Debunking Economics - the podcast

Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.

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Reviews:
The War Dividend
October 09, 202436:58

The War Dividend

It’s a sad fact that war can pay. The US arms industry is one major beneficiary. The UK is a long way behind, but it also a big supplier of armaments to the world. If governments of the world upped their defence pending to 3 percent of GDP that would see a massive increase in demand for weaponry. In Britian’s c...

Have marketers made Marx surplus to requirements?
October 02, 202436:26

Have marketers made Marx surplus to requirements?

Phil tells Steve that he’s always struggled with Karl Marx’s idea of surplus value. The idea that workers work for themselves, then a bit more to create the profit for a business. Phil says, that seems like a cost-plus approach, whereas in his marketing days, it was all about creating a brand that people would ...

Why is the US economy doing so much better than Europe?
September 25, 202435:53

Why is the US economy doing so much better than Europe?

Europe and the US are both recovering from the same problem – COVID and the inflation that followed. But last week the Fed in the US dropped interest rates by half a percent, with markets expecting a soft-landing for the US economy. Europe, meanwhile, is struggling, with Germany’s economy heading backwards for ...

The Aggregate Problem
September 18, 202434:29

The Aggregate Problem

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 grow...