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.
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Each week Phil Dobbie and Roger Hearing get to grips with one issue that impacts our lives. It could be economic, social, technological or geopolitical. Whatever the subject, they'll talk to the experts who can give help explain what's really going on. And Phil and Roger back it up with their own research and opinions. It's half an hour to get across one of the key issues of the time, and they promise, it'll never be boring. Hosted on Acast. See acast.com/privacy for more information.
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Balls Radio is an irreverent look at the world, from the edge of the world. Phil Dobbie, in Sydney Australia, talks politics, current events and anything else he can find to fill the time. Tune in from 9pm each Monday, Sydney time.
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Is the ceasefire going to happen? Will Moscow sign up? And where will it leave Ukraine - the country that was subject to the largest land war in Europe since 1945? Donald Trump has forced through Kyiv’s cooperation. Can he do the same with Russia? Does he even want to? David Galbreath, Professor of War and Technology at the University of Bath, sets…
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Is there a ceiling to economic supremacy?
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36:01Donald Trump is doing everything he can think off to improve the US economy. Tariffs, cutting government spending, bringing manufacturing back home, accessing more resources and lowering the cost of energy. Will it work? And, if it does, Phil wonders whether there’s a ceiling to how far the US economy can grow. Or does it grow at the expense of oth…
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Is cinema dying? The Oscars were the usual triumphant mix of glamour, glitz and terrible speeches, but is the film industry what it was? Streaming, video games, Covid and the cost of living have led to a downturn in audience figures in the US and the UK, although there are faint signs of a revival. Do we still want to sit passively in a big dark ro…
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Bringing manufacturing home, the Japanese Way
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41:45In 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…
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Taking over Greenland, turning Gaza into a US resort, switching sides over Ukraine - the world has faced a whirlwind of Trump initiatives in the opening weeks of his presidency, some madcap, some sinister. How are foreign leaders and diplomats supposed to deal with this? Is he serious? Or is he just trolling the international liberal establishment?…
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Donald 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 l…
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Labour is promising 12 new New Towns across England, to spur growth and provide housing. But those who know Telford, Milton Keynes, Welwyn Garden City and the rest might question the model - concrete social engineering hasn’t always been successful in bringing prosperity, especially if there aren’t enough jobs in the area where they’re built. But i…
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Reciprocal 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 except…
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Donald Trump wants big tariffs on US imports, and the countries affected are threatening retaliation - it’s the beginning of a trade war, with China, Canada, Mexico, the EU and others weighing in. So how does Britain ride this out? Can Keir Starmer’s government find ways not to get caught in the crossfire, and maybe even benefit from not being high…
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The new US Treasury Secretary Scott Bessent recently re-iterated the US desire to remain as the world’s reserve currency, because they like a strong dollar that’s in demand worldwide. Burt he also says he doesn’t want other currencies weak, because that gives thema trade advantage. That sounds like a “cake and eat it” philosophy. This week Phil ask…
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Have you tried DeepSeek? China’s new, cheap artificial intelligence app has startled Sillicon Valley. It’s wiped billions from the worth of some of big tech’s biggest names - Nvidia, Microsoft, Google - because it seems to be able to do what they can’t, quicker and better. So is this the wake-up call western tech needed, or a threat to our assumpti…
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Phil asked Steve a lot last week about how bank create money through the loans they issue. But he has been, it’s fair to say, a little less convinced about how government deficits create money. So prepare for a light bulb moment as Steve breaks down the process that sees the government spending more, with more money moved to the private sector, and…
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Emails on the beach - we all left the office in 2020, and some of us never went back. But is business calling time now on working from home? Is it part of the problem for UK productivity? Are we working as hard when we can Zoom in from the sofa? Or is hybrid working, Tuesday to Thursday in the office, the new normal? Abigail Marks, Professor of the…
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Steve and Phil have described the island of Coinucopia in previous editions of the podcast. It started as a place where only coins were legal tender, and the supply of coins didn’t increase. They explained how that created deflation and inhibited growth, so the government started adding more coins. Then they let banks issue loans. Now, what happens…
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The 47th president of the United States has begun his administration with a rush of executive orders intended to change the direction of the US. Some seem destructive but predictable - moving against undocumented migrants and re-leaving the Paris Climate Accord. Others just MAGA crowd-pleasers - declaring there are only two genders and renaming the…
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Rachel Reeves, the UK Chancellor, has fallen into the debt-trap argument. She says she is focused on growth, but she is also determined to balance the budget. Cuts to government spending is part of the picture, but her biggest attack has been on business, increasing tax on employment. You could argue that if you are going to tax anywhere, taxing bu…
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France and Germany are the pillars of the EU, the strongest economies and most stable democracies - except they’re not: Paris and Berlin are caught in crisis, with their political systems failing to produce effective leadership, and their economic models generating debt and recession. Can the EU and its key members find a way to unite nd prosper, a…
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There are, its estimated, 8.2 billion people on the planet. The UN projects that the world's population will reach 9.7 billion by 2050 and 11.2 billion by 2100. We won’t reach that, says Steve Keen. Even if we ignore climate change, we’ll exceed our capacity to support the population, and the as countries become richer their fertility rate will dec…
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Labour’s first six months in office has been something of a disappointment, with rows about pensioners’ energy payments, farmers’ inheritance tax and a budget that satisfied nobody. So is it unreasonable expectations from a party in government for the first time in 14 years, or a weakness of leadership in a time of crisis? Phil and Roger ask Rohan …
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When Coincupia starts to allow loans and bank notes
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44:20Last week Phil introduced us to the island of Coinucopia, where only a limited supply of gold coins could be used to keep the economy functioning. But the island is suffering from very slow economic growth. Steve explains how any innovation, that sees new products come to market, will see the same money chasing more goods, so prices will necessaril…
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Alien invasion? AI takeover? A new pandemic? Nuclear war? The list of dangers to mankind is long, so what could ACTUALLY bring the curtain down on planet Earth this year, and what is the likelihood? Are we more at risk from our own folly, or from natural disasters about which we can do little? Haydn Belfield of the Cambridge University Centre for t…
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The cash only economy where economics works
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30:15This week Phil introduces Steve Keen to the fictional island of Cornucopia. It’s a simple place, where the only trade takes place with gold coins. Banks are not allowed to give loans, and the money supply remains constant, unless the Chancellor decides to mint new ones. In such circumstances, how many basic economic principles work? Most of them, i…
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More people living on their own, fewer social connections - is the UK facing an epidemic of loneliness? And not just among the elderly. Young people are reporting higher levels of social isolation, too. And there’s evidence loneliness can damage your health. So is it down to social media replacing face-to-face interactions? Or are people happier no…
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Is income disparity essential for growth?
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42:32Elon Musk has been moaning that he pays too much tax. He wants to keep more of the $14 billion or so that he earns each year. But has he got a point? Do we need to the opportunity to become incredibly wealthy to drive innovation. If we had more equal levels of income, would we actually suffer from lower growth, so everyone would end up worse off.? …
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A sudden change in Syria. The men with beards and guns, labelled terrorists by the West, have seized power from a murderous dictator. Is this a recipe for peace in a war-blighted land? Can the US and Europe do business with the new rulers in Damascus? Will Russia have to withdraw? And could the redrawn map of the region lead to the end of a seeming…
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When central banks declare a new interest rate, how does that magic into existence? Steve explains how they trade in bonds, to drive yields close to their target rate. If they are buying up bonds held by pension funds and the like, are they also adding to the money supply? Could that have more impact on the health of the economy than playing with i…
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Rape, sexual assault, bullying - the list of allegations of abuse by powerful men in some of Britain’s most important institutions keeps growing. Many of the claims go back decades, with victims scared to bring complaints because they could lose their jobs. And many allegations were ignored or buried by the organisations. So why did the Church of E…
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Banks, reserves, lending and money supply
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45:14There’s a common myth around banks. That banks are the intermediaries who collect deposits from customers, keep a bit in reserve, then lend out the rest at a higher interest rate. That argument then extends to a multiplier effect, where the money loaned out is deposited in banks, freeing up more money for further loans. The multiplier is how textbo…
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40 years since Band Aid - the lyrics and attitudes have dated badly, but the problem is still there. Africa remains desperate and underdeveloped and the only part of the world regularly threatened by famine, civil war and military coups d’etat. Why is this continent not thriving despite its vast natural resources and talent? Why do so many of its b…
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Does government debt expand the supply of money? According to Modern Monetary theory, yes it does. It’s all down to simple double-entry book-keeping and an understanding of the role of financial equity. As Steve explains, in this step-by-step guide, for the private sector to experience positive equity, the government sector has to have negative equ…
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Who’d be a farmer? You have tiny profit margins. You’re held to high environmental and welfare standards against cheaper less-scrupulous foreign imports, and now you’re facing unaffordable inheritance taxes….. Is it worth working the soil in modern Britain? Is the job more custodianship of the land than running a profitable business? Peter Gittins …
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Can Europe be Draghi-ed out of stagnation?
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40:07You’ll know the name Mario Draghi. He was the President of the European Central Bank and, for a short while, Prime Minister of Italy. Earlier this year he produced a report EU Competitiveness. It called on the need for more Europe-wide investment, particularly for innovation, emerging industries and the transition to green energy. Phil and Steve ta…
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Should we be allowed to take our own lives? Should doctors or friends be allowed to help us? For the first time in a decade, MPs have a bill to consider on assisted dying. Parliament and the cabinet is split, and there are vigorous campaigns on both sides. Will it open the door to euthanasia for convenience, with old people and the disabled pressur…
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