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In this episode of the Debunking Economics podcast, Phil Dobbie and Steve Keen explore the core of economic theory: the definition of value. They contrast the classical cost of production theory with the neoclassical focus on subjective utility, arguing that while neoclassical models often fail mathematical rig...

This week Phil and Steve examine the concept of compound interest and its inextricable link to exponential growth in a world with finite resources. They discuss how interest was historically viewed as a sin—the crime of usury—across major religions until the industrial revolution provided the physical growth an...

Phil points out that the US is likely to spend $1.5 trillion on defence/offense spending this year. Acknowledging that sovereign currencies can essentially create money to fund defence, doesn’t there get a point where too much is just too much? A significant portion of this expenditure flows to major defence co...

This week Phil and Steve dive into the mechanics, ethics, and economic consequences of a Windfall Tax. The discussion starts with the UK’s energy levy on North Sea oil and gas producers, questioning why these taxes are often temporary "clunky" fixes rather than permanent structural policies. They explore the fu...

In 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 las...

Phil 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 ...

This 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 requirem...

In 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 ...

Phil 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...