of-companies-are-the-new-normal-we-need-a-better-strategic-vision-267111Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED
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