Minimum wages and employment

This episode of Economics Explored analyzes Australia's new gender pay gap data reported by large companies. Are the data valuable or nonsense, as some critics have alleged? Host Gene Tunny interviews Dr Leonora Risse to discuss the report's methodology, findings, and criticisms. Risse provides context on factors influencing the gender pay gap, like occupational segregation. Tunny and Risse also debate the impact of societal norms and long work hours or ‘greedy jobs’. While acknowledging limitations, Risse argues the data highlights the need to address remaining gender inequities. 

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest Dr Leonora Risse

Dr Leonora Risse is an Associate Professor in Economics at the University of Canberra and a Research Fellow with the Women’s Leadership Institute Australia and serves as an Expert Panel Member on gender pay equity for the Fair Work Commission. She formerly held roles with the Women and Public Policy Program at Harvard University, the Australian Government Productivity Commission, and RMIT University. She earned her PhD in Economics from the University of Queensland. Leonora is a co-founder and former National Chair of the Women in Economics Network (WEN) in Australia.

What’s covered in EP230

• Introduction to the Episode and Topic (00:36)
• Overview of Gender Pay Gap Data Reporting (02:59)
• Calculation and Implications of Gender Pay Gap Data (04:48)
• Insights on Compositional Factors and Industry Dynamics (16:28 & 16:41)
• Critical Analysis of Gender Pay Gap Reporting (33:29)
• Claudia Goldin's Work and Nobel Prize Discussion (41:02)

Takeaways

1. The new gender pay gap data reveal significant disparities across companies in male and female median earnings, with factors like occupation and industry composition playing crucial roles.
2. In Leonora’s view, transparency in reporting pay gaps is crucial for raising awareness but also poses some risks of normalization and misinterpretation.
3. Leonora argues societal norms and gender biases significantly influence occupational choices and bargaining power, contributing to the gender pay gap.
4. Future research and data analysis are essential for understanding the drivers of the gender pay gap. 

Links relevant to the conversation

Link to WGEA Data Explorer (can look up each company’s pay gap and other gender equality statistics)

https://www.wgea.gov.au/data-statistics/data-explorer

Leonora’s Twitter exchange with Senator Matt Canavan

https://x.com/leonora_risse/status/1762395543366717877?s=20

Gender wage transparency and the gender pay gap: A survey

https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12545

Do Firms Respond to Gender Pay Gap Transparency?

https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.13136

Pay Transparency and Gender Equality

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3584259

Claudia Goldin's “Career and Family: Women’s Century-Long Journey toward Equity”

https://press.princeton.edu/books/hardcover/9780691201788/career-and-family

Leonora’s book review in Economic Record (copy attached)

https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12716

 Leonora’s Conversation article on WGEA pay gap data

https://theconversation.com/qantas-pays-women-37-less-telstra-and-bhp-20-fifty-years-after-equal-pay-laws-we-still-have-a-long-way-to-go-223870

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Andrew Einhorn from LevelFields shares insights into leveraging AI for financial market analysis. Their innovative platform is designed to detect critical events affecting stock prices, enabling investors to react swiftly. The conversation covers the benefits of AI in democratizing financial information and the future implications for investment strategies. Disclaimer: Nothing in this episode should be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest Andrew Einhorn

Andrew Einhorn is the visionary CEO and co-founder behind Level Fields, a groundbreaking company leveraging artificial intelligence (AI) to revolutionize the way investors interact with the stock market. With a career deeply rooted in technology and finance, Einhorn has dedicated himself to democratizing access to advanced investment strategies, making it possible for the average investor to make informed decisions swiftly and with confidence. Before establishing Level Fields, Einhorn led a successful event monitoring system company for a decade, serving publicly traded companies and offering insights into how market events affect stock prices. His passion for utilizing technology to enhance market transparency and fairness has led to the creation of Level Fields' AI-driven platform, designed to scan the market for events impacting stock prices, thereby leveling the playing field between retail investors and the larger, more resource-rich players in the market.

What’s covered in EP229

• Introduction. (0:00)
• Using AI to analyze financial news and announcements. (2:47)
• Using AI for stock market analysis and avoiding fraudulent companies. (7:19)
• AI applications and their limitations. (13:38)
• Using AI to analyze market data for investment insights. (18:24)
• AI-powered stock market analysis. (23:26)
• AI-powered investment research platform for retail investors. (28:01)
• Using AI to analyze audio transcripts for investment insights. (33:12)
• Using AI for event monitoring and investment analysis. (38:45)
• Using historical data for investment strategies. (44:10)
• AI's role in investing and the financial establishment's reaction. (49:19)

Takeaways

1. AI can help democratize access to investment strategies by scanning vast amounts of market data and financial reports that individual investors cannot monitor themselves.

2. Understanding how historical events have impacted stock prices can provide insights on predicting future price movements and avoiding losses from overreacting to news.

3. While AI is not a crystal ball, it can be a useful tool for investors when combined with human judgment, by automating tedious research tasks and identifying potential opportunities that may otherwise be missed.

Links relevant to the conversation

LevelFields website: https://www.levelfields.ai/

Andrew’s interview on the Side Hustle City podcast: https://www.sidehustle.money/1350142/14348901-revolutionizing-investing-andrew-einhorn-unveils-levelfields-the-game-changing-tool-in-stock-market-analysis

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode examines the need for tax reform in Australia and reviews various options for overhauling the country's tax system. Simon Cowan joins host Gene Tunny from the Centre for Independent Studies to discuss issues like bracket creep, the tax system's progressivity, mining royalties, and negative gearing. They also analyse the political strategies around the stage three tax cuts and how expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden. Cowan argues the tax system has become too reliant on income tax and higher-income individuals. 

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest Simon Cowan

Simon Cowan is Research Director at the CIS. He is a leading commentator on policy and politics, with a regular column in the Canberra Times newspaper, frequent interviews on Sky and the ABC, and multiple appearances before parliamentary committees discussing the budget, citizenship, taxation and health policy. He has written extensively on government spending and fiscal policy, with a specific focus on welfare and superannuation policy. He earlier work focused on government industry policy, defence and regulation.

What’s covered in EP228

• Australian tax system overhaul and cost of living relief. (0:04)
• Tax bracket creep and its impact on income. (5:14)
• Tax system and progressivity. (9:44)
• Tax cuts and political strategy in Australia. (15:29)
• Tax system in Australia, income tax reliance, and potential changes. (21:13)
• Taxation, welfare, and the burden on working-age population. (26:02)
• Tax reform and its challenges in Australia. (31:03)
• Taxation and resource extraction in Australia. (38:05)
• Australian tax system and potential reforms. (45:42)

Takeaways

1. Australia's tax system has become overly reliant on income tax and needs to diversify its revenue sources.
2. Bracket creep is a real problem that has not been adequately addressed, particularly for higher-income earners.
3. Both major political parties have taken cynical, short-term positions on tax reforms that are not in the community's best interests.
4. Expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden.
5. Lowering company taxes could boost business investment and economic growth in Australia.

Links relevant to the conversation

Simon’s article on the stage 3 tax cuts:

https://www.cis.org.au/commentary/opinion/labors-tax-backflip-all-the-easier-against-an-opposition-with-no-spine/

AFR article (pay-walled) “Royalty hike and IR overhaul threaten critical mineral pipeline: BHP”:

https://www.afr.com/policy/economy/royalty-hike-and-ir-overhaul-threaten-critical-mineral-pipeline-bhp-20231119-p5el3y

QLD Government announcement on coal royalty hike:

https://statements.qld.gov.au/statements/95467

Grattan Institute’s view on tax reform:

https://grattan.edu.au/news/thats-not-tax-reform-this-would-be-tax-reform/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode of Economics Explored explores the theory of Ricardian equivalence, a proposition that fiscal policy measures like tax cuts or stimulus payments may not effectively boost the economy if households anticipate higher future taxes to pay off government debt. Host Gene Tunny explains the concept originating from David Ricardo and popularized by Robert Barro, involving ultra-rational consumer optimization over infinite time horizons. While an elegant theoretical model, Ricardian equivalence relies on unrealistic assumptions and fails empirical tests. Evidence shows households do increase spending after rebates or transfers, although not always by as much as policy makers would like. Ultimately, while the merits of discretionary fiscal policy are debatable, Ricardian equivalence is too extreme a hypothesis. Households do not behave as ultra-rational dynamic optimizing models predict.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

You can listen to the episode via the embedded player below or via podcasting apps including Google Podcasts, Apple Podcast and Spotify.

Takeaways

Five takeaways from this episode are:

1. Ricardian equivalence is an elegant theoretical model but relies on unrealistic assumptions about rational consumer behavior.

2. Empirical evidence overwhelmingly finds that households do increase spending after tax rebates or fiscal stimulus, contrary to Ricardian equivalence predictions.

3. Related concepts like Friedman's permanent income hypothesis are more nuanced but also face limitations in fully explaining consumer decisions.

4. While fiscal policy faces challenges, Ricardian equivalence is not a compelling argument against its effectiveness due to failures of the underlying theory.

5. Examining economic models against real-world evidence is important for evaluating their validity and implications for policy.

Timestamps

• Introduction. (0:00)
• David Ricardo's economic theories and their relevance today. (5:30)
• Ricardian equivalence in macroeconomics. (11:02)
• Consumption function and fiscal policy. (17:48)
• Rational economic models and their implications. (23:18)
• Ricardian equivalence theory and its limitations. (26:41)
• Ricardian equivalence theory and its empirical support. (33:59)
• Consumer spending after receiving tax rebates. (39:10)
• Ricardian equivalence in economics. (43:55)

Links

Previous episode in which Ricardian Equivalence was mentioned:

https://economicsexplored.com/2024/01/11/the-limits-of-fiscal-policy-insights-from-tony-makin-alex-robson-others-ep222/

Robert Barro’s 1974 article “Are Government Bonds Net Wealth?”

https://eml.berkeley.edu/~saez/course131/Barro74JPE.pdf

James M. Buchanan on “Barro on the Ricardian Equivalence Theorem”

https://www.journals.uchicago.edu/doi/abs/10.1086/260436

Geoffrey Brennan and James M. Buchanan on “The Logic of the Ricardian Equivalence Theorem”

https://www.jstor.org/stable/40911555

John J. Seater on “Ricardian Equivalence”

https://www.jstor.org/stable/2728152

T. D. Stanley on “New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence”

https://www.jstor.org/stable/1060788

Economist 2008 column “Ricardian equivalence is dead”

https://www.economist.com/free-exchange/2008/05/19/ricardian-equivalence-is-dead

Anrdrew Leigh’s paper “How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects”

http://andrewleigh.org/pdf/FiscalStimulus.pdf

Matthew D. Shapiro & Joel B. Slemrod’s study “Did the 2008 Tax Rebates Stimulate Spending?”

https://www.nber.org/papers/w14753

Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod’s analysis “Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?” 

https://www.aeaweb.org/articles?id=10.1257/pol.4.3.216

Ikuo Saito’s paper “Fading Ricardian Equivalence in Ageing Japan”

https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Fading-Ricardian-Equivalence-in-Ageing-Japan-44302

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Show host Gene Tunny interviews UMass Amherst Professor Gerald Epstein about his new book "Busting the Bankers’ Club", which is about the powerful influence of banks in politics and regulation. Epstein argues the bankers’ club maintains control through political allies and regulators. The conversation also covers financial deregulation, insufficient Dodd-Frank reforms, Quantitative Easing impacts, and alternatives like public banking and non-profit financial institutions.

Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest Prof. Gerald Epstein

Gerald Epstein received his Ph.D. in economics from Princeton University, is a professor of economics, and is a founding co-director of the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. He has published widely on various economic policy issues, especially in central banking and international finance. His most recent book, Busting the Bankers' Club: Finance for the Rest of Us, was forthcoming in January 2024 from the University of California Press. 

What’s covered in EP226

• Banking industry's influence in politics and regulation. (0:04)
• Financial deregulation and its impact on the economy. (8:58)
• Financial system's impact on democracy and fairness. (13:24)
• Financial system issues and regulation. (16:24)
• Economic policy after the financial crisis, including impacts of Quantitative Easing. (22:50)
• Financial regulation and publicly owned institutions. (28:08)
• Public banking, crypto, and risk-taking in finance. (33:30)

Takeaways

Professor Epstein argues in this episode:

1. The "bankers’ club" of allies including politicians, central banks, and economists helps sustain the power and influence of large banks.
2. Financial deregulation in the US and weak Dodd Frank reforms failed to address issues like too-big-to-fail banks and accountability.
3. Quantitative easing policies after the financial crisis disproportionately benefited wealthy asset holders over others.  
4. There is a need for more diverse public and non-profit financial institutions focused on social missions over profits.
5. Crypto poses risks if it infects the core banking system or continues high-carbon polluting practices.

Links relevant to the conversation

Gerald Epstein’s book Busting the Bankers’ Club: Finance for the Rest of Us

https://www.amazon.com/Busting-Bankers-Club-Finance-Rest/dp/0520385640

Working paper co-authored by Prof. Epstein “Did Quantitative Easing Increase Income Inequality?”

https://www.ineteconomics.org/research/research-papers/did-quantitative-easing-increase-income-inequality

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny interviews Marcos Buscaglia, former head of the Latin America economics team at Bank of America Merrill Lynch, and author of the book "Beyond the ESG Portfolio, How Wall Street Can Help Democracies Survive." Buscaglia argues that, through their investment choices, many investors have inadvertently been supporting autocratic regimes, and he calls for a change in investment practices. Tune in to this thought-provoking episode to learn more about the ultimate impacts of our investments and how Wall Street can contribute to the survival of democracies.

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP225

• Introduction to the episode. (0:03)
• Aligning investments with values and democratic growth. (4:32)
• Autocratic regimes, EU funding, and corruption in Hungary. (9:41)
• Investing in emerging markets while avoiding autocratic countries. (22:31)
• Economic sanctions, autocratic regimes, and investment strategies. (28:06)
• Economics, democracy, and the role of finance.

Takeaways

1. Investing in autocratic regimes can inadvertently support and strengthen those regimes.
2. ESG (environmental, social, governance) investing should also consider whether countries are democratic.
3. ESG metrics and indices currently do not prioritize democracy as a factor.
4. There are limited investment options that exclude autocratic countries, but investor demand can drive change in this area.
5. Sanctions can be an effective tool in limiting financial support to autocratic regimes.

Links relevant to the conversation

Marcos Buscaglia’s book: Beyond the ESG Portfolio: How Wall Street Can Help Democracies Survive

https://www.amazon.com/Beyond-ESG-Portfolio-Democracies-Survive/dp/1265115605

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Economics Explored host Gene Tunny speaks with David Stockman,  President Reagan’s first Office of Management and Budget director. Stockman discusses his new book, "Trump's War on Capitalism," and shares his frank and fearless commentary on the former president's economic policies. In his foreword to the book, Robert F. Kennedy Jr wrote, “Stockman has become one of the nation’s most steadfast and eloquent crusaders against the corrupt merger of state and corporate power.”

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP224

• Trump and capitalism. (0:04)
• Trump's fiscal and monetary policies. (4:41)
• Government spending and lockdowns during the Trump presidency. (10:04)
• Trump's handling of the COVID-19 pandemic and its economic impact. (15:06)
• COVID-19 response and blame game. (20:05)
• US economy under Trump, job growth, and performance. (25:51)
• Economic growth and tax cuts during Trump's administration. (30:10)
• Monetary policy and inflation during Trump's presidency. (36:26)
• Corruption in US government and military spending. (41:56)
• Alan Greenspan's legacy and economic challenges. (49:54)

Takeaways

1. David Stockman argues that while Trump portrayed himself as a capitalist, his fiscal and monetary policies like large tax cuts, increased spending and pressure on the Fed to keep rates low were reckless and a threat to capitalism.
2. According to Stockman, the data shows the US economy was not in its strongest position ever pre-COVID, as Trump claimed, with key metrics like GDP growth, job growth and investment lower under Trump compared with some previous presidents.
3. Stockman believes Trump bears responsibility for the unprecedented pandemic spending and deficits, as he could have resisted lockdowns but instead endorsed huge stimulus packages.
4. Stockman views Trump as the worst president for sound money policy due to his pressure on the Fed to keep rates low.

Links relevant to the conversation

Amazon page for Trump’s War on Capitalism:

https://www.amazon.com/Trumps-War-Capitalism-David-Stockman/dp/1510779329

William Greider’s famous 1981 Atlantic article “The Education of David Stockman”:

https://www.theatlantic.com/magazine/archive/1981/12/the-education-of-david-stockman/305760/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, host Gene Tunny sits down with Simon Schillebeeckx, co-founder of Handprint, a nature tech startup. Handprint aims to help companies profitably and seamlessly integrate planet-positive actions into business activities. Simon shares examples of companies that have gone above and beyond regulatory requirements to contribute to the environment positively. Among other questions, Gene asks Simon about the scalability of Handprint’s approach and the role of consumers in driving profit-maximizing businesses to make positive contributions. 

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

About this episode’s guest, Dr Simon Schillebeeckx

Simon is co-founder and Chief Strategy Officer of Handprint Tech. Published author, former sustainability consultant, TEDx speaker. Strategic Management Professor at Singapore Management University (SMU), specialising in Digital Sustainability. He holds a PhD in Innovation Management from Imperial College London.

What’s covered in EP223

• [00:01:18] Regenerative economy and business activities.
• [00:04:33] The concept of Handprint.
• [00:11:28] Capturing value through sustainability.
• [00:16:02] A-B testing to determine how consumers respond to sustainability measure.
• [00:18:30] Linking ads to social impact.
• [00:23:06] Gamifying sustainability initiatives.
• [00:26:31] The potential for Handprint.
• [00:32:45] Plastic pollution and its impact.
• [00:36:03] Regenerative practices in agriculture.
• [00:41:28] Trust in carbon crediting.
• [00:48:49] Large-scale mangrove conservation and afforestation.

Takeaways

1. According to Simon, companies are increasingly looking to go beyond just reducing their negative environmental impacts and instead create positive impacts through initiatives like planting trees or restoring coral reefs.
2. Done right, these types of regenerative initiatives have the potential to improve business metrics like sales, click-through rates, and employee engagement.
3. Handprint is working to make it easier for companies of all sizes to integrate positive impact actions into their business activities in a profitable way
4. Handprint offers a marketplace for companies to invest in credible positive impact projects, such as mangrove restoration and carbon sequestration, and provides tools for companies to visualize and capture value from their positive impact initiatives.

Links relevant to the conversation

Handprint Tech website:

https://handprint.tech/

Companies/organisations mentioned by Simon:

https://www.sevencleanseas.com/

https://plasticbank.com/

https://oxcarbon.org/

https://globalmangrove.org/

Lumo Coffee (NB promo code for 20% discount on first order: EXPLORED20)

https://lumocoffee.com/ 

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode on the limits of fiscal policy features highlights from host Gene Tunny's past conversations with the late Australian economist Professor Tony Makin and former OECD Ambassador Alex Robson. In the discussions, Tony Makin provides a balanced and insightful analysis of Australia's fiscal response to the COVID-19 pandemic, critiquing programs like JobKeeper while recognizing some justification. He and Alex Robson discuss the importance of considering the open economy impacts of fiscal stimulus and the long-term burdens of debt. The episode looks to validate Makin's warnings about the limits of discretionary fiscal policy through subsequent evidence and events. Gene summarizes the JobKeeper evaluation results and what happened in the Australian housing market following the pandemic fiscal stimulus. 

Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP222

• Fiscal policy limits and its impacts: introduction (0:03)
• Economic stimulus measures during the COVID-19 pandemic. (9:36)
• JobKeeper program design and targeting. (15:44)
• JobKeeper program's effectiveness and infrastructure spending challenges. (21:31)
• Keynesian economics and infrastructure spending. (27:50)
• Fiscal policy and its impact on the economy. (33:13)
• Fiscal policy and its unintended consequences. (40:12)
• The economic impact of public debt with Tony Makin and Alex Robson. (48:31)
• Fiscal policy and its impact on the economy: wrap up. (53:39)

Takeaways

1. Fiscal stimulus packages must be carefully designed and limited in size to avoid unintended consequences.
2. The nature of the workforce is important to consider when implementing fiscal policy, as not all workers can easily transfer to different industries.
3. The burden of public debt, including interest payments, can have long-term impacts on national income and economic growth.
4. The effectiveness of fiscal policy in an open economy is influenced by factors such as capital mobility and exchange rates.
5. Tony Makin was a leading advocate for sensible fiscal policy in Australia, and his contributions to the field are greatly missed.

Episodes the highlights are clipped from

EP119: What Tony Makin taught us about macroeconomics – Economics Explored

A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode | Queensland Economy Watch

Links relevant to the conversation

Fiscal policy papers by Tony Makin:

The Effectiveness of Federal Fiscal Policy: A Review

(PDF) Australia's Competitiveness: Reversing the Slide

A Fiscal Vaccine for COVID-19

Treasury analysis of JobKeeper:

Independent Evaluation of the JobKeeper Payment Final Report | Treasury.gov.au

The employment effects of JobKeeper receipt | Treasury.gov.au  

News regarding unintended consequences of fiscal stimulus:

Building company collapses into liquidation days before Christmas, impacting four Guzman Y Gomez sites

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year.

Don't hesitate to contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. 

What’s covered in EP221

• Economics and decision-making with a focus on open-mindedness. (0:03)
• Using experts in decision-making and tolerating dissent. (3:12)
• COVID-19 modelling and its limitations. (9:34)
• Economic development, critical thinking, and foreign aid. (12:41)
• The limitations of economics and the need for interdisciplinary approaches. (19:25)

Takeaways

1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology.

2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions.

3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems.

4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases.

5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors.

Episodes the highlights are clipped from

https://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/

https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/

https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/

https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/

https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/

https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/

Links relevant to the conversation

Article about the Second Fleet of convicts transported to Australia:

https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/

Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. 

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.